BTC, UK
The impact of the okex incident on the currency market is fading; With the US election becoming increasingly white hot, the difficulty and hash rate of bitcoin are higher than before
in terms of price, so far, BTC has rushed to around us $11720, with a 24-hour increase of more than 2%
so the question is: where will bitcoin go in the next week
here are five factors that may affect the BTC price trend in the coming week
No.1 US macro level: election and stimulus plan this week, the US is the absolute focus of the macro market. The US presidential election will soon usher in a decisive moment (November 3)
analysts warn that if the Democratic Party (Biden) wins, the dollar will depreciate - and the long-term outlook for the dollar is already precarious. Goldman Sachs said last week that Trump's re-election was not enough to get the dollar out of danger
however, no matter what the election result is, professionals recommend buying gold as a hedge. However, in the view of others, bitcoin may bring more profits
However, e to the inverse correlation between BTC / USD and the dollar currency index (DXY), the strength of the US dollar, in the view of some bitcoin traders, will still affect the price trend of bitcoin. Although this correlation has become less and less obvious in recent weeks, the sudden weakness of the US dollar is still likely to be a boon for bitcoin
six month chart of US dollar currency index. Source: tradingview
at the same time, not only the election, but also what happened before is also a topic of interest. Specifically, a coronavirus stimulus plan was in place before polling day
If this happens, trillions of dollars of liquidity will increase the growing debt pile of the United States, and Americans will see additional benefits, such as an additional $1200 economic stimulus planNo.2 Europe suggests more intervention
with the outbreak again, the European Central Bank (ECB) is considering further measures
European Central Bank President Christina; In an interview with Le Monde on Monday, Lagarde said the European Central Bank would use more financial instruments if necessary
the European Central Bank's coronavirus stimulus program has purchased a total of 1.5 trillion euros of assets
"We haven't run out of options in our toolbox yet," says Lagardebrexit is increasingly moving towards "no agreement" brexit, which makes the possibility of instability worse
No.3 the fundamentals of bitcoin have reached a new high
recently, bitcoin has maintained a strong resilience in the face of various black swan events. Influenced by okex, BTC recently dropped below $11200, but recovered steadily soon. So far, it has exceeded $11600
and on the technical level, the fundamentals of bitcoin also maintained a record strength this month
two days ago, the difficulty of the latest adjustment increased by 3.5% than expected
at the same time, the hash rate also climbed to a record high on Monday. At the time of publication, the estimated computing power for mining is 146 exahashs (EH / s) per second
as often reported in the media, the popular theory is that the price follows the hash rate, because the long-term investment prospect of bitcoin is better than ever before
bitcoin 7-day average hash rate 1-month chart
No.4 analysts focus on $12000 BTC price breakthrough
for famous analyst Micha & # 235; For Lvan de Poppe, the key price conversion of bitcoin is becoming more and more reasonable
in his latest video update on Sunday, he stressed that the significant resistance level of weekly closing price below US $12000 for several consecutive years will soon end
Van de Popper believes that since the beginning of the bear market in early 2018, US $12000 has become the rejection point of the weekly chart, but the consolidation below cannot last forever
he concluded: "we are likely to rebound to the range of US $16000 to US $17000, because this is the obvious level and the last obstacle for bitcoin to begin to break through the all-time high."
