Bitcoin soared by more than 40% overnight, and the market value of 6 types of public chains accounted for more than 80%. Where does its core value come from?
Editor's Note: This article comes fromVernacular Blockchain (ID: hellobtc), Author: Five Fireball Leader, reprinted by Odaily with authorization.
Editor's Note: This article comes from
Vernacular Blockchain (ID: hellobtc)
Vernacular Blockchain (ID: hellobtc)
, Author: Five Fireball Leader, reprinted by Odaily with authorization.
After the news broadcast last night and most mainstream media reports today, the word "blockchain" began to spread, and related searches on various platforms skyrocketed, and the price of encrypted assets led by Bitcoin also rose by 40% overnight above.However, in the eyes of many investors, the technology of the blockchain project is by no means the only important one, and in many cases, even the most important one is not considered, otherwise Bitcoin and Ethereum would not be the number one or number two. up.The time of appearance, network scale effect, publicity methods, group consensus, etc. all affect the development of a blockchain project, especially the public chain. One of the most important factors, which can be said to be the most important factor besides technology, or the factor that goes hand in hand, is the economic model.
There are many factors in the economic model,
PoW or PoS
, how the initial Token is allocated, how fast it is released, whether there is inflation, and if so, what is the inflation rate...and the most important factor is: the value capture model of Token! In other words, how is the value injected into this Token? To put it more bluntly, what is the use of this Token?
Next, let’s take a look at some common value capture models currently on the market, focusing on public chains.
secondary titleNo inflation transaction fee: BTC/BCH/BSV
1、BTC
This is also the most primitive form of the blockchain. For each transfer, only the miner's handling fee needs to be paid as a reward for the miner's packaging. Although the current miner rewards are still based on block rewards, after 2-3 halvings, the handling fee will become the core element that dominates the development of the entire network economy. The three Bitcoin brothers at that time will definitely be in a completely different situation compared with today.
Of course, the value of Bitcoin is currently not injected through this fee model, but when the block rewards disappear, the fee model will play an increasingly important role and will be the key to maintaining the operation of the entire Bitcoin network. , especially the most important factor in terms of safety. After all, the security of Bitcoin is not maintained by technology, but by economy.The economic model of the three brothers, although they are all transaction fees, there will be huge differences.
2、BCH
BTC is the main value storage and settlement network, and the value injection comes from the transfer fees on the large chain and the fees generated when the lightning network settlement layer channel is opened and closed.
This requires BTC to reach a very high price, and the Lightning Network overcomes technical difficulties and becomes popular on a large scale. At present, the former may only be a matter of time, while the latter is time plus technical problems. After all, at the beginning of the year, the booming "
Lightning Network Torch Relay
3、BSV
After that, the development of the Lightning Network was far less useful than expected.
BCH focuses on electronic cash, and its value injection comes from high-frequency on-chain transfers.
BCH is the one that needs the most penetration rate, because the main injection mode of its value is the liquidity as "cash", so the approximate price of BCH can be calculated by using Fisher's formula MV=PQ. This requires: 1. Many merchants support BCH payment; 2. C2C has a strong transfer demand; 3. The payment experience is much better than BTC.
At present, 1 is progressing well, 2 is hard to say, and 3 is highly probable.
On the surface, BSV’s competitor is BCH, but its actual competitors are the underlying public chains such as ETH and EOS.
Although they are all underlying public chains, BSV's underlying logic for the entire chain, or "operating paradigm" is completely different. Smart contract platforms such as ETH and EOS use the chain as a computer, or more specifically, as a CPU; BSV uses the chain as an operating system and database, and all interactions are generated and completed by transactions. And the data and scripts are on the chain, while the calculation is off the chain, which is the biggest difference from the ETH contract platform.
This requires BSV: 1. It has a rich developer ecology and a large number of DApps; 2. It must prove that its on-chain computing model is equivalent to or even better than smart contract platforms such as Ethereum in terms of security and scalability.
There is an inflation fee: ETH
Ethereum’s gas fee is actually similar to Bitcoin’s fee, except that Bitcoin is a fee for transfers, while Gas is used as fuel for smart contracts, just like the fuel needed for a car to run on the road.
