“Years of micro-innovation” with scattered virtual world hotspots

Dialogue at the trot

Wang Wei, Senior Blockchain Practitioner

For our last recap of the year 2021, we chose Virtual Worlds. Because the virtual world is the craziest place in 2021. To put it in one sentence, "I don't understand, I was surprised, but after the crash I still don't understand." DeFi2.0, NFT, GameFi, metaverse, Web3.0, DAO ... We don't know where the meta-world ends or what the future holds, but there are still some known and known events to sniff out. .

VCs and traders are still discussing many new ideas, and after a long discussion, everyone will see that the farmer has no rights. So, should the code farmers be sleeping, or should it reflect the fact that too much skill will affect the "flour"? These new strategies have supported many projects with a turnover of several billion or billion dollars. Is this still a challenge? for

Like the world of real estate and speculation, efforts and financial changes are needed to support them. Are there any financial improvements after Metaverse and Web 3.0 DeFi? Or will DeFi finally “Apple” and be a part of it?

So this year the details of this end of the year should be written with the DeFi developers.

· Contents ·

01

What is Web3.0?

01:54 dr hab

For this year's decision, we picked the right results. If I could write my thoughts down in one sentence it would be "I can't understand it, but I was shocked, but after being shocked, I still don't understand".

Have thoughts. I didn't know it was a fantasy. NFT, web3.0, Metaverse, GameFi, etc. New ideas that never end are almost always brought up by traders or VCs, usually for a long time. However, I have found a handful of A Code farms. Is it true that developers are less likely to like this new concept?

02:04 Wei Vang

He's never been like him. Recently, a lot of exchanges with friends have taken place, and there are still a lot of teams working in this direction, whether it's web3.0, metaverse, or gamefie, and income or very big. Robust.

But the biggest problem is that there is no integration of the concept of web3.0 and meta edge.Talking to each team will let you know what they are doing, but not everyone uses that word to describe it. Since Web3.0 was an early concept, it seems a bit mature now, but it's hard to say who made it as it is a macroscopic concept with a low level of visibility. Instead, the "meta-edge" is unique.

04:02 dr hab

What is web3.0 understood by Mr. Wang Wei?

04:08 Wei Vang

such a difficult question. In fact, web3.0 was first claimed by Gavin Wood and was one of the main developers of Ethereum, and later became Polkadot, among others. When Web3.0 was first announced, blockchain-based content such as ENS, Ethereum's domain name, website development direction related to blockchain or other technologies, such relationship between the bathroom is very clear, although it is a commercial product, but it is also the infrastructure of web3.

So of course it's about website design with blockchain or digital technology related technology, and I don't think that has changed. However, the “heritage” is still very heavy in the final analysis. Like the blockchain industry, they are not like “data” on the Internet and can be expanded and copied. So what else is available in web3.0? Wherever social media and games are seen, web3.0 won't necessarily fit in with everyone's perception.

02 ib

What is the role of DeFi in Web3.0?

06:08 dr hab

I have in mind a categorization of these new ideas, but Metaverse, web3.0 and GameFi are groups, but DeFi is not the same, so I didn't break them into groups.

There are many types of economics and businesses in the real world, followed by real estate and stock market speculation, financial infrastructure that requires borrowing and leverage, and liquidity in the primary and secondary sectors. The financial process after the game, the NFT operation and the real estate valuation is DeFi.DeFi financial infrastructure is also needed to support the meta world.

07:36 Wei Vang

I think this is where future improvements can be confusing or confusing. In the real world, we can tell the difference between two things: "material" and "financial". For example, a house is not "financial", but in the process of buying a house, the mortgage is financial.

However, in the case of Web 3.0 or meta-edge worlds, the boundaries are blurred or visible only during installation with no visible partitioning. In the meta-world, since the entire world is virtual and digital, the terms “money” and “asset” both exist on the same blockchain. Where is this divider?

We may need to use a "partial description" method to separate data and assets or resources. In other words,Web3.0 can also contain "data" and "an asset", but "an asset" must be based on the blockchain and have a relation and a relation with the "information on the part".

