NESTFANS 2021-04-21 22:42:26 阅读数:230
writing | NESTFANS.ZHIYU
Produce | NEST lovers （nestfans.com）
introduction ： In the process of blockchain development , Decentralized price game mechanism has always been ignored , In the past two years DeFi Strong rise of , People inside and outside the industry have just begun to have a preliminary understanding and exploration of the price mechanism on the chain , that , For the price variable , How to better conform to the nature of blockchain and generate on the chain , It's a very worthwhile research direction .
Bitcoin is the world's first blockchain project , It can also be said that ,“ Blockchain ” From the bitcoin protocol , Come out . We all know that the first over-the-counter transaction of bitcoin was **** A Florida woman named Laszlo Hanyecz For programmers 10000 gold BTC Two pizza coupons , thus , Bitcoin began to have a price ,0.003 cents .
Price is the value of a unit of goods or services , Its level is determined by market supply and demand . At that time, the price of bitcoin was the balance between the programmer and the pizza seller , This is a market for two people , It doesn't have the property of general equilibrium , But from this moment on , The sprouting of bitcoin's currency trading attributes has begun .
For convenience BTC Lovers trade , The digital currency exchange was born ,“ Price demand ” And with it .
Miners sell coins , Believers collect money , Capitalists hold money , Ordinary people fry money , Futures players and so on , All need price variables , The game among all parties is gradually improving the general equilibrium property of bitcoin , The exchange gives people a place to trade freely , however , With the popularity of bitcoin , Traditional finance inclines to encrypted assets , Heng Qiang the strong 、 The phenomenon of centralization and opacity is becoming more and more serious , namely ： Can we believe the current prices we see on the central exchange ？ When BTC When the price drops sharply , There are so many encryption assets, including BTC , Can be on the chain in that moment , Complete the transfer transaction ？**
The interaction between centralized exchange and pure chain is different unit of calculation , The unit of exchange is the millisecond , Blockchain is “ A block ”,BTC A block 10 minute , Ethereum is a block 13 second , There is a big difference between the data communication processing capacity of the two major asset protocols in the encryption world and that of the centralized exchange , There's a phenomenon , That is, the transfer is completed on the chain , And the price of the transaction is given by the central exchange , It's fragmented , In this case , We can't accurately evaluate the price data given to us by the exchange , Although the interactive data of some addresses can be monitored from various consulting software , but Inside the exchange , We can't pry , Especially in the field of encryption without effective supervision .
There is no effective regulation in the field of encryption , Data fraud is inevitable , China's stock market is so strictly regulated that there are still financial frauds , Not to mention the centralized exchange , Exactly so , Hot money 、 Leverage makes it easier to be restless here , The wealth effect promotes encrypted assets to enter the public view faster , Attract groups of high-risk enthusiasts and financial institutions to enter .
2008 Global financial crisis , The direct reason is the abuse of financial innovation tools after deregulation in the United States , The speculative frenzy is pouring in , The subprime crisis led to credit bankruptcy , One of the oldest banks in the United States “ Lehman brothers ” Declare bankruptcy protection , It marks the full outbreak of the global financial crisis , Beautiful financial data has become a fig leaf for internal corruption , “ trust ”、“ Security ” It has become one of the most important topics since then .
Same year , Bitcoin white paper released , One is not based on “ trust ” The idea of an agreement was born ,2009 Beginning of the year , The creation block of bitcoin was born , The first bitcoin was dug up . Bitcoin from conception to white paper release to launch , It took at least a few years to think 、 modeling 、 Reasoning , It involves cryptography 、 The hash algorithm 、 Proof of workload 、 Time stamp 、 Elliptic curve 、 Non cooperative game 、 Finance 、 economics 、 Psychology and thinking about human nature wait , It takes a lot of knowledge and time to put it together , obviously , Nakamoto is a very learned man , Bitcoin is not comparable to the white paper that can be published online in the current week .
The most important thing about bitcoin “ De centralization ”, An issue that is not controlled by any entity 、 Transfer accounts , This was unimaginable or anti human operation before . To deconstruct “ Trust subject ”, We're in the bitcoin transfer , Broadcast trading information , Every bitcoin node confirms the deal , In order to transfer successfully , In short , I want to prove that my mother is my mother , Everyone needs to agree . It's very anti human and inefficient , however , It is highly secure without any third party guarantee , The more decentralized , The more secure .
