Crypto思潮编年史 ，从1997 到 2022

Elad Gil 在这篇小短文里揭露了很多现实中的问题. 自从 2013 年 Crypto 进入行业视野中以后, 大银行就是这么对待区块链的 (据我所知, 直到 2021 年, 仍旧很多中国银行以及金融公司都依然是这样):

Elad Gil exposes many of the real problems in this brief article. Ever since Crypto entered the industry perspective in 2013, big banks have treated the block chain this way (as far as I know, until 2021, many Chinese banks and financial companies still do):

1. 成立一个区块链团队.

   Set up a block chain team.

2. 让区块链团队做一条私有链, 并且始终处于做 Demo 阶段.

   Let the block chain team make a private chain, and it's always in the Demo phase.

3. 让 CEO 能够大夸特夸区块链团队, 说 “我们是有那个区块链啥的东西, 有团队专门在做”.

   "We have that block chain or something, we have a team working on it."

Elad 也说, 大银行为了满足客户的需求, 开始利用 Crypto 来开发比如 ETF, 代币托管, 对冲基金, 衍生品交易所的产品. 他总结到银行和其他中介对 Crypto 的采用速度会越来越快.

Elad also said that large banks had started to use Crypto to develop products such as ETFs, token trusts, hedge funds, derivatives exchanges, and he concluded that banks and other intermediaries were going to use Crypto faster and faster.

Elad 在最后也调侃了这些大机构, 他说这些全球银行的董事会会议总是以马丁尼酒结束, 并且说纽约的马丁尼比旧金山的好很多, 而且波士顿的特别好. 他还说这些董事会成员都穿着西装带着单片眼镜, 有点像玩大富翁 (其实他就是想说这些机构的垄断). 最后他认真地说, 区块链和智能合约会改变 Crypto 以外的金融体系, 但是需要很长时间.

Elad, in the end, interrogated these big institutions, said that the board meetings of these global banks always ended with martinis, and said that Martini in New York was much better than San Francisco, and Boston was special. He also said that the board members were wearing suits with single glasses, sort of like Monopolies. Finally, he seriously said that block chains and smart contracts would change the financial system outside Crypto, but it would take a long time.

The Meaning of Decentralization?—— Vitalik Buterin

One-liner: 去中心化的含义在于容错性, 抗攻击, 防串通.

One-liner: centralization means tolerance for error, resistance to attack, prevention of collusion.

Vitalik 探讨了去中心化的含义. 谈论软件的去中心化的含义的时候, 我们可以从架构, 管理, 和逻辑上去考量. 架构上指的是物理上服务器的分布, 政治上指的是有多少人控制了这些服务器, 逻辑上指借口和数据结构是否合理.

Vitalik explores the meaning of decentralisation. When talking about the meaning of decentralization of software, we can think about it from architecture, management, and logic. Structure refers to the distribution of physical servers, politics refers to how many people control these servers, and logic points to the rationality of excuses and data structures.

本质上, 去中心化的重要条件是容错性, 抗攻击, 防串通.

Essentially, the key condition for centralization is tolerance, resistance to attack, prevention of collusion.

关于容错性, 区块链系统其实也需要在多个方面进行去中心化才能真正达到. 我们需要多个客户端实现, 民主化的技术讨论论坛, 尽量利益不相关的开发和研究人员, 挖矿算法必须降低中心化风险, 和摆脱硬件集中风险 (用 PoS).

With regard to fault tolerance, block chain systems actually need to be decentralised in many ways in order to be truly achieved. We need multiple clients, a forum for democratic technical discussion, development and researchers with as little interest as possible, mining algorithms must reduce the risk of centralization, and we must move away from the risk of hardware concentration.

对于抗攻击, 一个很直观的例子就是, 如果你用枪顶着一个人, 让他交钱, 那他可能要命不要钱了; 但是如果去中心化的情况下, 你得用枪指着十个人, 威胁成本就高了十倍. 去中心化程度越高, 攻击成本和防御成本的比例越高. 所以 PoS 的抗攻击性比 PoW 更高, 因为硬件很容易被检测和攻击, 代币则更容易隐藏.

One of the most straightforward examples of resistance to attack is that if you put a gun on a man and let him pay, he'll probably die without money; but if you go to the center, you have to point a gun at ten people, and the threat costs are ten times higher. The more central you go, the higher the cost of attack and defense costs. So Pos is more aggressive than Pow, because hardware is easy to detect and attack, and the money is easier to hide.

最后一个最复杂的就是防串通. 一个简单的防串通的例子就是反垄断法. 区块链中的串通的例子就是, 大矿工可能会聚在一起, 去以大量的算力来推动一些不利于网络的事情. 但是区块链的一个优点就是, 开发人员不在同一家公司, 不在同一间房间里工作, 所以不会像传统的软件公司那样, 可以随心所欲地修改规则.

One simple example of collusion is antimonopoly law. One example of collusion in block chains is that big miners may come together to push something against the network with a lot of arithmetic. But one of the advantages of block chains is that developers don't work in the same company, not in the same room, so they don't change the rules at will, like traditional software companies.

Vitalik 最后也提出了疑问. 以太坊的社区能在去中心化地情况下飞快地硬分叉网络, 但是如何促进和更加改善这种良好的协调呢?

Vitalik finally asked the question. The community in Ethio can move fast and hard fork in a decentralised situation, but how can this good coordination be promoted and improved?

A beginner’s guide to Ethereum?—— Linda Xie

One-liner: 以太坊的入门.

One-liner: Introduction to Etheria.

Linda Xie 教你入门以太坊. Linda 谈到了比特币与以太坊的异同, 以太坊上的身份和存储, 社交媒体, 权限管理, 公司管理和筹资应用. 相信你应该已经很了解了, 这里就不赘述啦

Linda Xie taught you how to enter Etheria. Linda talked about the differences between Bitcoin and Ether, in his identity and storage, social media, competency management, corporate management and fund-raising applications.

2017 年是 ERC-20 的一年, 以太坊和比特币的币价一飞冲天, 生态也开始繁荣, 越来越多的 DApps 开始了自己的 ICO, 越来越多 DAO 组织开始建立. 我们再次进入了混乱无序的氛围, 各种问题层出不穷. 一些对区块链和 Crypto 深信不疑的人开始重新思考 Crypto 的优点和最初的出发点.

The year 2017 was one of the ERC-20s, where the Etherno and Bitcoin currencies were flying, and the ecology began to flourish, and more and more Dapps started their own ICOs, and more and more DAOs began to build.

Why decentralization matters?—— Chris Dixon

One-liner: 去中心化很重要.

One-liner: It's important to go to the center.

Chris Dixon 在这篇文章中, 虽然标题是说去中心化的重要性, 但是其实主要是在谈论 Web3 这个概念, 在 2018 年.

Chris Dixon, in this article, although the title is about the importance of decentralisation, is basically talking about the concept of Web3, in 2018.

Web1, 1980 - 2000 年, 服务建立在互联网社区建立的开放协议上.

Web1, 1980-2000, services were based on open protocols established by the Internet community.

Web2, 21 世纪初到现在, 盈利性互联网公司, 构建的软件和服务远远超过了开放协议. 随着移动应用的爆发, 用户从开放服务完全迁移到了这些更加复杂和中心化的服务上. 这些中心化服务的技术非常好, 但是扼杀了创新, 降低了互联网的趣味性和活力, 也通过数据的窃取以及算法偏见等造就了更加紧张的社会局势.

Web2, from the beginning of the 21st century to the present, for profit Internet companies, built software and services far more than open protocols. With the outbreak of mobile applications, users have moved completely from open services to these more complex and central services. These central services are very skilled, but they kill innovation, reduce the interest and vitality of the Internet, and create even more tense social situations through data theft and arithmetic bias.

“Web3”, 通过一套完美的激励措施, 让技术创造力和激励设计相交叉, 在未来几十年可能重新颠覆和替换现有的 Web2 格局. Crypto 网络结合了 Web1 和 Web2 的优点, 提供了社区治理的去中心化网络和超过中心化服务的更强的服务. Crypto 网络使用区块链的共识来更新和维护状态, 使用 Crypto 来激励参与者, 开发者和应用使用者. Crypto 网络使用开源代码和社区治理的方式保持增长中的去中心化. 当参与者想要退出时, 就可以直接出售所有代币, 或者通过分叉协议来退出. Crypto 网络使网络参与者团结起来, 共同实现网络的增长和 Token 的升值. 但是目前 Crypto 网络的性能问题依旧是瓶颈 (当然 L2 22 已经可以解决这个问题).

