《我的Anyhedge开发之旅：在BCH上构建智能合约为何这么难？》

Hi my guys if you Reading this article in chinese You don't Understand see Your translate in English.😀👇👇👇

Author: Jonathan Silverblood join AnyHedge group: https: //t.me/AnyHedge

Have you ever wondered what it takes to build smart contract financial products on Bitcoin Cash? I joined a small team in the first half of 2019 to build a non-custodial futures contract product as an attempt to see what can and cannot be done on BCH .

I will outline in this article myself in 2020 Nian online AnyHedge story before.

Initial

In March 2019 , when the idea of Anyhedge was formed and successfully compiled into the initial contract using an early version of Spedn , I had not yet joined the team. But soon I joined it to build the tools needed to use the contract .

At that time, we did not have any financial support, and we spent our own time developing. But a potential investor made us realize that maybe one day we can make a profit.

Problems encountered by early adopters

Blind construction stage

To build a smart contract on Bitcoin Cash, not only need to understand the scripting language, but also need to understand the transaction signature, agreement structure and various restrictions.

Soon after working, I found that I couldn't find good sources of information everywhere. I have to read Bitcoin (BTC) documents, but these documents are usually wrong because either they have been updated for BTC or they are no longer applicable because of the BCH fork. I must also read and try to understand the node upgrade specifications to understand the different operations of Bitcoin Cash, but these specifications only list the changed parts and often mention "the same as before." But what was it like before? No source is given.

Reading these low-quality documents during the development process both increased the difficulty and was of no avail. Therefore, I wrote the BUIP121 proposal to the Bitcoin Unlimited development team to help build better public documents to facilitate developers' protocol interaction.

Although not complete enough, the improvements made by Bitcoin Unlimited and Bitcoin Verde have allowed new developers to read better documentation than ever.

Crazy construction phase

In the first few months after I joined, everyone did their best to accelerate development. However, due to various reasons, the work progressed slowly and intermittently. With the help of potential investors, I was able to meet the team in Townsville before the Bitcoin Cash City Conference .

So far, development progress has accelerated. In just a few weeks, we went from implementing a non-functional contract draft to successfully depositing and redeeming the first AnyHedge contract on the chain .

During the conference in September 2019 , we gave the first presentation to potential partners and investors. An exchange verbally agreed to access our products.

But our demo still has many problems.

At that time, the tools we relied on were not yet complete and there were vulnerabilities (as indicated by the 0.1.x version number). Thanks to the Meep transaction debugger developed by the BCHD team , we transitioned Anyhedge from an initial idea to a proof of concept.

Cracked bridge

Unreliable REST APIs

We build the tool on the most well-known and well-documented developer stack on the market, namely BitBox SDK and related REST API. These tools provided us with a good service during the prototype development stage, but we realized at the end of 2019 that it is unsustainable to build financial commercial projects on free public infrastructure.

We researched multiple alternatives and finally decided to use Electrum server as the backend. The Electrum protocol is not perfect, but considering that the Electron Cash wallet also uses this protocol and has multiple server software, there is a high probability that it will not hang.

However, it is difficult to find good tools that can interact with the server. Either it is no longer maintained, or it does not support the features we need. We have established the electrum-cash library, which can support all functions of the electrum protocol, including encryption, network sockets and automatic version negotiation.

Now, ecological members such as flipstarter , mainnet , fullstack and cashscript all use the electrum-cash library. We promise to provide funds to support the infrastructure on which we depend. And we have public sponsorship, which will continue to expand as our income increases.

If you are the first player, who should you work with in the past price oracle?

The AnyHedge contract provides two contract directions and an oracle machine (Oracle) that provides price information. We wanted to use a third-party oracle from the beginning, but what do you do if you are the first player and there are no other players?

We have talked with companies that can provide price data sources or provide price data services such as Bitpay , Chainlink , Coin Dance , Blockchair, and CoinGecko . Unfortunately, due to the different infrastructure required by ETH ; and the smart contract of BCH has not been verified by the market, it is not enough to attract these companies to invest resources in the BCH oracle.

