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🗞Shenzhen to host third digital yuan testing
The authorities of the Chinese city of Shenzhen announced the holding of the third "free lottery" for 20 million digital yuan as part of testing the state cryptocurrency.
According to local media reports, the event is being held in honor of the China Spring Festival. The lottery will be open to managers and employees of enterprises in Longhua District, which funded the initiative.
Each lottery winner will receive 200 coins. Then they need to download a special app for digital yuan, which can be used to pay in 3,500 stores. Coins must be spent from February 1st to 9th.
Previous lotteries were open to all residents of Shenzhen City. The first testing of the digital currency of the People's Bank of China (PBC) was carried out in October - the city administration distributed 10 million digital yuan among 50,000 residents.
At the beginning of the year, Shenzhen underwent a re- testing, during which 100,000 residents received 20 million digital yuan. A similar test was carried out by the authorities of the Chinese city of Suzhou.
Earlier, the former governor of the NBK Zhou Xiaochuan (Zhou Xiaochuan) said that the digital yuan will not replace ordinary money, and will not threaten the currencies of other countries. On the contrary, the digital yuan is aimed at the development of international trade.
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🗞Why is Ethereum not exploding now, it is still hovering below its historical high three years ago, in fact... just in front of you
Yesterday, Gemini co-founder and CEO Tyler Winklevoss said on Twitter that it is difficult to understand why Ethereum has not exploded and is still hovering below its historical high three years ago. This is definitely not "what if", but "when", and it may break out anytime now.
I am also very surprised, why Ethereum has not yet exploded. Originally, according to the current market, the currency market should be led by Ethereum. When will this happen? I think it's right here.
In the past time, after Bitcoin broke new highs, there was a short-term correction. Starting from the station's 20,000 USD, it has continued to go straight to above 40,000 USD. In fact, the current Ethereum is exactly such a critical moment. Only when Ethereum rises to a new height can it usher in a round of skyrocketing. But what is the price? 1500 dollars? Or is it 2000 dollars? These numbers are possible. In fact, the market still has more people chasing the rise than buying or falling, that is, there are a minority of rational people, and most of them are emotional. When they fall, they dare not buy. When they rise, they are afraid to miss the opportunity, no matter how expensive they are. Followed by the market.
Without a big rise, it will be difficult to usher in a real mad cow, and now Ethereum is such a key point. Have you noticed that the tokens of the DeFi project have soared recently? At noon yesterday, UNI pulled up in a short-term, reaching a record high of $10.267. At the same time, the market value of UNI has ranked among the top 20 and is currently ranked 20th in market value. About 2.182 billion US dollars. It is now reported at 10.13 US dollars, an intraday increase of 12.66%. As the main DeFi leader on Ethereum, the rise of UNI is actually a very good boost. Decentralized exchanges have been growing at an alarming rate. In January 2021, the transaction volume soared to nearly 40 billion U.S. dollars, a record high. Looking forward, almost a year ago, there was no shadow of DEX at all. From the initial small transaction volume to the current US$40 billion, this is a huge leap. Uniswap launched this automatic market maker model, which greatly increased the liquidity available for trading, which is also one of the important reasons for the increase in trading volume. In the final analysis, it is the ecology of Ethereum, which is the ecological project on Ethereum, regardless of other public chains. After all, these ecology are completely incomparable with Ethereum.
Most of the DeFi projects on the public chain are not up, including mainstream TRON, EOS, IOST, etc., and the old domestic public chains are incomparable. This is one of the reasons for the rise of Ethereum.
Ethereum does not rise, is there an alternative public chain? No, including the current popular DOT, it cannot replace ETH at all, and ETH has become the only value public chain in the market. Is there any hope for other public chains? Yes, but it is very slim, because the ecology has matured and developed on this chain. Since it is already stable, why would you choose other? This is the current dilemma of other public chains. The handling fee is high, no problem, bull market people don't mind. The slow speed is understandable, as long as you can make money, the slower speed is understandable. Besides, Ethereum 2.0 will also come. It is not convenient for the time being. Just like Bitcoin, it does not need such a high speed, as long as it is within an acceptable time, there is no problem.
From the popularity of DeFi to the gradual growth of the ecology, as well as the expectations of 2.0, coupled with the ETH lock-up voting mortgage, many good things can completely make ETH go beyond the journey, who surpasses? Of course, it is to surpass the market value of Bitcoin and become the most dazzling new star in this round of bull market.