“Web3”, through a perfect set of incentives, to bring technology creativity and incentive design together, may destabilize and replace existing Web2 patterns in the coming decades. Crypto network combines the advantages of Web1 and Web2 to provide community governance with decentralized networks and stronger services that exceed central services. Crypto network uses the consensus of block chains to update and maintain the status, and Crypto to motivate participants, developers and application users. Crypto network uses open source codes and community governance to keep growing decentralised. When participants want to quit, they can sell all the indials directly or, by way of a split agreement, exit. Crypto network unites the network participants to achieve the growth of the network and the Token appreciation. But the current Crypto network performance problem remains a bottle (of course, L2 22 can be solved).

说去中心化网络应该赢和会赢是两回事. Chris 说它们会赢的真正原因是: Web3 开发者在构建真正的创新应用. Crypto 网络会赢得企业家和开发人员的心 (也就是, 会有, 真正的社区和为爱发电的人). 随着协议对新的贡献者的吸引, 协议的生态和成熟度会成倍增长. Crypto 网络存在的多个正循环将网络的各个角色都激励了起来, 加快了社区的发展速度. 当最终 Crypto 网络对开发者和企业的吸引力大于 Web2 大公司的吸引力后, 它可以调动更多的资源 (22 年 Web3 开发者的总数远远低于亚马逊的员工数), 甚至超过大公司的开发速度.

Chris said that the real reason why they would win is that Web3 developers build real innovation applications. Crypto networks win the hearts of entrepreneurs and developers (i.e. there will be, real communities and people who love to generate electricity). As protocols attract new contributors, the ecological and maturity of the protocols multiplys. Crypto networks have multiple positive cycles that inspire the various players of the network and accelerate the development of the community. When eventually the Crypto network is more attractive to developers and businesses than Web2 big companies, it can mobilize more resources (22 years of Web3 developers are far less likely than Amazon workers), even beyond the speed of development of large companies.

Chris 也承认, 去中心化的网络不是解决所有问题的灵丹妙药, 而是提供了比中心化系统更好的方案.

Chris also admits that decentralizing the network is not a panacea for all problems, but offers a better solution than centralizing the system.

And What Has the Blockchain Ever Done for Us—— Balaji Srinivasan

One-liner: 区块链已经很颠覆.

One-liner: Block chains have been disrupted.

Balaji Srinivasan 指出, 虽然区块链在当时已经解决了无数的问题, 创造了数十亿美金的市场, 但是一些很聪明的人依旧去声称区块链不好, 或者没有用, 或者它不好, **没有用, 认为区块链就是一个泡沫, 会昙花一现.

Balaji Srinivasan pointed out that, while the block chain had solved numerous problems at the time, creating billions of dollars in the market, some smart people still claimed that the block chain was bad, or no use, or that it was bad, ** no use, thinking that the block chain was a bubble, and that it was a bubble.

Balaji 认为高度有价值的技术通常在前往顶峰的路上会经历无情的消极情绪. 高增长伴随着高波动和更高的预期, 导致炒作周期和明显的高估期, 直到最终该技术在全球范围内无处不在. 然后, 新的批评不再是关于时尚或缺乏效用, 而是关于不可避免的垄断, 直到下一次破坏出现在地平线上, 循环重新开始.

Balaji believes that technology of high value is usually subjected to relentless negative emotions on its way to the peaks. High growth is accompanied by high volatility and higher expectations, leading to a cycle of frenzy and a clear period of overestimation, until the technology is finally everywhere in the world. Then, new criticism is no longer about fashion or ineffectiveness, but about inevitable monopolies, until the next destruction comes on the horizon, and the cycle recommences.

区块链在当时已经至少在三个数十亿美元的部门提供了 10x 的改进, 在数字黄金, 国际电汇和众筹方面.

The block chain provided 10x improvements in sectors that had already been at least $3 billion at the time, in digital gold, international wire transfers and crowds.

Balaji 总结到只是因为区块链已经做了如此多的创新, 他才希望它能做得更多.

Balaji concluded that it was only because so many innovations had been made in the block chain that he wanted it to do more.

Stablecoins: designing a price-stable cryptocurrency?—— Haseeb Qureshi (Dragonfly Capital GP)

One-liner: 没有理想的稳定币.

One-liner: There is no ideal currency of stability.

Haseeb Qureshi 说有用的货币应该是交换媒介, 记账单位和价值存储的货币. 加密货币在作为价值存储或记账单位上相当糟糕. 因此我们需要与美元等稳定资产挂钩的稳定币.

Haseeb Qureshi says that the useful currency should be the exchange medium, the unit of account and the currency where the value is stored.

稳定币无法一直保持稳定, 但是在一定市场行为范围内可以保持稳定. 每个机制的关键问题就是能支撑多大的波动? 泡沫和空气币总归要崩, 毕竟长远来说我们都死了, 所以如果一个稳定币就算只持续了 20 年, 也可以说是稳定的. 稳定币主要要看四个方面: 能承受多少波动? 维护系统有多麻烦? 分析波动范围是否容易? 交易员如何透明观察市场状况? 后两个点非常重要, 决定了是否会导致死亡螺旋. 理想的稳定币应该能够承受巨大的市场波动, 维护成本不应极高, 应该易于分析稳定参数, 并对交易员和套利者透明.

The key question for each mechanism is how much volatility can be sustained? The bubbles and air coins are going down, after all, and we're all dead in the long run, so if a stable currency lasts only 20 years, it's going to be stable.

如何设计一个稳定币呢? 稳定币的分类包括三个大类: 法币抵押币, Token 抵押币和非抵押币.

How to design a stable currency? The classification of stable currency includes three broad categories: French currency collateral, Token mortgage and non-collateral currency.

• 法币抵押币: 100% 稳定, 最简单, 链上不会受攻击, 但是集中化, 清算麻烦, 高度监管, 需要定期审计来保持透明度.

  100% stability, the simplest, chain-free, but concentration, clearing troubles, highly regulated, requires regular audits to maintain transparency.

• Token 抵押币: 更去中心化, 清算廉价, 非常透明, 可以上杠杆, 但是暴跌会自动清算, 价格并不是最稳定, 与 Token 关联度很大, 资本效率低, 最复杂.

  Token Mortgage: More centralization, cheap clearing, very transparent, leverageable, but crashes automatically settle, prices are not the most stable, linked to Token, inefficient capital, most complex.

• 非抵押币: 无需抵押品, 大多数去中心化且与其他资产无关, 但是需要持续增长, 容易受宏观影响, 难以分析稳定度, 有一定复杂度.

  Non-collateral currency: no collateral, mostly decentralised and not related to other assets, but sustained growth, vulnerability to macro-level influence, difficulty in analysing stability, some complexity.

Hasseb 认为理想的稳定币应该是这样的: 没有理想的稳定币. 我们不应该试图尽早挑选赢家, 而是鼓励更多的稳定币实验. Crypto 教会了我们, 未来很难预测.

Hasseb believes that the ideal stable currency should be: there is no ideal stable currency. We should not try to pick winners as soon as possible, but encourage more stable currency experiments. Crypto teaches us that the future is hard to predict.

2018 年, 漫长的熊市来了, 这一年经典的观点和故事突然就少了. 看衰者觉得自己太明智了, 看穿了泡沫, 坚持者们依旧在 Crypto 领域深耕, 建设基础设施, 继续提高认知, 为之后的爆发继续做准备, 他们依旧在探索 Crypto 的优点和本质.

In 2018, the long city of bears came, and all of a sudden, the classics and stories of the year were missing. The losers thought they were too smart, saw through the bubbles, and the insistents were still plowing in the Crypto area, building infrastructure, continuing to raise awareness, continuing to prepare for the outbreak, and still exploring the virtues and essence of Crypto.

Yes, You May Need a Blockchain?—— Balaji Srinivasan

One-liner: 区块链是 Web 更好的数据库.

One-liner: Block chains are a better web database.