After more than a decade of development, bitcoin , The market value has reached trillions of dollars , Today's bitcoin , When it comes to transferring billions of dollars in value , It has become a very easy thing , One address to another , There is no need for any third party to trust the subject , Facing the transfer of large amount of funds , Its efficiency also increases with the degree of decentralization . In the real world , It's not easy to transfer billions of dollars of assets , Check the identity , Asset appraisal , Use of assets , Sources of assets , Asset pricing and other issues need to be handled by a third party , Time cost , The efficiency of the accumulation of labor costs is inefficient . There's no other choice in the traditional field , Because of people's trust in traditional institutions , Decide your own choice .
Trust in traditional areas is crucial , A country 、 Bank 、 The development of the organization , It's all a process of building trust , It takes a long time to improve the comprehensive strength , Such as The state needs to improve management 、 Technology 、 education 、 Finance 、 military 、 Culture, etc. to lay the foundation for security and trust , The costs and costs are enormous , therefore , The market and trade of big countries can also carry a huge volume , It's going to go up with trust and consensus , Then the bank 、 The same goes for organizations . however , There will be new problems here , When an organization doesn't have too many checks and balances , In the face of great interests , Can the controller or group withstand the temptation ？ Human nature is the most unreliable , There is 150 Years of bank, Lehman Brothers, can fail , Trust collapses in an instant . that , Remove the centralization factor , There is no trust mechanism for centralized risk —— BTC Agreement has become the new light of human society .
For encrypted assets , Price mechanism is the process of pricing , The pricing of bitcoin is in the hands of the players who participate in its game , Bitcoin miners 、 The currency Holder 、 Bitcoin contract players 、 Bitcoin leverage players, etc , The diversification of its ecology leads to the complexity of price game , The process of the game is handed over to the market , It's a pair of invisible hands , The path of these invisible hands , Can it be publicized on the chain ？ Can the pricing process be like the transfer process , Generated on the chain in a decentralized way ？ also , With more decentralization 、 The more people are involved in the game , The more secure it is , The larger the volume it can carry ？
Ethereum's programmable finance gives encryption enthusiasts a good opportunity for innovation ,DeFi The market value and lock volume continue to rise , Let us have to pay attention to the issue of price variables , When DeFi The amount of funds it carries reaches 100 billion US dollars 、 Trillion dollars or more , How high is the credit rating of the subject worthy of our trust , Or say , The regression of trust , Let's continue to believe in a third party body or organization .
For now DeFi agreement , There are mainly the following directions ：
1、 Decentralized mortgage lending （Compound、Aave）
2、 Decentralized trading 、 Flash cash （Uniswap、CoFiX、Tokenlon）
3、 The algorithm stabilizes the currency （DAI）
4、BTC Token turn （tBTC）
5、 Synthetic assets （Synthetix）
6、 futures 、 Insurance and other decentralized financial derivatives （dydx、bZx、opyn etc. ）
In the above mentioned DeFi Agreement , Most of them need to use the price on the chain ; such as mortgage 、 The closing price needed to borrow 、 The timely price required for flash cash 、 The clearing price needed for financial derivatives etc. , Most of the DeFi The pricing method of protocol selection is to use Oracle with node pricing , Or the price output of the project itself .
This price collection method , It's basically access Coinbase、 Currency security 、 Fire money and other centralized exchanges API , Upload the price data directly or multi node to get the intermediate value , for DeFi The protocol directly uses , that , The battlefield of price game is completed in the centralized exchange , And the current price Oracle just does average processing , Obviously , The main path of price game is obscure , The influence of centralization is extremely high , Using its current price DeFI Protocol and user can't verify it effectively , This is related to blockchain “ De centralization ”“ trust ” The nature of machines is contrary to each other .
secondly ,Token There's no better capture protocol value , Or rather, the deal has stalled most of the time , because DeFi The reason for survival , It's because of price fluctuations , Arbitrage between the differences in computing levels of centralized and decentralized communications , Make a deal , Nourish each DeFi agreement , Using price data . The current Oracle , It is through the price request of the project side when the price fluctuates , Feed the price , When the request criteria are not met , There is no price output , There is no relative fidelity and coherent price information flow output , This is equivalent to , Within the bitcoin protocol , When there is no transfer , There is no computing power to maintain the bitcoin system to make it run automatically , Only when there is a transfer , This price mechanism is not in line with the nature of blockchain , It can't carry a larger market .
