Recently, I was reading modern European history. I just finished watching the French Revolution and Napoleonic War at the weekend. I’m ashamed to say that I haven’t read this important history carefully. I just know some details piecemeal. After reading this time, it echoes the story of the current blockchain world.

The revolution with the slogan of equality and freedom was against the privileged class in France at that time: the king, the nobles and the priests. These privileged classes were indeed dragged down from power. The king’s banner changed in the city. A few years later, Napoleon became the emperor. Notice, not the king, but the ruler of the Empire, the emperor.

What kind of revolution is this? Kill a king and come back an emperor?

Napoleon is a different emperor. He also did a lot of bad things that dictators would do, but he retained some of the core things of the great revolution, such as no longer distributing interests with hereditary privileges and status, but relying on individual contributions to the country, as well as protecting private property and maintaining the rule of law.

Before he died, he said, “my glory is not that I won more than 40 battles.”.. .。。 What is truly eternal is my Napoleonic Code. “

Another achievement of Napoleon was to let the trend of thought of freedom and democracy permeate the rest of Europe in a crude way, mainly by war. After the military conquest, either direct rule and assimilation, or the defeated country will take the initiative to change, the king will change the law, give more opportunities to civilians, and ordinary people will ask for more power.

Both internally and externally, the spirit of the great revolution was preserved and spread by dictatorship and violence. Without Napoleon, the fire of the French revolution might have been extinguished soon. The history of the 19th century will be very different.

Why does the application layer of blockchain say it needs to work

Napoleon’s rule was a model of “enlightened autocracy” at that time.

Now, blockchain is like a new revolution, challenging the centralized traditional finance with the slogan of transparency, fairness and openness. The debate on ideology is as chaotic as it was then.

Maybe we need Napoleon in the blockchain world to capture more territory and develop more businesses and users in a more pragmatic and powerful way. As long as the core elements don’t give up, some compromise is worth it.

I don’t have the answer. Maybe the protocol layer and the application layer should be looked at separately. The protocol layer can be as fundamentalist as possible, and on the basis of not harming the developer experience, the application layer directly facing the end user can be more radical.

In this issue, we have added a new column: speak your own words. For hot spots or major events, please share your views with friends in the industry:)

Speak your own words

BZX event

@Mindao: in the recent case of BZX platform manipulation, traders used a relatively new flash loan transaction. This manipulation directly and indirectly involved five defi agreements, and completed six trading steps in one transaction: no mortgage flash Loan – Mortgage Loan – leverage short – spot sale, price manipulation – position closing – return flash loan The design is very ingenious. Here are some inspirations

On the one hand, the innovation in the field of WiFi has never stopped, and it has a strong spontaneity. The non mortgage lending takes advantage of the contractual features of the packaged transaction and atomic exchange of the WiFi blockchain; on the other hand, the core issue of this event is the engine design of BZX (there are also bugs in the contract code), which further shows that there are still more risks in the design of products and protocols; on the other hand, go to China The Xinhua mobile pool protocol is not an ideal price feeding mechanism, and it is very easy to manipulate. There have been many similar events in the field of defi, and the project party still makes similar mistakes repeatedly. Fourth, the interaction of defi protocol is becoming stronger and stronger, and the liquidity and risk superposition risk between various protocols are worth noting.

On the positive side, similar flash loan agreements actually help to improve transaction and capital efficiency. In the future, we will see the integration of similar agreements or the limitation of the risks of such agreements in the defi products. In addition, this type of transaction is actually a legal transaction (code is law). Whether the platform side has the right to use the administrator’s authority to freeze the contract and dispose of assets is a highly controversial and great legal risk. Defi is like an organism. It’s evolving at a speed of thousands of miles a day. In the future, we will see similar applications understood by extraordinary people.