We also try to work with other developers to establish standards and documentation, so that if we have to build a tool ourselves, at least we hope that this tool can be used by others and can be valuable to others. But no one is building the smart contract we need to provide the oracle of use cases.

So we built a price prediction hangar and an oracle service, which can be publicly provided to other builders in the BCH ecosystem. In the future, we will re-discuss this matter and try to find external partners to run the price oracle service.

Financial difficulties

After meeting with potential investors, we thought the team had done a great job, and together we worked out a business plan, shareholder agreement and other documents.

A few months later, the expectations of investors changed and the requirements were also different. We had a big fight about this.

We feel painful to face the uncertainty of funding again, because we don't know if we can find other opportunities.

So far, we have worked at our own expense for 9 months. We have to decide how long to hold on before we declare the project a failure.

New year, new troubles

Infrastructure Financing Plan ( IFP )

At the beginning of 2020, Jiang Zhuoer announced a tax collection plan for miners . The proposal initially received positive feedback because most people can only realize the benefits of having money, but after a few weeks, it became clear that the price of IFP was unacceptable.

Despite causing widespread concern in the community, Bitcoin ABC added an IFP version to its code base and set it to be activated by miners before the upgrade in May.

No one in our team is willing to build products based on BCH under this new rule , so we have to make a choice: either disband or solve the most fundamental funding problem.

Build Flipstarter

Seeing that the Bitcoin Cash ecosystem is in danger, and we are building products based on BCH, we instead use all available resources to solve the funding problem.

After some observations, we realized that one of the main problems with voluntary donations is "free-riding", or "unfairness": the miners who paid to support the ecosystem were dissatisfied with the fact that others benefited without contributing.

We worked continuously for a month and finally released Flipstarter: a fundraising tool for non-custodial guarantee contracts, and used it to successfully raise US$500,000 for infrastructure construction.

We Flipstarter on a full-time developers for nearly two months, under the joint efforts of the community and donations, various projects have raised more than $ 5,000 a BCH (then worth about 120 million US dollars).

BCHN node

When I was almost focused on developing Flipstarter, other members of the team helped establish Bitcoin ABC 's first fork node as a contingency plan to provide alternative solutions for miners who opposed IFP.

Grow into a responsible company

We proved that IFP is not the only feasible way to resolve funds, and began to focus on AnyHedge again. As of mid-2020, we have maintained a good development process and continue to make improvements.

white paper

We released the AnyHedge white paper , which outlines the contract structure and explains how to use the risk of trading fluctuations to achieve value stability without leaving the BCH ecosystem.

data analysis

In cooperation with Karol Trzeszczkowski, we released the numerical analysis of the AnyHedge smart contract.

Contract simulator

To help traders better understand contract behavior, we have built and released an online contract simulation program.

Get financing

During the development of Flipstarter and BCHN, we established new relationships and found new investors. We demonstrated our ability to deliver products as planned and received the first round of investment of more than $1 million.

Can we cancel 2020 ?

We finally returned to the development of AnyHedge. Our automatic settlement service is gradually improving, and when we started to focus on exchange integration, the accident happened again.

Grasberg

In July 2020, Bitcoin ABC disregarded the broad consensus of the community and announced that it would adopt its own Grasberg DAA algorithm, which shocked the entire community. Grasberg DAA will completely change the block generation due to "past-drift correction".

Our oracles and contract infrastructure are based on the consensus of producing a block every 10 minutes. We had to hold an emergency meeting to discuss countermeasures.

After realizing that we might have to redesign the oracle and contract structure and delay it for several months before launching it to the market, we protested this and issued a joint statement with our partners on the matter.

I directly approached Amaury and explained to him that modifying the DAA algorithm would cause significant damage to us. He asked me to adapt to the new rules and pointed out that it was necessary to change the block time expectations (make it predictable) to show his determination not to change the block time.

Everyone we can contact is dissatisfied with the Grasberg algorithm and Bitcoin ABC 's aggressive attitude to forcibly change the DAA algorithm. We have cooperated with our ecological partners to issue a statement to jointly support the aserti3-2d DAA algorithm.

IFP makes a comeback

Bitcoin ABC finally abandoned the Grasberg DAA algorithm, but insisted on implementing IFP. This version has introduced some new entities to control funds, and made it clear that there is "no room for discussion."

