Produced by Odaily
Author |
Editor | Lu Xiaoming
Produced by Odaily
Author |
Editor | Lu Xiaoming
Recently, the currency market has shown a warming trend. Many star public chain projects that have been focusing on technology development have gradually begun to step down from the altar and began to make efforts in the secondary market. On April 23, Cosmos’ ATOM was launched Huobi Global Station, the opening price rose as high as 108%. The second round of private placement of Polkadot is also in full swing. The price of the second round of private placement has risen to 100USD: 1 (the price of the first round of private placement is 35USD: 1), and there has been no economic incentive mechanism Algorand is about to announce its own economic incentive model.
On April 16, Algorand officially opened the test network. Chen Jing revealed some of the latest data of the test network in the interview. At present, hundreds of nodes have participated in the test network test, and the block generation speed is about 5 seconds. She did not disclose the specific TPS, but said that it is basically the same as Visa.
Algorand's technological innovation is reflected in the mechanism of VRF and encrypted lottery. In November 2018, Odaily had already conducted an exclusive interview with Chen Jing. Interested friends can read "Exclusive | Dialogue with Algorand: How does the public chain of the Turing Award winner design an incentive mechanism?" ". Chen Jing made a detailed analysis and introduction of Algorand's underlying protocol in this article, and explained in detail how Algorand quickly generates blocks through local secret lottery, the process of block generation and how to resist network forks. Therefore, in this article, I will not repeat the underlying technology and protocol of Algorand one by one. Friends who do not know much about Algorand before can click on the interview mentioned above to learn more.
The focus of this article will be on the interpretation of the upcoming Algorand economic incentive mechanism and how Algorand 2.0 can resist cyber attacks.
secondary title
"Economic Incentive Model of Participation"
Although Algorand started very early, the project itself has not designed an economic incentive mechanism, which has also caused great controversy and speculation in the market. Vitalik Buterin, the co-founder of Ethereum, also said in an interview with Coindesk that economic incentives are positive. It is the key to the success of blockchain projects, "If you don't have any economic incentives at all, it means that the nodes have no motivation, the nodes will become lazy, and may leave the network."
Chen Jing revealed in an interview with Odaily that the Algorand Foundation will announce its economic incentive model soon. According to Chen Jing, Algorand mainly has three levels of consideration in the process of designing its economic incentive model.
Chen Jing believes that there are three main places where consumption occurs in the blockchain system: computing overhead, network communication overhead, and network storage overhead.
Taking Bitcoin as an example, the Bitcoin network uses the POW algorithm to provide economic incentives to the nodes participating in the consensus calculation. The amount of calculation is the largest overhead in the entire system, so the incentive mechanism of Bitcoin is concentrated on the amount of calculation, which also leads to This led to the emergence of many large mining pool monopoly situations. Chen Jing mentioned that the amount of computation used in the Algorand network system is very small, basically negligible, so Algorand's future economic incentives will focus more on network communication expenses.
"In the first phase, our economic incentive mechanism mainly rewards users who are willing to become part of the Algorand network. So the focus of Algorand's economic incentive mechanism is 'participation'. Maybe in the second step, we The overhead of the incentive mechanism for network communication will be added. In the iterative process of the Algorand version in the future, we will gradually add some other incentive mechanisms.”
In addition, Chen Jing mentioned the method of gradually distributing Algorand tokens through "auction" at the Meetup of Tsinghua University on April 20. She believes that auction is a better way to rely on the market to set prices, which is relatively fair , when all users get their own Algo at the end of the auction, the price of Algo is the same, and there is no problem of user discrimination. In a previous interview with Odaily, Chen Jing also said, "We don't want to do an ICO and sell out the tokens at once. We will gradually distribute some tokens through auctions on our main network, such as one auction per day. , has been going on for 5 years.” Chen Jing also said that Algorand’s auction will be synchronized with the launch of the main network, and will not be in advance; and the auction will be held on the main network for a long time.
According to the information disclosed by Chen Jing in this interview, the Algorand mainnet technology has basically been prepared, and the news of the mainnet launch will be announced in the near future.
secondary title
The Algorand system does not need to trust nodes, it only needs to ensure the number of nodes
After reading the above introduction, you can understand that users only need to participate in the middle and late stages of the Algorand network system to obtain corresponding benefits. However, there is a question in this, the participation of Algorand nodes does not require any permission, and there is no There are high requirements for access devices, that is, anyone who owns a device can participate in bookkeeping as a node.
"First of all, we will use data compression technology to make the amount of data stored in the entire network grow more slowly. Another point is that after a relatively long period of time in the future, some nodes may gradually become nodes that store all information. , and some nodes will become a pure participant, not participating in the storage of all information." Chen Jing replied.
"One of the better things about this is that these nodes that store information cannot do evil. For example, there may be branches in the Bitcoin network system, so when a malicious node sees these branches After that, it will have the opportunity to mislead those honest nodes to accept this wrong branch, then the possibility of the entire network being attacked by double spending is greatly increased, which is very dangerous. Therefore, in a blockchain network , the nodes with storage rights are required to be highly trusted. In the Algorand system, there will be no forks, so no matter whether this node is benevolent or malicious, it has no way to mislead other nodes to accept the fork.” Chen Jing said, so Algorand has already killed the possibility of being attacked by double spending in the cradle from the very beginning.
Then, Chen Jing concluded, "The Algorand system does not need to trust these storage nodes, because in the Algorand system, the only place where a malicious storage node can do evil is that it does not respond to block verification requests sent to it by other nodes. We can only find a few more nodes to verify. So it is enough to ensure that there are enough good-faith nodes in the Algorand system.”
secondary title
Algorand 2.0: Resisting Network Segmentation Attacks
During this interview, Chen Jing also mentioned a new concept - Algorand2.0. At present, Algorand2.0 has not given a specific name, so what is the main problem that Algorand2.0 solves?
Chen Jing said that Algorand2.0 is mainly to resist the attack of network segmentation, which is somewhat similar to Algorand's idea of resisting forks.
