Once the old coin of the coin circle: the "old" project and the "new" idea of ​​the quantum chain

In 2012, an occasional opportunity, at the time of the Chinese Academy of Sciences to read the doctor's handsome first known Bitcoin, after deep research, Shuai began a seven-year expedition in this new industry. He has worked as a miner, built a mining pool, and engaged in bitcoin-related development. In 17 years, he devoted himself to the project of quantum chain. Grasping a good time, the quantum chain became a hit, and the beginning of the handsome as the "old leeks" + the founder of the quantum chain, also became the currency circle red, in the status of the playing card ranking, handsome at the beginning of "K "The word column, with Da Hongfei, Bao Erye, the same name, second only to Li Xiaolai, Wu Jihan, Shen Bo and BM.

The self-proclaimed "old leeks" in the early seven years of ups and downs in the currency circle, what changes have taken place in the mood and attitude? Fame and controversy take off, on the second anniversary of the main online line, what are the big tricks of the star project quantum chain? In the face of the ever-changing blockchain industry, how can the old blockchain project ensure that it is not overtaken by the corner? Looking at the future, which blockchain development direction is the right way? QTUM founder Shuai Chu is a guest at the ChainNode live room, and chat with you about how the old star project is not being smashed in the corner.

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Xiao Yan: After 12 years in the circle, you have tried a lot in the circle. Why did you finally choose QTUM and decided to dig into it?

Shuai Chu: The idea at the time was very simple. I wanted to make smart contracts on Bitcoin, but this is not realistic based on Bitcoin's network. Because Bitcoin's ecology is already very large, such a big change may not be accepted by the community, so I decided to make a public chain, based on the bitcoin's logical framework, the introduction of smart contracts, Qtum was born, it is The first platform on the market to build smart contracts based on the UTXO model.

Otaru: As a particularly hot star project in 17 years, the Quantum Chain has also received a lot of fans when it harvests a large number of fans. "The code is part of fork bitcoin, and some are similar to dotcoin. There is no innovation." How do you respond to this? Questioning the voice?

Shuai Chu: I think that many people, especially those who entered the market in 17 years, have less understanding of the entire blockchain, and the questioning is also unprofessional. Why is the quantum chain based on bitcoin code? Because what we want to do is to make smart contracts on Bitcoin and do more advanced functions based on Bitcoin code, so it is inevitable to borrow a lot of Bitcoin code from the underlying code of the quantum chain.

There are too many bitcoin-based frameworks in the industry to do functional implementation projects, such as the Litecoin, zcash we know, but each project is not a simple copy, but based on the bitcoin code base to achieve their own Purpose, I think this is the meaning of open source software. Speaking of the PoS consensus mechanism, this part of the reference currency, dot-dollar is indeed the first project to propose a PoS consensus mechanism, you can not say that they are homogenous because one project and another project use the same consensus mechanism.

The significance of QTUM lies in the design of a smart contract on the bitcoin-based code, because such a design was not made before QTUM. Based on a deep understanding of Bitcoin and Ethereum's basic code, achieving the best balance between the two systems, bringing back and enlightenment to the ecology of Bitcoin, the innovative meaning of the quantum chain has been achieved. Currency or platform? Performance and consensus mechanisms depend on positioning

Xiao Yan: The quantum chain is based on the underlying technology of Bitcoin. Will it be affected by the superposition of smart contracts?

Shuai Chu: No, the performance of the Quantum Chain based on the Bitcoin framework is much better than Bitcoin, and even exceeds Ethereum. Bitcoin's TPS is only 2 to 3, Ethereum is about 10 to 20, and quantum chain TPS can reach 60 to 70. Although there is no qualitative change, the quantum chain processing power is indeed higher than the two. The network is stronger.

In addition, for performance considerations, I think it is necessary to consider based on project positioning. If a project is oriented to currency, it does not need much performance. It pursues security, reliability, trustworthiness and endorsement of the brand. You say Bitcoin How good the performance is, in fact, can't talk about how good the performance of Litecoin can't be said.

