Tanfront

Background

Bitcoin currency created a centralized password precedent to go more than five years to fully test the feasibility and safety of the block chain technology. Bitcoin block chain is a distributed database in fact, if we add a symbol in which - bit currency, and provides a set of protocols that this symbol can be transferred safely on the database and does not require trusted third party , a combination of these features perfectly constructed a currency transfer system - Bitcoin network.

is not perfect, however credits bits, wherein the extender is a lack of agreement, e.g. the network is only one bit currency symbol - bit credits, users can not customize the additional symbols, which may be behalf of the company's stock or debt obligations, etc., which lost some function. In addition, Bitcoin protocol was used a stack-based scripting language, this language, while having some flexibility, so that the multi-signature like this functionality is achieved, but it is not sufficient to build more advanced applications, such as decentralized exchange Wait. Ethernet Square from the design is to solve the problem of Bitcoin scalability issues.

Design Principles

concision

Square Ethernet protocols as simple as possible, even at low efficiency on some time and the cost of data storage. An ordinary programmers can perfectly to achieve the full development notes. This will eventually help to reduce any particular individual or elite group may impact Ethernet protocol and advance Square as a prospect open to all protocols. Adding complexity of optimization will not be accepted unless they provide a very fundamental benefits.

General Principles

is not "feature" is a fundamental part of the design philosophy Ether Square. Instead, Square provides an internal Ethernet Turing complete scripting language for the user to build any intelligence contracts can be precisely defined or transaction type. Want to build a full-scale Daemon (Daemon) or Skynet (Skynet), you may need thousands of interlocking contracts and determine feeding them generously, anything is possible.

modular principle

Square different portions of ether should be designed as modular and separable. The development process should be able to easily make somewhere in the agreement to make a small change, but at the same time the application layer without modification can continue to operate normally. Ethernet Square development should do these things in order to maximize the useful to the entire encryption monetary ecosystem, not just their own.

principle of non-discrimination

protocol should not actively try to limit or hinder a particular category or use of all regulatory mechanisms in the agreement should be designed to direct supervision harm, no candidate specific unwanted applications Figure opposition. One can even run in an endless loop on the Square Ethernet script, as long as he was willing to pay transaction fees are calculated step calculation.

functional application

Ethernet Square is a platform that provides various modules above it allows users to build applications, if you build applications compared to building a house, it provides Ethernet Square on the wall , roofing, flooring and other modules, the user simply like building blocks to take up the house, thus establishing the cost and speed of applications on Ethernet Square are greatly improved. Specifically, Ethernet Square to build applications by a Turing-complete scripting language (EthereumVirtualMachinecode, referred to as EVM Language), which is similar to assembly language. We know that the direct use of assembly language programming is very painful, but Ethernet Square in the programming does not require direct use of EVM language, but similar to the C language, Python, Lisp and other high-level language, and then turn into EVM by the compiler language.

on the application of the above mentioned platform, in fact, the contract, which is the core Ethernet Square. Contract is a live Ethernet Square in the system of automatic agents, who have their own currency Ethernet address when the user sends a transaction to the address in the contract, the contract is activated, then additional information based on transactions, the contract will run their own code, and returns a result, this result may be sent from the address of another transaction contract. It should be noted that the Ethernet Square in the transaction, not just send Ethernet coins only, it can be embedded in a considerable amount of additional information. If the transaction is sent to the contract, then the information is very important, because the contract will be done its own business logic based on that information.

contract to offer services, is almost endless, its boundary is your imagination, because Turing-complete language provides complete freedom, allowing users to build a variety of applications. White Paper cited several examples, such as savings accounts, user-defined sub currency.

development history

at the end of 2013, Square founder VitalikButerin Ethernet Ethernet Square released the first edition of the White Paper, launched the project. Since July 24, 2014, Ethernet Square for a period of 42 days pre Ethernet currency. In early 2016, Square Ethernet technology has been recognized by the market, prices started to surge, attracting a large number of people outside developers into the world of Ethernet Square. Three Bitcoin exchange of fire two Chinese currency network and OKCoin currency row in May 31, 2017 formally launched Ethernet Square.

Since entering in 2016, those who pay close attention to digital currency industry are eagerly watching developments in second-generation Ethernet platform encryption monetary Square.

As a relatively new use Bitcoin technology development projects, Ethernet Square is committed to implementing a global decentralized and non-proprietary digital computer technology to perform ad hoc contracts. It is simply, Ethernet Square is a world you can not turn off the computer. Encryption architecture combined with innovative Turing completeness can promote the emergence of a large number of new industries. In turn, the pressure to innovate traditional industries growing, and even face the risk of obsolescence.

is in fact a bit credits distributed network database, and is further Ether Square, she can be viewed as a distributed computer: block chain is a computer ROM, a contract is a program , and Ethernet Square miners are responsible for calculating, as the role of the CPU. This computer is not, and can not be free, otherwise anyone can fill a variety of junk store information and perform a variety of computing trivial, at least use it to pay fees and storage fees calculation, of course, there are other costs .

The most well-known in early 2017 with JP Morgan Chase, CME Group, Bank of New York Mellon, Thomson Reuters, Microsoft, Intel, Accenture and a number of the world's top 20 financial institutions and technology companies set up business Ethernet Square Alliance. The birth of the Square Ethernet Ethernet encryption currency currency after the recent Bitcoin became sought-after assets.

