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The "Shanghai Upgrade" is the first significant upgrade after the merger of Ethereum, which means the opening of Ethereum's pledge and withdrawal function, and also means that Ethereum will ultimately cut off its connection with encrypted "mining".The "Shanghai upgrade" is of great significance for the future development of DeFi (decentralized finance): promoting the decentralization process of the Ethereum network will also help usher in the DeFi 3

The blockchain network security incident has once again stirred up the entire coin circle.On October 7th, Beijing time, BNBChain, one of the most active public chains in the world (public blockchain, which refers to a consensus blockchain where anyone can read, send transactions, and obtain effective confirmation) incubated by the cryptocurrency exchange, was attacked by hackers

Centralization and decentralization platforms will coexist, complement, and rely on each other for a period of time in the future.According to the information released by Coin On Company on Tuesday (March 13th), they haveA public chain has been launched with the aim of building a new decentralized exchange.The cryptocurrency exchange stated that by developing a new BinanceChain, they will transform from a "corporate" to a "community", and that BinanceChain will also be used to transfer or trade different blockchain assets.It is worth mentioning that,Coin An also announced that it will migrate BinanceCoin to its native blockchain.Currently, Coincoin is an ERC20 digital token running on the Ethereum network. However, for users holding ERC20 coins, it is currently unclear whether they will exchange tokens in some form.In addition, Coin An Coin will become an important foundation for blockchain asset trading, coexisting with other more centralized products of Coin An.In a statement, Qian An stated:BinanceCentralization and decentralization platforms will coexist, complement, and rely on each other for a period of time in the future.Binance Chain

Recently, BUSD suffered a regulatory assault from the US government's SEC. The SEC sued Paxos using BUSD as an entry point for unregistered securities. Subsequently, NYDFS, the New York State Department of Financial Services, instructed Paxos to stop casting new BUSDs, and CZ also stated that "product adjustments will be made accordingly. For example, BUSD will no longer be used as the primary currency equivalent for trading.It can be foreseen that BUSD will gradually fade out of the historical stage of stable currency, and given that BUSD is the ace stable currency of BNBChain, what changes will happen to the stable currency ecosystem of BNBChain (formerly known as Anzhineng Chain) after this flag falls?The current status of stable coin ecology in BNBChainAccording to statistics from Defellama, the total market value of the stable coin ecosystem on BNBChain has exceeded $9 billion, with BUSD accounting for 53% of the market, with a market value of approximately $4.8 billion.Subsequently, USDT has a market value of approximately 3.2 billion US dollars (35%), USDC has a market value of approximately 780 million US dollars (8.67%), and some stable currencies with a market value below 100 million US dollars, such as USDDDDaiHAY.According to Paxos, BUSD can still be redeemed until at least February 2024. Although there is a buffer period of at least one year, facing the outflow of billions of dollars of stable currency, the question before us is, how will this stir up the stable currency ecosystem of BNBChain?Is it to stimulate the development of decentralized stable currency?Or strengthen the dominant position of USDT/USDC in BNBChain?For the former, CZ has responded to the suggestion of building a decentralized stable currency similar to DAI in the future, saying that at this juncture, we would prefer others to do so to make it more decentralized. We cannot do everything.Looking back at the two contestants HAY& VAI, currently with a stable currency market value of only tens of millions, seems to have an upper limit on its own track even if we optimistically imagine that such projects can carry the banner. It has developed well like DAI on Ethereum, and its stable currency market value is only about $5 billion. When converted to BNBChain, it still cannot match the scale of centralized stable currencies like BUSD.So currently, it seems that it is most reasonable for USDT/USDC to inherit the market share of the stable currency that BUSD has exited. But what we need to know here is that in fact, USDTUSDC officially does not issue native stable coins on BNBChain. Strictly speaking, BNBChain does not have native centralized US dollar stable coins, including BUSD, which is essentially a Binance PegToken. The original assets (i.e. BUSD on Ethereum) are held by the Coin Security official, and the issued BEP20Token is anchored 1:1 on BNBChain.Binance-PegTokenBTokenDue to the fact that most users only need to focus on the application experience level, they do not have a deep understanding of the specific underlying attributes of various assets. In fact, in the early stages of the launch of BNBChain (originally named BSC), in order to attract external high-quality assets such as BTCETH and stable coins, Coin An launched the Token Canal program, which is essentially similar to Wrapped Assets. Coin An officially serves as the processing center for the custody of native assets and the issuance and redemption of packaged assets.Binance-PegTokenBTokenAccording to the official mortgage reserve certificate of Coin An for BTokens, we understand that there are currently 97 BTokens, including approximately 5.4 billion ERC20BUSD reserves, corresponding to approximately 4.8 billion BEP20BUSD and other corresponding BUSDs for each chain.Previously, NYDFS emphasized that Paxos was authorized to issue BUSD on the Ethereum blockchain, but the department has not yet authorized Binance PegBUSD on any blockchain.It seems that the real motivation of NYDFS is actually BinancePeggedBUSSD, rather than concerns about whether there is 100% reserve support. After all, this piece of coin security has publicly and transparently proven reserves, and BinancePeggedBUSSD, a packaged asset, strictly speaking, is created by the on chain behavior of coin security. Therefore, should NYDFS/SEC point its finger at coin security, and USDTUSDC also has a corresponding BinancePegged, Will TetherCircle also have the same problem passively? Or is it just an excuse, essentially just a targeting?Of course, even if it is targeted, it may still be related to the original measure of coin security supporting BUSD, which automatically converts USDC, USDP, and TUSD to BUSD by default. After all, with the support of coin security, more scenarios of BUSD may lean towards BNBChain, which may lead to a misunderstanding that BinancePeggedBUSD, a packaged asset, is the only native asset.How will the exit of BUSD stir up the stable coin ecosystem of BNBChain?Now we return to the initial question of "How will the exit of BUSD stir up the stable coin ecosystem of BNBChain", and the answer seems relatively clear. For the decentralized stable coin track, it will have a certain boost, but the potential wave generated is limited; It is likely that BinancePeggedUSDTUSDC has given way to the demand for these stable currencies, and the gradual withdrawal of BUSD may also be negative for the BNBChain ecosystem.As for whether BinancePeggedUSDTUSDC will be subject to the same regulatory restrictions on "issuance" authorization, such concerns can be temporarily put aside. Although Binan does not have a compliant custody license like BitGo, the custodian of WBTC, its asset custody reserves are open and transparent, and regulation should not be so exhaustive.