I think this should be a long problem with web3.0, and the answer is only possible for everyone. We all think about our own answers, but in the end, only one will be right. Personally I like the "property" which will be more important. This is the difference between web3.0 and web2.0. The divider will move and the "trump" can fit into the lower layer.

10:01 Three

So if you are really into web3.0 in the future, maybe there won't be any idea about DeFi.

10:19 The Garden Doctrine

Yes, it can be a part. Our goal for DeFi is to create a web3.0 or meta-global marketing platform, but in the end it won't be as independent a market as the real financial market. Web 3.0 thinks so.

03

Looking back on 2021: DeFi is changing this year. Why DeFi 2.0 is back?

10:51 NON

Next, let's take a look at DeFi's changes in 2021. Why is DeFi 2.0 reappearing now?

11:03 Wei Vang

The most iconic DeFi and encryption sites of recent years have quickly changed to hotspots.It could also be because it features some major changes like the meta-universe, web3.0, central bank digital currency, and oversight.

Uniswap released version 3.0 earlier this year in March. Every time Unitswap releases a new one, the short DeFi period ends. After that it gets hot, cracked and sometimes feels a bit downhill.

But there are other big changes this year. Uniswap has released the Commercial License (BSL). It was a "man's contract", but it made it clear that no one would be able to assert my rights to the company in 3 years. Found by any entrepreneur or business, the best cloning project like Sushi Swap like never before will never happen again.

This situation has a huge impact on DeFi. Last year was “the year of renewal”. After the release of Uniswap, there was a wave of leadership and the sushi was done. .But this year, DeFi came into conflict. The impact of new developments is not imprinted and everyone will do their best to participate in the various "micro-innovations". All kinds of focuses have been seen in the market, countless small tasks have been developed, and hotspots are evolving rapidly.As a result, the concept of DeFi 2.0 suddenly appeared.

This year, a dazzling innovation in the capital flow structure and collateral structure or mining / incentive structure, represented by OlympusDAO, had the effect of adding a total project cost (TVL) lock.

After the release of this model, it became very popular and TVL increased with some claiming that it should be DeFi's next development. However, I do not agree with the term DeFi 2.0 because I believe it is a new development of distribution or mining models, and not a new development of financial or equipment equipment. industry standards.

In return, we often discuss with others the need to introduce various business models and financial instruments such as payment like reinsurance (conversions) and loans like deposits. These financial models and products, which are traditional and very important in traditional finance, have not yet appeared in DeFi today, and at least without good support. It's called DeFi 2.0.

04 ib

Rethinking “like”: can it change the many “organizations” in people's lives?

21:21 TSI

We talked about DeFi at the start of the year, and this was the first time we wanted to 'like'. Think Back to the End of the Year The terms that were updated and new at the start of the year are now used lightly for them, so if you think about it, it's not surprising. .

For example, Automated Market Making (AMM) uses algorithms to find value. This "automatic" value search mechanism is already available in traditional trading, but is already achieved by the high frequency trading strategies of many trading centers. Practice everyone is trying to "find the value".

But what I heard recently isDeFi appears to have a broad concept used in business or support systems and procedures to transform various "organizations" in our real world, such as businesses, governments, institutions, trust, etc.Isn't that a "calculation"? Counting can avoid some risks, if you avoid those risks, your organization won't have to manage those risks, right?

23:31 Sermons

To the right. Not only that, but you have to use an agency to handle these products, at a higher cost and with a higher risk. Yes, if it was the simplest 'computerized' process like swapping or borrowing it would be the most direct way to run it directly on a computer, at best, and at the lowest price. . Hiring someone to manage it should be the best option, as it affects “human” risks and costs.

For example, a hardware development like Ethereum can at least change the existing corporate partnership or SWIFT. This is the basic network because the first has "banks" and the second has "interbank networks". Use this network to do “pure counting” activities to involve people in counting. , deceptive and costly.

