Using the "bus factor" to discover single points of failure in the crypto world
Today's content includes:
1) Well-known investment institution Placeholder popularized Aragon, discussing the importance of DAO
2) Deribit: Using the "bus factor" to discover single points of failure in the crypto world
3) Near: Evolution of the Open Web
4) Crypto-Fiat: Symbiotic or Parasitic?
5) CryptoCompare: April Exchange Watch
1) Well-known investment institution Placeholder popularized Aragon, discussing the importance of DAO
This is an article by the well-known investment institution Placeholder Aragon, which also discusses the importance of DAO.According to Block123, Aragon is an Ethereum-based decentralized organization management platform that allows anyone to create and manage DApps of any organization, such as companies, open source projects, NGOs, foundations, hedge funds, etc. And at the end of February this year,VC Tim Draper Buys $823,000 of Aragon's Native Asset ANT and Joins Aragon Court。
Although DAO has been discussed for a long time,There have also been many explorations, but still in a relatively niche and early stage.YourSeeker mentioned: If a 2×2 matrix is introduced into the decision-making process, the horizontal axis represents the right/wrong decision, and the vertical axis represents whether the decision is consistent with or contrary to the market consensus. Then being ridiculed often means going against the consensus of the market. If the decision is wrong, regardless of whether it agrees with the views of the majority, the outcome is failure; but the decision is right? Not necessarily successful. The greatest rewards come from being non-consensus and being right. So will the current non-consensus DAO be correct in the future?
Organizations typically consist of layered stacks of written agreements between people. A company is just a collection of contracts: shareholder agreements, deeds, lease contracts, service provider agreements, employment contracts, customer terms, etc. These contracts are governed by high-level shared contracts called laws, which in turn are governed by another set of contracts from the state. The "economy" consists of a network built from piles of contracts. All these contracts are enforced by courts of strict jurisdiction.
Smart contracts are digital agreements written in code and enforced by blockchain networks rather than courts. They are better than paper contracts for the same reasons that email is better than letters: they are faster, cheaper, and scalable. They reduce the cost of coordinating and enforcing agreements, just as the Internet reduced the marginal cost of communication to near zero. Just as we can use paper contracts to create organizations, we can use smart contracts to create digital organizations called DAOs.
2) Deribit: Using the "bus factor" to discover single points of failure in the encrypted world
「Bus Factor Bus Factor"Refers to a project that loses the participation of at least a few key members, causing the project to fall into chaos, paralysis and fail to survive. The number of these members is the bus factor.
The first thing to note about single points of failure is that it's often a double-edged sword, if they fail, it's trouble; but if they don't, they often represent valuable assets that competitors cannot replicate and will Forming a valuable business moat..... No application that exemplifies the importance of the bus factor better than the crypto world, which aims to build systems with no single point of failure.
Deribit's Hasu went on to discuss five areas of risk to key members:
"Vision": Many crypto projects have a visionary or prophetic figure at the helm. Bitcoin has Satoshi Nakamoto, Ethereum has Vitalik Buterin, Litecoin has Charlie Lee, Bitcoin Cash has Roger Ver, Tron has Justin Sun, and so on.
Every (crypto)currency has value because a group of users believe in a common story. But cryptocurrencies can be forked an infinite number of times, and the ideal property is (to have) an emergent property where a large number of users converge on the same fork. It helps to have a common story.
The dreamer or seer is the primary teller of the common story. The ultimate goal of all cryptocurrencies should be liberation from their leaders, but an exit too soon or too abruptly could trigger a strong market reaction.
There are also "evangelist", "funding", "research and development", "block generation".....
3) Near: Evolution of the Open Network
This is the division of three eras of blockchain by Erik Trautman, director of operations at Near: open currency, open finance, and open network.
Open money: Due to the simplicity and power of the Bitcoin specification, "money" has become one of the earliest and most successful initial use cases of the blockchain. But it turns out that people have so many different ways to spend money that Bitcoin's "too slow, too expensive, super safe" adjustment works as well for storing value as if it were gold.
Open Finance: Other platforms have worked to combine the security needed to handle digital currencies with more complex editable layers. Ethereum was the first to provide this service. Unlike Bitcoin's "addition and subtraction" calculator, Ethereum creates a complete virtual machine on the storage layer, allowing developers to write complete programs and run them on the chain. '
The Open Web: The Open Web is not fundamentally different from Open Finance — the former is actually a superset of the latter — but the scaling of Open Web use cases requires a massive increase in performance as well as access to new potential Client.
The key conditions driving an open web platform are:
Higher capacity, faster speed, lower cost – as blockchain no longer just handles slow-moving asset management decisions, it needs to scale to support more nuanced data types and use cases.
Usability - As use cases will cross over into consumer-facing applications, it is important that developers allow a smooth end-user experience on the components or apps they build on, for example, when they are configuring or When linking accounts, while still retaining user ownership of their data.
Chinese version:https://www.chainnews.com/articles/393374055099.htm
4) Crypto-Fiat: Symbiotic or Parasitic?
In this article, Nic Carter, co-founder of Coinmetrics, discusses the growth of stablecoins on Ethereum, what it means for the value of Ethereum, mentions Ethereum's fee abstraction, and finally mentions that "system designers should chain) alternatives, excessive rent-seeking may drive users to competitors”.
There has been a recent explosion in Crypto-Fiat (i.e. stablecoins)…. As they become a larger and larger percentage of the economic throughput of mainstream blockchains, people are talking about their potential impact on the underlying blockchain Doubts arose. Some analysts believe that they are "parasitic" in the system in which they operate. The question is this: if stablecoins prove to be more attractive to users than volatile native tokens, does this compromise the security of the system, and what does it mean for native tokens…
5) CryptoCompare: April Exchange Watch
The data analysis platform CryptoCompare analyzed the April data of mainstream exchanges and came up with this report. The following are some key points:
Spot trades totaled $66.2 billion on April 30, second only to March 13's $75.9 billion
Binance was the only exchange to see volume growth in the derivatives market in April, up 11.6% to $108 billion in April, surpassing BitMex
Huobi was the largest derivatives exchange by trading volume in April at $133 billion (down 10.5% month-on-month), followed by OKEx at $113 billion (down 31.4% month-on-month)
This is the end of this issue of Satoshi Mamoto's Notes, see you next time.
Satoshi Mamoto’s note: Due to the different statistical methods and the lack of statistical objects (for example, the derivatives market does not count the data of emerging exchanges such as Bybit, such as the stablecoin BUSD), the relevant results are for reference only and do not represent the opinions of Satoshi Mamoto.
This is the end of this issue of Satoshi Mamoto's Notes, see you next time.
