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Golden Observation丨Thoughts triggered by the split of Polkadot DOT: the "immoral" intervention of the exchange may put the community at risk.



Golden Finance Blockchain News, August 24    Polkadot is the flagship project of the Web3 Foundation, which aims to realize a centralized Web concept that enables users (rather than Internet monopolies) to control applications, services and institutions. The project was launched in 2017 by a number of big names in the blockchain industry, including Ethereum co-founder Gavin Wood. But recently, due to the "immoral" intervention of Binance and Kraken and the early listing of new DOT tokens, the encryption community has sparked heated discussions and criticisms.

As a scalable heterogeneous multi-chain system, Polkadot plays the role of a hub connecting different (blockchain or non-blockchain) scenarios. Its network module consists of a relay chain (Relay Chain), a parallel chain (Parachain) And the transfer bridge (Bridge) consists of three parts. Through these infrastructures, Polkadot is not limited to tokens, but can transmit any data to all blockchains, realize the mutual circulation of assets and data between various chains, and then make similar operations such as cross-chain registration and cross-chain calculation become Possibly, the interconnection of ten thousand chains will eventually be realized. Not only that, these encryption infrastructures of Polkadot will be able to support different encryption application scenarios in the future, meet different needs, and complete communication and value transfer between scenarios to achieve intelligent collaboration. According to statistics, the Polkadot ecosystem has gathered more than 100 applications and subjects, covering cryptocurrency wallets, forums, browsers, verifiers, and various projects based on Substrate, such as privacy, bridging, DeFi, smart contracts, and data. project.

Golden Evening News | List of important news on the evening of December 25: 12:00-21:00 Keywords: 1inch, SEC, Wall Street Journal, Gemini

1. Compound General Counsel: Changes in US SEC leadership are "unlikely" to have a positive impact on Ripple

2. Three financial industry standards including "Distributed Database Technology Financial Application Specification Technical Architecture" were officially released

3. Data: 1inch has the highest daily activity of 1,523 addresses, and 8,041 addresses have applied for airdrops

4. He Yifan: BSN is developing an enterprise payment platform that supports CBDC and stable coins

5. The first IEEE blockchain international standard was released

6. Wall Street financial analyst: After Ripple, the SEC will target other "junk" coins

7. Wall Street Journal: Since September, new large investors have purchased about 500,000 bitcoins

8. Gemini co-founder: Bitcoin itself can be used as an intervention to protect the value of personal acquisition [2020/12/25 16:32:06]

Just at the end of last month, the community conducted its first vote on the Polkadot network, aiming to determine the "final meaning" of Polkadot's quest for DOT tokens (used for governance, staking and bonding on the Polkadot network). After two weeks of voting, the community finally decided to "rebase" DOT tokens on August 21. "Revaluation" is actually borrowed from the practice of stock splits in the traditional stock market. The specific method refers to splitting a stock with a larger face value into several stocks with a smaller face value. This method will reduce the stock price per share, but the amount of funds necessary to buy and sell the stock will be reduced, so it is easy to increase the stock price. Shares change hands among investors, and can make more potential shareholders with limited financial strength become shareholders holding shares. Such an operation can promote stock circulation and trading, and the subsequent increase in stock liquidity and the increase in the number of shareholders will also increase the difficulty of a project being hostile to a certain extent.

Golden Relativity丨Li Zipeng: A high pledge rate will push the currency price to the "positive spiral of the staking mechanism": In the golden theory of relativity held today, the standard consensus Li Zipeng pointed out: ETH 2.0 is a major positive event in the industry, and a large number of institutional investors are optimistic about it ETH. At the same time, Staking gave ETH the concept of hoarding coins for the first time, making ETH the first token besides BTC that really has hoarding coins waiting to rise.

In addition, he explained the reasons why Staking has such a great impact on the price of ETH: 1) It is more likely that the pledge rate of ETH will exceed 60%, and a high pledge rate will push the price of the currency to the "positive spiral of the Staking mechanism", that is, The price of ETH has risen because of the positive version 2.0, which has further promoted everyone's enthusiasm for staking, resulting in a high pledge rate and less circulating ETH, which has led to subsequent users having to buy at a higher price, which has pushed up the price of ETH. 2) To become a validator, you can only destroy ETH for BETH, and BETH cannot be exchanged for ETH, which reduces the circulation of ETH on the market; 3) To become a super node, the only quick way to obtain ETH is to buy it from the secondary market . [2020/6/17]

Finally, the split of DOT tokens was successfully completed on August 22, Beijing time. The token began to be revalued and split 1:100. This means that the total amount of DOT has now increased by 100 times, and the price of each DOT has been reduced to 1/100 of the original token price. The amount of currency becomes 100 times the original amount of currency held, but the proportion of DOT owned by the currency holder in the total supply will not change, nor will it affect the total value of tokens held. This move will make the value of DOT tokens more in line with "ergonomics", because this approach will not only promote the circulation and trading of DOT tokens, but also increase the circulation of tokens and increase the number of token holders. become more decentralized.