Balaji 通过数据库的角度来阐述了区块链的重要性. 有些开发人员说区块链只是糟糕的数据库, 为啥不用性能高, 又成熟的 PostgreSQL 呢? 怀疑论者觉得区块链是又慢又笨又贵的数据库.

Balaji describes the importance of block chains from a database perspective. Some developers say block chains are bad databases, why don't they have high performance and mature PostgreSQLs? Doubters think block chains are slow, stupid, expensive databases.

Balaji 反驳到, 公链是大规模的多客户端数据库, 同时每个用户都是根用户. 这样的数据库有助于存储用户之间的共享状态, 尤其是当这些数据很宝贵的时候, 比如说, 钱.

Balaji rebuts that the public chain is a large multi-client database, and that every user is a root user. Such a database helps to store the sharing status among users, especially when these data are valuable, for example, money.

同时, 公链的数据是公开开放的, 任何人都可以读取公链中的所有数据来创建块浏览器, 任何人都可以使用自己的钱包写入公链. 任何有互联网连接的用户都可以阅读. 任何拥有一些 BTC 的人都可以编写事务. 任何拥有足够计算能力的人都可以开采比特币块. 这就是公链的含义: 每个用户都是根用户.

At the same time, the data in the public chain is open, and anyone can read all the data in the public chain to create a browser, and anyone can use their wallet to write into the public chain. Any user with Internet connections can read it. Anyone with some BTC can write the business. Anyone with enough computing power can extract bitcoins. That's what the public chain means: every user is a root user.

The future of decentralized finance?—— Linda Xie

One-liner: DeFi 是金融的未来.

One-liner: DeFi is the future of finance.

Linda Xie 谈了 DeFi 的未来. DeFi 旨在重建许多现有金融体系 (例如借贷、贷款、衍生品), 但以一种通常自动化的方式, 并删除中间人. 文章中涵盖了 DeFi 的一些发展方向以及一些可能出现的可能性.

Linda Xie talks about the future of DeFi. DeFi aims to rebuild many of the existing financial systems (e.g. loans, loans, derivatives), but in a way that is usually automated, and deletes intermediaries. Some of the directions of DeFi and possible possibilities are covered in the article.

• 抵押: 对 DeFi 的主要抱怨之一是, 需要过度抵押才能获得贷款. 谁会想锁上这么多资本? 这是对资本的极低效使用, 许多人一开始就没有额外的资金. 然而, DeFi中已经锁定了 5 亿美元?(今天点进链接的话, 可以看到是, 750 亿), 这表明需要使用它. 大家目的主要是为了上杠杆. Linda 认为当时还在 DeFi 的早期, 没有相关的 DID 和声誉系统, 一旦有了更好的身份和声誉系统, 抵押品的要求就会下降 (Lens Protocol?).

  One of the main complaints against DeFi is that over-collateralization is needed to obtain a loan. Who wants to lock up so much capital? This is an extremely inefficient use of capital, and many people have no extra money from the start.

  

• 可组合性: DeFi 最独特的方面之一是可组合性, 可以像乐高片段一样相互插入, 并创建全新的内容.

  Combinability: One of the most unique aspects of DeFi is collusiveness, which can be inserted into each other like a Lego clip, and create a whole new content.

• 资产: Linda 很喜欢把比特币等资产的代币化版本引入 DeFi. 她试想之后传统投资者会将不同资产以代币化形式表示, 然后进行 DeFi 操作.

  Linda was very fond of introducing a monetized version of assets like Bitcoin into DeFi. She thought that after that, traditional investors would express different assets in a monetized form, and then do the DeFi operation.

• 风险: Linda 认为 DeFi 风险很大, 毕竟涉及到合约的可组合性以及各种新的协议造成的复杂性. 还有抵押品价格下跌的风险, 以及日后监管的风险. 她认为可以用一些去中心化的保险项目来对冲一些风险.

  Risk: Linda thinks that DeFi is very risky, after all, about the combinability of the contract and the complexity of the new agreements, the risk of falling collateral prices, and the risk of future regulation. She thinks that some decentralised insurance projects can be used to hedge some of the risks.

最后, Linda 总结当时还在 DeFi 的早期, 但潜力巨大. DeFi 让很多被排除在传统金融之外的人能够获得金融产品, 也创造出了许多新的金融产品. 很多对 DeFi 的抱怨其实只是因为当时太早期了, 开发人员与用户之间的相互吸引让她对 DeFi 的未来很看好.

Finally, Linda summed up in the early days of DeFi, but with great potential. DeFi gave many people who were excluded from traditional finance access to financial products and created many new ones.

The Pseudonymous Economy?—— Balaji Srinivasan

One-liner: 化名经济很重要.

One-liner: The economics of aliases are important.

Balaji 在这个演讲里讲述了化名经济 (不是匿名经济). 化名就比如你在 Discord 和 Reddit 里的身份.

In this speech, Balaji described the economics of aliases, which are not anonymous, like your identity in Discord and Reddit.

他探讨了化名对一个现实世界里的人的重要性. 银行账户在存储资产, 你的真实身份在存储信用和声誉, 而银行账户只有你可以去改变, 身份的声誉是除你以外的所有人来决定的.

He explored the importance of aliases to people in a real world, bank accounts are storing assets, your real identity is storing credit and reputation, and the bank accounts are only you can change, and the reputation of identity is determined by everyone but you.

Balaji 认为人的资产, 言论, 和身份是应该独立分开的. 他以推特为例, 说明了可以通过零知识证明来将人的声誉 (粉丝等) 移植到一个化名身份上, 就像资产的转移一样简单. 这就可以实现隐私与声誉的平衡, 成功将身份和声誉分开了.

Balaji thought that people's assets, words, and identities should be separate, and he used Twitter as an example of how a person's reputation could be transplanted to an alias by proof of zero knowledge, as simple as a transfer of assets. That would balance privacy with reputation, and succeed in separating identity from reputation.

2019 年, 依旧是 Crypto 寒冬. 大部分人会想, Crypto 已经没有发展空间了, 价值就该如此. 长时间的冷淡让大多数的从业者都失去了信心, 但是依旧有人在绝望之谷中保持了独立的思考, 在黎明前的黑暗中, 依然在坚持输出观点, 探索不同领域和畅想未来.

In 2019, it was still the winter of Crypto. Most people would think that Crypto no longer had room for development, and that value would be so.

Credible Neutrality As A Guiding Principle?—— Vitalik Buterin

One-liner: 可信中立性很重要.

One-liner: Credible neutrality is important.

Vitalik Buterin 探讨了可信中立性的重要性. 人们会对政府的安排, 项目代币的分配, 和审查制度和意识形态感到不安. 这实际是可信中立性缺失而导致的一种不安全感. 我们需要一种新的机制 (算法加激励) 来保证可信中立性.

Vitalik Buterin explores the importance of credible neutrality. People are troubled by government arrangements, the allocation of project tokens, and censorship and ideology. This is actually a sense of insecurity caused by the absence of credible neutrality. We need a new mechanism to guarantee credible neutrality.

中立性其实就可以简单理解成公平, 但是中立和公平从来不是完全的. 可信中立性当然还要可信, 也就是机制的设计能说服大部分的普通人, 同时也透明化, 和持久.

Neutrality can be understood simply as fairness, but neutrality and fairness are never complete. Credible neutrality, of course, must be credible, that is, mechanisms can be designed to convince most ordinary people, but also transparent, and lasting.

一个可信的中立性的构建需要满足以下特性:

A credible neutral construction needs to meet the following characteristics:

1. 不要将特定人员或特定结果写入机制 (输入应该更多是参与者的输入, 而不是硬编码的规则)

   Do not write a particular person or result into the mechanism.

2. 开源和可公开验证 (零知识证明非常好地得到了这一点以及隐私)

   Open source and publicly verifiable.

3. 保持简单 (这反而是最复杂的)

   Keep it simple.

4. 不要经常更改

   Do not change often

可信中立性的有效性也很重要. 我们任何的创造都是需要做到有效的, 而不是单纯为了可信中立性而生. 我们的东西要真正地能用, 和能解决问题.

It's also important to be credible and neutral that any of our creations be effective, not simply for the sake of credible neutrality, and that our things be truly useful and solve problems.

Vitalik 总结到, 确保系统最终不会赋予少数人权力变得越来越重要. 我们可以创造可信的规则系统, 那我们就必需保证可信中立性, 有效性和去中心化.

