【bitcoin future timeline】

The story project is one of the most important in the history of the Defi field, with a long history of a large number ofbitcoin future timeline white horse-level projects, such as the early days of Aave and Compound MakerDAO. With the rapid development of the new public chain, a large number of introduction projects scattered in the new public chain and multiple chains have emerged.

Project Statusuniswap price trackerProduct launch time: August 24, 2021

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Qubit is a decentralized currency market that uses a mainstream borrowing capital pool model. Qubit's development and operation team is the team behind Pancakebunny-Mound, which was first deployed on BSC, and there are plans for multi-chain expansion in the future.Project FeaturesThe main features of Qubit compared to other basic lending projects are:Its token QBT can increase the rate of return of deposit users after lock-up, which is called "Boost" functionQubit is part of Mound’s product matrix, and Mound’s products are highly combinable

Qubit does not support lightning loan functionBusiness conditionsAccording to China Times, in August 2020, relevant departments of Inner Mongolia conducted an on-site inspection of more than 30 big data and cloud computing companies and found that 21 of them were actually virtual currency mines, so they issued a notice of suspension of work. It is reported that this includes two subsidiaries of Bitmain and a subsidiary of Yibang International.

Relevant personnel of Bitmain responded to the reporter of "Blockchain Daily" today, stating that Inner Mongolia is an important town in the virtual currency mining industry. At that time, Bitmain did set up a mine in Inner Mongolia, but the specific reasons for the investigation and punishment need to be further understood.Yibang International told reporters that their mines in Inner Mongolia used to focus on production testing, and they withdrew after the Inner Mongolia policy became stricter.Chen Xiaohua, a think tank expert on Whale Platform and a review expert on major industrial Internet blockchain projects of the Ministry of Industry and Information Technology, told the reporter of the "Blockchain Daily" that although a new round of rectification has been initiated across the country since May, there are still virtual currencies in some areas "Mining" companies use the "big data industry" as a package to enjoy preferential policies on electricity, land, and taxes, and evade supervision.Chen Xiaohua further pointed out that various localities should not take the daily management of virtual currency mining and transactions lightly. They should use scientific and technological means to conduct routine supervision like Inner Mongolia, focusing on pre-prevention, mid-event control, and post-event disposal.

Kusama has opened the 8th slot auction, which also means that Kusama's relay chain will have an 8th parachain sharing security.The structure of Kusama's relay chain is the same as Polkadot's relay chain. Because of the shared security design, different heterogeneous chains can complete message communication. Facing the difference of heterogeneous chains, Polkadot's cross-chain protocol needs to have some different communication methods.

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XCM is the message format for communication between different parachains. According to GavinWood's introduction to XCM, we extract part of the introduction to understand XCM.XCM is a message format. It is not a messaging protocol. It cannot be used to actually "send" any message between systems, its role is only to express what the receiver should do.Polkadot comes with three different systems for actually communicating XCM messages between its constituent chains: UMP, DMP, and XCMP.UMP (Upward Message Passing) allows parachains to send messages to their relay chains.

DMP (Downward Message Passing) allows the relay chain to pass messages down to its parachain.XCMP allows messages to be sent between parachains.XCM can be used to express the meaning of messages through any one of these three communication channels.In addition to sending messages between chains, XCM is also useful in other contexts. For example, because XCM is abstract and universal, it can be used as a means for wallets to provide a durable transaction format for creating many common transactions. For chains with little business logic changes (such as Bitcoin), the transaction format or the format used by the wallet to send instructions to the chain will generally remain the same.

XCM aims to be a language for the exchange of ideas between consensus systems. It should be generic enough to remain correct and useful throughout the evolving ecosystem. It is extensible, and extensibility means changeable, and it also means forward compatibility. It can run efficiently on the chain and can run in a metering environment.XCM can be used in a variety of systems, including gas metering smart contract platforms and community parachains, and trusted interactions between system parachains and their relay chains.

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Although the goal of XCM is universal, flexible and future-oriented, it must of course meet actual needs, especially the transfer of tokens between chains. Throughout the DeFi world, optional fee payment is very common. You can use the XCM language to perform some specific operations.Importantly, there are many token transfer models that we hope to support: it may only be necessary to simply control the account on the remote chain, allowing the local chain to have an address on the remote chain to receive funds and ultimately transfer the funds under its control to that remote In other accounts on the chain.