But I must add a point. These are "other organizations" and I would like to put it this way:Blockchain, or a counting device, should only replace the "calculate" part of the organization.

“Organizing” itself is not standard counting practice.Coase speaks of "the nature of the business" or "the rights of the business". Its main idea is that "a business is a bureaucratic organization, and the most important thing of a bureaucratic organization is that" decisions at a higher level are carried out unconditionally. “low.” “Occupation” may be “mathematical,” but the status of “non-statutory” is that the person “will” be judged by the higher authorities of the organization because of their knowledge of the situation. And that should not be included.

科斯；Photograph by University of Chicago

For example, a decentralized autonomous organization "DAO" (DAO) can change the way people exchange values. For example, if you give me 500 RMB, what should I do? , he does. However, there is no substitute for a bureaucratic system that "gives higher order to lower and lower levels of smooth operation". This is because it has nothing to do with counting the current process.

You will therefore see that DAO does not replace a company of this level. So Coase says:The most important thing in a business "process" is the cost and performance of a business which is more stable than the trading relationships of businesses.

So I think a business can change by calculation, but bureaucracy in a business cannot be changed by calculation. They go their separate ways and have their own reasons. So, for years, I disagreed with the claim that "DAOs can change or kill businesses". Without a better business idea or math that goes beyond Coase's company limits to prove it, counting can't change everything in the world, let alone financially.

05 ib

The Case of “Boring Red Fingers”: The Nature of Computer Use?

28:06 NON

Yes, I would have said that it is not about a change of "organization", but "of the participation of a particular cause".

Recently, there have been instances of unconscious thinking, and I've always wanted to face the count.

About two weeks ago, the NFT oolong finger incident happened in the financial world. A younger brother named Maxnaut originally planned to sell Bored for 75 ethers (around US $ 300,000), but he accidentally dropped $ 0.75. ether - 1% of predetermined price, up to $ 3,000.

This spell sold at lightning speed and cost $ 300,000 in Hericium. This nanosecond phase velocity is certainly not something humans do, but surreptitiously writing service robots write to squat oolong fingers. Another hurricane occurred after the operation, and the buyer sold for US $ 248,000. The whole arbitration process is very smooth.

But the surprise here is the price of fuel (exchange rate) for 8 Ether ($ 34,000), which the buyer pays 10x. Oolong Finger sells NFT $ 300,000 for the price of 3,000. Someone offered to pay an exchange rate of US $ 30,000 to capture the Oolong finger. As a result, even a 99% discount on large sales, non-salary, ends at 88% and there is no more discussion.

He seems to know here! In traditional finance, it is high-frequency trading, with direct connections to exchanges, co-space servers, high-speed fiber optics and the use of dark technology cold weapons to take advantage of microseconds. . Every high-end trading strategy uses money and expertise to make a similar profit that squatters in times of crisis.

The case of Hericium Oolong is a case of using "algorithmic rules" to obtain "time" and "values". And DeFi has changed the "key" to independent marketing. The entire Oolong finger arbitrage process described above can be traded under the “Trade First” auction.The price of holding oil is directly auctioned, and the highest price wins that oolong finger. The terms of trade were "The right to purchase 75 Ether Hericium NFT at the price of 0.75 Ether". In this case, the value of this code is 8 Ether.

So the whole situation is trading on Ethereum "oil price". Since everything in the real world should be traded, you will need to create a selection of products, you will need to enter a contest -However, all of this is recognized "automatically" in the DeFi world. There is no management, industry configuration, product development all the way through, and no achievement "over time", be it an algorithm, a market, or a computation. .

33:57 Incidents

That's it, from my best point of view, recognizing that "marketing" is a process of counting, can everything that goes around them be involved for as long as possible? as people can count?

Whether it's the Nasdaq or the NYSE, the exchange has set rules like completion values, market margin, and more. Since this is a count-only policy, why should it overlap with other design rules? As long as I have math skills and the ability to follow the rules, let math do the rest. "I want to be someone like a king or a general."