After talking with other people, we realized that this would be the last straw to crush the camel. Bitcoin ABC is bound to cause a network split in the upcoming hard fork upgrade.

As a company struggling to deliver products, we need a user base to use our products. If we divide our network effect time and time again, and ultimately no customers will be left to us, we will fail.

Fortunately, we have already proven other viable alternatives to IFP through Flipstarter . Although we still need to spend a lot of time to build relationships and inform you of the many possible outcomes, the situation will not be as bad as the first time.

Summary of my AnyHedge journey

It 's almost the end of 2020. What I expected to be able to complete in a few months ended up taking nearly two years. It shouldn't be that difficult. The lack of developer resources and developer infrastructure has seriously affected the price of BCH .

The good news is that many of the problems we encountered in the past no longer exist. Smart contract tools are becoming more mature, documentation is getting better and better, and infrastructure is sponsored. Once AnyHedge can prove that building non-custodial financial products can bring profit, new teams and companies will enter this field and grow with us.

As for the product itself, we have completed the development. AnyHedge will soon complete the testing phase and will be launched together with the non-custodial exchange Detoken .

nice

your article about journey is very interesting

thanks for sharing but english is better for all to understand.keep going.good done.

এইটা কোন ভাষার

Yea our God is loving

Wow this is amazing I do not own understand this language but I do appreciate what you just post next article great information

Good writing. But English is Best language.

This is your home language pls try public language we can understand

though I can not known this language but I will translated it in google and read than I can understand. it's a very good and hopeful articles

0action reply Chinese Bhasha ki Sambhavna

ইংলিশ বুঝিনা তাই কোন কমপ্লিমেন্ট করলাম না

Your information which you showed in your article is very nice

i translated your articles, wrote very well

Intaresting article dear friend.. U like your article

I do appreciate this Saturday nights at support

Had to translate just to read... English please...

if this language was in english, that would be better

Hello guys Siblings we friend Okay published his story the Language His language wan and some of us don't know the language that's why I translate story and give to English So see his description Below Then read on understand that's what it means Thanks to all our friends who follow our site Thanks.🤝

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GeneralProtocols 181 Subscribe 1 day ago (Last updated: 7 hours ago ) Author: Jonathan Silverblood join AnyHedge group: https: //t.me/AnyHedge

Have you ever wondered what it takes to build smart contract financial products on Bitcoin Cash? I joined a small team in the first half of 2019 to build a non-custodial futures contract product as an attempt to see what can and cannot be done on BCH .

I will outline in this article myself in 2020 Nian online AnyHedge story before.

Initial

In March 2019 , when the idea of Anyhedge was formed and successfully compiled into the initial contract using an early version of Spedn , I had not yet joined the team. But soon I joined it to build the tools needed to use the contract .

At that time, we didn't have any funding, we spent our own time on development. But a potential investor made us realize that maybe one day we can make a profit.

Problems encountered by early adopters

Blind construction stage

To build a smart contract on Bitcoin Cash, not only need to understand the scripting language, but also need to understand the transaction signature, agreement structure and various restrictions.

Soon after working, I found that I couldn't find good sources of information everywhere. I have to read Bitcoin (BTC) documents, but these documents are usually wrong, because either they have been updated for BTC or they are no longer applicable because of the BCH fork. I must also read and try to understand the node upgrade specifications to understand the different operations of Bitcoin Cash, but these specifications only list the changed parts and often mention "the same as before." But what was it like before? No source is given.

Reading these low-quality documents during the development process both increased the difficulty and was of no avail. Therefore, I wrote the BUIP121 proposal to the Bitcoin Unlimited development team to help build better public documents to facilitate developers' protocol interaction.

Although not complete enough, the improvements made by Bitcoin Unlimited and Bitcoin Verde have allowed new developers to read better documentation than ever.

Crazy construction phase

In the first few months after I joined, everyone did their best to accelerate development. However, due to various reasons, the work progressed slowly and intermittently. With the help of potential investors, I was able to meet the team in Townsville before the Bitcoin Cash City Conference .

