Ten minutes to read the book of the currency must read books: "The blockchain ten years"

The Blockchain Decade brings together representatives of the 12 blockchain industries, sharing their stories with blockchains, telling how they are jealous, aware and ultimately involved in this wave of technology.

Different authors share their different views on the most representative events of the decade from multiple perspectives, from public chains, wallets to exchanges, from finance and artificial intelligence to empowering the real economy, showing readers the truest blockchain. Ecological panorama.

(Note: "The Blockchain Ten Years" is sold in Tmall Jingdong Dangdang, recommended!)

First, the character article: drifting ghost ship

The blockchain has never been to subvert the Internet. It is the "Dutch" in the Internet . So far, no one knows who Ben Bitong, the founder of Bitcoin, is.

• The draft details of Bitfinex IEO are announced, but you are not likely to participate in the qualifications.
• Market Analysis: BTC broke through $5,800 and the market entered the final acceleration phase.
• Short and long logic consistency

On November 1, 2008, an inconspicuous post appeared in the world of encrypted punk: "I am developing a new e-money system in a fully peer-to-peer format without the involvement of trusted third parties." In this regard, David, Finney, Ritter, Saab and other encrypted punks are also skeptical.

At 18:15 on January 3, 2009, the first block of the Bitcoin world was created, which finally marked the birth of Bitcoin.

In 2010, Bitcoin, the "big mate" on the ghost ship, and Andreasson began to submit code to optimize the bitcoin system. After the loss of Nakamoto, Gavin took over the responsibility of the captain as the chief scientist; November 2010 On the 16th, cryptography Da Kahar. Finney spent 10 bitcoins donated by Nakamoto to complete the continuous transfer of cryptocurrency history;

Under the guidance of his father in 2011, the 17-year-old Ethereum founder Vitalik Buterin began to contact Bitcoin; after 2011, EOS founder BM and the team reflected on the flaws of the Bitcoin mechanism and thought about whether there is a better algorithmic mechanism. .

It is not too late for Chinese to contact Bitcoin. For example, the most mysterious figure in the history of Bitcoin in China, “roasted cats”: In 2011, roast cats began to contact Bitcoin. It was one of the earliest technical talents in China to manufacture ASIC mining machines. In 2013, he had a net worth of over 100 million yuan and held 20% of the computing power of the whole network. After the glory, he suddenly lost contact at the end of 2014 and at the beginning of 2015, and the world evaporated.

In addition to roasting cats, the target Chinese geeks also successively boarded the "Dutch":

In these four cities, Beijing's entrepreneurship began with a combination of capital, fire coins, OKCoin, Bitcoin China, Bit China, Coin and Bit, and Beijing has an absolute voice in the blockchain startup. Beijing has Wu Jihan (Bit Continental), Zhang Nanxuan (Jia Nan Zhi Zhi), Colorful Angelfish (F2Pool "fish pond", Cobo wallet), Starry Sky (coin letter), Li Lin (fire coin), Xu Star (OKCoin), Du Jun (Golden Finance), Li Xiaolai, Jiang Zhuoer, Zhao Dong, Guo Hongcai, Yang Yang, Yang Linke, Wen Hao, Zhang Shousong and so on.

Shanghai Entrepreneurship is skilled in using its own capital operation capabilities. Early summer tigers, violently walking Prince Gong, Da Hongfei, and Xu Yiji all have strong organizational mobilization and persuasion skills. Although there are not many specific projects in 2013, the opportunity will come in 2017. The ground is full. Shanghai includes the early summer tiger, the prince of Gong Gong, Da Hongfei, Xu Yiji, Cancer, Bitu (Lu Bin), Wang Xing, Zhao Changpeng, He Yi and so on.