For example, if all trades are counted, why can't you do just one Nasdaq? Traders who do not "bribe" the Nasdaq bring their technology closer to the main servers and benefit from tens of thousands of seconds? Why do the people of Nasdaq allow the highest bidder to see their orders? What is the difference between Platinum members, Gold members and Silver members? Why can't you but I can't?

And, as you mentioned, the public Ethereum industry has not announced any strategy or market like “oil betting” at all, but it will be established in reverse order of the counting process. and will be shared with others. - I pay more for fuel and I can go beyond this rule, because the company was born.

All because we live in a pure computer network. It can only appear as a free list. What you need to do is understand these computational models better than anyone - what is it? Follow the rules and do it.

The only downside is the miner's extractable value (MEV). It goes back to exclusion. Minors are also human, so they can do things beyond the law. Since you are the leader in mining, your energy is determined to make the market truly superior to other traders. So while everyone has a good SRM that can help reduce it, the downside is that all the hair is tight. It's actually symmetrical.

MEV is just a collection. The good and the bad are in fact our decisions. Whether it helps you make money or avoid losses, it just follows the count.

06

"Calculus" seems to be a philosophical concept

39:05 The

The more I think about "blue", the more I think it is not that easy. There is some thinking on a philosophical level, but what we just talked about is a philosophical question.

39:33 Garden

Otherwise there is no reason not to mention this idea, I think it should be the financial state of the future.

Since our human lives are created by humans, many “like” tasks have also been performed by humans. Having said that, we have used "workers" to test the counting process for thousands of years. Therefore, our processes, procedures, and organizations must all support the goal of "helping people complete the counting process" and solving a wide range of human problems.

However, the development of computers, especially blockchain smart contracts, is close to the concept of computing. While the human community does not necessarily use human tissues and procedures to simulate counting, it is likely that we will influence some of our true “free accounts” directly into computers and blockchains.

In the age of the Internet, the Internet is often all about ranking and this problem is not entirely complete because relationships with people are very important. However, when it comes to the heritage and profits of digital marketing, accounting must be the first to discover.So I think it would be dead to know that about the process of accounting for the whole budget to fit 'people'. We used to use humans to do calculations, but now when we use technology to do calculations, a part of humanity has to change completely.

44:58 GRT

But is the "flashback" possible? For example, many have argued that MEV poses a serious threat to Ethereum if the rights of minors improve poorly. Is it possible to pay a high price for the first time a company enters the blockchain industry? Can human repulsion replace humans with a computer?

45:25 The Garden Doctrine

People can eat themselves, machines cannot. There will be no change because the machine does not move.

Where there are people with rivers and lakes, and what people like to look for when they engage in the Chinese process is a separate question. In our example, MEV is the most efficient form of processing which benefits from the application of intelligence and understanding of calculus. This is a two-step problem in the process of hiring a full calculator. I think electrons have always been there, but it is only a small step or the first step in the history of man giving way to technology.

The word "return" is a paradox, from a practical point of view, VPDs are more than just exits to the machines of awareness of exchanges and leaders. People have walked the road from trusting machines to the matrix. So I think it's not a “reversal” but an expression of “technological cannibalism”.

47:17 NON

I have a reservation. Perhaps this is the difference between humanities students and art students.

47:24 Incident

I think my mind is always cultural, but what my brain is talking about are academics.

47:36 GRT

I think the current discussion has gone deep into the ocean because the concept of counting can be easily understood or misunderstood if not well explained. On the surface, this word is a mathematical problem. At first glance like that, but at first glance there is a lot, and at first glance there is a lot more.

48:07 Vau

It was also a place where I was particularly depressed. This word is truly a lie. I always speak of "calculation" to compare with "reliability".The tools we are talking about do not count the components of a computer, but actually count the objects of a philosophical and intellectual level.

50:22 NON

This word has no meaning. book I think"Lub selfish gene". Author Dawkins has a student named Susan Blakemore. He also wrote a book devoted to explaining the origins of "memes". Sometimes a 'meme' is like a 'gene' meaning that the meme is also 'self' and makes no sense when passed on. But especially if everyone has negative thoughts about the "selfishness" of the seeds.