Project controversy

Ethernet currency take root in China, attracted market have eyebrows, but prices have hit a record high at the time of the arrival of Ethernet currency, foreign scholars have pointed out throughout intelligent Ethernet currency contracts, the 10% is a Ponzi scheme, that someone made financing whereby too square platform project funding, and Ethernet currency has become a medium, which may just be a project financing plan yourselves. Seems to be fair Ethernet Square crowdfunding, in fact, the reality is completely equal monetary financing, Ethernet currency cost of others is $ 300, your etheric currency cost is 1,800 yuan, and then do a project together hold together. The so-called 30% of the profit rate is actually 600% profit on the basis of making a profit on the currency, the last tray is a high currency admission disk access Xia.

Market participants pointed out that crowdfunding project on Ethernet Square platform there are many risks, first of all Ethernet currency than to the center of digital currency, there is a huge village and holds more than 80% of the currency, has not been fixed, rather each coin in the head all the people hung a sharp knife; secondly Ethernet Square crowdfunding monetary 4-5 minute rounds were lifted, the need for cash, so the more crowdfunding project, the greater the pressure to lift the embargo; the third crowdfunding Fund financing effect, every crowdfunding requires ten times the Ethernet Square waiting digital currency financing, not involved in the transaction, this part of the money to re-enter the market after the end of crowdfunding to suppress; to participate in the fourth crowdfunding fund profit, public the purpose of the fund is to raise profitability, financial credits to the Ethernet is not actively involved in crowdfunding but to sell, and then wait to buy when the currency fell again returned to the user, which is the standard "short profit"; fifth Ethernet Square the nature of all crowdfunding projects have not established currency status Ethernet Square, but to be deducted points, in the form of transaction taxes, it is equivalent to Taobao currency, as Lynx integration, capable of reaching but can never replace currency function.

It is noteworthy that, when in June 2017 the US technology stocks fell, the Ethernet currency at a record $ 407 / month highs after that, as of June 15, its price also followed US technology stocks in a row It fell, down 15%.

achieve

Potential applications of intelligent contracts. Bloomberg Business Week called it a "shared by all but the software can not be tampered with." More advanced software it is possible to create a network with an Ethernet Square store.

Block Chaining program

Ethernet Square can be used to create a decentralized program, self-organization and intelligence contracts, according to The New York Times reported in May 2016 have been several ten programs available. The intended target applications covering finance, networking, farm to table (farm-to-table), smart grid, sports gambling. Decentralized autonomous organization operating model has the potential to make a lot of the original can not run or high cost possible. More well-known applications are:

• to the center of Venture Capital: TheDAO with Ethernet currency funds founded, the goal is to create a new decentralized business model for commercial enterprises and non-profit organizations, TheRudimental allow independent artists crowdfunding on the block chain.

• socioeconomic internet: Backfeed.

• decentralized market forecast: Augur.

• Things: Ethcore (an Ethernet Square Company) developed by the client, Chronicled (one block chain company) issued a physical asset verification of Ethernet Square block chain platform; chip companies, physical IP creators and producers can be verified with implanted Bluetooth or NFC. Slock.It development of intelligent locks can be opened automatically in post-paid, post-paid users can make to help electric vehicle charging, or open the door of the B & B.

• virtual items trading platform: FreeMyVunk.

• copyright authorization: UjoMusic platform for creative people with intelligent music publishing contract, consumers can pay directly to the creator. Imogen Heap use this platform released a single.

• Smart Grid: TransActiveGrid allows users to neighbors and trading energy.

• decentralized options market: Etheropt.

• peg tokens: DigixDAO provide pegged to gold tokens, in April 2016 formal operation. DecentralizedCapital offers a variety of currencies and tokens.

• Mobile Payment: Everex let foreign workers remittances back home.

Client Software

Ethernet Square is the Geth and Parity.

Enterprise Software

enterprise software company also is testing with Ethernet Square as a variety of purposes. Interested known companies including Microsoft, IBM, JP Morgan Chase.

• Deloitte and ConsenSys announced in 2016 the establishment of digital bank ProjectConsenSys.

• R3 Ethernet private company running on square block chain MicrosoftAzure, 11 connect to a bank account book distributed (distributedledger).

• MicrosoftVisualStudio Solidity provider developers to use a programming language.

• The British government agency responsible for promoting innovation InnovateUK provides nearly 25 million pounds to Tramonex Square development with Ethernet cross-border payment systems.

sanctioned system of accounting

There are many solutions being studied to create a block chain sanctioning system using Ethernet Square.

• JP Morgan intends to create a private block chain "Quorum" with the etheric Square. Its function is shuffled derivative financial products and transaction records to protect the privacy of traders, but at the same time matching the financial regulatory requests for information on the public, in order to find a balance between the protection of privacy and information disclosure.

• The Royal Bank of Scotland to create a distributed platform for billing and intelligent Ethernet Square contract a clearing and settlement mechanism (ClearingandSettlementMechanism, CSM), the pen can reach 100 transactions per second, simulation six banks, the average trip between 3-8 seconds to complete, in that these values ​​with the national payment system is acceptable.