People in Shenzhen like to work hard, honestly paying for their own physical projects, and have been involved in various fields. It is the most comprehensive city for early application of blockchain. But after 2017, Shenzhen's hard-working companies are very cautious because they were deeply injured between 2013 and 2015. Shenzhen circle is the most messy, Jiang Xinyu (roast cat company), Luo Jinhai (coin required), Shen Tuqing (an net currency), Liu Aihua and Fang Fang (coin look), Yao Yuan (coin exchange), Huang Tianwei (bit era), Huasong Xiu, Liao Xiang (Lightning Mine Machine), Yang Jianjun (Bitcoin International), Wang Jin (Bit Bang) and so on.

Hangzhou has gathered a group of blockchain believers. Now Hangzhou can rise into a blockchain commercial center. In addition to the Hangzhou government actively accepting new ideas and new technologies, Babbitt’s persistence is also indispensable. In 2011, he became a science fiction writer. Changchun, with Wu Jihan and Lao Duan, founded Babbitt. Since then, the Chinese blockchain world has its own position. Babbitt has become the first media of the blockchain since 2011. Hangzhou is based on Babbitt's representatives Changchun, Langyu, Duan Xinxing and Qu Zhaoxiang.

Second, investment articles: "Titanic" OR "aircraft carrier"

2014 and 2015 are the winter months of the blockchain.

On December 5, 2013, the People's Bank of China and other five ministries issued the "Notice on the Prevention of Bitcoin Risk". From this day, Bitcoin entered the down channel. Many Bitcoin startups are struggling, and a large number of entrepreneurs have left the circle. The Bitcoin circle partners who come together will be able to perceive the following road map:

When Bitcoin was at $4,500, Bitcoin entrepreneurs got together. When Bitcoin is in the market for $3,500, you can find a group of people to meet in the north. When Bitcoin was in the market for $2,000, many Bitcoin entrepreneurs began to sell coins for a living. When Bitcoin was at $900, no one ever talked about Bitcoin. Wanma is dark and dark. ……

In March 2014, Mt.Gox, the world's number one bitcoin exchange, was bankrupt, and many early players of Bitcoin were buried in the pit. The collapse of this temple has caused many people to lose confidence in Bitcoin. At the same time, China's two major exchanges introduced short-selling futures trading, and more speculators began to "short", and the means were all-powerful, and bitcoin prices hit new lows.

In May 2014, Ethereum founder Vitalik Buterin came to China to spread his Ethereum concept, and the entire currency was still immersed in this dignified atmosphere. 2014 is a period of suffering. Even believers still believe that Bitcoin will become the "king of money" in the future, but they have to find another way without strong capital strength.

At the beginning of 2015, two large-scale money-losing incidents occurred in China. One is the running of the Bitcoin piggy bank, and the other is the bit more than 8,000 bitcoins stolen. Bitcoin, the "Titanic", has been hit by these reefs countless times.

During this difficult period, the believers persisted, and those who had nowhere to go insisted on it. The big exchanges that took the investment persisted, and some of the chipmakers who had heavy assets persisted. In this difficult time, miners traveled all over China to find low-cost hydropower, and still insist on pioneering survival.

In 2015, if there is still a bit of warmth in the blockchain world, it is that Wanxiang Group holds up the “blockchain” banner to establish a blockchain laboratory, opening the door of blockchain finance and hitting the currency circle. Agent tonic.

This is a tough two years. Many excellent startups have failed because they can't stand it. Many excellent projects have also died.

The cold wave of 2016 has temporarily retired, but most people do not feel that spring is coming.

After the baptism of Bitcoin in 2013, many financial elites have been thinking about the combination of blockchain and their own industry. From a technical perspective, the emergence of Ethereum in 2015 created a new continent for the blockchain world. The focus on Bitcoin gradually moved to the blockchain, and some traditional institutions began to think about Bitcoin's underlying technology blockchain.

The super-books and R3 alliances that emerged between 2015 and 2016 have brought confidence to the blockchain world. The bitcoin production was halved on July 8, 2016, which paved the way for the subsequent price increase of Bitcoin. Foreshadowing. In August 2016, the second phase of the small ant successfully raised the crowd to 6119BTC, which shocked many people in the currency circle. The most capital-minded group had already smelled the spring.