So far, development progress has accelerated. In just a few weeks, we went from implementing a non-functional contract draft to successfully depositing and redeeming the first AnyHedge contract on the chain .

During the conference in September 2019 , we gave the first presentation to potential partners and investors. An exchange verbally agreed to access our products.

But our demo still has many problems.

At that time, the tools we relied on were not yet complete and there were vulnerabilities (as indicated by the 0.1.x version number). Thanks to the Meep transaction debugger developed by the BCHD team , we transitioned Anyhedge from an initial idea to a proof of concept.

Cracked bridge

Unreliable REST APIs

We build the tool on the most well-known and well-documented developer stack on the market, namely BitBox SDK and related REST API. These tools provided us with a good service during the prototype development stage, but at the end of 2019, we realized that it is not sustainable to build financial commercial projects on free public infrastructure.

We researched multiple alternatives and finally decided to use Electrum server as the backend. The Electrum protocol is not perfect, but considering that the Electron Cash wallet also uses this protocol and has multiple server software, there is a high probability that it will not hang.

However, it is difficult to find good tools that can interact with the server. Either it is no longer maintained, or it does not support the features we need. We have established the electrum-cash library, which can support all functions of the electrum protocol, including encryption, network sockets and automatic version negotiation.

Now, ecological members such as flipstarter , mainnet , fullstack and cashscript all use the electrum-cash library. We promise to provide funds to support the infrastructure on which we depend. And we have public sponsorship, and this sponsorship will continue to expand as our revenue increases.

If you are the first player, who should you work with in the past price oracle?

The AnyHedge contract provides two contract directions and an oracle machine (Oracle) that provides price information. We wanted to use a third-party oracle from the beginning, but what do you do if you are the first player and there are no other players?

We have talked with companies that can provide price data sources or provide price data services such as Bitpay , Chainlink , Coin Dance , Blockchair, and CoinGecko . Unfortunately, due to the different infrastructure required by ETH ; and the smart contract of BCH has not been verified by the market, it is not enough to attract these companies to invest resources in the BCH oracle.

We also try to work with other developers to establish standards and documentation, so that if we have to build a tool ourselves, at least we hope that this tool can be used by others and can be valuable to others. But no one is building the smart contract we need to provide the oracle of use cases.

So we built a price prediction hangar and an oracle service, which can be publicly provided to other builders in the BCH ecosystem. In the future, we will re-discuss this matter and try to find external partners to run the price oracle service.

Financial difficulties

After meeting with potential investors, we thought the team had done a great job, and together we worked out a business plan, shareholder agreement and other documents.

A few months later, the expectations of investors changed and the requirements were also different. We had a big fight about this.

We feel painful to face the uncertainty of funding again, because we don't know if we can find other opportunities.

So far, we have worked at our own expense for 9 months. We have to decide how long to hold on before we declare the project a failure.

New year, new troubles

Infrastructure Financing Plan ( IFP )

At the beginning of 2020, Jiang Zhuoer announced the tax collection plan for miners . The proposal initially received positive feedback because most people can only realize the benefits of having money, but after a few weeks, it became clear that the price of IFP was unacceptable.

Despite causing widespread concern in the community, Bitcoin ABC added an IFP version to its code base and set it to be activated by miners before the upgrade in May.

No one in our team is willing to build a product based on BCH under this new rule , so we have to make a choice: either disband or solve the most fundamental funding problem.

Build Flipstarter

Seeing that the Bitcoin Cash ecosystem is in danger, and we are building products based on BCH, we instead use all available resources to solve the funding problem.

After some observations, we realized that one of the main problems with voluntary donations is "free-riding", or "unfairness": the miners who paid to support the ecosystem were dissatisfied with the fact that others benefited without contributing.

We worked continuously for a month and finally released Flipstarter: a fundraising tool for non-custodial guarantee contracts, and used it to successfully raise $500,000 for infrastructure construction.

We Flipstarter on a full-time developers for nearly two months, under the joint efforts of the community and donations, various projects have raised more than $ 5,000 a BCH (then worth about 120 million US dollars).

