On July 10th, Odaily Odaily Daily, Block Beats. The co-hosted StakingCon — Staking Ecological Conference was held in Beijing as scheduled.
In the round table themed "Breakthrough in Staking - Current Status, Bottleneck and Future", Dominic, head of the Decred Chinese community, Qevan Guo, former Facebook research scientist & co-founder of IoTeX, Lv Heng, founder of MultiVAC, En-Tan-Mo Chief scientist Aaron Yuan, Bytom CFO Li Zongcheng and InfPool partner Rudy Lu discussed the core competitiveness of their respective projects, the future trend of Staking and the challenges they encountered.
Among them, in terms of the future trend of Staking, all five agree that PoS is the general trend in the future. In addition, Dominic, the head of the Decred Chinese community, believes that user education is very important. He said that no matter what kind of project it is, it will only be helpful to the project if the user really has a certain understanding , speculative users are actually not helpful for the future development of the project and long-term planning; Qevan Guo, former Facebook research scientist and co-founder of IoTeX, also pointed out that diversification is a trend of PoS, and the form of Staking is not entirely PoS mining also includes Defi, cross-chain, governance and other sectors.
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The following is the original text of the round table:
Wang Mengdie: Distinguished guests, please take one minute to briefly introduce your business, and the current business progress related to staking.
Dominic, head of the Decred Chinese community:Hello everyone, I am the leader from the Decred community.
Qevan Guo, former Facebook research scientist and co-founder of IoTeX:I am the co-founder of IoTeX. The IoTeX mainnet was officially launched in April, and when it was launched, it was jointly initiated by all our nodes, not a project run node. IoTeX was launched two years ago in Silicon Valley as an open source project. Our vision is to connect all the physical world, including IoT devices, people, businesses, and various virtual assets, etc. .
Lu Heng, the founder of MultiVAC:Hello everyone, I am Lu Heng, the founder of MultiVAC. We allow developers to freely choose high performance, security and decentralization in the impossible triangle. MultiVAC received investment from IDG at the end of last year, and has released technical white papers, full-sharding papers, and programming model purple papers. This is our main technical progress. Next, we will release the mainnet in the fourth quarter. We are currently in the testnet 2.0 stage, and we are also launching a Staking activity.
Aaron Yuan, Chief Scientist at En-Tan-Mo:Hello everyone, I am Aaron Yuan, the chief scientist of En-Tan-Mo. We are honored to have a Nobel Prize winner and my Ph.D. Working together, we released the white paper in March 2018, and today we had the honor to meet you as the third IEO project of OKEX last month.
Bytom CFO Li Zongcheng:Hello everyone, I am Li Zongcheng from Bytom. We mainly solve the problem of POW scalability. We use consensus innovations on the two-layer network to intervene in the field of Staking. Now our nodes are Everyone is welcome to participate in the hot recruitment process.
Rudy Lu, partner of InfPool:Hello everyone, I am a partner of InfPool. InfPool itself is a POS mining pool, a super node of EOS, TRON, and IoTeX, and also serves as a PoS node.
Wang Mengdie: Thank you for your introduction, my first question would like to ask you what do you think of the current development trend of PoS? And what core competitiveness does your own project or public chain have in the open state of Baihua?
Dominic：Decred has a long history. Our founder has been in the BTC community since 2010. Later, he left the Bitcoin community and found some serious problems: miners and Bitcoin core developers The power of the company is too great, which is why Decred was founded.
The PoS model of our PoS is not the same as that of the recently popular project PoS. Like other PoS projects, they become bookkeeping nodes by holding tokens to verify whether the block conforms to the consensus rules; our PoS model is to hand over the right to verify the block to the user, and the user can exchange it with the DCR in hand. The votes are used to verify the block by yourself; you can also entrust the votes to the vote pool, which is equivalent to a verification node. The advantage of this is: the future development direction of the project, this part of the right is completely handed over to the user household.
In the PoS ecology, we have been popularizing blockchain knowledge for everyone, including the comparison of stake points, lightning network, and PoS mechanisms of various projects. Because we believe that regardless of any project, when the users of your project really have a certain awareness, it will be helpful to your project. If your users are only for speculation, Or participating in your PoS because of your high yield is actually not helpful for the future development and long-term planning of the project.