Gas consumption has two parameters, Gas Price and Gas Limit,
This is also different from the handling fee. When the Ethereum virtual machine processes transactions, the virtual machine will process them one by one according to the operation instructions determined in the transaction, and each operation instruction has a clearly stipulated Gas consumption. Once a malicious or problematic smart contract is encountered, the Gas Limit will also prevent the contract from continuing to execute.Therefore, the Gas model of Ethereum is more complicated than the BTC fee model. Someone once calculated the price-earnings ratio of Ethereum based on the Fisher formula and the Gas consumption of Ethereum in the past period of time to estimate whether Ethereum is overvalued or undervalued.。
1. ETH is only used as a transaction fee and gas fee for contract execution, and has no other use, which poses a great hidden danger to the stability of ETH prices.
2. It does not pay attention to the data layer at all, only charges for calculation, but free for storage, and does not have any scalability at the data layer itself. this is also
Why did V God intend to use BCH or ETC as the Ethereum data layer before studying ETH 2.0 recently?
After Ethereum upgrades to 2.0 and transforms into PoS, inflation and a certain degree of additional issuance will be introduced, which is also one of the main reasons why ETH has been criticized for lack of value storage in the future.secondary titleResource occupation type: EOS
BM does not recognize the Gas model of ETH, and believes that since the blockchain is regarded as a "world computer", the CPU, memory, bandwidth, etc. of this computer are all scarce resources, and people should pay for it instead of transferring money. So, EOS transfers are free.
The value capture model of EOS is to represent the ownedpercentage. Therefore, if you want to run applications on EOS, you have to hold and mortgage a corresponding proportion of EOS according to the number and scale of users.
When EOS was launched, users were amazed at the "second arrival" and "free" transfer, but the good times didn't last long, and they found that even creating an account on the chain was not an easy and cheap thing. For developers, this resource ratio occupancy model leads to too high development costs and keeps many "grassroots developers" away, especially when the price of EOS is rising.
Later, a speculative reselling market for CPU and memory was introduced, making resources on the chain such as CPU and memory not only available, but also tradeable, which solved the congestion problem caused by resource shortage to a certain extent.
This year, EOS launched the system-level resource trading platform REX, which has completely solved the resources of EOS.
secondary title
Dual Tokens: NEO, ONT, Theta
Some projects issue two tokens, one as a base token and one as a fuel token, each with a different value capture model. Representative projects are NEO, ONT, and Theta. Let’s take Theta, a decentralized video application public chain, as an example.
Fuel Token is similar to Ethereum’s Gas. Any on-chain video sharing, deployment, or invocation of smart contracts will require the use of Tfuel, and a certain percentage will be issued every year to reward nodes.
The dual-token model solves the possible security risks brought about by a single token like EOS. As mentioned above, in the initial stage of EOS DApp, resources are often tight and congested, and the cost for users to use smart contracts has also increased significantly, resulting in users often having to increase resource mortgages. When the amount of resource collateral is too low, the blockchain often enters an unsafe state.
In the dual-token mode, Theta acts as a governance token, which will never be issued, and holders can enjoy the growth dividend of the system ecology. Tfuel is used as a system resource token, which can be consumed and generated.
Therefore, from this point of view, the different value capture models corresponding to the dual Tokens, dividends and cooperation, seem more reasonable.secondary titleCross-chain projects: Polkadot, CosmosThe value capture of the Token model of Polkadot and Cosmos, two popular projects this year, is also very easy to understand: both are passing information between other public chains, and charging users a certain fee for this.
However, differences emerged.
Polkadot's DOT also provides consensus layer security for its side chain or parallel chain, and charges a certain fee.
Cosmos' ATOM is only responsible for the security of the main chain Hub, and has no direct effect on the security of other Hubs.
Cosmos' Token value capture model has been criticized by many people. Because many chains developed using CosmosSDK, such as Binance Chain, have almost zero value contribution to ATOM on the surface.
However, the Cosmos project party does not think so. They want to make the cake bigger first. When more and more developers use the CosmosSDK to develop and build the Cosmos developer ecosystem, then when this ecosystem is large enough in the future, it will be the first Hub of Cosmos, that is, ATOM The central hub Hub in charge must be able to obtain a large part of the value.
From this point of view, it also makes sense logically.
secondary title
