【bitcoin gold and the dollar – a garch volatility analysis】

After years of research and development, we finally formed a multi-chain market structure. There are currently more than 100 active public blockchains, manybitcoin gold and the dollar – a garch volatility analysis of which have their own unique applications, users, geographic distribution, security models, and design trade-offs. Regardless of what individual communities believe, the reality is that the universe tends to increase entropy, and the number of these networks is likely to continue to increase in the future.

Cross-layer assets: It can be used for ordinary lending and cannot be used as collateral, but it is possible to borrow multiple cross-layer assets with one account.bitcoin de facebookMortgage layer assets: The assets of this layer are similar to those of most mainstream lending platforms. They can be used for ordinary lending, cross-borrowing, or as collateral. Cross-borrowing means that users mortgage assets in one account to borrow multiple mortgage-level assets.

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By isolating assets with different risk levels, Euler tries to increase the supported asset classes on the one hand, and on the other hand to ensure that high-risk assets do not affect the security of mainstream assets.Adopt dynamic interest rate model: improve the sensitivity and accuracy of interest rate pricingThis model is similar to the "dynamic interest rate model" designed by Delphi Digital for the Mars Protocol, the lending agreement of the Terra ecology. On the one hand, it improves the sensitivity and accuracy of interest rate pricing, and at the same time, it can obtain higher interest income for depositors and the agreement itself.The simulation of the mutual influence between the capital utilization rate and the borrowing rate in the Euler agreement, source: euler blogTo put it simply, the interest rate model is adjusted on the basis of mainstream lending agreements such as Aave. By adjusting the fund utilization formula, the interest rate can be more sensitively adapted to the real capital supply and demand situation of the market in real time, instead of the existing mainstream interest rate. The linear method of the model increases the interest rate. This can prevent the occurrence of a loan agreement that can only watch users use low-cost loans on their own platforms and then deposit them on other platforms to obtain high mining revenues for arbitrage. This will cause borrowers to have no incentive to provide loans, and lenders are unwilling The condition of repaying the loan as soon as possible eventually led to the exhaustion of the liquidity of the loan agreement. The dynamic interest rate model is dedicated to solving such problems.

For details of the Euler interest rate dynamic model, please refer to "Introducing Euler" in the reference material.A large number of improvements in the liquidation mechanism: optimization of the liquidation threshold, anti-MEV, internal multi-collateral poolIndustry insiders said in an interview with a reporter from "Blockchain Daily" that although all parts of the country are rectifying, there are still virtual currency "mining" companies in some areas that use "big data industry" as a package to enjoy electricity, land, tax and other benefits. Policies and avoid supervision, the daily management of virtual currency mining and transactions should not be taken lightly. Scientific and technological means should be used to monitor and supervise, and focus on pre-prevention, mid-event control, and post-event disposal.

The bidding behavior of the Inner Mongolia Development and Reform Commission is a concrete manifestation of the use of scientific and technological means to further implement the virtual currency supervision policy, and also demonstrates the resolute attitude of the Inner Mongolian authorities.Technical means to monitor virtual currency miningOn September 8, the official website of the Inner Mongolia Development and Reform Commission issued the "Announcement on Competitive Consultation and Procurement of Research Projects on the Policy Mechanism of "Cleaning up Virtual Currency Mining"."According to the announcement, the main content of the research project has 10 items: (1) The generation and development process of virtual currency; (2) The position and attitude towards virtual currency "mining" and supervision situation at home and abroad; (3) The introduction of big data in our district , The original intention of cloud computing companies and the preferential policies provided; (4) the basic situation of the virtual currency "mining" project in our region (including costs, benefits, labor and electricity, taxation, etc.); (5) the virtual currency "mining" in our region Distribution of the main body of “mining”; (6) Identify virtual currency “mining” projects and big data and cloud computing projects through technical means; (7) Analysis of electricity consumption of mainstream mining machines and servers; (8) Clean up virtual currency “mining” "Relevant basis for behavior; (9) Impact on achieving carbon peak and carbon neutrality and accomplishing dual control goals of energy consumption; (10) Virtual currency "mining" behavior to establish a long-term regulatory mechanism related policy research, etc.

The announcement shows that the project budget is within 300,000 yuan, and the bid opening time is 9:30 am on September 15.At 16:39 on September 15, the official website of the Inner Mongolia Development and Reform Commission further disclosed the bid winning result of the project. Inner Mongolia Mengze Engineering Management Service Co., Ltd. won the bid with a bid of 295,000 yuan.