Vitalik concludes that it is becoming increasingly important to ensure that the system does not end up empowering minorities. We can create a credible system of rules, and then we need to guarantee credible neutrality, effectiveness and decentralisation.

A Beginner’s Guide to Decentralized Finance (DeFi)?—— Sid Coelho-Prabhu

One-liner: DeFi 的入门.

One-liner: Introduction to DeFi.

这篇文章是非常详细和清晰的对 DeFi 的一些基础知识介绍, 以及入门手册. 这里就不多阐述了.

This article is very detailed and clear about some of the basics of DeFi, as well as the introduction manual.

The Ownership Economy?—— Jesse Walden (Variant Fund 创始人)

One-liner: 所有权经济是 Web 的下一个大叙事.

One-liner: Ownership economy is the next big narrative of Web.

Jesse Walden 在这篇文章中谈了所有权经济. Variant Fund 的投资逻辑也是专注于所有权经济. 他认为所有权经济是 Crypto 和消费软件的下一个前沿.

Jesse Walden, in this article, talks about the ownership economy. The investment logic of Variant Fund is also focused on the ownership economy. He thinks the ownership economy is the next frontier of Crypto and consumer software.

现在大多数的平台都不是为用户所拥有的. 随着个人在价值创造中的作用越来越普遍, 互联网的下一个进化方向会转向不仅由用户创造, 运营和资助的软件, 这些软件还会由用户拥有.

Most platforms are not now owned by users, and as the role of individuals in value creation becomes more common, the next direction of the Internet will be to move to software that is not only created, operated and funded by users, which will also be owned by users.

所有权是用户以更深入的方式为产品做出贡献的强大动力, 有助于确保随着时间的推移产品更好地与用户保持一致, 从而使平台更加增长和保持创造力, 建立网络效应.

Ownership is a powerful incentive for users to contribute to products in a more in-depth manner, helping to ensure that products are better aligned with users over time, thereby increasing the platform's growth and creativity, building network effects.

从 IP, HTTP, HTML, 到 RSS, BitTorrent (数据分发的创新) 协议的创新充满了破坏性. 消费者想要, 那么所以破坏性的协议出现了. Crypto 也是一种颠覆性的协议创新, 让我们能像 BitTorrent 分发数据包一样分发价值和所有权.

From IP, HTTP, HTML, to RSS, BitTorrent (Innovation in data distribution) the innovation of the protocol is destructive. Consumers want it, so the destructive agreement comes up. Crypto is also a subversive protocol innovation that allows us to distribute value and ownership like BitTorrent distributes the data package.

比特币和以太坊成功的核心就是用户所有权. 矿工, 用户和开发者可以真正拥有这个平台, 赚取价值. 代币的经济激励让协议的发展变得飞速. 所有权经济的典型代表还有 Celo, Binance, Compound, Uniswap, Reddit 等.

The core of the success of Bitcoin and Etheria is user ownership. Miners, users and developers can really own this platform and earn value.

软件正在吞噬世界, 个人所有权经济叙事在吞噬软件.

Software is devouring the world, personal ownership economic narratives are devouring software.

Bitcoin for the Open-Minded Skeptic?—— Matt Huang

One-liner: 比特币并非完美.

One-liner: Bitcoin's not perfect. >/strang'

Matt Huang 阐述了比特币的一些公开质疑. 对于一个事物, 必须要坚持辩证思维, 而不是钻牛角尖, 看不到事物的另一面. 尽管比特币经过十几年的发展, 已经让投资者赚得盆满钵满, 但它依然有争议.

Matt Huang set out some of the public questions about Bitcoin. For one thing, it's got to stick to a dialectic thinking, not to drill the horns, and not to see the other side of the thing. Although Bitcoin has developed for more than a decade, it's got investors full of money, but it's still controversial.

为什么这个时代需要比特币? 因为我们需要一个新的金融系统. 金钱的这个概念是人类思维的最伟大的发明 (另一个是写作). 金钱的主要功能是存储价值, 这让购买力跨越了时间和地理位置. 黄金一直被认为是价值存储的介质. 纸币和美元的统治力主要是取决于对政府的信任.

Because we need a new financial system, the concept of money is the greatest invention of human thinking (the other is writing), money's primary function is to store value, which transcends purchasing power over time and geography, gold has always been considered a medium of value storage, and the power of banknotes and dollars depends primarily on trust in government.

比特币作为一种去中心化的资产, 结合了黄金稀缺, 货币性质, 与数字可转让性, 拥有巨大价值存储潜力. 它稀缺, 便携, 可互换, 可分割, 耐用, 被广泛接受 (这个倒是还没有凸显). 除此之外, 比特币是数字化, 可编程, 抗审查的.

Bitcoin, as a decentralised asset, combines gold scarcity, monetary nature, and digital transferability, with huge storage potential for value. It's scarce, portable, interchangeable, severable, durable, and widely accepted. Besides, bitcoin is digital, programmed, resistant to censorship.

比特币作为金融泡沫, 也说得通. 泡沫资产是内在价值被高估的资产, 那么所有货币资产都是泡沫资产, 黄金也是泡沫资产. 货币可以被想象成一个永不破灭的泡沫, 法币, 黄金或比特币的价值都依赖于集体信仰.

As a financial bubble, it makes sense. Foam assets are inherently overvalued assets, so all monetary assets are bubble assets, gold is bubble assets. Currency can be imagined as an unbreakable bubble, French currency, gold or bitcoin values depend on collective beliefs.

比特币的 11 年历史中有四个泡沫:

There are four bubbles in the 11-year history of Bitcoin:

• 2011: 1 → 31 → 2 美元

  2011: 1 ff 31 ff 2 United States dollars

• 2013: 13 → 266 → 65 美元

  2013: 13 — 266 — 65 United States dollars

• 2013 - 2015: 65 → 1242 → 200 美元

  2013 - 2015: 65 — 1242 — 200 dollars

• 2017 - 2018: 1000 → 19500 → 3500 美元

  2017 - 2018: 1000 19500 US$ 3,500

每次泡沫的破灭都导致了更广泛的信仰, 扩大了比特币作为未来价值存储器的潜力. 但是比特币存在了较多风险: 广泛接受度, 波动性, 监管, 技术风险, 竞争风险, 未知性.

Each burst of bubble leads to a broader belief, expanding the potential of Bitcoin as a future value memory, but bitcoin has more risk: wide acceptance, volatility, regulation, technological risk, competitive risk, uncertainty.

在了解了比特币的优势和风险后, 我们能更加去评估风险和回报, 更加看懂比特币.

After understanding the advantages and risks of Bitcoin, we can assess risks and returns more, and understand bitcoin better.

Creators, Communities, and Crypto?—— Fred Ehrsam

One-liner: 标题概括得很好了.

One-liner: The title is very general.

Fred Ehrsam, Blake Robbins, Jesse Walden 讨论了 Crypto 与创作者与社区.

Fred Ehrsam, Blake Robbins, Jesse Walden discussed Crypto with creators and communities.

他们的一些精彩观点有:

Some of their brilliant ideas are:

• 人们在猜测想法, 而不是交付真正的产品.

  People are guessing, not delivering real products.

• 粉丝社交活动和经济激励是下一代互联网的重要组成部分.

  The social activities of fans and economic incentives are an important part of the next generation of the Internet.

• 比特币本质上是金融性的, 但首先是一个社会社区.

  Bitcoin is essentially financial, but first it's a social community.

• 将创作者经济金融化是非常值得探索的.

  Financialization of the creator's economy is highly worth exploring.

• 名声是一种自我强化的现象, 尤其是在算法世界中.

  Honour is a self-enhanced phenomenon, especially in the arithmetic world.

• 创作者很可能是从分配开始, 而不是众筹.

  The creator probably starts with distribution, not crowds.

• 拥有不完善的原型是一种精神拐杖, 能帮助人们适应一个新模式.

  Having an imperfect prototype is a spiritual crutch that helps people adapt to a new model.

• 社区将像数字民族或国家一样形成.

  Communities will form like digital nations or nations.

What explains the rise of AMMs—— Haseeb Qureshi

One-liner: AMM 是个很好的临时垫脚石.

One-liner: AMM is a good temporary stepping stone.

Uniswap 从本质上来说, 是一个很傻的 x * y = k 的做市机器人. 但是它已经是世界上最大的 DEX.