At the end of 2016, due to the increasingly fierce exchange rate dispute between China and the United States, the latest forces in the capital circle and the financial community have realized that cryptocurrencies may provide new channels. These people express a kind of confrontation on the blockchain. I hope to catch up with Bitcoin, the "new aircraft carrier" that leads to the future world. After the birth of the ICO in 2017, the world moved and everything was different. "The blockchain has to subvert the Internet," and many people have expressed such sighs.

2017 is a special year in the history of the blockchain. It is a bit like 2013. Business capital is insanely rushing, scammers are rampant and muddy. But at the same time, new teams, new technologies and new applications are also coming in, and the new blockchain world and the traditional Internet world are connected.

Since 2017, projects with a hundredfold return have been overwhelming, especially those excellent projects, and the wealth effect of the blockchain has opened up the Internet world.

In addition to the project, the tokens have come to the forefront and began to pack their own blockchain identity. More new generations want to grab the power to seize the power, and hope to lay their own brand on the "ghost ship." Among them, there are also many scammers who have begun to pretend to be experts. In this new era of wealth myth, it is all the best for becoming a "coin circle network red".

2017 to 2018 is an era of “Western Nuggets”, and various new concepts have been promoted, from EOS to IPFS, from ER20 to ER1404, from public chain to DApp, from currency change to chain change, from token economy To stabilize the currency, various future blockchains come to the fore, including the traditional Internet giants, and there is no way to calm down. NetEase’s “Star Base”, Baidu’s “Dynamic Universe”, and Alibaba’s “Majbao” are all one by one. Grab the track.

At the same time, various experts, universities, and monopolistic Internet companies, including the government, are rushing to seize the right to speak in the encrypted world created by technological geeks and early evangelists over the past decade, and to rebuild their central nodes.

The "canoe" driven by Nakamoto Satoshi has grown into an "aircraft carrier."

Third, missed & misunderstood articles: missed the opposite, did not know each other

Everyone has a story that goes by bitcoin. Why do many people miss Bitcoin when they are born?

Most of us have a special point in common. We didn’t read Nakamoto’s white paper as early as possible. I didn’t realize the solid theoretical foundation and breakthrough innovation behind Bitcoin, so I couldn’t make Bitcoin and other Internet one after another. The difference between the garbage items is opened.

At the end of 2016, the digital currency market began to take off. At the time when the US presidential election Trump came to power and the Indian government announced that the “waste money movement” triggered countries to follow suit, more and more investors were inclined to voluntarily under the political and economic situation. Use digital currency as an important means of risk aversion.

As a result, the market price of Bitcoin soared first, and as the Dominoes were overthrown, the entire digital currency market was launched in February-March 2017 to unveil the "Big Bull Market 2017".

As the ICO boom surged at the same time, although the Chinese central bank announced ICO illegal financing on September 4, 2017 and shut down the domestic bitcoin exchange, it did not stop the momentum of the “2017 Big Bull Market”. : By the end of 2017, Bitcoin has reached an all-time high of nearly $20,000. ICO's annual financing amount is also more than 2 billion US dollars, more than 10 times in 2016.

In 2017, the entire bull market bitcoin is almost in a state of congestion. In the worst case, there are 200,000 unconfirmed transactions, and a transaction requires a transaction fee of 1,000 yuan and an acceleration fee (the pool is preferentially packaged) to confirm as soon as possible. It takes a day or two, or even a week to confirm. Bitcoin, which is the cryptocurrency hegemony, quickly lost market.

In order to seize opportunities in the bull market, people have switched from bitcoin to other competitive currencies. More people have chosen cheaper and cheaper Ethereum and Litecoin. In March 2017, Ethereum and Litecoin soared, and the market for Bitcoin. The share has fallen rapidly.

The skyrocketing of Ethereum and the relative decline of Bitcoin broke the myth of Bitcoin and changed people's contempt for the chain. It led to the second wave of the bull market – the soaring of the smart contract public chain, such as the small ants in June. The 15th broke out. Later, some new public links came, and most of the projects could not be developed immediately. Therefore, they used the ERC20 standard of Ethereum to raise funds by ICO. In the bull market tide, ICO myths such as hundred times, thousand times, and ten thousand coins are constantly created.