The other is a platform-oriented design. In the case of eos and Ethereum, performance issues need to be prioritized. But at present, it seems that there are huge logical defects in platform design frameworks such as eos and Ethereum. These platforms are moving closer to Bitcoin when designing the underlying layer. Now the platform-oriented design is in a very early stage, the blockchain has not yet developed into a period of large-scale application, now to talk about performance, more is the castle in the air.

The two projects of eos and Ethereum are now retreating to the status of a currency. You buy ETH not because you need ETH as your gas, but because you think it might be like bitcoin, there is hype and The value of speculation.

For the quantum chain, on the one hand, we have retained some of the core elements of the currency. First, it is enough to distribute our nodes with about 6,000 PoS in the world, second only to Bitcoin and Ethereum, and support smart contracts, the currency itself. There are many more flexible operations. On the other hand, we plan to launch some new infrastructure in September this year, instead of following the logical framework of smart contracts and Ethereum to the direction of the platform. Xiao Yan: When I mentioned the number of nodes in QTUM, we know that QTUM has always adopted the consensus mechanism of PoS. Are you a faithful believer in PoS? Have you considered changing the consensus mechanism of quantum chains from PoS to PoW, or is the main chain being a PoW side chain designed for PoS transformation?

Shuai Chu : PoS or PoW should also be considered from the positioning of the project. If it is designed for currency, similar to bitcoin or litecoin, the consensus mechanism of PoW may be better, because PoW has huge sunk cost, for participants more fair. But if you want to be a network that can be expanded indefinitely, I think the PoS consensus mechanism is more suitable.

For the consensus mechanism of the quantum chain, we still hope to use the existing network effect, because it is a large PoS platform itself, and has not thought about making changes. Xiao Wei: For the PoS consensus mechanism, many people will worry that there will be a problem that the rich get richer. From a fair point of view, it will be relatively weak. If it is commercial, do you think there is a way to improve this situation?

Shuai Chu: In terms of business-oriented use, in fact, you are considering actual needs. The PoS consensus mechanism may not be worse than PoW in terms of distribution. Taking the quantum chain as an example, we may have more than 2,000 validators on the whole network for us to randomly select, compared to Bitcoin and Ether. The square can only choose who is the next biller in dozens of mining pools. PoS's accounting is more unpredictable, random, and more difficult to attack, so from the perspective of decentralisation (distribution) It is difficult to compare PoW and PoS which is better.

But in a sense, PoS is more business-oriented. If there is a commercial platform in the future that is ten times more economical than Bitcoin, the PoW consensus mechanism is adopted. It is difficult to have enough power to maintain such a commercial platform. ,

Regarding the problem of the rich getting richer, if you have money, you can buy more mining equipment. PoS is just a way of participating. Mining equipment is a resource that you can't monopolize. Coin is also an inextricable resource. You need to have huge economic benefits. In the end, how much you decide to pay depends on how much economic benefits behind it. Blockchain track is heating up, how can a star project not be overtaken?

Xiao Wei: There are a lot of projects out there. Are you worried that the emergence of these new projects will replace the status of QTUM? QTUM as a veteran star project how to deal with the fierce competition in the blockchain market?

Shuai Chu: I feel that in the face of market competition, the project side needs to maintain a continuous learning state to develop in the industry.

As a project that has been developed for several years, the quantum chain has advantages and disadvantages. The advantage is that we have established a good brand awareness, a very large community in the world, and nearly 100 exchanges on the line, including the most compliant exchanges in the world, poloniex and kraken, technically, also accumulated a wealth of Development experience. Whether it is from the reserve of talents or the reserve of funds, the understanding of the industry, the quantum chain is in a relatively favorable position in the industry, but I also hope that the industry can continue to have new forces, so as to continue to promote the advancement of such industries. . Xiao Wei: This September is the second anniversary of the main chain of the Quantum Chain. What new planning and breakthrough developments in the Quantum Chain can you share with us?

Shuai Chu: Now there are mainly several directions to do,

First, an infrastructure for blockchain applications will be launched

Second, based on MimbleWinble's privacy technology, research and development technology that allows everyone to release private assets.