Uniswap is essentially a stupid x* y & #61; k city robot, but it's already the largest DEX in the world.

Uniswap 的原理就是, 只要略微偏离实际汇率, 那么套利者就会让汇率回归正常. Uniswap 还有个很傻的事情就是无常损失, 做池子通过手续费赚钱, 但是又通过无常损失赔钱, 也就是需求对你有用但是价差对你不利.

Uniswap's theory is that, with a slight deviation from the real exchange rate, the arbitrager will return the exchange rate to normal. Uniswap, and one stupid thing, is to make a profit by making a pool of money through a fee, but also by making a profit through anomalous loss, which is that demand is useful to you but price differentials are bad to you.

Uniswap 通过简单的 300 行代码, 风靡了 DeFi, 使用无需许可的方式, 给任何人提供服务, 同时也不需要任何预言机. Uniswap 的之后也有了一堆有特色的后裔, 各有千秋.

Uniswap, through a simple 300-line code, has the wind of DeFi, in a way that does not require permission to serve anyone, and does not need any prophesy machine.

Uniswap 无法区分零售或者套利, 在无论如何的市场条件下, 都遵从 x * y = k. 例如 Uniswap 这样的最简单的 CFMM, 会赢得稳定币这个方向, 因为完全不需要运营, 集成, 和人力成本. 部署合约, 就会自动运行, 计算成本和 gas 费用也是用户支付 (比 Jump Trading 牛逼多了). 只要在这样的情况下, 做到有 Jump Trading 的 80% 好就足够了.

Uniswap cannot distinguish between retail sales or arbitrage, in any case, subject to x* y & #61; k. For example, the simplest CFM like Uniswap would win the direction of stabilizing the currency, because there is no need to operate at all, integration, and manpower costs. Deployment contracts would run automatically, and calculating costs and gass would also be paid by the user (more than Jump Trading). In this case, 80% of Jump Trading would be enough.

Haseeb 认为 Uniswap 击败订单簿有四个原因: 简单, 监管少, 提供流动性很容易, 易于创建激励. 尽管如此, 他认为 Uniswap 的成功不会永远持续下去, AMM 和 CFMM 可能只是一个技术上的过渡, 只是一个临时垫脚石.

Haseeb believes that Uniswap beats the order book for four reasons: it's simple, less regulated, it's easy to provide liquidity, and it's easy to create incentives. Nevertheless, he believes that Uniswap's success will not last forever, and that AMM and CFM may be just a technical transition, just a temporary stepping stone.

Ethereum is a Dark Forest?—— Dan Robinson and Georgios Konstantopoulos

One-liner: 以太坊的 MEV 是很可怕的掠食者.

Ether's MEV is a terrible predator.

以太坊是一个可怕的黑暗森林, 有着各种顶端掠食者. 这些掠食者采用套利机器人, 来获利, MEV 一词也因此诞生.

Etherwood is a terrible, dark forest with a variety of top predators, who use holstered robots to profit, and the term MEV was born.

有人意外将 Uniswap 流动性发给了合约地址, 由于这些顶端掠食者正在虎视眈眈地盯着内存池里的交易, 所以将流动性从合约中取出来是一件不简单的事情. 作者和一些合约工程师制定了一个混淆计划, 写了一个智能合约, 但是还是解救失败了.

Uniswap's mobility was unexpectedly sent to the contract address, and because these top predators are staring at the transactions in the memory pool, it's not easy to take it out of the contract. The author and some of the contract engineers developed a confusion plan, wrote a smart contract, but failed to rescue it.

最终他们得到的教训是: 黑暗森林中的怪物是真实的, 链上的操作不容得闪失, 不能依赖正常的基础设施, 以太坊的未来会更加可怕. 但是这个未来是可以通过 VDF 和重新修改后的 MEV 来改善的.

In the end, they learned that monsters in the dark forest are real, that chain operations cannot be lost, that they cannot rely on normal infrastructure, that the future of Ethio will be even more terrible, but that the future can be improved through VDF and remodified MEV.

2020 年这一年发生了很多事情, 全球性的疫情爆发, 各国央行的疯狂放水拯救经济, 很多热钱慢慢流入了 Crypto 领域, 在这一年的年底, 牛来了. 无数新鲜血液, 不止是资金, 还有热血沸腾的年轻人流入了 Crypto 圈. 区块链的 NFT 和 DeFi 的基础设施已经完备, 系好安全带, 起飞上月球了.

A lot of things happened in 2020, a global outbreak, the central bank's madness to save the economy, a lot of hot money flowing into the Crypto field, and, at the end of the year, the cow came. Numerous fresh blood, not only money, but also hot young people flowing into the Crypto Circle. The NFT and DeFi infrastructure of the chain is in place, the safety belts are in place, the moon is on the way.

2021 年有非常多的精彩文章, 由于篇幅的限制, 本文只提炼精华中的精华.

In 2021, there were a lot of wonderful articles, which, due to space constraints, only refined the essence of the essence.

Surviving Crypto Cycles?—— Fred Ehrsam

One-liner: 如何度过牛熊转换.

One-liner: How to get past the cow bear switch.

Fred Ehrsam 教你如何度过牛熊转换. 我们需要以身作则专注于任务, 做好主要的事情, 进行压力测试, 考虑筹款, 谨慎团队扩张, 通过多个渠道证实消息, 为马拉松做好准备.

Fred Ehrsam taught you how to get past the cow bear switch. We need to lead by example, do the main thing, do stress testing, think about fund-raising, carefully team expansion, through multiple channels, prepare for marathons.

每个周期过去之后, 整个市场都会更加强大, 在熊市, 就需要做好准备, 抓住机会.

When every cycle passes, the whole market becomes stronger, and in Bear City, it needs to be prepared, to seize the opportunity.

The Value Chain of the Open Metaverse?—— Packy McCormick (Not Boring 创始人)

One-liner: 开放元宇宙的价值无穷.

One-liner: The value of the open meta-cosmos is infinite.

Packy McCormick 从 Web3 聊到了开放元宇宙的价值链.

Packy McCormick talked about the value chain of the open metaspace from Web3.

Web3 是互联网的下一个形态, 用 Crypto 来达成共识与标准, 通过社区治理来建立去中心化的互操作性网络, 同时也赋予了用户自我主权身份.

Web3 is the next form of the Internet, using Crypto to build consensus and standards, to build decentralised interoperability networks through community governance, and to give users self-sovereign identity.

现在的元宇宙却看起来更像封闭的 Web2 模式, 是封闭的. 开放元宇宙最重要的是数字化以及个人数据的可移植性和互操作性, 正如 NFT 的价值不是由中心化平台中介, 而是由用户决定的一样.

Now the metacosystem looks more like a closed Web2 mode, and it's closed. The most important thing about open metacosystems is digitization and the portability and interoperability of personal data, just as the value of NFTs is determined not by centralizing platforms, but by users.

开放元宇宙的价值链会是直接的研发, 零售, 和营销, 去掉了很多的中间环节. 这场开放元宇宙的运动会是资本主义且理想主义的.

The value chain of the open meta-cosm will be direct research and development, retailing, and marketing, taking away a lot of the middle lines. The open meta-cosm movement will be capitalist and idealistic.

MEV and Me?—— Charlie Noyes

One-liner: MEV 的原理和影响.

One-liner: The rationale and effects of MEV.

Charlie Noyes 详细探讨了 MEV 的概念. MEV 是 Miner Extractable Value 的意思, 是衡量矿工在区块内整理交易可以赚取的利润, 比如复制套利者的交易来自己盈利, 这可能会导致其他机器人也发起竞标.

Charlie Noyes elaborates on the concept of MEV. MEV is a Miner Extracable Value, which is a measure of the profits that miners can earn by organizing transactions within blocks, such as copying arbitrage to make their own profits, which may lead to other robots competing.

MEV 对以太坊和普通用户是有害的. 下图中是已实现的 MEV 收益, 现实中的 MEV 行为其实更高.

MEV is harmful to Ether and ordinary users. The following figure shows the realization of the MEV benefits, and the actual MEV behavior is even higher.

