Ethereum splitter
Miner components include CPU, GPU, motherboard and hard disk, similar to a high configuration computer with a hard disk. Self assembly mainly depends on which aspect of hardware performance you want to highlight
mining machine has computing power, display card mining machine and storage mining machine. Daotong storage has long been concerned about the dynamic and hardware supply of mining machine, and its own components will be cheaper than those of the manufacturer< br />
There is an essential difference between Ethereum and bitcoin. What is the difference? Bitcoin defines a set of currency system, while Ethereum focuses on building a main chain (which can be understood as a road) to allow a large number of blockchain applications to run on this road
from this point of view, Ethereum's application scenarios are more extensive, which is why we say that Ethereum marks a simple monetary system in the era of blockchain
1.0, and a transformation to other instries and application scenarios in the era of blockchain 2.0
however, there is no perfect thing in the world. Although Ethereum has expanded the application scope of blockchain in all walks of life and improved the speed of transaction processing, it also has some disputes and doubts
first, the solution to the lack of scalability of Ethereum: slicing technology and lightning network
the bottom design of Ethereum, the biggest problem is that Ethereum has only one chain and no side chain, which means that all programs have to run on this chain equally, consuming resources and causing system congestion. Just like last year's very popular Ethereum game "encryption cat", when this game was very popular, it once caused Ethereum network paralysis
to improve the processing capacity, Ethereum proposes two ways: shard and lightning network. Let's introce these two technologies respectively
(1) fragmentation technology
vitalik buterin, founder of Ethereum, believes that the reason why mainstream blockchain networks such as bitcoin process transactions very slowly is that every miner has to process every transaction in the whole network, which is actually very inefficient. The idea of fragmentation technology is: a transaction does not need to be processed by all nodes in the whole network, as long as some nodes (miners) in the network are allowed to process it. Therefore, Ethereum network is divided into many pieces. At the same time, each piece can handle different transactions. In this way, the network performance will be greatly improved
however, the slicing technology is also controversial. As we all know, the important idea of blockchain technology is decentralization. Only when the whole network witnesses (processes) the same transaction can it have the highest authority. The Ethereum slicing technology is similar to the group witness, not all nodes witness together. In this way, it will lose the absolute "decentralization" attribute, and can only achieve the purpose of high performance by sacrificing certain characteristics of decentralization
(2) lightning network
lightning network uses the way of transaction under the chain. What does that mean? It means: when the participants of lightning network transfer money to each other, they do not need to confirm the transaction through the main chain of Ethereum, but create a payment channel between the participants and complete it under the chain
however, lightning network is not separated from the main chain. Before establishing a payment channel, you need to use the assets on the main chain as collateral to generate a balance proof, which indicates that you can transfer the corresponding balance. In the case that both parties of the transaction hold the balance certificate, both parties can make unlimited number of transfers under the chain through the payment channel
only when the off chain transaction is completed and the assets need to be transferred back to the chain, the balance change information of the main chain account will be registered on the Ethereum main chain, and no matter how many transactions occur ring this period, there will be no record on the main chain
another real benefit of lightning network is that it can save the cost of miners for you. At present, when we trade on the main chain of Ethereum, we need to consume gas and pay for miners. Once we move the transaction to the lower chain, we can save this part of the cost
Of course, lightning network is not perfect. When using the lightning network, the assets on the main chain should be used as collateral; And this part of assets as collateral can not be used before the user completes the transaction under the chain. This also determines that lightning trading is only suitable for small transactionsthe above is the problem of insufficient scalability of Ethereum, as well as the two main solutions: fragmentation technology and lightning network
Second, there are loopholes in Ethereum's smart contract and the infamous Dao event
Ethereum's smart contract is very powerful, but there are loopholes in any code. The biggest controversy of Ethereum's smart contract lies in the so-called loopholes, that is, security issues. According to relevant research, 34200 (about 3%) of the nearly 1 million smart contracts based on Ethereum contain security vulnerabilities, which will allow hackers to steal eth, freeze assets or delete contracts, such as the infamous Dao incident
(1) what does Dao meanbefore introcing the Dao event, let's first introce what Dao is. Dao is the abbreviation of decentralized
autonomous organization, which can be understood as decentralized autonomous organization. From the perspective of Ethereum, Dao is a kind of contract or a combination of contracts on the blockchain, which is used to replace the government's review and complex intermediate proceres, so as to achieve an efficient and decentralized trust system. Therefore, Dao is not a specific organization, that is to say, there can be many Dao, all kinds of Dao