In the autumn of 2018, people began to generally agree that the bear market winter is coming. Although the fund tray and the pyramid money of the blockchain chain are still spread in the private sector, the exchange has almost no trading volume, and the whole industry has begun to defend rights, lay off employees and close down. tide. The community is full of negative news and satirical blockchain segments. Two views have become popular: blockchain projects are all scammers; except for bitcoin, all blockchains are scammers.

The root cause of the bear market is that people are overly optimistic about the commercial application of cryptocurrency and blockchain. Simply put, the root cause of the bear market is the madness of the bull market.

Looking back at the ups and downs of the blockchain in the past decade, there are many places in the blockchain that are seriously misunderstood, as follows:

First, only the heroes of short-term market success or failure, whoever harvests more money from the market, whose theory is correct. But with the sharp collapse of the price level of the entire encrypted digital currency in 2018, most "heroes" found their success, but it was a dream of Nanke.

Second, denying the meaning of the blockchain, it is considered that the blockchain is technically redundant and inefficient. In the application, there is a lack of compliance and clear-minded landing scenarios. There is no value at all. It is a scam that has been speculated. .

Third, the digital currency is promoted, but the blockchain and the pass are considered to have no value outside the digital currency. Some early participants of Bitcoin hold this view. They think that since I already have a lot of bitcoins, it is better for this industry not to develop any more. Just keep turning around your beliefs and interests. The higher the price, the better. Any other discussion is superfluous.

Fourth, when the blockchain is not yet ready to talk about theory, it only needs to be done at this stage.

I think that rethinking the blockchain and its application will ultimately return to the most basic economics. As the optimal technology for creating value Internet, the blockchain is fundamentally designed to greatly reduce transaction costs, thus greatly improving the efficiency of market economy optimization resource allocation.

Fourth, technical articles: the development of blockchain technology

Taking the rise of Ethereum as a watershed, the blockchain has an independent status as a technical field. In turn, the public chain and the license chain serve as two different landing paradigms, and the two different types of “coin circle” and “chain circle” are developed. Ecology. The “coin circle” advocates the technical support for its own production relationship, with its own raw currency, incentives and marketing; “chain circle” advocates the need of pure technology to support enterprises and industries.

At present, the blockchain has initially formed a relatively complete technical system containing multiple different fields. The core technical areas include basic public chain, business operations, transaction assistance, transaction settlement, wallets and mining machines.

Basic chain

The basic public chain is the infrastructure that involves core services such as trust, value, and programmability. The legal logic of the basic public chain is:

(1) A more diverse book structure. For example, an IOTA based on a directed acyclic graph DAG;

(2) A more efficient corporate mechanism. For example, Ethereum is fully turning to POS, EOS is based on DPOS, etc. The consensus mechanism is shifting from “direct participation of most nodes” to “direct participation of a few nodes”, and then shifts to “a few nodes randomly generated from most nodes and directly participates”;

(3) Broader cross-chain interconnection. We see three cross-chain models: sidechain mode, which uses the side chain as an isomorphic "exclusive cross-chain object" of the original chain; relay mode, construct a relay chain, and any public chain as long as it is relayed Chain cross-chain interconnection, you can indirectly connect two or two; protocol mode (such as Cosmos), build a transfer protocol, any public chain as long as it supports smart contracts, can achieve two-two cross-chain interconnection according to the transfer protocol.

2. Business operations

Business operations involve various technical architectures that improve operational quality and meet operational demands from a business perspective. The development logic of business operations is:

(1) Better operation and maintenance. Including emergency handling capabilities, operational monitoring capabilities, etc. At present, the operation and maintenance is still a weak link in the blockchain technology. It is still very common to "spread for a word". This is also a very important factor for the traditional financial institutions that value operations to be reluctant to accept blockchain technology;

(2) Stronger privacy protection;

(3) More stringent code quality and asset security controls;

(4) More accurate identity authentication and user access.