目前 MEV 主要是通过矿工来做 Uniswap 的套利, 还有就是从一些智能合约中窃取资金. 未来, MEV 可能会越来越危险, 矿工会更多地冒险去进入危险地带, 导致各种不同的 MEV 以及勾结操作. 这是一种无形的对用户的税收, 是恶性的操作, 同时在本质上对共识造成了不稳定性.

At present, the MEV is mainly a arbitrage of Uniswap through miners, and it's stealing money from some smart contracts. In the future, the MEV may become increasingly dangerous, and mine unions take more risks to enter dangerous areas, leading to different MEVs and colluding operations. It's an invisible tax on users, a vicious operation, and it essentially creates instability for consensus.

MEV 的产生是区块链的复杂性和状态性所导致的通病. 一个理想的解决方案就是在应用层面进行更好的设计, 或者通过提高安全激励 (EIP-1559) 来减轻 MEV. MEV 是一个非常值得探索的道路.

MEV is generated by the complexity and state of the block chain, and an ideal solution is to design better at the application level, or to reduce MEV. MEV by improving security incentives (EIP-1559) is a very worthwhile path to explore.

NFTs make the internet ownable?—— Jesse Walden

One-liner: NFT 是区块链上无法复制的文件系统.

One-liner: NFT is a file system that cannot be copied on the block chain.

Jesse Walden 认为思考 NFT 的一个简单方法是将其当作区块链上的无法复制的文件.

Jesse Walden thinks that a simple way to think about NFT is to treat it as an uncopyable file on the block chain.

NFT 使得拥有数字媒体资产变得可能, 就像拥有比特币等数字货币资产一样. NFT 会让创作者, 受众, 开发人员在数字所有权的市场中赚取更多的收益.

NFT makes it possible to own digital media assets, just like digital money assets like bitcoin.

一个常见的对 NFT 的批评就是 NFT 作品可复制. 但是其实文件被复制和查看得更多, 文化价值就更大.

One of the most common criticisms of NFT is that NFT works are replicable, but in fact documents are copied and viewed more, and culture is more valuable.

NFT 的价值和比特币一样, 信仰者越多, 价值就更高. 长远来看, DeFi 是金融乐高, NFT 是媒体乐高. NFT 的发展刚刚开始.

In the long run, DeFi is financial and NFT is media Lego, and the development of NFT is just beginning.

NFTs and A Thousand True Fans?—— Chris Dixon

One-liner: NFT 具有巨大的粉丝经济潜力.

One-liner: NFT has huge fan economic potential.

Chris Dixon 引用了 1000 个真正粉丝的例子, 展示了 NFT 的巨大潜力. NFT 可以加速创作者直接从粉丝处赚取收益的趋势, 为创作者提供了更好的经济学, 去除了中介, 启用粒度价格分层, 让用户真正拥有 NFT.

Chris Dixon cites the example of 1,000 true fans, showing the great potential of NFT. NFT can accelerate the trend of creators to earn direct earnings from fans, providing better economics for creators, besides intermediaries, to activate the particle price layer, and to give users real ownership of NFT.

A beginner’s guide to DAOs?—— Linda Xie

One-liner: DAO 的入门.

One-liner: Introduction to DAO.

Linda Xie 的入门教程都写得非常好, 这次她介绍了 DAO 的概念, 应用, 工具, 未来, 和潜在的问题.

Linda Xie's introductory curriculum was very good, and this time she introduced DAO concepts, applications, tools, the future, and potential problems.

The Most Important Scarce Resource is Legitimacy?—— Vitalik Buterin

One-liner: 认受性的风险与潜力.

One-liner: Recognition of the risks and potential of sexuality.

Vitalik Buterin 论述了区块链与认受性 (Legitimacy) 的关系, 以及如何利用认受性.

Vitalik Buterin discusses the relationship between block chains and acceptance, and how to use acceptance.

比特币和以太坊网络的开支模式是严重的资源错配. 给矿工的收益远远超过研发的费用. 虽然比特币和以太坊生态能集资数十亿美元, 但是在资金的使用上非常奇怪和难以理解.

The pattern of spending on Bitcoin and Ethernet is a serious mismatch of resources. Revenues to miners far exceed the cost of R & D. Although Bitcoin and Etherconomic energy have raised billions of dollars, it is very strange and difficult to understand how money is used.

很多情况下, 代币不是最终为密钥所有的, 而是由某种社会契约所有的 (比如 VC). 这些社会契约就是认受性 (Legitimacy), 支配着社会地位的博弈. 这个概念其实就是大众所接受的某个结果, 且某个人都预期别人会这样做. 认受性可能是强权带来的, 连续性带来的, 公平性带来的, 或者程序、绩效、参与所带来的.

In many cases, the token is not ultimately owned by the key, but by a social contract (e.g. VC). These social contracts are about acceptance, the game of social status.

我们可以利用认受性的概念来支持公共设施和公共物品的资助. 比如 NFT 就是一个很好的例子, 对艺术家, 或者组织来说是很大的福音.

We can use the concept of acceptance to support the financing of public facilities and goods, like NFT, which is a good example of a great evangelical for artists, or for organizations.

The Great Online Game?—— Packy McCormick

One-liner: Crypto 是个很好玩的游戏.

Crypto is a fun game.

Packy McCormick 在本文中讨论了区块链上的游戏. Crypto 是一个很好玩的游戏, 一个数十亿人在线玩的游戏. 社交媒体是这个游戏的清晰体现.

Packy McCormick discusses in this paper the game on the block chain. Crypto is a fun game, a game that billions of people play online. Social media is a clear expression of the game.

成功的电子游戏的设计需要有频繁反馈循环, 可变结果, 控制感, 与和元游戏的连接 (最重要). 互联网就是一个无限的游戏, 在推特, YouTube, Discord, 工作中扮演自己, 积累身份. 比如马斯克就是一个很好的玩家.

Successful video games need to be designed with frequent feedback loops, variable outcomes, control perceptions, connections to meta games (most importantly). The Internet is an infinite game, playing itself in Twitter, YouTube, Discord, working, building identities.

Crypto 是互联网游戏内的资金. 越是关心自己的身份, 就越可能打开新的可能性, 越是会受到 NFT 的吸引.

The more you care about your identity, the more you can open up new possibilities, the more you're attracted to NFT.

对这个游戏, 不用太认真, 不用等到完美时机再跳进来, 而是慢慢学习, 慢慢积累.

You don't have to be serious about this game, you don't have to wait until the perfect time to jump in, you learn and accumulate.

India & Crypto series?—— Balaji Srinivasan

One-liner: 印度和 Crypto 都是非常有潜力的市场.

One-liner: India and Crypto are very promising markets.

Balaji Srinivasan 在这三篇系列文章中聚焦了印度与 Crypto 的关系, 以及印度未来的巨大 Crypto 潜力.

Balaji Srinivasan focused on India's relationship with Crypto in these three series, as well as India's great future Crypto potential.

Own the Internet?—?by Packy McCormick

One-liner: 以太坊的价值全解.

One-liner:

Not Boring 深度剖析了以太坊的价值.

Not Boring analyzed Ether's value in depth.

以太坊是一台去中心化的世界计算机, 是 Web3 的支柱, 也是互联网货币, 以太坊网络的所有权, Crypto 这一伟大的在线游戏中常用的货币, Yield-generating, 价值存储, 对 Web3 的赌注.

Ether is a decentralised world computer, the backbone of Web3, the Internet currency, the ownership of the network, Crypto, the currency commonly used in this great online game, Yield-gendering, value storage, bets on Web3.

以太坊和 Excel 这个产品其实很像, 能养活几万亿美元的生态. 在 ETH2.0 的拐点上, Packy 认为 Web3 将继续增长, 以太坊升级将会顺利进行, 以太坊会依然是 Web3 的主要 L1.

The products of Ether and Excel are quite similar, and they can feed hundreds of billions of dollars of ecology. At the turn-off point of ETH 2.0, Packy thinks that Web3 will continue to grow, that Etherm upgrading will go well, and that the Etherm will remain the main L1.

Why web3 matters?—— Chris Dixon

One-liner: Web3 的定义.

One-liner: Definition of Web3

Chris Dixon 完整定义了 Web3. Web3 是一个可以被开发者和用户以代币形式所拥有的互联网.

Chris Dixon fully defines Web3. Web3 as an Internet that can be owned by developers and users in the form of tokens.