But there may be two consensus systems in this process, both of which are specific token systems. For example, tokens such as USDT or USDC have instances on several different chains and are completely interchangeable. It should be possible to destroy such tokens on one chain and mint corresponding tokens on another supported chain. In XCM, it can be called teleport, because the transfer of assets is actually achieved by destroying it on one side and creating a clone on the other side.The core of the XCM format is XCVM. This stands for cross-consensus virtual machine. This is an ultra-high-level non-Turing complete computer whose instructions are designed to be roughly at the same level as transactions.The "message" in XCM is actually just a program running on XCVM. It is one or more XCM commands. The program will continue to execute, and will not end and stop until it runs to the end or encounters an error.The position in XCM is hierarchical, and some parts of the consensus are completely encapsulated into separate parts. For example, the Parachain of Polkadot completely exists in the internal position of the entire Polkadot consensus. As long as there is any change in one consensus system, it means a change in another consensus system, and the former system is the internal system of the latter.When working in XCM, it is usually necessary to quote some kind of asset. This is because almost all existing public blockchains rely on some native digital assets to provide the backbone for their internal economic and security mechanisms. For proof-of-work blockchains such as Bitcoin, native assets (BTC) are used to reward miners who develop the blockchain and prevent double spending. For proof-of-stake blockchains such as Polkadot, native assets (DOT) are used as a form of collateral, and network administrators (called equity holders) must take risks to generate valid blocks and obtain physical rewards.Expense payment in XCM is a very important use case. Most parachains in the Polkadot community will require their interlocutors to pay for any operations they wish to perform to avoid "spam" and DDOS.

When chains have good reasons to believe that their interlocutors are trustworthy, they can also not pay. For example, this is the case when the Polkadot relay chain communicates with the Polkadot Statemint public interest chain. However, in general, fees are a good way to ensure that XCM messages and their transmission protocols will not be overused.Let's take a look at how to pay when XCM messages arrive at Polkadot.

For systems that do need to pay a certain fee, XCM provides the ability to use assets to purchase execution resources. In a nutshell, this includes three parts:Provide some assets

Exchange assets in terms of computing time (weight in Substrate).XCM follows the instructions

After years of research and development, we finally formed a multi-chain market structure. There are currently more than 100 active public blockchains, many of which have their own unique applications, users, geographic distribution, security models, and design trade-offs. Regardless of what individual communities believe, the reality is that the universe tends to increase entropy, and the number of these networks is likely to continue to increase in the future.This type of market structure makes it necessary for us to obtain interoperability between different networks. Many developers have realized this, and the number of blockchain bridges surged last year, aiming to bring together increasingly fragmented networks. As of this writing, there have been more than 40 different bridging projects.Interoperability unlocks innovation possibilitiesWith the development of a single ecosystem, they will develop their own unique advantages: stronger security, greater throughput, cheaper transaction fees, better privacy, specific resource supply (such as storage, computing, bandwidth), and Regional developer and user communities, etc. Bridges are important because they allow users to access new platforms and protocols; enable interoperability between protocols; allow developers to collaborate to build new products, and so on. More specifically, they have the following benefits:

Improve the productivity and utility of existing crypto assetsBridging allows existing encrypted assets to be transferred to a new platform to do new things. like:

Send DAI to Terra to buy synthetic assets on Mirror, or earn revenue on AnchorSend TopShot from Flow to Ethereum as collateral for NFTfi

Use DOT and ATOM as collateral to lend DAI on MakerExpand the product features of existing agreements

Bridging expands the design space that the protocol can implement. E.g:Use Yearn vaults for liquid mining on Solana and AvalancheNFT cross-chain sharing order book on Ethereum and Flow on Rarible ProtocolIndex Coop's proof of equity index

Unlock new feature use cases for users and developersBridging gives users and developers more choices. like:

Arbitrage the price of SUSHI across DEX on Optimism, Arbitrum and PolygonUse Bitcoin to pay for Arweave storage fees

Bid NFT on Tezos with PartyBidFrom an abstract perspective, a bridge can be defined as follows: a system that transmits information between two or more blockchains. And "information" can refer to assets, contract calls, proofs, or status. Most bridge designs consist of the following parts:

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Perspectives of a 2x entrepreneur turned VC at @UpfrontVC#

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster

Mark Suster

Written by

2x entrepreneur. Sold both companies (last to salesforce.com). Turned VC looking to invest in passionate entrepreneurs 〞 I*m on Twitter at @msuster

Both Sides of the Table

Perspectives of a 2x entrepreneur turned VC at @UpfrontVC, the largest and most active early-stage fund in Southern California. Snapchat: msuster