You may think that the current Ethereum is expensive, but if you can increase your maximum possible increase of 10 times, will you act? I think the answer is certain. The 10,000 USD Ethereum is completely visible in this bull market, and there is still room for several times compared with the current price. In the past, people always said that holding one bitcoin is enough, and then holding one ETH can be a difficult thing. You have seen low-priced BTC, and faced with a starting price of 200,000, you may be discouraged. But the future of Ethereum may reach a price of 100,000 yuan. Are you willing to start at that time?
Of course, I am not here to milk ETH at all. The excellence of ETH is not something I can assess. It has its own ecology and aura. There is no need to use the word milk. It is already excellent and will be even better in the future. From the perspective of several years of development, it has been proceeding very steadily, and the skyrocketing of various DeFi projects has an inestimable value to Ethereum. Do you think that the current DeFi is the culmination? Not at all, this is just the beginning. The subsequent market will not talk about the trading volume of 40 billion US dollars, and the future trading volume must be a market scale of 100 billion. As the parent chain of Ethereum, what kind of height can it reach, you can imagine.
At present, the total market value of DeFi reaches US$43.46 billion, while the market value of Ethereum is US$150.95 billion, and the total market value of DeFi is approximately 28.8% of the market value of Ethereum. Among the DeFi projects, Chainlink has the highest market value, reaching 9.67 billion US dollars, which is about 6.4% of the market value of Ethereum and 22.2% of the total market value of DeFi. Looking at AAVE again, the market value rose to 15 yesterday, surpassing EOS. From these projects, we can see the hope of Ethereum.
Each of the younger brothers has become the market value boss, as the boss, of course, should become the most powerful existence. At present, ETH is 4 times away from the market value of BTC, and this space is actually easy to break. The market value of 10,000 US dollars of ETH is the market value of Toto's surpassing Bitcoin. Of course, you said that the gap is 4 times, as long as 5200 US dollars is enough. However, BTC will not always wait for ETH to rise unilaterally, so it will eventually catch up with Bitcoin. 4 times the market value is completely impossible.
A large number of investors put their hopes on Ethereum. In fact, the two rounds of bull market are like this. Ethereum, which has been tested by the market, has always been one of the targets of the currency holders' wealth. So. Now it doesn't matter that it is sideways, the important thing is that the big rally is about to start.
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🗞Can BitcoinFi be built by itself with the Bitcoin chain? Will it be the engine of the next bull market?
Bitcoin Finance or Bitcoin Defi is a A vague vocabulary , people also gave it an English vocabulary " BitcoinFi ". So far, the familiar Bitcoin Defi is implemented through other chains, mainly the Ethereum chain. We often hear how many Bitcoins are used to lock positions on the Ethereum chain recently. Of course this It is not true that Bitcoin is locked on the Ethereum chain, but is often achieved through cross-chain "encapsulation", escrow issuance, or other modes . To put it bluntly, there is currently no way to build Defi applications directly on the Bitcoin chain. Defi can only be applied through other public chains or side chains. What we often see and hear about WBTC, HBTC, OBTC, etc., are all That’s how it came out. Such an indirect application of Bitcoin currency is collectively called " " Bitcoin anchor currency ", you can understand it as a stable currency similar to the US dollar. Bitcoin's anchor currency is actually Bitcoin's stable currency . It is not possible to use Bitcoin directly, so another currency anchored to Bitcoin is issued to implement the application.
So for many cryptocurrencies who don’t know much about technology, they may be confused. Why can't Defi be built directly on the Bitcoin public chain? Why do we have to use special applications on the Ethereum chain or Polkadot to implement lock-up and Defi transactions in an indirect way?
Of course, this question seems to be a matter of course for those who know a little bit of technology. Because Bitcoin is not Turing complete-there is no smart contract function in the Bitcoin protocol , and Defi is mainly built on the Ethereum chain because Ethereum is the first public chain to apply smart contracts. Since the Bitcoin protocol does not have a smart contract, and the basis of the Defi protocol is a smart contract, then of course Defi has nothing to do with the Bitcoin chain , so in Defi, Bitcoin can only be used indirectly as an asset that is mapped to other chains. Few people consider whether there is still the possibility of directly building Defi applications on the Bitcoin chain. Because the general idea is that unless the Bitcoin protocol is modified, the real Bitcoin Defi is impossible. However, if the Bitcoin protocol is to be modified, almost most Bitcoin associates will object. Is the modified Bitcoin still Bitcoin?