BTC has experienced significant fluctuations recently, how will it develop in the future? This is one of the important issues that the market is currently paying attention to. This article explores the May market trend of Bitcoin from the perspectives of halving its cycle, macroeconomic analysis, on chain data, and geopolitical situation

The Hong Kong Securities Regulatory Commission will introduce a mandatory virtual asset trading platform (VASP) licensing system starting from June 1 this year, and plans to open up retail investors to invest in virtual assets. The Hong Kong Securities Regulatory Commission recently stated that it will release licensing guidelines for virtual asset trading platforms next month.After the formal implementation of the new virtual asset platform licensing system, all virtual asset exchanges operating in Hong Kong or promoting services to Hong Kong investors, regardless of whether they provide securities based token trading services, must obtain licensing from the Hong Kong Securities Regulatory Commission and be subject to its supervision.Conducting any unlicensed activities is a criminal offense.On April 26th, the Chief Executive of the Hong Kong Securities Regulatory Commission, Leung Fung yi, stated during an event that it is expected to introduce licensing guidelines for virtual asset trading platforms in May. During the previous consultation process, more than 150 feedback opinions were received.The main suggestion of consultation is to open up licensed platforms to provide services to retail investors. Zhitong Finance has learned that according to previous policies, platform operators can only provide services to professional investors with a funding threshold of up to HKD 8 million, and ensure that their customers fully understand virtual assets. In addition, licensed platforms will be included in the regulatory sandbox of the China Securities Regulatory Commission and will be subject to close and rigorous supervision for a period of time.On December 16, last year, the ETF based on Bitcoin and Ethereum futures launched by Southern Dongying Asset Management Co., Ltd. was officially listed on the Hong Kong Stock Exchange, marking Hong Kong becoming the world's first market to provide Ethereum futures ETF and the first market in Asia to provide Bitcoin futures ETF. Under the latest proposed trading platform system, retail investors can directly participate in Bitcoin and Ethereum trading on regulated platforms in the future.In fact, the licensing procedures for virtual asset transactions in Hong Kong have always been very strict. Under the existing system, only two encryption platforms are licensed - OSL (OSL DigitalSecurities Limited) and HashKey (HashBlockchain Limited).(Image source: Hong Kong Securities Regulatory Commission)According to media reports,Huo Coin, OKEXBoth parties have expressed their intention to apply for an exchange license in Hong Kong and have established an office in Hong Kong.Additionally, the Singapore basedDBS Silverthat 's okIt also stated its intention to apply for relevant licenses in Hong Kong to provide cryptocurrency services to local customers.that 's ok12 month transition period arrangementThe Hong Kong Securities and Futures Commission stated that considering that platform operators licensed under the Securities and Futures Ordinance may need to modify their systems and monitoring measures to comply with the new regulations, a transition period of 12 months has been proposed.The China Securities Regulatory Commission stated that, Anyone who engages in the business of providing virtual asset services or shows that they operate the business must apply for a license from the Securities and Futures Commission. The existing virtual asset trading platform has been provided as a licensed arrangement, so that they can continue to operate in Hong Kong after the implementation of the virtual asset service provider system under the Anti Money Laundering Ordinance. It must be within the period from June 1, 2023 to February 29, 2024, in accordance with the Anti Money Laundering Ordinance The virtual asset service provider system under is to submit fully completed license applications online. If the SFC considers that the relevant license application meets the conditions for licensing, the virtual asset trading platform will automatically be deemed to have been licensed from June 1, 2024 This passage may sound quite convoluted, but to put it bluntly, the two companies that have already been licensed need to comply with the new regulatory requirements within the prescribed transition period.As for the original virtual asset trading platform, if it has no intention of applying for a license, it should start preparing to end its business in Hong Kong in an orderly manner, with a deadline of May 31, 2024.Fierce business of virtual insurance companiesAccording to the consultation document of the Hong Kong Certificate Authority,The platform that applies for a license must insure the customer's assets.Liang Fengyi also told the media that the Hong Kong Securities Regulatory Commission is in discussions with the Insurance Regulatory AuthorityThe cost of purchasing insurance for customer assetsOther matters.OneDegree Group