为什么 Web3 重要? 因为去中心化重要 (可以回过头来看他 2018 年写的那篇文章). 在 Web3 中, 所有权和控制都是去中心化的, 人们可以通过拥有代币来拥有服务 (NFT 和 FT).

Because decentralisation is important. In Web3, ownership and control are decentralised, and people can have services through the possession of tokens (NFTs and FTs).

Web3 是之前的 Web 的优点的融合体. 我们是很早的参与者.

Web3 is the combination of the strengths of the former Web.

Composability is Innovation?—— Linda Xie

One-liner: 标题概括得很好了.

One-liner: The title is very general.

Linda Xie 探讨了最大的创新: 可组合性.

Linda Xie explores the greatest innovation: collusiveness.

DeFi 的例子展现了货币乐高的可组合性. 通过智能合约的使用, Token 可以跨各个应用来使用, 从贷款到衍生品. 对开发人员来说, 通过可组合性, 可以在其他项目的基础上构建产品, 比如在游戏中添加 DeFi 组件, 在 DeFi 中添加游戏. NFT 的金融化也提供了无限的可组合性, 与资金利用率. Mirror 和 Zora 的协作让互相的生态都得到了各自的优势.

The example of DeFi shows the combinability of the money gloom. Through the use of smart contracts, Token can be used across applications, from loans to derivatives. For developers, through collusiveness, products can be built on the basis of other projects, such as the inclusion of the DeFi component in the game, the addition of the game in the DeFi. The financialization of NFT also provides unlimited combinability, with the use of funds. Mirror and Zora collaborates with each other to the advantage of each other's ecology.

可组合性就像互联网一样, 根本上的改变了行业, 打开了一个新的充满可能性的全新世界. 接下来只需要留给创意.

Combinability, like the Internet, fundamentally changed the industry, opened up a new world of possibilities, and then left it to creativity.

The Strongest Crypto Gaming Thesis?—— gubsheep

One-liner: Crypto-native 的游戏.

One-liner: Crypto-native game.

Crypto 不是一个渐进式的创新, 而是打开了新世界的大门. 游戏是新兴技术的领先指标, 是风险相对较低的可探索未来的一个领域, 允许更快的迭代循环.

Crypto is not an incremental innovation, but opens the door to a new world. The game is a leading indicator of emerging technology, an area where risks are relatively low and the future can be explored, allowing for faster iterative cycles.

真正 Crypto-native 游戏会使用区块链作为存储, 智能合约实现游戏逻辑, 根据开放生态原则来开发, 包含数字资产.

Real Crypto-native games use block chains as storage, smart contracts achieve game logic, are developed in accordance with open ecology principles, and contain digital assets.

Endgame?—— Vitalik Buterin

One-liner: 以太坊扩容的终局.

One-liner: End of

Vitalik 解读了以太坊扩容的终局.

Vitalik read the end of Ether's expansion.

对于类似 BSC, Solana 这样的区块链来说, 需要更多的 Rollup. 为了 TPS 和更好的用户体验, 这些区块链不得不会在出块上减少去中心化程度, 因此当我们拥有更多的 Rollup 解决方案的时候, 我们就可以从验证这个角度来去中心化地来验证 (跑轻节点等) 出块阶段的中心化节点是否值得信任.

For blocks like BSC, Solana, more Rollup. For TPS and better user experience, these blocks would have to be less centralized on the surface, so when we have more Rollup solutions, we can verify from this perspective that the centralization nodes of the block phase are trusted.

对于以太坊, Rollup 是个不可避免的趋势, 但是也会在出块上慢慢中心化. 一种可能性是一个 Rollup 统治了 Layer2 生态, 这就和刚刚所说的 BSC 等区块链的情况一样了. 另一种可能性就是百花齐放, Rollup 都在竞争和合作, 这样会导致为了 MEV, 矿工去做好多个 Rollup 的节点, 技术强的节点会慢慢垄断作为 Rollup 节点的这个任务.

One possibility is that one Rollup dominates the Layer2 ecology, just like the BSC and so on. The other possibility is that flowers are on the run, that Rollup is competing and cooperating, which will lead the miners to do a number of Rollup nodes for MEV, and that the technocratic nodes will slowly monopolize this task as Rollup nodes.

这几个路线都走向了同一个结果: 区块生产是中心化的, 但验证是去信任和去中心化, 以及防审查的.

All of these routes lead to the same result: block production is central, but verification is trust and decentralisation, and censorship.

Trading the metagame?—— Cobie

One-liner: Crypto 的投资逻辑.

One-liner: Crypto's investment logic.

Cobie 提出了和 Packy 类似的观点, 牛市 Crypto 的投资是和玩电子游戏类似的.

Cobie made a point similar to Packy, and Crypto's investment is similar to playing video games.

Crypto 投资的游戏主要包含了以下两个好玩的元游戏: 以太坊与以太坊杀手游戏和 NFT 项目游戏. 这其实就是在 2021 年的两个投资的大趋势. 最大的赢家是了解这两个元游戏以及背后原理的人.

The Crypto investment game consists mainly of two interesting meta-games: the Ether and Ether Killer games and the NFT project games. This is actually the two major investment trends in 2021. The biggest winners are those who know the games and the principles behind them.

2020 年的元游戏是 DeFi Summer, 年底变成了 BTC, 然后又变成了 DeFi 的复兴, Shit Coin, Alt L1, 和复古 NFT. 当玩家没有识别正确的元游戏时, 就输了. 一个元游戏从长期投资开始, 到流行, 最后由模仿者层出不穷而结束.

The 2020 game was DeFi Summer, which became BTC at the end of the year, and then DeFi's renaissance, Shit Coin, Alt L1, and antiquated NFT. When the player didn't recognize the correct meta game, he lost. A meta game began with long-term investments, and ended with a lot of mimeographers.

了解元游戏背后原理也非常重要. 比如 LOL 中有段时间 Nocturne 很强势, 那么你就可以一直用这个英雄, 直到他不再强势. 去理解 Avax 和 Sol 的 DeFi 的区别是非常重要的, Sol 和 Avax 没有大的区别, 但是 Avax 的生态是更面向社区的, 因此才让持有者真正收获了收益.

It's also important to understand the principles behind the meta game. For example, there's time in LOL for Nocturne to be strong, so you can use this hero until he's no longer strong. It's important to understand the difference between Avax and Sol's DeFi, Sol and Avax, no big difference, but Avax's ecology is more community-oriented, which is why the holders actually reap the benefits.

去向成功者学习是赢得游戏非常重要的一点. 同时, 去观察社区. 以及 Crypto 领域外的一些技巧: 新上线资产大概率涨, 链上分析, 鲸鱼钱包观察......

Learning from the successful is a very important point of winning the game, and at the same time, watching the community... and some of the techniques outside the Crypto field: new online assets are probably up, chain analysis, whale wallets are watching...

Cobie 也推荐了几种赢得游戏的小技巧:

Cobie also recommended a few little tricks to win the game:

• 尽早识别元游戏, 随着时间推移增加持有.

  A meta-recognition game as early as possible, increasing holdings over time.

• 暂时的失败之后, 就休息一下, 将精神转移到新事物上.

  After a temporary failure, take a break, and turn the spirit into something new.

• 交易员可以使用元游戏来退出或者重新平衡长期头寸.

  Dealers can use meta games to exit or rebalance long-term positions.

• 元游戏可以帮助决定哪些资产适合利用衍生品交易.

  A meta game can help decide which assets are suitable for dealing with derivatives.

• 我们需要独立思考, 来识别思维中的偏见, 这很可能需要很长时间.

  We need to think independently, to identify prejudices in our minds, which may take a long time.

• 当元游戏是所有参与者的共识的时候, 已经晚了.

  It's too late when the game is the consensus of all the players.

The Mirrortable?—— Balaji Srinivasan

One-liner: Crypto 化的风险投资.

One-liner: Cryptoized venture capital.

Mirrortable 的概念主要就是 Crypto 化的 Cap Table.

The concept of Mirrortable is primarily Crypto-Cypto-Captable.

天使投资中涉及到很多 Web2 的工具 (Docusign 等), Web3 中有更多成熟并且更强的工具. 当前的各种 PDF, 邮件, 表格非常过时且混乱, 对个人来说维护成本非常高. Web3 的理想投资流程可以打通各个投资的链路, 将链上和链下的组件都整合起来.