after this move, there will be another consolidation period, which may last longer than the current period
van der BOPP added that he advised viewers to work hard to accumulate bitcoin, even in the $16000 range
BTC / USD 7-day price trend chart. Data source: coin360
No.5 market sentiment: greed is back
with the graal strengthening of prices, investor sentiment is also changing: data shows that investor sentiment is becoming more and more greedy. In the latest market data, the fear and greed index has returned to the "greedy" area, rising slightly from "neutral" in the past week
this indicates that bitcoin investors' emotional expectations will be bullish, but it should be noted that if the price rises too fast, "greed" will become "extreme greed", in which case the index is more likely to callback
dpos mechanism
in recent years, e to the resource waste of pow, unstable block output, and the existence of computing power attack, although POW is recognized as the most widely used and secure consensus mechanism, there is still a great risk of being attacked for the block chain with insufficient computing power in the whole network. More and more consensus mechanisms are proposed to be used in blockchain projects for trial and experiment. Dpos is one of the mainstream consensus mechanisms, and LBTC has adopted this mechanism. Dpos ensures that the voting right is in the hands of the coin holder, so the coin holder will be able to choose whether to pass the motion by voting, so as to determine the development direction of the project. At the same time, it also means that the development direction of the project depends on the hands of the people who care about the project itself, and the power of wisdom will promote the better development of the project. At the same time, the advantages of dpos mechanism are that there is no computing power attack, strictly abide by the time block and save resources
dpos advantages of LBTC
the dpos mechanism of LBTC also has its own characteristics: the number of nodes of LBTC is 101, compared with 21 or 51 nodes, the coin holder can vote for 51 nodes at most once in the wallet of LBTC, which further reces the risk of centralization; LBTC can output blocks stably in 3 seconds, and the block size of 2m ensures that LBTC is 400 times more efficient than bitcoin, and the transaction speed can reach more than 2000 transactions per second; The most important difference between LBTC and other projects is that LBTC's dpos mechanism has the rule of irreversible block. When the number of block agents reaches 90% or more in one round, or when the number of block agents exceeds 70%, the first block in the previous round can be considered as irreversible, so as to prevent bifurcation
LBTC's defense measures
in addition to dpos consensus mechanism, LBTC's technical level has other highlights
first of all, LBTC can prevent [replay attack]. What is a replay attack? Each bitcoin account will have a corresponding number of lbtcs based on its bitcoin balance. If the address, private key, algorithm, etc. on each chain are the same, and the transaction format is the same, the transaction initiated on one blockchain can be put on another blockchain for rebroadcasting, and may also be confirmed. This is the "replay attack.". In short, when a user transfers LBTC, BTC may also be transferred at the same time. LBTC modifies the hash algorithm in transaction signature. In the hash algorithm, "LBTC" field is added to LBTC. The hash generated by LBTC and BTC will be different. LBTC and bitcoin do not recognize each other's transactions, so as to prevent replay attacks
secondly, to prevent [forged mining]. There are no concepts of voting and balance in bitcoin transaction. In order to maximize the stability of LBTC, a new output composed of OP return is added in coinbase transaction. Op-return data is composed of three fields: publickey, time and sign (time). Time represents the timeliness of transaction. Publickey verifies sign (time), which is the principle of asymmetric encryption algorithm to prevent forgery and mining. LBTC has 101 nodes. Assuming that the attacker has 30 nodes, if the remaining 71 nodes are forged, other nodes can mistakenly think that the attacker's chain is the longest and block out. This is a forgery mining attack
thirdly, prevent [double flower attack]. Double spending attack is a money spent twice, it can also be called double payment attack. For example, BTG, which has attracted wide attention before, recently suffered 51% attacks. A malicious miner obtained at least 51% of the computing power of the BTG network, temporarily controlled the BTG blockchain, quickly raised money after recharging the exchange, then reversed the block, and successfully implemented Shuanghua. Due to the irreversible block mentioned above, when the transaction of LBTC block is confirmed, it is impossible to roll back, so as to prevent the double flower attack
Fourth, multithreading. In LBTC's transaction consistency and legitimacy check, the data that can be merged and integrated are merged and executed by multi thread, which greatly improves the transaction efficiency and enhances the performance of LBTC
code logic of LBTC
in addition, in terms of code logic, LBTC is divided into protocol layer, consensus layer and application layer. When it is necessary to transfer value, the transaction is completed through the protocol layer link and consensus layer. This process can not only be used as the exchange of value, but also as the value intermediary in the tripartite connection. The application layer is mainly based on smart contract. In the future, LBTC will realize the function of gateway based on smart contract. The payment gateway implements asset issuance, asset transaction, currency exchange, chain interaction and so on