Everyone knows that seeds are "dry" and "selfish". But this is not fair.What is called "selfishness" means "feeling" and will create "so" under any circumstances. Do not put human feelings in the word "selfishness". It will evolve as it should.

I think this "selfish person" is a lot like Chinese. Counting is particularly important because it is necessary to avoid the development of a target or an existing element.

52:14 Sermon

Yes, this is the nature of "freedom". It is not based on human judgment as a model.

53:49 qw

Thus, the word "return" in this sense is not particularly appropriate. I just want to ask a question. Will the "choice" change by humans?

Of course, the algorithm is used by humans, and the aspect of the person affected by it, but if the calculated nature is the same as the "selfish seed", since it is a goal of life, be free from interference or repulsion by humans. . The law of nature will eventually create "that way".

54:32 Vam Txoov Lis

To keep people from falling back into this system,The only thing we need to do is make sure that each of these systems is a "free fork". Troubled systems are out of competition, and the machines most people use, such as those with the longest Bitcoin chains and those near the point of count, can continue.

07 ib

Will DeFi continue to engage in financial inclusion? Or is it still "necessary"?

55:27 GRT

I remember we also talked about connecting DeFi to traditional finance earlier this year. At least that was my hope at the time. But look at DeFi's changes this year, did it fit into the existing budget? It doesn't look like it.Need an integration with your existing budget?

Some believe this is the difference between "Financial 1.0" and "Finance 2.0" from existing finance, and the current improvement is to go straight to 2.0 rather than accessing existing funds to help replace existing funds. It is the same. , parties now play their own game.

Sometimes I talk to new blockchain graduates. They say they have always respected the elderly in the financial industry, but they often ask their advice, but they don't need to know much about the care and structure of a bank always, and I don't don't think it's worth it. to know. It's nice to be updated in the DeFi arena. .

57:00 The

I will say two things. First, whether it's integrating existing finances or updating from 1.0 to 2.0, it should be similar to the story of the achievements that have happened in history: how cars change cars. horses and carts, and how the Internet has always changed the industry. existed. A new kind of new genre. I think DeFi will be the same.

When blockchain was first released, they discussed how blockchain could become a financial development in the future. As a result, it really happened this year at Axie Infinity Games. East Asians have 650 million people, 80% of whom do not have a bank. You can't donate 5 yuan if you want to. Ethereum online gambling has attracted tens or hundreds of millions of East Asians. Industry participation ...

Does this combine with traditional finances? It is unlike anything in the traditional financial system, as DeFi works directly for the new business, or virtual businesses and metaverse businesses help the new business directly once.

Other questions are how big is the "new business" and how big is the "traditional business". Another simple question regarding payments relates to the issue of financial security. A "two-way exchange" "mouth, all issues are solved in the mouth. Since payment can be made on-chain, at the" mouth "exchange to the real world. You exchange dollars and the exchange scenario is that Your business has nothing to do with it.

So, from this point of view, it is possible for blockchains to own and operate for real business just once, without the need for traditional financial services that work for real business. . Always financial, it is enough to exchange coins constantly and to connect to DeFi.In the future, there is no longer any difference between “traditional budget”, “DeFi” or “CeFi”. The two systems of the future will make the difference between the "credit" system and the "calculation" system. The system can be streamed directly through DeFi. "Credit" systems will not be able to enter DeFi because they affect "people", so they are still the target of traditional financial companies.

08

Our questions about the soul of the monetary system

01:01:07 doctor hab

Will it be a new level in financial management? Before connecting to gold, it was fiat currency, then fiat currency.

01:01:20 King

The idea of ​​accounting is a bit difficult. I am very conservative on the monetary system. I don't think DeFi, blockchain, or any other "counting" will affect the fiat money system.

Of course, traditional perks like Bitcoin or Ethereum are used to create stores or commodities at a higher price, and while these investments do exist, they don't affect modern fiat payment systems. If he does, the concept itself does not exist and it really becomes the product of the count.