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According to the industry and commerce information displayed by Tianyancha, Inner Mongolia Mengze Engineering Management Service Co., Ltd. was established on June 23, 2017 with a registered capital of 5 million yuan. The legal representative is Juhuhu. It is mainly engaged in engineering design planning, bidding agency, Engineering project integration and other engineering project management services, etc. From 2018 to 2020, the company won nine government projects in Sichuan and Inner Mongolia.A reporter from "Blockchain Daily" dialed the phone number left on the company's industrial and commercial information, and the result was an empty number.Inner Mongolia has been at the forefront of the country's crackdown on virtual currency mining. On May 19 this year, the Inner Mongolia Development and Reform Commission issued a report on virtual currency "mining" companies. The reporter of "Blockchain Daily" called the Inner Mongolia Development and Reform Commission at that time. The other party said that virtual currency mining companies have very high energy consumption. Whether it contributes to local taxation or economic contribution, it is almost non-existent. In the future, Inner Mongolia will be used for virtual currency mining. The supervision of the country will remain high pressure.Subsequently, on May 25th, the Inner Mongolia Development and Reform Commission issued the "most stringent" eight measures to provide sites and power support for virtual currency "mining" companies such as industrial parks, data centers, and self-provided power plants. Those who conceal and fail to report, are not cleared and closed in a timely manner, or are not adequately approved and supervised shall be held accountable and accountable in accordance with relevant laws and regulations and internal party regulations.

For the main body of virtual currency "mining", if there are big data centers, cloud computing companies and other entities participating in the virtual currency "mining" behavior, they will all be cleared and withdrawn, and the blacklist of the entry and failure of the mining personnel and the public office of participating in the mining The personnel shall be transferred to the discipline inspection and supervision organs for handling.If there is virtual currency "mining" against communication companies, Internet companies, etc., the competent authority shall revoke the value-added telecommunications business license in accordance with the law and be held accountable; if there is virtual currency "mining" against Internet cafes and other entities, the competent authority shall Suspension of business for rectification and other disposals in accordance with laws and regulations.Bitmain and Yibang International were investigated in Inner MongoliaAs a major power province, Inner Mongolia has always been a key area for Bitcoin mining companies and miners; especially in winter, when hydropower resources in the South shrink, mining companies and miners ship a large number of machines to Inner Mongolia.

The Inner Mongolian authorities have always maintained a high pressure on virtual currency mining. However, mining companies and miners have played a "cat and mouse game" with the authorities.As early as November 2019, the Inner Mongolia Department of Industry and Information Technology issued the "Inner Mongolia Autonomous Region Department of Industry and Information Technology Development and Reform Commission, Public Security Department, Local Financial Supervision Administration, and Big Data Development Administration." "Notice" (Nei Gongxin Xin Ruan Zi [2019] No. 384) (hereinafter referred to as "Notice").

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The "Notice" pointed out that the Inner Mongolia Autonomous Region's joint inspection team went to some alliance cities to conduct joint inspections on the clean-up and rectification of virtual currency "mining" enterprises. The main contents of the inspection include analyzing the materials reported by the leagues and cities, based on the relevant data held by the autonomous region, focusing on finding out that it has nothing to do with the real economy, evading supervision, and high energy consumption, and enjoying local electricity prices with the "big data industry" as the package Virtual currency "mining" enterprises with preferential policies in terms of, land and taxation.According to China Times, in August 2020, relevant departments of Inner Mongolia conducted an on-site inspection of more than 30 big data and cloud computing companies and found that 21 of them were actually virtual currency mines, so they issued a notice of suspension of work. It is reported that this includes two subsidiaries of Bitmain and a subsidiary of Yibang International.

Relevant personnel of Bitmain responded to the reporter of "Blockchain Daily" today, stating that Inner Mongolia is an important town in the virtual currency mining industry. At that time, Bitmain did set up a mine in Inner Mongolia, but the specific reasons for the investigation and punishment need to be further understood.Yibang International told reporters that their mines in Inner Mongolia used to focus on production testing, and they withdrew after the Inner Mongolia policy became stricter.Chen Xiaohua, a think tank expert on Whale Platform and a review expert on major industrial Internet blockchain projects of the Ministry of Industry and Information Technology, told the reporter of the "Blockchain Daily" that although a new round of rectification has been initiated across the country since May, there are still virtual currencies in some areas "Mining" companies use the "big data industry" as a package to enjoy preferential policies on electricity, land, and taxes, and evade supervision.Chen Xiaohua further pointed out that various localities should not take the daily management of virtual currency mining and transactions lightly. They should use scientific and technological means to conduct routine supervision like Inner Mongolia, focusing on pre-prevention, mid-event control, and post-event disposal.Kusama has opened the 8th slot auction, which also means that Kusama's relay chain will have an 8th parachain sharing security.The structure of Kusama's relay chain is the same as Polkadot's relay chain. Because of the shared security design, different heterogeneous chains can complete message communication. Facing the difference of heterogeneous chains, Polkadot's cross-chain protocol needs to have some different communication methods.