3. Trading assistance

Trading assistance involves the completion of information, information disclosure, information, market, investment, investment, investment and other services, is an auxiliary link in the circulation of digital assets.

4. Trading clearing

Transaction clearing involves the registration and custody of digital assets, transactions, post-trade clearing and settlement, and derivative services of digital assets, which are the core links of digital asset circulation.

The logic of trading clearing technology is: higher pricing efficiency, shorter trading delays, stronger order throughput, safer asset protection measures, and more transparent self-certification/self-regulatory means.

Exchanges can be divided into centralized exchanges, decentralized exchanges and traditional exchanges. Centralized exchanges are currently in a mainstream position with high transaction pricing efficiency, but the platform's security guarantees and improved anti-hacking capabilities face severe challenges. Decentralized exchanges' transaction legitimacy and supporting security can at least be the same level as their underlying public chain, but the transaction pricing efficiency is effectively improved.

In the future, there will be more advanced technologies that combine transactional self-certification and transaction pricing efficiency. The decentralized exchange platform will become the mainstream platform in the field of transaction matching and clearing and settlement.

5. Wallet

The wallet involves the management and control of digital assets under the user name, the browsing and sending of information on the chain, the social interaction between the chain and the social-based efficient private payment channel, and the access point of the decentralized service on the chain, which is the connection blockchain and the end user. The bridge is also the carrier of the user's digital asset ownership.

The development logic of wallet technology is: safer protection means, faster payment efficiency, and more convenient application docking ability. In short, everything is traded.

V. Community division: from technical trials to social trials

From 2008, Nakamoto began designing the Bitcoin system. At the end of 2013, Vitalik proposed Ethereum. The entire Bitcoin community has a common dream. Bitcoin must be the free currency of the world. After that, Bitcoin experienced two consensuses. Split.

1. The first division of the Bitcoin community

With the new protocol on the Bitcoin system to achieve more functions, some of Bitcoin's major developers disagree that bitcoin must be very simple and compact in order to achieve the goal of world currency to ensure system security against censorship. Worried that the upper layer protocol will increase the storage and transmission burden of Bitcoin, and more data and code will "pollute" the Bitcoin backbone.

In 2013, only 19-year-old V God proposed to Bitcoin core developers to establish a smart contract agreement on top of the Bitcoin agreement, but the developers who opposed the expansion refused and exported 80 bytes of information per transaction. The function is compressed to 40 bytes. V God set off a new anger and launched the Ethereum white paper at the end of 2013, thus opening a new era.

The rich application of the smart contract described by Ethereum has attracted many supporters, but it has broken the consensus of the Bitcoin community to establish a free world based on Bitcoin, which has been opposed by the majority. V God opened crowdfunding financing for the development of the Ethereum system, and was also accused by some opponents as a liar. At this point, the Bitcoin community began its first split.

With the bursting of the bull market bubble in 2014, policy tightening and the collapse of Mt.Gox, bitcoin prices have plummeted, and negative publicity has become more and more. In the context of bitcoin frustration, combined with the spread of Ethereum smart contract vision, some people It is proposed to talk more about the technology behind the bitcoin "blockchain" and talk less about "bitcoin", which has made Ethereum, which is based on smart contracts and more non-monetary applications, more concerned.

At this point, after 2014, the original Bitcoin community was classified into “coin circle” and “chain circle”. The currency circle refers to those who firmly support the priority development of Bitcoin. The chain refers to people who lighten bitcoin and emphasize the application of “blockchain”. . Until 2016, the “coin circle” dominated, and the “chain circle” was dominated by supporters of Ethereum and other supporters of smart contract projects promoted by Ethereum.

There is a certain degree of hostility between the "coin circle" and the "chain circle", or mutual contempt. The currency circle believes that the chain ring succumbs to external pressure and breaks away from the dream of Nakamoto. The chain circle believes that the currency circle is stubborn and obsessive, and the violent weather has limited the application prospect of the blockchain.