01:02:22 dr hab

However, if you stretch for a very long time, it can become a new phenomenon. We have followed the "linear" theory, thinking that there is only one world and one form, that the real world improves to some extent, and after a great crisis another new form, it can be repeated. This new format is more efficient and reproducible in the future.

But now there seems to be a "parallel improvement" between real world and virtual time. This phenomenon would not have happened before, and it led to an improvement in finances or traditional lending, when the economy was completely different. Or the system creates the form at the same time.

Combined with various political developments in the real world, an oriental world can emerge. While the world is dominated by credit currencies or traditional finance, in the West it is yet another sub-up or even "renewed system" of the dollar in the form of a stable currency while avoiding some. major flaws in the US dollar itself.

01:05:21 Wang Wei

What I just said 'conservative' means that although it is still uncertain in the virtual world, fiat money in real life is a model close to the ideal and without norms better to replace it. It's different from the virtual world.

I say "Our Money Spirit Question". First, how much money do you want in the world? Second, who can decide that there should be more money? Third, how can you achieve it?

In fact, the monetary credit system, especially the dual monetary system of the central bank and the commercial bank, is a reasonable model. Assuming that this model is broken and another model is used to answer our questions, you will find that the answers may not look right for the credit-money system today. We believe that the fiat money system is a good model for human life, should have a mechanism to build credit. Otherwise, you will be worse off than inflation.

But what the virtual world looks like is an interesting concept.The injection of a stable coin means that the "real world" is involved in the "virtual world". As some products come in, the virtual world will still be able to accept stable payments as a virtual world function due to the real world 'humanity'. means payment.So what is "accounting" in the virtual world? What is the cost mechanism of it and other stability? How do two robots decide to pay each other? This should be the most important and useful topic, and it will be discussed many times.

01:09:13 doctor hab

As for the currency, I want to add a little more. Mr. Wang said that so far in human history, loans have benefited first, and secondly, there is no better financial system that can change so far. I totally agree with that.

But at the same time, I think I still have to look to the future.What people have been through and what they will face in the future will be different.The history of mankind has encountered situations which required the use of credit and currency systems to achieve human wealth or to achieve simple and carefree health. Over the past few years, the fiat currency system has become a vital asset for millions of people around the world, so it is very likely that everyone will still be able to live a quiet life after many years of wearing a new hat. And there will be no more survival in this situation.

If people have reached this stage and are going to continue to increase, would there still be a need for more credit to support the idea of ​​"focusing on our good work"? Or, we have already reached our historical target stage. In the next step, credit multipliers are not needed to support growth, but vice versa, switch from aortic growth model to hair growth model? So, isn't it necessary to have peer-to-peer value models linked to data and values?

01:11:11 Wang Wei

This is why I proposed "Three questions on the spirit of money". In the future, if people's lives enter a phase where the monetary credit system can no longer be used and new financial systems must emerge, these new financial systems will be able to better answer our questions. Because our question is unavoidable. In the past, this included not only the emotional level but also the practical level.

For example, suppose you have already answered the first two of these three questions. Supercomputers may decide the world needs a lot of money, but the third question is, who gets it and who doesn't? Work completed? I need more answers. If you can answer these three questions, it could be the next generation of finance.

In this understanding, Bitcoin mining and the exchange rate trading process can achieve the so-called zero-time, one-time and two-part distribution, but still very large. Perhaps finally, the benefits of financial integration can be obtained between bots and bots in the virtual world, and all distributions can be made. As long as someone is involved, it will always be very heavy.

01:13:03 hab doctor

The best monetary system may not have seen the light of day yet, but at least the current monetary credit system will suffer. How much money does the world need? See too much now.

01:13:17 King

To the right. I love to talk about these questions, and after much research and analysis from different angles, I wrote these three questions. Let's take the time to talk more deeply next time.

It is a good tool for reflection. Our in-depth questions are addressed to specific areas. It's a question and an answer.

01:13:58 TSI

“Our Questions of the Spirit” has always been the best way to “make up my mind”.