(2) the infamous Dao event
however, when we talk about Dao now, we basically refer to the Dao event, that is, the infamous hacker attack event we just mentioned. As we know, the English word "the" refers to "the Dao event". The Dao event
refers to "the Dao event", because we just said that Dao is not a specific organization, there can be many Dao, all kinds of Dao
in 2016, slock.it, a German company focusing on "smart locks", launched the Dao project on Ethereum in order to realize decentralized physical exchange (such as apartments and ships). Since April 30, 2016, the financing window has been open for 28 days
unexpectedly, this Dao project is very popular. It raised more than US $100 million in just half a month. By the end of the whole financing period, it raised a total of US $150 million. Therefore, it has become the largest crowdfunding project in history. However, it didn't last long. In June, hackers took advantage of the loopholes in the smart contract to successfully transfer more than 3.6 million Ethernet coins and put them into a Dao sub organization, which has the same structure as the Dao. At that time, the price of Ethernet currency fell directly from more than $20 to less than $13
this event shows that there are loopholes in smart contracts, and once the loopholes are exploited by hackers, the consequences will be very serious. This is why many people criticize Ethereum and say that its smart contract is not smart
to solve this problem, many foreign companies begin to provide code audit services in order to solve the vulnerability problem of smart contract. From a technical point of view, some teams are currently testing smart contracts. Most of these teams are led by professors from Harvard, Stanford and Yale, and some of them have obtained investment from leading institutions
in addition to the problems of insufficient expansibility and loopholes in smart contracts, the controversy over Ethereum lies in the POS consensus mechanism it pursues, that is, the proof of equity mechanism. Under the proof of equity mechanism, if anyone holds more money and holds it for a longer time, he will get more "rights" (interests) and have the opportunity to get bookkeeping power, Bookkeeping can also be rewarded. In this way, it is easy to create the oligarchic advantage of "the stronger the stronger"
Another problem is the chaos of ICO. ICO is a common way to raise funds for blockchain projects, which we can understand as pre-sale. The outbreak of ICO projects on Ethereum has caused illegal activities such as fund allocation and money fraud under the banner of ICO, which has caused security risks to social and financial stabilityit's better not to touch the split order, mutual aid order and subscription order. They may run away at any time, and there is a very big investment risk. If you don't understand digital currency, don't play it. If you are interested, play bitcoin, Ruitai coin and Ethereum, which have a certain market depth.
new currencies are usually solved through open market operations. In other words, the central bank makes its own money flow out by buying Treasury bonds (issued by the Ministry of Finance), so that the money flows to commercial banks, and commercial banks make money circulate in the society through lending
first of all, understand currency: today's commonly referred to as currency is the paper money in our pocket. It is a medium and tool to facilitate the exchange and circulation of goods under the commodity economy. It has no value in itself and is issued and forced to circulate by the national bank. When you go shopping in China with us dollars, the shop owner will treat us dollars as a piece of waste paper, because US dollars must be converted into RMB through the central bank to be used in China
currencies of different countries cannot be circulated in different countries. Now, with the global economic integration, there are certain economic exchanges between countries. In order to solve the trade and currency problems between different countries, two concepts of foreign exchange and foreign exchange reserve are involved
as we all know, a country's wealth is not measured by the amount of its currency issued or owned, but by the amount of its commodities, which are the material needs of people's life, rather than money, that is, a country's proction capacity and gross domestic proct
trade between countries can be divided into export and import as follows:
in the case of export, if US dollar is used as foreign currency, that is to say, Chinese multinational enterprises sell their procts in the United States in exchange for the currency of other countries. For Chinese people, foreign currency is not allowed to circulate in the Chinese market, Therefore, in the Chinese market, foreign currency is equivalent to a pile of waste paper. Therefore, it is useless for Chinese export enterprises to sell foreign currency to the national bank to exchange it for RMB, and the state holds foreign currency. People's wealth is ultimately reflected in their material enjoyment, and money is only an intermediary and tool for material exchange, Our domestic enterprises give the goods they proce to the United States, while the United States only gives us foreign currency (bonds), thus forming a debt relationship: that is, China is the creditor, foreign countries (the United States) are the debtor, and foreign exchange (US dollars) is the debt relationship certificate