Countdown to BTC Halving | Golden Finance Mining Earnings Report: According to Jinse Finance, according to data from the OKEx mining pool, the next BTC halving date is expected to be May 15, 2020, and today is 52 days away. The current block height of BTC is 622599, and the block height of the next halving is 630000.

Today, the computing power of the entire network is about 94.86EH/s, and the difficulty of the entire network is about 16.55T. The next difficulty is predicted to be 14.65T (-11.52). There are still 3 days left before the adjustment. Today’s BTC income: 0.00001520BTC/T/day. [2020/3/23]

However, due to the "immoral intervention" of Binance and Kraken, this split has triggered deep thinking in the entire encryption community. The specific event is: After Polkadot clearly explained the purpose and time of the revaluation of DOT tokens, some centralized exchanges, such as Binance and Kraken, even advanced the price on August 18, three days before the token split. List DOT. This behavior was pointed out by Gavin Wood as immoral. He angrily condemned the impulsive behavior of these two centralized cryptocurrency exchanges. He felt that these unscrupulous exchanges listed new DOT tokens in advance, while Instead of listing after the Polkadot community splits the tokens, their actions will put the community at risk.

Golden Morning News | Overview of important developments overnight on February 11: 21:00-7:00 Keywords: Trump, Huobi, Tel Aviv, India

1. Trump’s 2021 budget proposal seeks to optimize cryptocurrency policy;

2. Huobi joined the Klaytn Governance Committee;

3. Tel Aviv Stock Exchange cooperates with BTP to establish a blockchain securities platform;

4. Kraken Director: Bitcoin is largely at the beginning of a bull market;

5. Tamil Nadu, India approved 400 million rupees to design a block chain interface to promote e-government;

6. The Belgian financial regulator FSMA called for encryption regulations;

7. Huobi will launch the Huobi public chain test network and release new rules for HT in the near future;

8. Analyst: The price gap in CME Bitcoin futures may have caused Bitcoin to fall below $10,000;

9. BTC is now at $9,866.38, an intraday increase of 0.04%, with mainstream currencies fluctuating. [2020/2/11]

This risk is reflected in the fact that during the re-pricing of DOT tokens, some people may think that they can buy DOT tokens at a lower price on Binance or Kraken, but in fact they bought them at a higher price. It will be reflected after the Polkadot DOT split is completed.

It is reported that the Web3 Foundation is exploring all ways to protect the Polkadot community from these unethical exchanges. For example, users were warned not to buy DOT tokens listed on Binance and Kraken and explained in detail how DOT would be revalued. Polkadot pointed out in an email to users: Some unscrupulous exchanges chose to list on August 18 instead of after the DOT token split. The actions taken by Binance and Kraken are irresponsible and deceptive. This kind of behavior puts Polkadot stakeholders at risk, and these exchanges need to bear the responsibility if something goes wrong. Disappointingly, in the face of criticism, Binance and Kraken did not directly address the issue.

Many market analysts said that the communication between the Polkadot community and the two exchanges Binance and Kraken reflects a big problem in the encryption industry: a large cryptocurrency exchange like Binance may Harm to community-based crypto projects. Cryptocurrency exchanges and brokerage providers ultimately have only one thing in mind: business. They want to do the most profitable thing without considering the encryption industry issues. If the decentralized web is going to move forward, it must start without the use of centralized exchanges.

In addition, the risks of centralized exchanges including Binance include listing some bad tokens and conducting bad trading behaviors, such as pumping and selling. But the problem is that this kind of behavior cannot be dealt with by technological solutions, it is a human behavior, including market manipulation and information manipulation. Most community-based encryption projects are almost unable to resist the bad behavior of centralized encryption exchanges. Although Polkadot is a decentralized and license-free encryption project, it is still powerless against the behavior of third parties such as Binance.

While centralized exchanges and trading platforms are now the norm, the crypto industry is unlikely to operate this way for long. At this stage, although new technologies and new ways of thinking have taken root in the community and have a good momentum of development, centralized exchanges are still one of the basic problems that shackle the development of digital assets.

While hype is nothing new in the crypto industry and is one of the factors driving cryptocurrency prices up, hype from large centralized cryptocurrency exchanges can be detrimental to users of certain community-based projects. This is not the first time that Binance and Kraken have acted unethically, and it is estimated that it will not be the last time. It is time for the crypto community to seriously consider the issue of not respecting the guidelines of community-based projects.

Part of this article is compiled from Cointelegraph


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