Dogecoin is a cryptocurrency that started as a joke, and its value soared by over 30% after Twitter changed its logo to the Dogecoin symbol. The value of dog coins has risen to $0

On October 8th, IT Home reported that in the early morning of October 7th Beijing time, the smart contract platform BNBChain suffered two consecutive (2:26, 4:43) hacker attacks, washing out 2 million BNB coins in just 2 hours. This currency alone reached $566 million, and with other virtual assets, it could reach $718 million

It has been a month since the collapse crisis of FTX, and just as many people believe that its former competitor, Coina, can "dominate" the cryptocurrency market, another crisis seems to be brewing.Data shows that, up to now, the original token BNB of Coin Security in the cryptocurrency exchange has fallen by nearly 15% in the past day and nearly 21% in the past week, the lowest level since July

Layer-1

Source:@jason_ chen998Coin An released a Greenfield white paper on storage chain last weekHowever, we have not seen a significant industry hotspot and have not reflected it in the currency price. There is not much research on the storage field,The main reason is that there are too few players in this track, mainly Arweave and Filecoin, but storage is definitely the most important track in the blockchain field.Let me first help you sort out the outline and history of the entire storage system, so that we can have a better understanding. There has always been a controversial concept in web3, where many friends divide storage into two layers: on chain storage (blockchain, IPFS, etc.) and off chain storage (AWS, local databases, and all other heterogeneous platforms).A more reasonable division should be three layers: on chain storage (blockchain), decentralized storage (IPFS, etc.), and centralized storage (AWS, local database, etc.).People often confuse decentralized storage with on chain storage. Blockchain is a distributed ledger that also has data storage capabilities. However, what we currently broadly refer to as on chain content, whether it is NFT or Mirror, does not exist on the blockchain.Because in order to ensure that data cannot be tampered with, every full node needs to be backed up. When there are 10000 miners, even to store 1MB of information, the entire network will consume 10GB, which is very uneconomical. Therefore, the proposed solution is to store the data offline, and then place the offline storage address in the blockchain for indexing. Taking NFT as an example, it can be seen that metadata is indexed to an IPFS link, and when opened, it is a folder.Here we will extend IPFS, which is a content addressed peer-to-peer distributed storage system,The opposite of content addressing is address addressing. For example, when we store a photo on a cloud drive, the computer needs to know the IP address and domain name of the photo when downloading it in order to find the data in the corresponding location. However, if the copy does not exist or the server is shut down, the file will also be lost.But perhaps someone has downloaded this photo and stored it on their computer before, but your computer doesn't know that the other person has this photo,So to solve the problem of decentralized storage, it is necessary to solve the problem of using content retrieval instead of address retrievalIn this way, you don't need to tell the computer where to get the photos, but just tell the computer what the photos you need look like, and then the computer will ask everyone who has the photos in their hands, and if there are any, send them to me.But the content can be very large, and direct brute force retrieval is very time-consuming, soAfter hashing the file content, store the hash value as the file name, which allows for very fast retrieval of only other hash values that are the same as the hash value of the photo. Once found, ask the other person to send me a copy of their photo, which will improve efficiencyThe above is the general principle of IPFS, where storage has gone through three stages: centralization, multi centralization, and decentralization.So although IPFS is similar in concept to blockchain, it itself has no direct relationship with blockchainHowever, to achieve stable operation, many users need to contribute their storage space and network to become nodes. Therefore, Filecoin, inspired by Bitcoin, is an incentive layer built on top of IPFS to incentivize nodes that store data.So what everyone must understand is thatRegardless of the way storage is ultimately stored, it still exists on physical hard drives. Decentralized storage is a sharing economy that those with idle hard drive resources can contribute to.The concept of computing power sharing has already been used in early games such as Qiyun and Jirou, but it's just a drop in the bucket.But Filecoin, after all, is a layer that was added after the emergence of IPFS to incentivize storage service providers, butArweave integrates storage and chain more thoroughlyIt specifically developed blockweave, which, compared to the traditional chain structure of blockchain, links each block to the next block and the previous two blocks: a previous block