Decentralization of bitcoin protocol , It is produced and extended by the design of internal system , The same is true for the construction of Ethereum protocol smart contract , But the price variable , It cannot be generated within the blockchain , Someone needs to upload the price , It's like bitcoin transfer. Someone has to transfer it , Ethereum smart contract should be triggered by someone , The key point is not who did this step , It's whether to broadcast to the whole network , Anyone can participate in the verification .
NEST Chose to continue the decentralization of bitcoin , Complete the production link in the way of non cooperative game , Output price information flow , The pricing game will be introduced into the decentralization agreement , Generate price information synchronously on the chain .
NEST Protocol The core of Oracle is Oracle , Can be opened to any ERC20 Token /ETH We're going to quote on the oracle 、 verification , Put bilateral assets into quoted price contracts , To make a quotation for mining , And the process does not need permission , No third party guarantee is required . It's like bitcoin power injection , Maintain the operation of the transfer agreement ,NEST Inject... Into bilateral assets , Maintain price information flow output .
It doesn't matter who the bidder is , It could be coin an 、 Institutions 、 personal , Anyone can , You don't have to trust him , The point is that , Anyone can verify this price , The test here is when there is arbitrage profit , Encourage the verifier to arbitrage , stay 25 Within a block of Ethereum , Prices that are not arbitraged are considered real prices , By NEST System input , For callers to use . This is equivalent to a transfer initiated within the bitcoin protocol , Everyone in the participating network has to confirm the transaction before it can be recorded ,NEST To initiate a quotation , Anyone associated with the quoted asset can verify this price , Confirm that there is no arbitrage space for this price , That's the real price , Entered by the system .**
NEST Protocol The more players in the game , The more secure the system is , The larger the amount of money it carries , The fewer players in the game , conversely . That is, the larger the volume, the more trustworthy , It's about trusting yourself , Personally verify , Instead of trusting any subject , Same as bitcoin , Can be read 《 The value of a non cooperative game system 》
The specific mechanism can be read 《NEST white paper 》、 《 Reading | NEST v3.5 edition , The miners 、 Verifier 、 What kind of preparation does the holder need to make 》、 《 Reading | NEST Protocol v3.6 Systematic revision 》.
Bitcoin has absorbed hundreds of years of traditional accounting system , Playing the game on bitcoin in a decentralized way , It's been 12 years ,NEST Will absorb the price game battlefield of the encryption world , From the price game of centralized exchange to NEST Protocol On , It's going to be a long war of consensus . The chain world and the real world are two parallel worlds , The mechanism of Oracle is not perfect and can not be more accurate 、 More effective application to traditional assets , Any so-called “ trusted ” Verify that all nodes are untrusted , The first step towards the tradition is to do a good job in the price information flow of the original assets on the chain in a decentralized way .
“ De centralization ” It's a civilization , It's a unique human ability , You can turn your intelligence into language 、 Logic 、 The ability to make up , Created “ civilization ” This whole species is unprecedented , Civilization can gather hundreds of millions of people , Civilization can add value to knowledge from generation to generation , Civilization can even resist famine 、 Plague is a natural selection tactic .
Blockchain is a science , The essence of science is hypothesis , inductive 、 prove 、 Falsification , As soon as I come up, I will tell you the unquestionable Ultimate World , It's called “ theology ”.
Even the theory of evolution, which represents the origin of human beings, was put forward precisely because Darwin was lucky enough to sail around the world , See too many species that Europeans will never see , There are too many samples , The hypothesis was put forward , A continuation of the road to decentralization , The continuation of price game mechanism and the hypothesis of blockchain spirit , You can't judge success , But the direction is always right , After all, there are not many samples of blockchain success .
notes ： This paper is to discuss the point of view , Does not constitute investment advice .