So the BitcoinFi we see now are actually indirect. Strictly speaking, it is not a real Bitcoin Defi . Common modes include cross-chain atomic swaps, two-way pegging to joint side chains, interacting with Defi on other public chains (such as Ethereum), and using protocol layers above the Bitcoin protocol such as the Lightning Network. All these indirect Bitcoin Defi did not solve a fundamental problem, that is, use your Bitcoin to participate in these methods Defi , Almost all platforms require various models to deposit your bitcoins in their wallets, or lock them in some way . To put it bluntly, you will have a risk of losing control of your bitcoins. Defi was supposed to be decentralized finance, but now these so-called Bitcoin Defi are obvious, at best they are " Semi-decentralized finance ".
Therefore, there are still some people in the world who are exploring whether they can directly build Defi applications on the Bitcoin chain without making a fundamental and major adjustment to the Bitcoin protocol. In other words, they want to create a real BitcoinFi.
Due to the technical difficulties, these explorations are still in their early stages, but they are not completely directionless. For example, a typical exploration direction is this: Although the Bitcoin system is not Turing complete, it still has limited smart contract functions, and of course it cannot be used to describe general procedures . So, can you use some of the smart contract functions that the Bitcoin protocol can implement to build Bitcoin Defi? So someone imagined implementing Merkel Abstract Syntax Tree (MAST) in Bitcoin. What can be done with MAST? The preliminary judgment is that decentralized loans and decentralized stable currency issuance can be realized .
For example, using MAST to realize decentralized loans of Bitcoin, how to manage loan settlement? Yes Encode various conditions that should be constrained by smart contracts into the redemption script and hash them into the MAST address . The MAST address is used to ensure the fair execution of the loan-if the borrower does not repay the loan on time, or the price change causes the value of the mortgaged bitcoin to be lower than the loan principal + interest, then the same as the smart contract response, the mortgage is terminated and the fund owner gets Loan collateralized bitcoin as compensation.
Other explorations include the cautionary log contracts (DLCs) proposed by the Massachusetts Institute of Technology professors, which are too technical and the blues themselves did not understand. But the trend that can be seen is that some people are advancing the real Bitcoin decentralized financial BitcoinFi, and the current work is " It is difficult to build DeFi based on Bitcoin at present, but the future is also full of hope. "
Is the real Bitcoin DeFi significant? The Blues believes that the significance is very significant. On the one hand, it will Solve the current insecurity of using Bitcoin as an asset in the development of Defi , and make the underlying currency and largest asset of this blockchain world the foundation of DeFi. On the other hand, Bitcoin is digital gold, and DeFi is the largest application field created by blockchain and the biggest force that changes the face of global finance. If Bitcoin can bring its own DeFi application, it means that the Bitcoin chain itself constitutes a complete financial system , and the application range of Bitcoin in finance will be greatly expanded. Not only is it accumulated there as a hedge, hedging, and speculative digital assets, but it will form an entire financial system by itself . If the current Bitcoin is an expensive material, then the Bitcoin with its own DeFi will evolve into a complete factory that can process this expensive material into higher value-added products instead of just Sell this material or mortgage it to another factory.
The advancement of related technologies and projects seems to be only an early stage. But its great significance cannot be ignored. This trend of the bull market will not have any impact, but If the research and development are successful in the past few years, maybe it will be the engine of the next round of Bitcoin bull market .
The world is changing very fast, and today’s incredible is often what it should be a few years later-let us occasionally raise our eyes to look up to the future.
The above are some of the blues' thinking on the development trend of developing DeFi projects on the Bitcoin chain instead of only indirectly calling Bitcoin in DeFi applications. The words of a family are for reference only.
Standing in the future and looking at the present, Blues will feel the wind of the times with you!
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🗞Compared with 40,000 USD Bitcoin, Ethereum is now the best investment product
Bitcoin broke through the $40,000 mark on January 8. At the end of 2020, Bitcoin has already shown a bull market, so this breakthrough can be said to be more desirable. However, the performance of Ethereum seems to be mediocre. Ethereum, which seems to be still sleeping, brought us a surprise on the day of the beginning of 2021. Ethereum has awakened. Since January 1, 2021, the market value of Ethereum has risen by nearly 80%, and it has reached a three-year price high. Although it has started to pull back after a short touch, today, Ethereum looks to be better than the price before the impact High point.