2. The second division of the Bitcoin community

In the early days of the Bitcoin system, in order to ensure that everyone can participate, and to prevent the risk of network overload caused by the attack, Nakamoto has a 1M limit on the size of the block, and it is recommended to expand the capacity when the transaction volume is sufficient. Nakamoto was retired in 2010 and entrusted development work to Gavin. In May 2015, the actual capacity of the block reached 400k, and it is still growing rapidly. Gavin began to fully recommend expansion.

The expansion was resolutely resisted by several other members of the core development team. They believed that larger blocks made it difficult for ordinary people's computers to run full nodes, which made the system central and difficult to resist government censorship.

In May 2016, Gavin publicly supported Craig S. Wright's claim that he was a statement by Nakamoto, but Wright failed to produce a signature to prove his identity. Gavin was defeated in the community and quit the core development team.

In July 2016, the 1M block was full, and there was a lot of congestion and high fees. Almost everyone was anxious, and Core did not have the desire to expand. It just designed a more complicated and long-term expansion plan: Isolation Witness + Lightning Network solution.

Although the community has reached a New York consensus and Hong Kong consensus to expand the block capacity, but in the insistence of Core, Bitcoin eventually failed to achieve expansion. On August 1st, 2017, the person who insisted on the expansion of the block, represented by Wu Jihan, split the bitcoin to form the 8M block. So far, the bitcoin cash BCH was born. This is the second time in the Bitcoin community. Big split.

Sixth, mining articles: the beauty of computing power

The evolution of mining machine chips has gone through four stages: CPU, GPU, FPGA, and ASIC. Nakamoto was the first bitcoin miner. He used the CPU to dig up the Bitcoin “Creation Block” on January 3, 2009, and wrote the famous phrase on the first Bitcoin block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

On July 18th, 2010, an enthusiast named "ArtForz" shared his experience on GPU mining. Since then, people have found that the computation speed of the graphics card (GPU) for hash computing is much higher than that of the CPU. Born.

The FPGA mining machine appeared in June 2011. It is the first professional chip design for mining. From this stage, China Mining has made its debut on the historical stage, and its energy efficiency ratio has been significantly improved compared to GPU mining machines.

In January 2013, Avalon, the world's first Bitcoin ASIC mining machine, was delivered, and the ASIC mining era was opened.

In 2014, with the collapse of Mt.Gox, the world's largest cryptocurrency exchange, a long bear market of two years was opened. Ninety percent of companies that have been mining-focused or have closed down or transformed, and now the world's largest miner producer, Bitcoin was almost bankrupt at the time.

Up to now, Bitcoin's network computing power has exceeded 50 million trillion hash collisions per second (50EH/S), from about 7MH/S in the creation block to more than 50EH/S today, bitcoin The computing power has increased by 7 trillion times.

At present, some people believe that bitcoin computing power is centralized, but people's judgment on mines is not valid. In pursuit of the so-called “decentralization”, the cryptocurrency community collectively protested and boycotted ASIC mining machine manufacturers represented by Bitland.

At this point, I (Changchun) fully supports the innovation of mining machine manufacturers. It is the speed of technological evolution of this Moore's Law that makes the blockchain of Bitcoin and other POW mechanisms establish an unbreakable power pool. If the blockchain is still in the era of CPU mining, this network is completely untrustworthy.

Decentralization is a process, not a result. “Decentralization” is not a word that describes the result, but a word that describes the process. Decentralization does not mean decentralization of the process. The purpose of “decentralization” refers to the degree of freedom for everyone to participate in the consensus. He has the power to participate and has the power to quit. Under the premise of code open source and information symmetry, the degree of freedom of participation and decision-making means fairness.

Seven, development trend articles: the next decade, across barriers

For the foreseeable next decade, humanity will accelerate the migration from the physical world to the virtual world, and the degree of social blockchain will far exceed the first decade. The future development direction of a major breakthrough may be achieved:

Decentralized exchange

From 2011 to 2018, losses due to blockchain security incidents worldwide amounted to nearly $3 billion. Among them, trading platform accidents accounted for 34%, smart contract vulnerabilities accounted for about 20%, and losses due to user negligence and insufficient awareness accounted for about 19%.