and a historical recall block. Nodes must provide access proof when generating blocks.This is different from the proof of pow calculation. By accessing older random blocks in blockweave history, new blocks can be mined for rewards. This way, miners who store rare blocks can achieve greater returns in the long term. Through this mechanism, nodes can store as much historical data as possible without consuming a lot of resources like pow,So the originality and permanence of Arweave are higher than those of Filecoin.Just now, I mentioned that blockchain itself also has information storage capabilities, and some people call blockchain a decentralized database, but in realityThe most important responsibility of blockchain is to take on the decentralized ledger for recording transactions rather than the database, and storing a large amount of data is not the core of blockchain in terms of division of responsibilities.If blockchain is compared to a computer, although it also has memory to store a small amount of data, it requires an external hard drive to store a large amount of data.Instead of just cramming everything into memory,So decentralized storage takes on the responsibility of external hard drives, as long as the stored items can interact with the computer and memory and remain unchanged.As can be seen in Etherscan, the InputData in each transaction of Ethereum is the information written into the blockchain, but it can only be field data of simple keyvalue type, so it still needs to be supplemented by an external "hard drive".The above is an explanation of the entire storage system and the principles of Filecoin and Arweave, two storage hubs,After saying this, everyone should be very deeply aware of the importance and complementarity in the existence of blockchain.So this is one of the reasons why Coin An has become an entrant. With such a large race track and such a concentrated competitive head effect, Coin An's entry into this size should cause a stir, but there has been almost no movement.in my submissionThe main reasons are:oneStorage is the lower layer far away from users, making it difficult for users to perceive and understandAnd currently, the storage is also ToB and then ToC, such as Mirror connecting to Arweave. We write in Mirror, but we are not aware of the existence of Arweave;2. On the day of the Greenfield White Paper announcementHit the big hot spot of NostrLike Wang Feng, it's quite unlucky;threeThe storage track has not yet exploded;The prerequisite for storage is to have content, but currently there is a shortage of content production sources in the web3 application layerFor example, the largest track defi is not related to the content at all, and the NFT track has some connection with the content, but it is not very big, just a small image needs to be saved,After thinking about it, there are not many applications with a large number of "content storage" scenarios like web2 that have emerged in web3, so the storage track is far from users and few.However, as the application layer of web3 explodes, a large number of UGC products with C-side interactivity will naturally emerge, leading to a large demand for content storage. Therefore, we can see the end result, but the problem is that I cannot see the milestone of reaching the end process at the moment. Here, I would like to share myInvestment logic:After analyzing the LSD track before, I deduced that as Ethereum switches to POS, low threshold pledge services such as Lido will first emerge, resulting in a large number of verification nodes. However, the centralization of operators will greatly damage Ethereum network security,So the ultimate goal is to solve the problem of operator centralizationAfter seeing the final outcome, I found three more milestones.The beacon chain of 20 has been launched, the POS of 22 has been merged, and Shanghai has been upgraded on 23,The purpose of finding milestones is to give you a psychological expectation of the moment when the final game will arrive, as well as to find a suitable opportunity to enter, otherwise the ambush will be too early and you will have to wait for several yearsAfter the upgrade and withdrawal of funds in Shanghai in 2023, it greatly stimulated the enthusiasm for pledge, thus exposing the problem of operator centralization,So the first six months of Shanghai's upgrade are a good time to enter the venueOtherwise, we will be waiting for the first milestone of 2020 in the next two years.I can see the final outcome of the deposit, but I still cannot see through the milestones in the middle. However, as the infrastructure improves and I also see itThis year, application layers such as socialfi are rolling outin my submissionPerhaps it is possible to try a small amount of layout to store related assets, which does not represent investment advice, everyone DYOR.Okay, back to Greenfield, as mentioned at the beginning, its ecosystem revolves around usersTrinity architecture: BSC chain, Greenfield, and Dapps. Coin security has a transaction chain, followed by a storage chain. Developers develop their own DAPP based on these two, and Greenfield is a side chain with a native cross chain bridge with