that's why LBTC can say that it wants to do global value internet protocol. Through the payment gateway, it can exchange any currency, not only between currencies, but also between legal currency and digital currency. Isn't that very convenient? One click conversion is to buy eth with vnd and transfer it to her British cousin in the distance. She dislikes it and immediately changes it to EOS. After one second, it is changed to pound sterling. There is no need for extra conversion steps. It's good to get it in one step? Such an analysis, in fact, from the technical code level analysis of LBTC is quite reliable. However, compared with those experts, Xiaobian won't deceive you. Whether LBTC can realize decentralized value Internet Protocol in the future, focusing on code will be a more intuitive way GitHub of LBTC: https://github.com/lbtcio/lbtc-core
how to use gateway
next, we talk about the specific implementation of the gateway's "conversion and circulation", which can be roughly divided into three kinds:
first, after the LBTC system has built the gateway technology, with the gateway as the bridge, user a can convert any currency into LBTC, and then send it to any user B who wants to send it, while user B can convert LBTC into any currency he needs, Does this sound like what you usually do on the exchange? I think this is one of the reasons why LBTC proposes to be a "decentralized exchange"
Second, user a can deposit the funds in the gateway trusted by user B and transfer them to user B through the gateway
thirdly, LBTC will provide the function of "any user can issue token" in the early stage of gateway construction. Therefore, in the LBTC system, if user a has a good reputation, is recognized by everyone, and issues its own a token (of course, it should include the asset chain realized by asset mortgage), a can use its own a token for user B's currency exchange. After that, user a can redeem the a token exchanged to B. A is the gateway role in the transaction process
in the process mentioned above, the functions of asset issuance, asset transaction, currency exchange and chain interaction are realized respectively
the gateway is similar to the function of a bank, which can mainly solve the problem of cross-border transfer. With the high TPS and low handling charge of LBTC, it will be very convenient to realize cross-border transfer. For example, if you need to remit money from China to the U.S., you need to remit RMB to China's LBTC gateway, and then the U.S. gateway will receive the LBTC from China's gateway, convert it into U.S. dollars, and forward it to the U.S. account. In the above gateway system, it can be concluded that both payment parties do not need to join the network, just need to trust the gateway
although the gateway solves the problems of slow speed and high handling charge of traditional transfer payment, it also faces new problems
then there is a problem
in addition to the standard institutions or project parties invited by LBTC can become gateways, ordinary users can buy and sell with each other (in fact, this kind of behavior is more inclined to loan, if it is only the business between acquaintances, it will form a small independent network), How to prove that gateway is a trustworthy organization or indivial
how to extend the gateway of LBTC to cooperate with large organizations is obviously a problem for the team. Ripple has developed more mature. At present, it has cooperated with MUFG in Japan, Westpac in Australia and Standard Chartered Bank in the UK. With ripple, star currency and other payment digital currencies in front, LBTC needs to have more characteristics if it wants to go out of its own route. This can be expected in the later intelligent contract route planning
however, ripple is also accused of being too centralized because of its distribution mode. LBTC has 101 nodes because of its dpos mechanism, and because it is a bifurcated coin, it will be distributed to bitcoin holders 1:1 when it is issued. This can be said to be the inherent advantage of LBTC - it has wide dispersion. If it can be supported and recognized by the public in the future, it can reach a consensus, Then it will form a congenital advantage of wide distribution
in addition, how can we prove that assets really exist in reality and can be used as collateral in the process of asset chain? In addition to large-scale institutions such as banks, small-scale network also has its inevitability. The proof of assets on the asset chain is a very important part. If it is not regulated and certified, it is very likely that the gateway will run away or false gateway will occur. Although the gateway is exemplified as "Taobao" platform, in theory, the platform can not manage the business content, but the platform has supervision on the quality of goods, otherwise it will cause confusion
decentralized exchanges
let's go back to the first point and talk about my ideas on decentralized exchanges. At present, mines and centralized exchanges are the protagonists in the early development of blockchain. With the rise of more and more exchanges, centralized exchanges fall into manipulation scandals and so on, which bring room for the growth of decentralized exchanges. Decentralized transaction is very likely to bring value to the field of blockchain and become the real protagonist in the era of blockchain. With gateway technology, LBTC can realize decentralized exchange. In the decentralized exchange of LBTC, the user's own currency will be kept by himself, which prevents the possibility of losing the currency in the centralized exchange. At the same time, it can also prevent the opaque system transactions, operational and technical risks. According to the previous gateway interview, LBTC will also work with reliable project parties to put on the stock exchange for the benefit of all community members. Generally speaking, LBTC's development route is relatively clear, and its goal in the field of payment is also very clear. Hold on, partners, the future is promising!
From the north entrance of Jingning Road, take bus No.144, after 11 stops, to the geological Hotel station
bitcoin is not issued by a specific institution, but a distributed database composed of many nodes in the P2P network to confirm and record all transactions. The design based on cryptography can make bitcoin only be transferred or paid by the real owner.