Although centralized trading is better than decentralized exchanges in terms of experience and convenience, its security is still one of the biggest hidden dangers. Therefore, decentralized exchanges are recognized by the industry as the future trend. The world's first fully decentralized exchange is BitShare, and the current well-known decentralized exchanges include IDEX, DEx.top, DDEX, BancorNetwork, KyberNetwork, and Loopring DEX.

At present, in addition to the security problems of the blockchain industry, there are many technical problems such as low frequency of main chain transactions, immature cross-chain technology, high energy consumption of some consensus mechanisms, and “impossible triangle”.

2. Privacy and security

The earliest UTXO and account models have obvious advantages in system security, because all transaction records are recorded on the chain, and the cryptocurrency flow of all chain transactions is easy to track and privacy is not enough. In the next ten years, I believe we can see some breakthroughs in the theoretical framework to resolve the contradiction between privacy and security.

3. Neutrality and supervision

Financial activities that are not regulated are often the beginning of a disaster. The development of the blockchain in the next decade, the most important application is still the financial scene. Looking forward to the development of the blockchain financial market of 10 trillion yuan, there is only one way out – embrace supervision.

Embracing regulation does not mean abandoning the neutral nature of the blockchain decentralization. On the contrary, when the regulatory dust settles, the cross-border financial market built by the blockchain still has an unprecedented imagination to be tapped.

The blockchain will improve and adapt to future regulatory frameworks to build a sound financial order. With the intervention of supervision, the blockchain will be more integrated with traditional financial regulatory institutions and traditional financial services, which will greatly improve financial efficiency, and the blockchain will bring huge improvements to this market. As long as we grasp the essential needs of finance, the timing of the evolution of the technology platform will definitely make a difference.

4. Performance and users

Now the blockchain global users are about 20 million. According to the current growth curve, we are confident that there will be an explosion in the number of users in the next decade. The number of users in the blockchain worldwide may exceed one billion. In the future, performance improvements of more than four orders of magnitude must be completed to meet this user-scale requirement.

5. Side chain technology and cross-chain interaction technology

Sidechain technology and cross-chain interaction technology can be securely and quickly interconnected on the main and side chains, while also enabling decentralization. There are two directions to resolve: abandon the principle of decentralization, or wait for a theoretical breakthrough. Cross-chaining will become the standard of the future, and cross-chaining through a protocol is a better choice. Introducing more synchronization, interlocking and other mechanisms in the cross-chain protocol may be the main direction of the future development of cross-chain technology.

6. Lightning Network

Lightning network theory and function are feasible, but the current user experience of Lightning Network has serious problems, and it is expected that applications that do not require users to directly operate Lightning Network appear.

7. Technology to compress transaction history

The technology of compressing transaction history can increase privacy and use a smaller data volume to record the end result of a huge transaction history.

8. Integrated hardware acceleration and parallelization software engineering technology

Future blockchain software changes some of its existing frameworks. It only needs to add a little server and hardware in parallel and linearly. It does not require major changes to the entire software framework to achieve capacity expansion and performance improvement.

9. Technology and landing

How the blockchain interacts with the real world, there are probably two directions:

(1) Obtaining a faithful record of important events in the real world on the blockchain, such as food traceability;

(2) It is hoped that virtual events on the blockchain can drive changes in the real world, such as decentralized Aribnb.

Almost all of the current landing attempts will fail, but in the next decade, we can see some interesting projects.

10. Smart contract

At present, smart contracts are limited by hardware performance and software programming development. Decentralized smart contracts are difficult to develop and have low returns. Moreover, the time for smart contracts to explode loopholes continues to occur, and future development links will continue to mature and have more With the participation of developers, the development cost will be further reduced, and more applications will be born. How smart contracts become stronger must be the focus of our focus in the next decade.

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