Introduction to "Aether Surprise" • Aether as a mirror, you can know the rise and fall

Author: Camilla. Camila Russo
Translator: Hong Huifang Publisher: Good Morning Finance

" Ethereum Raid " records the history of the development of Ethereum. The author is a journalist, and it can be expected that the perspective of this book is close to the general public, not obscure, and can be read as a novel ; according to his own account, he is neither a computer technician nor interested in financial speculation. What about digging into cryptocurrencies for several years?

Because he has experienced it himself.

■ Cryptocurrency is a revolution

The time is 2013, and the author reports on the Argentine market for Bloomberg News and lives there. The local inflation rate is in the double digits, and the peso, which he earns on the news, is rapidly depreciating. The answer is to convert your salary into dollars as soon as you get it.

Until one day, the government issued an order prohibiting people from buying dollars. The button that used to be just a few clicks from Internet Banking to convert pesos into US dollars and deposit them into foreign currency accounts has disappeared.

How can I save myself?

A colleague told him there was something called "Bitcoin" that could solve this problem. How important it is to be able to buy a currency that is not controlled by anyone and therefore cannot be prevented from being exchanged or confiscated . Its issuance rate is determined by algorithms and code, not by the whims of politicians and central banks .

This experience became a wedge for the author to start paying attention to the cryptocurrency market, for freedom, and to witness the revolution.

 The way the world works today is centralized in the hands of a few powerful entities, and the creators of Ethereum tried to spread this power into the hands of individuals, giving everyone more control over everything they own - from assets to data, and Having more freedom to use it the way you want - that's why I say cryptocurrency is a revolution.

■ Three reasons to focus on Ethereum

The author found that there are already many good books on the market introducing Bitcoin, but there is not much writing about Ethereum, the second largest blockchain in the world . He wants to fill this gap. This is the reason for writing.

Furthermore, the uniqueness of Ethereum is that it has carried forward the fundamental foundation of Bitcoin - blockchain technology. Bitcoin wants to be a peer-to-peer (Peer-to-Perr) electronic cash system (see Satoshi Nakamoto's paper for details), and is now regarded as something like "digital gold"; Want to become a more widely used ecosystem, not only used to redeem, but also used to make the code (created in Ethereum) run , so creative, it is worth recording the second reason.

 Ether is the "crypto fuel" that powers the Ethereum network.

The last reason is to realize a dream, the author wanted to use the style of novels - dramatic tension and tension - to describe the real world since childhood.

■ Is it a security, or a token?

The (enterprise) organization based on the blockchain raised funds for the first time by selling its own digital tokens. This crowdfunding mechanism is called " Initial Coin Offering (ICO) ", which is described from time to time in the book. This proper noun appears.

The question is, is this a kind of [ investment contract ] ? Are they a security ? What is the attitude of the SEC (especially the US market)? Do you have any concerns about illegality?

＊

In the chapter "Top Lawyers", the Ethereum team hired Nerayoff to take care of the matter. In the end, the concept of [ functional token ] was first proposed:

 I know you took the name gas for technical purposes, but what if we said gas was legally a commodity like gasoline?

They are like playground tokens to run (Ethereum) machines; they can also be traded on secondary markets Yes, but unlike stocks, where buyers take ownership (become shareholders); not securities (and token) also means not having to register with regulators, at most paying a law firm to get an opinion.

Whether the competent authorities buy it or not is another matter.

＊

This long documentary is quite interesting, and it is possible to see that the law is always a few beats behind when it responds to the virtual currency. What is certain is that, as long as there is a "tax" to be drawn, the government will sooner or later seek a piece of the (natural person) cryptocurrency transaction or (legal person) ICO, let's see!

■ Obedience to economic motives, or original vision?

See also the two chapters "The DAO War" and "Fork". This is probably the biggest crisis since the launch of Ethereum. The general idea is that there is a fundraising called The DAO, and there are loopholes in the code, just like a flawed ATM , causing a huge amount of ether to be hollowed out. Fortunately, there is a 27-day lock-up period, and developers have a chance to respond.

The community had mixed reactions. Ethereum founder Buterin and some people advocated pressing the " start over " button, human intervention, and modifying the Ethereum protocol so that hackers couldn't withdraw it; another group believed that The " code is law " dogma comes first, and if violated, it will undermine the legitimacy of Ethereum as a platform.

This is a business battle and a soul torture.

＊

I would like to give an analogy. Suppose you encounter a rabbit being attacked by a dog. When you feel that the rabbit is pitiful and intervene forcibly, it is because you stand in a different dimension and are involved in value judgments. You do not agree with the logic of the food chain and think that the big This is not the original intention of nature, and someone needs to adjust it.

Whether it is Tutu's "so pitiful" or someone being "horrified", that is what we in one world say about another world (food chain, blockchain), and this belief does not exist in another a world .

＊

Finally, Ethereum forks out two parallel space-times.

One is a new chain after the loopholes are reinforced, which is what we now call Ethereum (transaction code ETH); there is also a node that would rather take risks and continue to operate nodes, named Ethereum Classic (transaction code ETC)⇩.

The survival of the old chain means that there is a group of people who, regardless of economic motives, have a more cherished viewpoint (original vision) that they want to guard.

■ Epilogue: You can know the ups and downs

Leaving aside the large number of names and time jumps (if you've seen " Dark " on Netflix, you know what I'm talking about), I think this "novel" is not bad.

It can be regarded as a cool book, and it is not a bad idea to study it carefully. After all, this is a piece of history. Taking history (ether) as a mirror, you can know the rise and fall . This is not a compliment, Xing refers to the new chain, instead of the old chain that was replaced.

🌱 Season 3 community activities in progress compilation form + description

🌱 Become my appreciative citizen👇
https://liker.land/leo7283/civic was invited to enter the fireplace

🌱 Tracking [ Zhongshu Nervous System ] broadcast information is not missed👇
Good Books Quotes / Book Market News / Mind Map / Drift Books / Storytelling Club

🌱 I am on other platforms👇
【 Facbook ｜ Mastodon ｜ Medium ｜ vocus ｜ Potato 】