Qevan Guo：Let’s talk about the trend first. In fact, the form of staking is not entirely PoS mining, but also includes many other things. For example, Defi, cross-chain, and governance are all closely related to staking. Diversification is a part of staking. a trend.
Let’s talk about our own IoTeX features again. Its degree of decentralization is very high. Nodes are randomly selected in the node pool for packaging, and the speed is very fast. It can reach the speed of DPoS while being decentralized. When the chain was launched, it was initiated by many community nodes for the purpose of decentralization; in addition, we did a good job in terms of cold start. At the start, we used tokens to vote on the ether. Launched the mainnet, using ethereum's decentralized bootstrap to our network.
Lu Heng:There is no doubt that PoS is our next trend, and there are too many problems with PoW. Basically, those who do public chains will refer to Ethereum or EOS. These two representative public chains are moving to this, which is undoubtedly a trend. How to do PoS? Compared with PoW, I think it will be more complicated. It not only includes how you mortgage, how to vote, how to govern, but also the representatives of various rights and interests. This is a more complicated mechanism and process.
From my point of view, I think staking itself is complementary to the development of the public chain, the community, and the entire public chain ecology. Why do you say that? MultiVAC expands capacity through sharding technology and provides an elastic platform on the basis of sharding. These are our two main features. In our opinion, after sharding, a large number of nodes are needed to support the operation of this shard. We propose a concept - public mining & human mining. We will try to reduce the barriers for miners to participate. An ordinary dual-core CPU, 4G memory computer can mine, and the cost is about tens of dollars, so that we can attract a larger community, more miners, and more nodes to run more Many shards.
Aaron Yuan：The introduction of the PoS mechanism is a general trend. PoS also has certain problems and requires a very fine design, otherwise the rights and interests will be concentrated to the super nodes more quickly. Our En-Tan-Mo project The purpose mechanism is to allow more people and more nodes to participate, instead of just 21 or even 300 super nodes. We completed the third public beta of the mainnet in March this year, with more than 3,000 nodes joining. The average block generation speed is 3.2 seconds, and 95% of the nodes have the opportunity to participate. Decentralization is the soul of the blockchain. The accumulation of computing power and equity does not guarantee security, but the probability distribution of computing power and equity guarantees its security. When everyone's equity is close to each other, such a Blockchain is very secure.
Li Zongcheng:
Li Zongcheng:We would have had a relatively good community foundation. When we started recruiting until now, more than 50 organizations and individuals have participated in our node election. At the same time, we officially opened voting on July 5th, and it is currently locked. With a total of 100 million BTM, everyone's enthusiasm for participation is very high. It can be seen that our mass base is relatively good.
Second, we have also made great technological innovations in this area. The BUW mechanism we have adopted in the main chain has been verified, which can better ensure the issuance of assets and the safe consensus mechanism. The use of this mechanism is mainly to solve the problem of asset efficiency when assets and scenarios are combined.
The third is innovation in expansion. Our framework this time is a framework of one main and multiple sides.
Rudy Lu：The fact that PoS public chains have become a trend can be proven from the data. In the past six years, the compound annual growth rate of the market share of PoS has been 50%. Up to now, one-third of the top 50 public chains in market capitalization have applied PoS. , in such an incremental market, what InfPool, as a node mining pool, has to do is to provide better services for the B-side and C-side of the market as much as possible.
The C-end means the entry of a large number of small players. We have launched a mobile-end product. InfPool mine means to manage your Staking on your fingers. The highlight is convenience. In terms of node services, instone can not only enter the public chain as a node, but also provide services for other nodes of the public chain. From the establishment of the server to the automatic return of income to voters, and then combined with C-side products, we It is able to provide a complete set of technical support.
Wang Mengdie: Thank you for your wonderful sharing. My next question is to let you talk about the biggest problem in your opinion, or in fact, in the process of business development. What is this challenge, and what might you have done to address it?
Dominic：The biggest challenge should be users' perception of PoS projects. If there are more speculative users, staking will actually be detrimental to the project no matter in the short term or in the long term. developed. I also suggest that each project should not only focus on the user growth rate of its own project, but rather share or popularize the knowledge in the entire industry.
Qevan Guo：The biggest challenge is the ease of staking and voting. The whole process of staking has a certain threshold. In the process of communicating with some people in the community, I also found that they are not good at wallet operations, and they are very worried about losing coins during the staking process. How to make it simple in the staking process, so that users can complete everything with confidence, is very important. Our solution is to keep refining the Staking product just like making Internet products, and make it very simple.
