Bitcoin is hovering around US$6,500, while Ethereum has fallen below US$300. Many tokens have returned to zero. Former Paypal CEO Bill Harris said this month that Bitcoin will also Zero.
The market is so sluggish that in recent weeks, many mainstream media have begun to report on the hard-hit cryptocurrency market with headlines such as "cryptocurrency in crisis".
However, for the old people in the cryptocurrency circle who have been paying attention to the cryptocurrency field for 5 years or more, the natural reaction is, when will cryptocurrency not be in crisis?
The deep and chaotic crisis has always been the natural state of the open source technology of encrypted digital currency. Blockchain has attracted a diversified, global, and unleaded social group to explore a concept that is expected to restructure the economic structure. This is a huge social experiment.
The result of this big experiment is still unknown. However, the prospect of replacing the centralized ledger for 5000 years with a decentralized computer consensus model is full of potential for change. Naturally, this process will produce crazy and unpredictable speculation and hype, and it will often lead to fear and disappointment. At the same time, it will inevitably lead to price fluctuations.
One fact learned from the old guns in the currency circle is that Bitcoin's ability to survive a crisis has just proved its value. The metaphor most often used to describe the resilience of Bitcoin is the "honey badger." But in fact, the metaphor of "sewer rats" is more appropriate: Bitcoin is an underground rodent that is hard as a nail. It has proven that it can accept various challenges from the world.
Increasingly fragmented and fragmented economies need open, self-healing systems that can withstand threats. The best way to build this resilient system is to expose it to threats so that the system can respond in a self-correcting manner. Bitcoin, which is not protected by any corporate IT team firewall, is experiencing this challenge.
The latest round of bearish cryptocurrency efforts is destined to be slapped in the face as in the past. The price rebound after the crisis will prove them wrong, but this is not the subject of this article. History is not a prologue. Bitcoin rebounded from $210 to a peak of $1,150 in 2013, and there is no guarantee that it will rebound from the current nearly $6,500 back to the peak of $19,783 at the end of 2017. It may go even lower.
What needs to be discussed is how the cryptocurrency community should use this moment to forget about price fluctuations and allow the world to participate in the discussion of the potential of blockchain technology. Discuss the prospects of peer-to-peer exchanges, smart contracts, and distributed applications.
What should the cryptocurrency movement be like? What can cryptocurrency and blockchain technology achieve? In this trend, how do people position themselves? At the time of 2018, what do the cryptocurrency and blockchain communities represent?
Some rigid program developers may think that it is no better to trouble themselves with these abstract problems than to struggle with the price level. The most important thing they need to do is to write code and develop real, battle-tested features.
To be sure, the distracting hype has dissipated in the late stage of the bubble. This is indeed a good time for programmers to complete their work. It is no coincidence that both Segwit and Lightning Network were developed during the Bitcoin price downturn. Yes, Ethereum's ERC-20 token standard was also formulated during this period, which paved the way for the 2016-2017 ICO boom.
But it must also be admitted that the participation of other people in this technological advancement is also crucial, including those from the corporate world-the corporate community that core cryptographic personnel tend to ignore. The identity that constitutes the blockchain community is complex and diverse. Aspects.
During the previous Bitcoin market downturn, when Bitcoin developers were working on scaling solutions, novices such as lawyers, bankers, supply chain managers, and regulators began to be interested in blockchain technology. In order to satisfy their interest, Some platforms based on the franchise blockchain (private chain and consortium chain) have emerged, including IBM Fabric introduced in the Hyperledger project, and Corda of the R3 alliance.
By 2018, when cryptocurrency investors are still licking their wounds and thinking about what will happen in the future, corporate solutions based on franchising are moving forward, moving from proof-of-concept to real-world applications.
There are two examples recently. One is the World Bank (World Bank), Microsoft (Microsoft) and Commonwealth Bank of Australia (Commonwealth Bank of Australia) jointly issued the first blockchain bond. In addition, Maersk (Maersk) and IBM announced that 94 companies have cooperated with their Supply chain, shipping and logistics platform TradeLens signed a contract.
Many cryptocurrency developers look down on these enterprise-driven private blockchain solutions and think that this is a retrogressive solution. This blockchain technology usually uses Bitcoin's previous consensus solutions, such as Byzantine fault tolerance and trustworthiness. The entity manages the network, and the franchise-based blockchain will eventually prove to be inferior to the blockchain system that does not require a franchise, just as the open Internet with wider access defeated the private enterprise in the walled garden in the 1990s. "Intranet" is the same.
But these work based on the solutions promoted on the licensed blockchain are also very valuable.
Unless large-scale solutions like lightning and sharding are fully functional, when public blockchains introduce distributed applications on a large scale, they will not be as easy to use as on licensed blockchains. At the same time, people really need to learn a lot from these real-world private blockchains. For example, in the TradeLens project, what standards and practices will shippers, manufacturing companies and customs agents adopt when integrating smart contracts to coordinate the transportation of goods across multiple jurisdictions?
This kind of cross-community learning is exactly why those abstract issues are important.
In a diversified or even divided community—public blockchain vs. private blockchain, Bitcoin vs. Bitcoin Cash, etc., there is indeed a common vision. In the big tent of blockchain, what Is the most important commonality? People need to describe shared identities more constructively, instead of using the identity tags that many people outside the community have for blockchain practitioners: nerds, fanatical cultists.
It is generally recognized that a decentralized consensus mechanism enables people to collectively evaluate the accuracy of shared information, which can help society more effectively overcome the cost of trust and solve the long-standing human problem of trust. In this new model, they have all seen great opportunities for value exchange without intermediation. Through this opportunity, they have opened up the market and opened up innovations that bring better results for everyone.
Blockchain is a complex, multi-dimensional social technology, and its full potential requires different types of expertise. Of course, we need a lot of protocol development and application design. In addition to the engineering field, we also need legal reforms, governance solutions, standard agreements, marketing, and education.
The price slump from 2014 to 2015 is also instructive. At that time, the interest of bankers and lawyers was inspired by the market frenzy they witnessed in 2013, and they began to understand blockchain technology. In doing so, they sparked a valuable social debate about the challenges and opportunities presented by blockchain.
Even when banks attempted to adopt a blockchain without Bitcoin, some stupid regulatory solutions like bitlicense appeared, but the conversation with the mainstream society led wise blockchain advocates to establish a dialogue with decision makers and society. Valuable channel.
As securities regulators work hard to solve the problem of how to define and manage tokens, as well as the Token Alliance and others put forward a useful framework for self-regulation, it is now clear that it is possible to take more actions.
A time when the bubble bursts and the market enthusiasm fades like this one is an ideal time to promote this kind of multi-stakeholder initiative.
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