When it comes to digital currency, everyone should know that Bitcoin is the best currency. However, the best explanation for this sentence is that its market value is the first, it occupies 70% of the market value of the digital currency market... In this case, Ethereum shines, and Bitcoin A battle for the spotlight. Ethereum may be the best choice for new entrants. Bitcoin can be described as a series of surprises for three consecutive months. Being a senior long-term investor is definitely good news, but it is not good for new investors. News, the skyrocketing Bitcoin also represents an expensive cost. Most investors do not have the funds to buy a full bitcoin, which screens out most users who have ideas about bitcoin. But compared to Ethereum, the cost is a lot more cost-effective. Why do you say that?
1. Ethereum is the main smart contract platform for the majority of decentralized financing (DeFi) protocols and decentralized applications (dApps) in the market. So far, no cryptocurrency that claims to be "Ethereum killer" can be like Ethereum The platform is also widely recognized and adopted.
2. Ethereum will soon follow BTC on CME, which will give investors more possibilities. In the past 12 months, the trading volume of CME's BTC futures trading products hit a new high. As CME continues to increase transaction volume, according to data, the average daily Bitcoin transaction volume in December reached 11,179 contracts (equivalent to 55,900 BTC), a year-on-year increase of 114%. At the same time, the price of Bitcoin was also in the previous 3 Continue to create history and create new peaks in the months.
3. The launch of Ethereum 2.0 will attract more investors. Ethereum 2.0 is an upgrade to the current Ethereum. It must solve the scalability and cost of Ethereum. Ethereum 2.0 is a PoS chain, which is two different chains from the current Ethereum 1.0 PoW chain, and the two will eventually merge in the future.
4. Defi will provide strong impetus for Ethereum. In the strong rise of Ethereum in 2017, the price of Ethereum soared to more than $1,400. In that round of rising, 1co played a vital role. One-click through Ethereum Issuing tokens, plus a beautiful white paper, can open financing, this model has opened up the crazy mode of Ethereum, although in the end most 1CO projects are broken and ended, but they are indeed in that round of upward trend Played an important role.
With the advent of Ethereum 2.0, DEFI deployed on the Ethereum platform will no longer be subject to performance bottlenecks. As a result, the first choice for DEFI in the future market must be Ethereum 2.0, and the DEFI ecosystem on Ethereum will definitely become The core of the market.
The above points illustrate a problem. Although the violent fluctuations of cryptocurrency are quite frequent, it is impossible to ignore such an industry in the context of the continuous advancement and upgrading of blockchain technology and cryptocurrency.
Blockchain may be one of the most likely ways to transfer wealth in human history, and I still believe that 2021 may be the most promising year for Ethereum, and we may witness the greatest year in the history of cryptocurrency .
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🗞Ethereum price surpasses previous high, approaching $1,500
Ethereum's price hit a new all-time high this night. On major exchanges, the value climbed above $1,470, surpassing the previous record set near $1,440 last week.
Bitcoin, meanwhile, continues to consolidate around $33,000 after it hit its highs on January 8. Ether outperforms it in YTD growth with 88% and 11%, respectively. From March lows, ETH is up 1,200% and BTC is up 700%. At the same time, a five-fold gap in capitalization remains between the two cryptocurrencies.
Google Trends data also indicates that ether is now attracting the most search engine attention in a cryptocurrency's lifetime, eclipsing the peaks of 2017. At the same time, there is an increase in the difficulty of mining Ethereum to new record levels, testifying to the unprecedented participation of miners in the production of the second largest cryptocurrency.
In anticipation of the latest ETH move, several records were also recorded in fundamental metrics at the blockchain level, such as the number of addresses containing more than 0, 0.1 or 10,000 ETH, the volume of deposits in the Ethereum 2.0 staking contract, the realized price and capitalization.
Ethereum's advances come alongside the resumption of the rise in the decentralized finance (DeFi) sector, which has a multitude of participants based on the Ethereum blockchain and has shown strong growth over the past week. Thus, the Uniswap rate increased by 42%, Aave - by 43%, and Chainlink updated its own historical highs above $25.