for the import situation, foreign currency reserves will not be affected. For example, if foreign businessmen sell foreign goods at home to earn RMB, the central bank will take the foreign exchange reserves (US dollars) to buy back RMB from foreign investors (because this part of RMB is circulating at home and is not counted as foreign exchange reserves), It may also be that foreign businessmen take RMB to their own country to exchange for their own currency, which also forms their own foreign exchange reserves (whether the actual process is like the above, I don't know, it's not studying economy, it's just speculation). Buy back is actually a hedging process (the real sense of hedging seems to be that the central bank takes foreign exchange to buy overseas). It can also be understood as follows: foreign goods are regarded as the goods proced by the central bank and sold in the domestic market. In this way, part of the foreign exchange reserve is returned to the people through the central bank, and the debt is also paid
generally, the amount of money in circulation of a country corresponds to the amount of goods proced by the country Material wealth corresponds to the amount of money)
Chinese enterprises export goods, which can be seen as: China proces too many domestic goods (that is, the corresponding currency is not enough),
domestic enterprises get foreign markets for commodity sales and exchange through the form of export, and can exchange domestic goods for foreign goods, but because of the existence of foreign currency, In fact, these foreign currencies are equivalent to the debts of foreign consumers to China's export enterprises, and these debts are uniformly assigned to the name of the national bank. This has become the country's foreign exchange reserves. The more foreign exchange reserves, the more money the state will lend. Lending is equivalent to issuing money. If a country releases too much money, it needs to issue a large amount of money, which may cause inflation (there are not enough goods, but a lot of currency in circulation). At this time, the country purchases goods from overseas through the international market, and consumes foreign goods in exchange for goods, so as to achieve the goal of stabilizing and balancing the economy. It can also be understood from another perspective that the central bank releases a large amount of money to exchange for foreign exchange reserves. The increase of this kind of money is not caused by the "invisible hand" of the market rules, but by the Central Bank of the government. If we zoom in, the increase of money will actually be inflation, and the money on the hands of the people will be devalued, The devalued part is occupied by the central bank free of charge. Therefore, it can be understood as: foreign exchange reserves are liabilities of the central bank, not assets, because it is exchanged by the central bank from the people's hands with RMB, then the people will want to cash this asset one day
as China's foreign exchange currency is mainly US dollar, once the US economy fluctuates and leads to the depreciation of US dollar, China's foreign exchange reserves will have the risk of devaluation. The devaluation of foreign exchange reserves is also the loss of China's assets< In a word, foreign exchange reserve is a kind of debt relationship between the people and other countries (reserves are not national assets, but the money of the working people), and the people, as one of the creditor's rights, transfer the creditor's rights to the National Central Bank and hang them in the name of the central bank
foreign exchange reserve refers to the foreign convertible currency held by a country's monetary authority and can be used for external payment, which acts as an international reserve asset. The amount of foreign exchange reserve mainly depends on the status of import and export, the scale of foreign debt and the actual use of foreign capital. Foreign exchange reserves are used for trade with other countries
in order to increase foreign exchange, we need to issue RMB to buy, and the supply of RMB will increase, which may cause monetary expansion in the domestic market. A certain amount of foreign exchange reserve is an important means for a country to adjust its economy and realize the economic balance at home and abroad. When there is a deficit in the balance of payments (more imports, the domestic market full of foreign goods, causing domestic monetary tightening), the use of foreign exchange reserves can promote the balance of payments; When the domestic macro-economy is unbalanced and the total demand is greater than the total supply (the consumption demand increases and the goods are not enough), we can use foreign exchange to organize imports, so as to adjust the relationship between the total supply and the total demand and promote the macro-economy balance
at the same time, when the exchange rate fluctuates, we can use the foreign exchange reserves to intervene the exchange rate and make it stable
the performance of foreign exchange reserves is to hold a kind of financial claims expressed in foreign currency, not put into domestic proction. This leads to the problem of opportunity cost, that is, if the monetary authorities do not hold reserves, they can use these reserve assets to import goods and services, increase the real resources of proction, and thus increase employment and national income, while holding reserves gives up such benefits
the increase of foreign exchange reserves should expand the money supply. If the foreign exchange reserves are too large, it will increase the pressure of inflation and increase the difficulty of monetary policy
holding too much foreign exchange reserves may also cause losses e to the depreciation of foreign exchange rate
because foreign currency can not circulate in the domestic market, the central bank not only releases a certain amount of money (through export and foreign capital) in China, but also reserves a certain amount of foreign exchange on behalf of the country. At this time, RMB is used in China, while foreign exchange itself is independent of the domestic economic operation, and is used by the central bank to maintain and increase value in the international financial market.