There are a lot of Web2 tools involved in angel investment (Docusign et al.) and more mature and powerful tools in Web3. Various current PDFs, emails, tables are very outdated and confusing, and maintenance costs are very high for individuals. The ideal Web3 investment process can connect investments and integrate components on and under the chain.

这会是一个巨大的赛道 (最近 EthSign 融了 1200 万美元).

It's gonna be a huge track.

2021 是刺激的一年, 币价上上下下好多次, 大家也在 Edging 了这么多次之后, 失去了敏感度. 但是这是 Crypto 广泛进入普通人视野的一年. 街上随处可见的比特币售卖机, 大交易所对体育队伍的各种一掷千金的赞助, 无数的禁令和监管也被冷不丁砸在 Crypto 头上. “Web3” 的叙事给 Crypto 正明, 大家觉得自己真是对抗 “Web2” 寡头的正义使者 (但是不得不承认大多数人只是为了赚快钱), 无数宏大的叙事让加密货币的投资者深信不疑, 各个生态 (不止是比特币和以太坊) 也有了自己的信徒.

"Strong" 2021 was a year of excitement, money went up and down many times, and people lost their sensitivity after Edging, but it was a year of Crypto's wide access to ordinary people.

这一年还没过去, 发生在昨天, 所以推荐直接阅读这些文章, 跟进 Crypto 最新的发展.

The year hasn't passed, and it happened yesterday, so it's recommended to read these articles directly, follow up on Crypto's latest developments.

2021 NFT Year in Review?—— 1confirmation

One-liner: 标题概括得很好了.

One-liner: The title is very general.

这篇文章我就不详细介绍了. 但是这篇对 2021 年 NFT 的复盘, 有 32 页, 足以证明 NFT 在 2021 年有多火热.

I'm not going to go into this article in detail, but this copy of the 2021 NFT, with 32 pages, is enough to prove how hot NFT was in 2021.

Soulbound?—— Vitalik Buterin

One-liner: 灵魂绑定的 NFT.

One-liner: soul bound NFT.

作为魔兽世界老玩家, Vitalik 通过灵魂绑定的概念, 来讨论去中心化身份认证相关的内容.

As an old gamer in the world of monsters, Vitalik discusses the content of decentralised identification through the concept of soul binding.

灵魂绑定的概念如果用到 NFT 上, 那么 NFT 就是无法转让的. (实际上, 对于一些人来说, 某些 NFT 已经是他们的灵魂绑定之物了, 比如 richerd.eth 就说自己无论如何也不会卖 CryptoPunk #6046, 这已经是他的 identity 的一部分了, 可以详细看这个 Thread)

If the concept of soul binding is used on NFT, then NFT is untransferable. (In fact, for some people, some NFT is already their soul binding, for example, richer.eth says that he would never sell CryptoPunk #6046, which is already part of his identity, so look at this Thread in detail.)

Vitalik 探讨了 POAP, CityDAO, 和 Adidas 的抢先购买 NFT. 他说对当今的 Crypto 的普遍批评就是一切是以金钱为导向的, 限制了围绕物品的文化的吸引力和可持续性. 在 Crypto 圈中实现一种围绕不可转移性来设计的方案, 能解决这个问题. 但是, 赚钱是吸引人进入 Crypto 圈的一个很大因素, 所以不可转移性 (意味着无法炒作) 与吸引力和现在的普遍设计有着一些矛盾.

Vitalik discussed POAP, CityDAO, and Adidas' pre-purchase of NFT. He said that the widespread criticism of Crypto today was that it was all money-oriented and limited the attractiveness and sustainability of the culture surrounding the goods.

Hyperstructures?—— Jacob Horne (Zora 创始人)

One-liner: 标题概括得很好了.

One-liner: The title is very general.

Jacob Horne 提出了一个新概念, Hyperstructure, 这会是 Crypto 的新心智模型.

Jacob Horne proposed a new concept, Hyperstructure, which would be a new mental model for Crypto.

区块链创造了 Hyperstructure 的架构, 区块链上的协议就是 Hyperstructure. 它们无法被关停, 免费使用 (gas 不算), 有价值积累, 有激励, 无需许可, 多方获利, 可信中立.

Block chains create the structure of Hyperstructure, and the protocol on the block chain is Hyperstructure. They can't be shut down, they can't be used for free (gas not counting), they're valuable accumulation, they've got incentives, they don't need permission, they're profitable, they're credible neutral.

Hyperstructure 会服务数百万个接口, 价值可以反哺生态, 构建上协议优先, 流动性高, 赋予参与者所有权与治理权, 构建周期长.

Hyperstructure will serve millions of interfaces, value can counterfeasible ecology, build agreements first, be highly mobile, give participants ownership and governance, and build cycles long.

Jacob 将 Hyperstructure 比作社会的基础设施, 认为它会是互联网时代创造出的造福后代的美丽基础. 我们正在进入一个全新的领域, 我们应该拥抱这个未知的变化.

Jacob compares Hyperstructure to the infrastructure of society, believing that it will be a beautiful foundation for future generations created by the Internet age. We're entering a completely new field, and we should embrace this unknown change.

Sufficient Decentralization for Social Networks?—— Varun Srinivasan

One-liner: 下一代社交网络.

One-liner: Next Generation Social Network.

Varun 探讨了下一代社交网络充分的权力下放, 网络的去中心化, 名称注册的去中心化, 和项目早期成员的有效激励.

Varun explores the full decentralization of the next generation of social networks, the decentralisation of networks, the decentralization of name registrations, and effective incentives for early members of the project.

2022 刚开始, 但是我状态爆炸的推特关注列表让我感觉, 这一切都发展的太快了. 在一个熊市的氛围里, 一些 PPT 项目都能融到好几百万美金. 不同的新的话题涌现, zk, NFT, 基础设施, Alt-EVM, DeFi, 监管...... 政治, 经济形势, 人文...... 都太疯狂了, 但是我相信, 之后只会更加疯狂.

2022 just started, but the Twitter list of my state blew up made me feel that it all went too fast. In a bear city atmosphere, some PPT projects could melt into millions of dollars. Different new topics came up, zk, NFT, infrastructure, Alt-EVM, DeFi, to oversee... politics, economics, humans... were crazy, but I believe that then it would only get more crazy.

从 1997 年到 2022 年, Crypto 有了越来越多样化社群, 各个观点开始由点到面, 波及的领域从比特币领域开始, 越来越广, 拓展到了人文、经济、政治..... Crypto 在崩溃、融合、新生的循环中, 螺旋上升.

From 1997 to 2022, Crypto became a more diverse community, starting from the point to the face, from the point to the point, from the point to the point, to the area of bitcoin, to the wider, to the human, economic, political...

通过对 Crypto 游戏的赢家的观点的观察, 我们发现, 其实在这些长远的 Foresight 中有着无数的财富密码. 在他们的文章和推特发布的两三年后, 我们才会恍然大悟: “原来是这样.” 我们想出来的精彩 idea, 在 3, 4 年前就被提出和讨论过很多了.

By looking at the view of the winner of the Crypto game, we found that in these long-term Foresight there were countless pieces of wealth code. Two or three years after their articles and tweets, we realized: "That's the way it was," the idea that we came up with was raised and discussed a lot three, four years ago.

但是这其实无所谓, 我们所要做到的就只需要是去学习和思考. The more you learn, the more you earn; the more you know, the more you grow. 闻道无先后.

The more you learn, the more you learn; the more you know, the more you grow.

感谢 Dan Romero 创建了 Crypto Readings 的阅读列表. 本文内容均基于阅读列表所写.

Thanks to Dan Romero for creating a reading list of Crypto Readings. The text is based on the reading list.

1997:

https://book.douban.com/review/13489362/

https://bitcoinmagazine.com/culture/bitcoin-and-the-sovereign-individual-thesis

2008:

https://cointelegraphcn.com/news/bitcoin-white-paper-turns-13-years-old-the-journey-so-far

https://www.sohu.com/a/457337744_120340030

2021:

https://www.sohu.com/a/507780263_121118710

中文推特：https://twitter.com/8BTC_OFFICIAL

英文推特：https://twitter.com/btcinchina

Discord社区：https://discord.gg/defidao

电报频道：https://t.me/Mute_8btc

电报社区：https://t.me/news_8btc

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