The second is the cold start of the public chain. Friends who are public chains must also consider the safety of the entire process during the cold start process. Cold start is a very big issue at the beginning of PoS. How to solve this problem? It’s done very well, and different people have different approaches. Our approach is to use a cross-chain approach with Ethereum, and use the degree of decentralization of Ethereum to achieve the characteristics we want to achieve.
Lu Heng:I think the biggest problem with the Staking public chain is the four words "difficult to agree with". On the one hand, it means that I have mortgaged the tokens with you, and what should I do if I can’t sell them if you increase the price? This is a big problem. On the other hand, it means that the amount of currency I hold is different, and the rights and interests are also different. Because we are in the Anti DPoS camp, we believe that if the problem of decentralization is solved in a centralized way, this matter will not make sense. What we recommend is that more people hold tokens. Everyone Get involved in this network together. Therefore, we do not mean that the more pledges, the greater the rights and interests. If you mortgage a lot of tokens, you just have a higher probability of becoming a miner, whether you can produce more blocks is not necessarily. The other is whether you can throw it away after mortgage. The essence behind it is whether you believe in collection value or exchange value. Next month, we will release the full version of the economic model green paper, and I hope that if you are interested, you can discuss it with me.
Aaron Yuan：After the blockchain project is released, you should not make major adjustments and modifications. If you want to adjust the biggest possibility is a fork, which will have a great impact on the chain itself, so you must think about it at the beginning of the design. such a problem. PoS projects may face several problems: low voting rate, relatively centralized Staking, and security issues. We raised this issue in the white paper last March and gave a solution. Last month, we published our white paper on the Odaily Daily, explaining in detail how we solve each problem.
The first one is that the voting rate is not high. The core reason is that voters have to wait for the supernodes to distribute the income. Our design is that this chain will release voting income in addition to mining income. These two parts are separated. Yes; voting income consists of two parts, one part is fixed income, as long as you participate in voting, the node you voted for will have income; there is also a part of floating income, this is not fixed, and there will be a big prize every time Generated to increase the enthusiasm of voters.
The second point is that staking is too centralized. We base it on the probability distribution. If I only have one-thousandth of the votes, it means that I have a one-thousandth chance of being selected. We also set up The equity factor and the time factor also adjust the equity through such factors, and finally map out the actual situation for adjustment.
Of course, the efficiency of this kind of fully decentralized node may be worse. We use the optimization mechanism for this. Every time this node is selected for mining and the actual block will have a ratio, this ratio will be mapped to In your next campaign, if you fail to complete the task many times, you will actually be eliminated. This preferred mechanism is done automatically on the chain rather than manually adjusted.
Li Zongcheng:
Li Zongcheng:The problem we encounter is different from others. The problem we encounter is the side chain and which application scenario to implement; the second challenge is the challenge of ecological construction, how to enrich the participating nodes when doing staking? Some methods are also being explored step by step. In our previous activities, we mainly promoted Bytom’s wallet. You can only participate in Bytom through the wallet, so other wallets will lack motivation for your follow-up support. , the strategy will be adjusted in time later.
Rudy Lu：In fact, the entire technology of PoS is becoming more and more mature. As for operational issues, it needs to be solved by some service colleagues including our InfPool. We have also done some science popularization work; in addition, there is a more important issue for PoS projects: the infrastructure model design of PoS projects-your token increase rate, how to design the increase mechanism, and your tokens How many percentages are given to this node, and the node is automatically returned to the voter? This question is of great significance in the long run. If there are some PoS and DPoS projects in the future, you can also ask us to cooperate with us.
Wang Mengdie: Let's each look forward to a market or make an advertisement for ourselves.
Dominic：Brainless Stud.
Qevan Guo：I hope that Staking will enter the homes of ordinary people. Recently, we are expanding from 24 to 36 consensus nodes. Welcome everyone to participate in our consensus nodes to build the ecology together, thank you!
Lu Heng:It is what we explain throughout the day, everyone who mines can find MultiVAC.
Aaron Yuan：Li Zongcheng:
Li Zongcheng:Participating in Staking is an investment for many voters. I am here to give you a risk warning. Even if the market is coming, everyone should be aware of risks and protect themselves.
Rudy Lu：We serve the big guys and vote for InfPool.