BSC, both using BNB as tokens. This combination of fists will complete the Coin security ecosystem.So on the one hand, the storage track is large enough to attract the interest of Coin An personally, and on the other hand, it is also an important part of supplementing the Coin An ecosystem;By reading the white paper, it can be seen that the core of Greenfield is a storage chain and storage node network, which is actually similar to Arweave;The storage chain has its own governance logic and incentive system, which stores metadata, block status data, account information and permissions, billing and other data;It is worth noting that metadata exists on the chain, and there is a separate object storage system that stores object data off the chain. Taking NFT as an example, metadata is placed on the chain instead of IPFS. However, the image that occupies the most space in metadata itself is still located below the chain. This design may be based on performance and cost considerations, and when using data, the off chain object data is then referenced through the on chain metadata.BNB, as the original token of the storage chain, is used for governance and payment of GAS, which can flow between BSC and Greenfield, so this perspective is another value empowerment for BNBBut personally, I don't think BNB's price will benefit a lot from the storage track, because BNB's price is a complex, and storage empowerment is only one factor that affects the price,BNBin my submissionIt's better to directly invest in tokens that specialize in storage, because the empowerment of these tokens comes from 100% storage dividends, and of course, everything is DYOR;It is also worth noting thatThe Greenfield format is fully compatible with Ethereum EVM, making it easy for existing products to access;It is also interesting that the management of permission groups is quite detailed, which can control the permissions of each account for data operations such as adding, deleting, modifying, and querying. This is quite practicalIntroducing data integrityChallenge proof,Similar to OP, it can submit challenge transactions to nodes,Greenfield also randomly triggers challenge events, similar to sampling checks,If a challenge is accepted, the validator will check the challenged node. If the challenge is successful, the initiator will receive a reward, and the node will be punished. If the challenge fails, the data will have a freeze period and will not be challenged again,To avoid resource waste.Interestingly, it is not only used for data storage, but also supports data-based economic value creationFor example, the data permissions mentioned earlier can also cross chain to BSC and become a digital asset of BSC, which is interesting. My data is valuable, and my data can also be valuable for operations.The participants in the entire Greenfield ecosystem are as follows:BSC undertakes DAPP deployment, data resource mirroring, cross chain, and consensus;Greenfield is responsible for payment, data resources, cross chain, and consensus. Please note that as mentioned earlier, Greenfield also has its own governance mechanism, so it also has its own consensus;Then the SP node interacts with Greenfield for data;The diagram on the right shows the network structure, which is similar to the OP set of validators with elections, etc;The account system in Greenfield is independent and compatible with BSC and Ethereum in format, so it also has the conditions for Wallet to support Greenfield in the future.It is interesting that Greenfield, as a chain, was developed based on Cosmos,Cosmos' position as the leader of Layer0 seems to be getting more and more stable, and the recently popular Canto is also based on Cosmos. However, personally, I think Canto's set has a bit of Luna's shadow.The trouble with Coin Security lies in the fact that BSC is Fork Ethereum, unlike APTOS and SOLONA, which do not have their own independent technical system, making it difficult to cultivate their own developer community,This issue is also encountered by many EVM chains. As a storage chain for developers, Greenfield needs to work hard to establish developer loyalty. Therefore, Coin Security needs to first switch the stock DAPP to Greenfield before attracting incremental growth.Based on the analysis of the storage track of Coin Security Greenfield, I am personally optimistic about the storage track and look forward to the emergence of more truly available application layer products,Whether smart wallets and account abstractions are used to lower user entry barriers in infrastructure, or performance enhancing chains such as aptos and layers, the infrastructure for application layer explosion has been laid, and it is time to build a nest to attract talent.Disclaimer and RisksPlease review the disclaimer, terms, and risks to understand the legal statements, content, and risk factors of this document. In particular, you should conduct your own research (DYOR) before making any investments and be aware of the risks associated with forward-looking statements in this document.

Today, Twitter users noticed that the famous Doge image was added to a prominent location. You can see it firsthand on Twitter