The laid back life of the locals is calling! Am I on my way to the currency market?

The late financial analyst Milton Friedman once proposed the abolition of the Federal Reserve (Fed) and considered replacing the central bank with an electronic system that would generate income by stabilizing and eliminating inflation. Now Friedman's dream has come true - Bitcoin is out. It is not created by a government, a company or a bank. There are no rules, but it trades in real time and can set inflation to a manageable level.

Sadly, on June 19, 2011 at 2:00 p.m. KST, a very heavy online financial experience turned violent. MtGox, the world's largest bitcoin trading website, reported a disappointing retail price. A few minutes later, the price fell to $ 0.0134 in an instant, eventually selling 261,000 bitcoins for 1 penny ...

After a 30-minute panic, the price of Bitcoin returned to $ 13. Shortly after, MtGox was announced. It turned out that the unfortunate account had been stolen by a hacker whose IP was "Hong Kong". The hacker uses another account to take advantage of the opportunity by selling for a lower price. Fortunately, MtGox has a daily withdrawal limit of $ 1,000. Hacker never succeeds after sending $ 1000 worth of bitcoins.

It is an unusual thing that has happened in front of the Internet. Bitcoin is not a Tencent Q coin as we know it, not a Linden coin from the "Second Life" game, and it is not a virtual currency on social media. Before being attacked by hackers, over 6.5 million bitcoins were developed online and had a profitable market of nearly $ 180 million.

Josh Ryan Collins of the London New Economy Foundation said, “Profits are not important, their value is determined by credit,” said Josh Ryan Collins of the London New Economy Foundation. Currently, people all over the world are losing faith in the revenues of sovereign nations. This psychopath has become a favorite of anarchists.

There is no lack of echoes in the domestic geek cycle. "It's turning the world back!"

In 1999, according to the Internet communication protocol TC / IP, a “P2P” communication protocol, that is to say a point-to-point communication protocol, was created, laying the foundations for the birth of the blockchain. Internet. Decentralization of the blockchain means decentralization and decentralization, which allows strangers on the internet to build relationships of trust by engaging in smart deals, and prevent fraud through decentralized accounting and modern crypto technologies. on the Internet.

The blockchain has created many miracles that break the commercial tradition. In the age of internet and digital business, it has opened a new door for people to change their social media, of course people will be very happy. about that. However, when people first discovered the blockchain, Bitcoin started pouring cold water on the glow of trade.

The first is that the Bitcoin exchange rate is only 7 transactions per second, which is lower for hundreds of thousands of transactions per second on WeChat or Alipay. The speed of the second generation blockchain currency, Ethereum, is only 15 times. Libra has used a half-blockchain approach that can reach thousands of times in a second, but as Facebook itself claims, it cannot meet the demands of global payments.

So why is the exchange rate given by the blockchain slow? This is because running your public account online requires you to use a lot of encryption to prevent it. Take Bitcoin as an example. The encryption bytes used in each block are greater than the data exchange they contain. Encryption layer for security. The transfer time of information is necessarily long and fast is sacrificed.

Market slower than the use of blockchain technology for large high-tech industries.

The second problem arises from the distribution of records. The reliability of data distribution is caused by the extreme difficulty of interfering with the data, and this difficulty is caused by synchronous data transfer changes in each of these areas, so changing accounts does not convert a text, but more than 51%. blocks The register must be replaced before the chain can detect it if the data is correct. Therefore, the more users there are in a list, the harder it is to process the list and the more reliable the data in the list.

However, as time passes and the volume of data exchange increases, more and more data exchange must be maintained. When Bitcoin first came out it only had 20 GB of storage, but by the end of 2018 it had grown to 200 GB and by the end of 2019 it had grown to 300 GB of age.

This raises two questions. One of the reasons is to keep other people's information exchanged. The second is that in application scenarios like WeChat, Alipay, when using multiple data stores, the mobile phone cannot be used at all. Currently, tens of gigabytes of storage space on a cell phone runs in 3 days and saves less than a month on PCs.

Blockchain-based Bitcoin struggled to 'advertise' for up to 10 years after its launch, and it's hard to keep up with just a few million users. The digital age is not over yet to show the whole digital revolution. However, without the expectation of large-scale application, it is impossible to have the optimum efficiency and flexibility in the exchange of manufacturing relationships.

The last thing I want to say is that not only does the prospect of achieving social development from the digital revolution exist, but the prospects are clearer and clearer. This is the expectation that AI brings.

Artificial intelligence systems developed in the digital age have introduced intelligent chords and agreements into human relationships, this changes traditional human-to-human control, respect for the management of technology, and replaces ordinary people with technological intermediaries in as intermediaries. There is a gradual shift in traditional beliefs for people to believe in technology. Technological trust is a new kind of religion. Humans are selfish, but technology is not. Humans forge and manipulate machines, but machines not. When human perception is transformed into technology, it is used to control human production and marketing. Relations between manufacturers can be improved.

AI-based approval processes and smart contracts don't limit onboarding functionality, and AI isn't the only way to use blockchain technology. And in the case of the Internet, the integration in the medium and the distribution does not differ between advanced networks and reconnections, but depends on the problems that need to be solved using network technology and whether the network machine can solve these problems. .

However, the blockchain also has limitations, for example, when Bitcoin reaches 7 million users and a market value of $ 300 billion, it cannot function on the internet. Cost of Internet commerce, we need to get back to common ground. But it's AI, not humans, that controls the artificial intelligence industry. It is artificial intelligence that enables machines to reach human intelligence, which will create a new world of human interactions. This new relationship is not a human-to-human relationship, but a human-created-human relationship.

Of course, the middle ground will face issues of central network executives interfering with the approval mechanism, which includes oversight and how to secure their encryption technology.

Moreover, it is not that the blockchain is useless, it has a very broad vision to promote the use of "consortium chains" by companies, but in fact, the blockchain that Korea is now supporting for improvement is Focused on the chain of engagement.