Third, from the perspective of consensus to do some iterations and updates to the quantum chain, the introduction of smart contracts into the consensus of the blockchain, and unlike DPoS, it is to introduce smart contracts into the blockchain consensus, contract verification area After the block has revenue, the revenue can be automatically sent to the user.

Fourth, in the chain governance to do some new exploration, for the quantum chain, there is a further extension of the function of the block size and the price of the price that everyone can vote to modify the blockchain. Blockchain is still in the early stages of the industry, but cognitive diffusion has never stopped

Xiao Yan: This wave of bitcoin is rising, what do you think?

Shuai Chu: This is a supply and demand market. Some people buy the price will rise, but the purchase behavior is under the iceberg. Bitcoin and blockchain are now at a very early stage. This is a market where countless people are involved. It is also a very chaotic and chaotic market. It is hard to say what the reason is for short-term ups and downs. However, from the perspective of population diffusion, people's awareness of Bitcoin has been spreading for the past nine years. Even in the last year's collapse, Bitcoin's perception of the crowd has been spreading.

Giant & Renaissance, coexistence of different dimensions

Xiao Yan: When it comes to Bitcoin's move to the mainstream, Facebook has made a lot of contributions. What do you think about libra published by Facebook? Do you think it is a real cryptocurrency?

Shuai Chu: I don't think it is cryptocurrency. For the blockchain industry, the biggest meaning of libra is to help the cryptocurrency complete the education of users. If libra succeeds, it will help the cryptocurrency move to the mainstream at a faster pace, and the effect will even exceed the many efforts of many bitcoin evangelists over the past nine years.

Another meaning of libra is that it is very irritating to traditional Internet companies and financial companies that have not yet issued coins. As for whether it is a cryptocurrency, it is not important. It is just a flowable symbol in the name of blockchain. Whether it is decentralized or centralized, there is not much meaning. Xiao Yan: Actually, it is not just Facebook. Domestic giant companies such as BAT are also laying out blockchains. Do you think that the entry of giant companies will have an adverse impact on blockchain startups?

Shuai Chu : I think everyone's position is different. The angle of entry is different. There will be loyal users and fans behind it. Therefore, a certain sense of giants and blockchain startups are not face-to-face competition, but the common development in different dimensions, are rich in the entire industry.

Breaking through homogenization competition is the key to winning the current blockchain

Xiao Yan: From 17 years to today, what has changed in your mindset?

Shuai Chu: It has become more calm. The Quantum Chain is a very typical project. It was released at the best time, and it was sought after by everyone. With the bursting of the industry bubble, it gradually returned to the right track. The longer in this industry, the more you need to think about the industry more calmly, and find some long-term direction that you can work hard, not just because of the price, the long-term support of the price is still derived from what kind of technological breakthroughs you can make.

Nowadays, the biggest problem in the industry is that everyone is competing in homogenization. It is just that some projects have been done for a long time, some projects have been done early, some projects have been done late, and some have established huge communities and communities and consensus or brands. Some are still in the process of an effort. On the exchange, everyone is a tradable symbol, but the symbols are different. Xiao Yan: You think that in the blockchain field, which sub-areas, are you optimistic?

Shuai Chu: I think bitcoin has done a very good job in terms of currency. Another industry just needs privacy, which is why I am optimistic about technologies such as MimbleWimble.

This year, people are no longer talking about Dapp, because more and more people realize that Dapp itself may be a wrong track. No matter how you do it, there will be no big name.

Regardless of the application platform, the initial design is based on the bitcoin design framework, which requires global verification. Any transaction should be broadcast to all nodes of the whole network. This is possible for currency design, but for applications. Not very suitable. The future direction should be developed in the direction of localized verification or cross-validation, and the design of the new infrastructure will be a very promising direction. Another direction is about chain governance. How to design a better incentive system is also a very worthwhile direction. Xiao Yan: Just mentioned Dapp, you are not optimistic about Dapp, or is it that this stage is not suitable for the development of Dapp?

Shuai Chu: I think Dapp is a problem. In terms of application, it doesn't care about the ideology behind neutralization or decentralization, but the user experience. The concept of Dapp is not special for blockchain applications. The big meaning, I am more optimistic about the application of blockchain, rather than decentralized applications.

Copywriter: Wang Wei

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