BCHN node

When I was almost focused on developing Flipstarter, other members of the team helped establish Bitcoin ABC 's first fork node as a contingency plan to provide alternative solutions for miners who opposed IFP.

Grow into a responsible company

We proved that IFP is not the only feasible way to resolve funds, and began to focus on AnyHedge again. As of mid-2020, we have maintained a good development process and made continuous improvements.

white paper

We released the AnyHedge white paper , which outlines the contract structure and explains how to use the risk of trading fluctuations to achieve value stability without leaving the BCH ecosystem.

data analysis

In cooperation with Karol Trzeszczkowski, we released the numerical analysis of the AnyHedge smart contract.

Contract simulator

To help traders better understand contract behavior, we have built and released an online contract simulation program.

Get financing

During the development of Flipstarter and BCHN, we established new relationships and found new investors. We demonstrated our ability to deliver products as planned and received the first round of investment of more than $1 million.

Can we cancel 2020 ?

We finally returned to the development of AnyHedge. Our automatic settlement service is gradually improving, and when we started to focus on exchange integration, the accident happened again.

Grasberg

In July 2020, Bitcoin ABC disregarded the broad consensus of the community and announced that it would adopt its own Grasberg DAA algorithm, which shocked the entire community. Grasberg DAA will completely change block generation due to "past-drift correction".

Our oracles and contract infrastructure are based on the consensus of producing a block every 10 minutes. We had to hold an emergency meeting to discuss countermeasures.

After realizing that we might have to redesign the oracle and contract structure and have to postpone it for several months before launching it to the market, we protested this and issued a joint statement with our partners on this matter.

I directly approached Amaury and explained to him that modifying the DAA algorithm would cause us significant damage. He asked me to adapt to the new rules and pointed out that it was necessary to change the block time expectations (make it predictable) to show his determination not to change the block time.

Everyone we can contact is dissatisfied with the Grasberg algorithm and Bitcoin ABC 's aggressive attitude to forcibly change the DAA algorithm. We have cooperated with our ecological partners to issue a statement to jointly support the aserti3-2d DAA algorithm.

IFP makes a comeback

Bitcoin ABC finally abandoned the Grasberg DAA algorithm, but insisted on implementing IFP. This edition introduced some new entities to control funds, and made it clear that there was "no room for discussion."

After talking with other people, we realized that this would be the last straw to crush the camel. Bitcoin ABC is bound to cause a network split in the upcoming hard fork upgrade.

As a company struggling to deliver products, we need a user base to use our products. If we divide our network effect time and time again, and ultimately no customers will be left to us, we will fail.

Fortunately, we have already proven other viable alternatives to IFP through Flipstarter . Although we still need to spend a lot of time to build relationships and inform you of the many possible outcomes, the situation will not be as bad as the first time.

Summary of my AnyHedge journey

It 's almost the end of 2020. What I expected to be able to complete in a few months ended up taking almost two years. It shouldn't be that difficult. The lack of developer resources and developer infrastructure has seriously affected the currency price of BCH .

The good news is that many of the problems we encountered in the past no longer exist. Smart contract tools are becoming more mature, documentation is getting better and better, and infrastructure is sponsored. Once AnyHedge can prove that building non-custodial financial products can bring profit, new teams and companies will enter this field and grow with us.

As for the product itself, we have completed the development. AnyHedge will soon complete the testing phase and will be launched together with the non-custodial exchange Detoken .

I thought English was a universal language. How do you expect us to understand this please?

Wow this is amazing understand appreciate reading this article keep it up

N8ceeeeeeeeeeeeeeeeeeeee

Nceeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee

https://read.cash/@JonathanSilverblood/the-road-to-anyhedge-ef149d53 link to English article

The issue is that some of us cannot even read in Chinese we have to translate it

Nice job I didn't understand what you are saying

I Don't understand properly your Language my Brother that's why i cant Given my Opinion, sorry Brother

The issue is that some of us cannot even read in Chinese we have to translate it

You should have translated this to English so everyone will understand..

I don't have any word because I don't understand this language

Spelling correction on 'Johnathan'

Kivabe korbo ekhane click Appsand er kaj korar jonno amake link ta dile balo hoynetslowrespondrequestthe