Although Bitcoin regulators are concerned about Bitcoin, the blockchain has firmly attracted the imagination of cryptographers, programmers, researchers, boards of directors, central bank officials, and politicians. Bitcoin, other cryptocurrencies and a new type of computer application-decentralized applications are the basis of this technology. The creators of Bitcoin designed a mechanism to issue and track ownership of digital currencies through computer code running on a distributed computer network. This idea is an exciting time for mankind, because it proves some facts, such as the ownership of currency, can be recorded digitally, and can be seamlessly trusted into the computer network managed by the people of the world, without Need a third-party intermediary.
From the design point of view, it is a decentralized, tamper-proof ledger of records. It provides a way to digitize real-world entities such as information and assets, and to ensure that these entities are identical to the entities entering the system without relying on central agency guarantees. It should be obvious at this point that blockchain technology can directly facilitate peer-to-peer transactions without the need for intermediate service providers. This may significantly reduce transaction costs.
The financial and capital markets provide use cases for the application of blockchain technology. Facts have proved that Bitcoin is successful in creating digital currencies and tracking the ownership of these currencies. Today, hundreds or even thousands of cryptocurrencies exist. However, as any savvy economist will tell you, to be a currency, it must have three functions: store of value, medium of exchange, and unit of account. Contemporary cryptocurrency is too unstable to be used as a store of value or a medium of exchange. Stablecoin is an idea that aims to solve this problem. It proposes to develop a low-volatility cryptocurrency linked to the U.S. dollar or any other index. This stable cryptocurrency may be the first killer application that blockchain technology has been waiting for.
Platforms like Etalum allow the creation of smart contracts; digital entities with deep-rooted computer code can execute contractual agreements based on future events. These entities can represent currency, financial instruments, land ownership, etc. In essence, platforms such as Etalum can realize programmable digital assets. This concept may completely change the issuance and ownership of assets in various fields on its own. The city government hopes to raise funds by issuing bonds to citizens or investors, and only needs to deploy a clever bond issuance contract on the Etalum platform. Investors will send their investment to the city government through a stable cryptocurrency. The Etalum smart contract will issue tokens representing bonds to each investor. Every investor who holds this type of bond can directly recover their coupon payment and principal due from the smart contract itself. Since investors will hold digital tokens for issuing bonds on the blockchain, they will be able to seamlessly trade these bonds with other potential investors, just as Bitcoin holders can seamlessly transfer ownership of their digital bonds Same to another person or entity. Please note that in the steps discussed here, manual intervention will be minimal. In such a scheme, bond defaults can also be monitored and processed in real time, unlike those toxic documents that were not discovered until 2008.
The future I envision is that raising funds through the issuance of bonds or stocks is as easy as a few clicks on a block-driven digital portal, while ensuring the health of the website. The global financial system will be monitored in real time through such a portal. After all, there was a time when buying goods on a website or halving taxis through an app sounded ridiculous.
A wonderful new worldFacts have proved that the economy, convenience and efficiency of online platforms are better than those of physical enterprises. In the field of art, digital symbols representing the ownership of Van Gogh's expensive works will make investment in art ownership more fluid than it is today. Today, most paintings can only be traded through secondary markets such as art auction houses. This blockchain-based digital asset token can also completely change the ownership of land and real estate and provide greater liquidity for these markets. Private equity and venture capital will also be affected by the democratization of financing brought about by blockchain-based tokens. To tokenize real-world assets and provide tokens such as "asset-backed securities", the challenge that remains to be resolved is how can the issuers of these tokens ensure that only one unit of token is issued for each unit of assets? The issuer of such a token can easily deceive people by issuing hundreds of tokens.
One might argue that honesty will prevail, and such token issuers will not deceive them by issuing more vouchers than they own. However, the whole point of developing decentralized blockchain applications is that trust is built in the agreement of the system, and there is really no need for people to show morally. Blockchain projects should work hard to design their protocols in order to incentivize participants in the system to maximize the value of the entire system; in other words, to ensure the security of the blockchain ecosystem and make it more valuable than cheating and seeking for oneself Profit is more profitable. This idea is the essence of the basic protocol of the Bitcoin blockchain.
Blockchain has opened up a wonderful new world for creating, holding and distributing digital value. Some people see blockchain as the next wave of technological revolution, while others see it as a short-lived fashion, confining it to the underground world of "secret cybercriminals." Some people use analogy to demonstrate and compare blockchain technology to the Internet in the early 1990s. Others believe that by designing blockchains, friction can be reduced, transactions can be executed more effectively, and better benefits can be obtained in unit economics. These principles are more driven by first principles. On this issue, the jury has yet to make a decision. Maybe you will buy coffee with cryptocurrency in the future and own digital tokens for all the wonderful works of art in your home. Or, the world may have entered the next big event.
In the next ten years, some blockchain ideas will be tried. But in this process, some real-world problems will be solved, because new business models will emerge.
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