@Victor: in the real world, there are no similar things. The core point is that the time on the blockchain is per block, and the things in a block are atomized at the same time. ABCDEFG appears to occur in sequence externally, but atomized at the same time inside. Therefore, if ABCDEFG can not occur, abcdefs will all be “rolled back”. Can produce anti common sense applications, such as I use 1 million to buy lottery tickets, this is a, and limit if you do not win, a does not happen.

new product

ArbitrageDAO

https://gitcoin.co/grants/369/arbitrage-dao

@Lao Bai: arbitragedao is a decentralized autonomous organization funded by gitcoin. It achieves arbitrage and dividend by pooling eth funds and using AAVE’s lightning loan agreement

Articles worth reading

How to set up 51 BTCs of white wolf empty handed

https://mp.weixin.qq.com/s/xp75HEhc0dVYonxz3smL9A

@Bowen: when we talk about financial Lego, we only care about the appearance, but we can’t see the stability of the foundation. Is interdependence the future of open core? Or focus on big things?

Crypto memes and adoption

Crypto memes and adoption

@Retric: gold is one of the most successful memes in history. Many blockchain community cultures are also related to meme. You can see this overview.

The Great Protocol Sink

https://bankless.substack.com/p/the-great-protocol-sink-market-monday-194

@Retric: the author believes that the more neutral and open an agreement is, the more it will sink to the bottom and become an important infrastructure.

Calculate P / E value for defi token

https://bankless.substack.com/p/are-defi-tokens-worth-buying

@Retric: in the traditional financial world, the P / E value can be used to calculate the valuation of an asset. What will happen if the P / E value is calculated for the token of defi? According to the algorithm of this article, the P / E of token x is especially high.

Digital democracy and governance 2.0

https://medium.com/the-capital/digital-democracy-and-governance-2-0-2cdb4533e379

@Iron Fist: blockchain governance lazy package written by fiskantes of the capital (formerly altcoin magazine). The main contents are governance cryptocurrency network, governance minimization or governance maximization? Digital democratic organizations, etc. From bitcoin with minimal governance to Ethereum smart contract, network with formal governance to the road of digital democratic innovation concept, it takes you to understand various governance models, blockchain tools and infrastructure projects.

I think the most useful thing for me is the brief and comprehensive list of major Dao builders and infrastructure platform tools.

Looping: compatible with layer-2 and composability on Chain

https://mp.weixin.qq.com/s/w1O6L5VfeqYzlmDD5WzVsg

@A Jian: how to ensure the capital interaction efficiency and experience between the bottom layer and the second layer is an important problem in the design of the second layer network. From state channel, plasma to rollup, people will always think of, oh, the economic mechanism or the efficiency of capital when the technical solution is being deduced, or when it is as fast or slow as a snail. This article is a good reminder that even if there is a good technical solution, the liquidity infrastructure can not be absent; in the design of the two-tier network, more attention should be paid to the economic mechanism.

Hashkey capital: the reason why Ethereum 2.0 changed the consensus mechanism and its subsequent impact

https://mp.weixin.qq.com/s/Jpj8EZBcofCs6xcKTVBa-Q

@Leon: a very comprehensive introduction to Ethereum 2.0.

Trust machine

https://www.economist.com/leaders/2015/10/31/the-trust-machine

@Guo Yu: This article, which was once on the cover of the economist, has been quoted by many people, but I don’t know how many people have read it carefully. If not, I recommend it to you. In 2015, it feels so far away. ” Bitcoin has a bad reputation. The first word now has a lot of backers.

The last sentence: “the real innovation is not the digital comes, but the trust machine that minutes them – and which promises much more better.”.

Marlin protocol’s white paper

https://www.marlin.pro/whitepaper

@Karbaa: Marlin proposes a capacity expansion scheme for the communication layer, which serves the existing blockchain in a pluggable way. Relay network is very similar to CDN technology. CDN accelerates the speed of regional access through content caching. The difference is that nodes in relay network have incentive measures. Incentive makes nodes have a high degree of cooperation in data transmission and data matching. The competitiveness of multiple relay networks also improves the vitality of the whole network. The expansion of layer0 is different from layer1 and layer2. We have already realized that After studying the twisting stacking of layer2, we can now see how the stacking of layer0 works. It is recommended to consult.

Editor in charge: CT

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