XCM is the message format for communication between different parachains. According to GavinWood's introduction to XCM, we extract part of the introduction to understand XCM.XCM is a message format. It is not a messaging protocol. It cannot be used to actually "send" any message between systems, its role is only to express what the receiver should do.

Polkadot comes with three different systems for actually communicating XCM messages between its constituent chains: UMP, DMP, and XCMP.UMP (Upward Message Passing) allows parachains to send messages to their relay chains.

DMP (Downward Message Passing) allows the relay chain to pass messages down to its parachain.XCMP allows messages to be sent between parachains.

XCM can be used to express the meaning of messages through any one of these three communication channels.In addition to sending messages between chains, XCM is also useful in other contexts. For example, because XCM is abstract and universal, it can be used as a means for wallets to provide a durable transaction format for creating many common transactions. For chains with little business logic changes (such as Bitcoin), the transaction format or the format used by the wallet to send instructions to the chain will generally remain the same.XCM aims to be a language for the exchange of ideas between consensus systems. It should be generic enough to remain correct and useful throughout the evolving ecosystem. It is extensible, and extensibility means changeable, and it also means forward compatibility. It can run efficiently on the chain and can run in a metering environment.XCM can be used in a variety of systems, including gas metering smart contract platforms and community parachains, and trusted interactions between system parachains and their relay chains.

Although the goal of XCM is universal, flexible and future-oriented, it must of course meet actual needs, especially the transfer of tokens between chains. Throughout the DeFi world, optional fee payment is very common. You can use the XCM language to perform some specific operations.Importantly, there are many token transfer models that we hope to support: it may only be necessary to simply control the account on the remote chain, allowing the local chain to have an address on the remote chain to receive funds and ultimately transfer the funds under its control to that remote In other accounts on the chain.

But there may be two consensus systems in this process, both of which are specific token systems. For example, tokens such as USDT or USDC have instances on several different chains and are completely interchangeable. It should be possible to destroy such tokens on one chain and mint corresponding tokens on another supported chain. In XCM, it can be called teleport, because the transfer of assets is actually achieved by destroying it on one side and creating a clone on the other side.The core of the XCM format is XCVM. This stands for cross-consensus virtual machine. This is an ultra-high-level non-Turing complete computer whose instructions are designed to be roughly at the same level as transactions.

The "message" in XCM is actually just a program running on XCVM. It is one or more XCM commands. The program will continue to execute, and will not end and stop until it runs to the end or encounters an error.The position in XCM is hierarchical, and some parts of the consensus are completely encapsulated into separate parts. For example, the Parachain of Polkadot completely exists in the internal position of the entire Polkadot consensus. As long as there is any change in one consensus system, it means a change in another consensus system, and the former system is the internal system of the latter.

When working in XCM, it is usually necessary to quote some kind of asset. This is because almost all existing public blockchains rely on some native digital assets to provide the backbone for their internal economic and security mechanisms. For proof-of-work blockchains such as Bitcoin, native assets (BTC) are used to reward miners who develop the blockchain and prevent double spending. For proof-of-stake blockchains such as Polkadot, native assets (DOT) are used as a form of collateral, and network administrators (called equity holders) must take risks to generate valid blocks and obtain physical rewards.Expense payment in XCM is a very important use case. Most parachains in the Polkadot community will require their interlocutors to pay for any operations they wish to perform to avoid "spam" and DDOS.When chains have good reasons to believe that their interlocutors are trustworthy, they can also not pay. For example, this is the case when the Polkadot relay chain communicates with the Polkadot Statemint public interest chain. However, in general, fees are a good way to ensure that XCM messages and their transmission protocols will not be overused.Let's take a look at how to pay when XCM messages arrive at Polkadot.

For systems that do need to pay a certain fee, XCM provides the ability to use assets to purchase execution resources. In a nutshell, this includes three parts:Provide some assets

Exchange assets in terms of computing time (weight in Substrate).XCM follows the instructions

After years of research and development, we finally formed a multi-chain market structure. There are currently more than 100 active public blockchains, many of which have their own unique applications, users, geographic distribution, security models, and design trade-offs. Regardless of what individual communities believe, the reality is that the universe tends to increase entropy, and the number of these networks is likely to continue to increase in the future.This type of market structure makes it necessary for us to obtain interoperability between different networks. Many developers have realized this, and the number of blockchain bridges surged last year, aiming to bring together increasingly fragmented networks. As of this writing, there have been more than 40 different bridging projects.

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Perspectives of a 2x entrepreneur turned VC at @UpfrontVC#

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster