Original author: Bankless & Vitalik

Compiled by: Odaily Planet Daily 0xAyA

Editor's note: Bankless recorded a blog with Vitalik at the recent conference and talked about topics about ETH's independent ecology, new tracks, immortality and the next bull market. Odaily Planet Daily compiled it as follows and summarized the province Streaming perspective.

Savings version

Excited about the decentralized social track, Farcaster and Lens are both doing great

The great vision of ETH is to truly create an independent open technology stack

Building new user-friendly “slides” is the Holy Grail of Mass adoption

Cryptocurrency can promote the secondary distribution of human society, and ETH can exist as a system that promotes distribution.

Asia’s contribution to Crypto is becoming greater than ever

AA wallet track is slightly saturated, and Builder is optimistic about security, infrastructure and enterprise-oriented stacks

The most important thing in the next bull market is to strike a balance between income and safety

Build a completely independent ecosystem

B: DeFi has replaced traditional finance, stablecoins have replaced bank transfers, and ENS domain names have replaced Twitter usernames. How do you see the balance between improving existing things and starting new things? Are we not developing enough new things?

V: Let me try to think more deeply about this. There are indeed many very new things in the cryptocurrency field, but sometimes I also feel that these new things are not imaginative enough in a certain way.

We can see what has been done in this space in the past few years: such as cool DeFi, I have also traded various tokens on DEX, but it is still just a tool in the entire process, and this process is In many ways it still looks similar to before. There are also NFTs, NFTs are new, they are an extension, including art collectibles, game items, etc. - of course, every new concept brings something completely new to this field.

One thing I feel all these examples have in common so far is that they are all independent components designed to fit into an ecosystem that is the same as before. And what we haven't successfully done yet is create a whole new ecosystem where the individual components complement each other in different ways, right?This is one of the reasons why I’m excited about decentralized social, and things are going better than I expected. I used to be very worried that we were just going to have 892 cyberpunk-like crypto-anarchist geeks, but if you look at Farcaster, it's actually very successful, and Lens, it's doing really well, too. Of course, recent events at Twitter have given these alternatives room to grow.

Farcaster for example actually has a pretty cohesive community and has been for quite some time, it's not just a few geeks who come in for a few weeks and then leave. But I think the long-term future here is that it can actually be integrated with everything else we do. For example, a social network needs to have some form of resistance against false identities. You need to ensure that there are 894 real people behind these 894 likes, not trolls. The problem is that all existing ways of doing these things are very centralized and very detrimental to privacy. It’s important to have more decentralized options to combat false identities, to have more decentralized options to recover accounts, to have more decentralized options to determine whether a person truly belongs to a community .

And these are things that the crypto space itself can do, like we have addresses and ENS, just a very simple basic way to prove that you spent at least $10 to post this, we have POAP, and then we're also doing Zu Stamps. Zu Stamps is basically like POAP, but tied to a social recovery wallet, so a lot of tools can connect to each other in a serious way and really build on top of each other.

I think the great vision here is to really create an independent open technology stack, think about the traditional technology stack, you have the phone number, you have Google, you have Twitter, I would say China has an independent technology stack, you have WeChat, you have Alipay, you have CBDC, which is the former, and crypto can go in the opposite direction - more decentralized conversation, right? The basics are you have your Ethereum account, you have various protocols, various POAPs, you have your reputation, and you have various recovery methods.And it all works together, right? I think there's also an important part of being like, "Hey, you can just remember one thing" in the crypto world.

But I think the holy grail is to try to create a "slide" where if a new person joins here for the first time, then they can create an address - if your address is basically controlled by a Gmail account or something, right? But they always have the option of a smart wallet, especially an ERC-4337 smart contract wallet, right, and you can upgrade it and change the logic without changing the address. Moreover, it is no longer backed by a Gmail account, but may be backed by its own key, or possibly multiple signatures. Your email is backed by your Ethereum address, essentially giving people an in-between opportunity, like a decentralized ladder to slide down. Finally, really getting into this completely separate stack where all the different pieces really fit together. So I think it would be really cool to realize that vision. And I feel like we really have the tools to do that, which didn't even exist a year ago. That's one of the things I'm excited about.

The role of ETH in the future

B: To summarize what you said, in 2023 Ethereum already has many tools, such as Farcaster and Zupass, you mean these tools are ready, they just need to be combined together and put into a new context. And one context that I'm seeing booming right now is Desci. During Zuzalu in Montenegro – a week-long event focused on decentralized science and cryptocurrency-related technology. The event attracted leaders from different industries and fields who shared their knowledge and experiences in areas such as artificial intelligence, synthetic biology and longevity. And my biggest takeaway from this experience is that all of these things are related to cryptocurrency. So, by bringing together knowledge from different industries and leaders in the field of synthetic biology, have you learned anything new or changed about Ethereum and its role in the world and future industries?

V: I think over the past 10 years I’ve gone through an evolution from very abstract to very concrete.If you think back to the original vision of the DAO in 2013, it was very vague, which was that we could have these automated companies. The internal logic of these automation companies is completely unclear, and many things are unclear.

Today, things are starting to get more concrete, both within the cryptocurrency space itself and in areas related to cryptocurrency. I think there are a few different aspects to the role this field plays, one of which is existing as an alternative system.

For example, if you want to save and spend money in a country with a completely collapsed currency, or in some system where you just want to be able to save money and do it in a way that doesn't allow you to be arbitrarily deprived of it, rather than being deprived of it by some minimum random Suspicious surveillance systems deeming accounts suspicious enough to freeze - this is a problem that exists in many specific industries, and I'm not even talking about any regulatory issues. I'm referring to areas where intermediaries like Paypal don't like it. It's a pretty large category, and there are a lot of people primarily in emerging economies, but even in places like the United States, there are a lot of people who are unbanked or functionally unbanked in various ways. And they don’t choose not to have bank accounts out of their own free will, but because it’s hard for them to get one.

I think the second aspect is as a laboratory for testing new mechanisms and ideas that can first be really tested and deployed within a community dedicated to those ideas, and then those ideas can be used in a variety of ways Penetrate into the wider world. I think in this context, some of the DAO experiments we've done are a good example, as well as the work being done in areas like Farcaster and ZK Space. So, Zuzalu and Zupass, like you mentioned, are a good example of areas where we can experiment within our own community of decentralized enthusiasts.

Then inevitably some ideas filter out into the wider world, in various direct or indirect ways. They essentially set a demonstration or standard that a world that is more open, neutral, decentralized and more conducive to local sovereignty is possible, and create a prototype that shows how this can be achieved.

Like Public Goods is definitely a very specific use case for what you call decentralized governance, because it's basically doing the problem of decentralized decision-making and decision-making mechanisms. But Public Goods has some specific characteristics that make it worth considering as a separate field. One example is that I think in Public Goods it makes more sense to make radical decentralized decisions that might not be appropriate in many other types of decentralized governance. This is because the problem is different. If you let a DAO decide whether to make a website round or square, and then you compromise and get a square with rounded corners, that is not necessarily a better choice, because this Compromise often leads to worse results.

One might say that for certain types of decisions, what we really want is to have one or a few people thoughtfully making and executing the decision, and that it's better to stick to one of those visions than to try to compromise awkwardly. But on the Public Goods side, I think this happens less frequently. For example, giving $10 million to 10 different projects is better in most cases than giving $100 million to one project. Of course, there may be exceptions, like if you want to go to Mars, it's better to give one person $1 billion than to give a million people $1,000 each, because if you choose the latter, none of them have any chance of achieving that. Target. But overall, this is a question better suited this way. In the world of design, I think looking at it as a matter of creating more diverse funding mechanisms to reduce the chance of important things being completely ignored is probably the right way to go.

Because what we see is that while government is often there as an initiator, government is often not as necessary in practice as the textbooks say because the free market cannot do the job on its own. As is often the case, the government is somewhat of a rather irresponsible initiator. Sometimes a crisis can inspire people to take action, and that's a heroic act and a good thing.

Basically, though, once the first vaccines and other things came out, things kind of changed. People are tired, they're tired of being forced to do all sorts of things in response to COVID-19, and that's very understandable. This fatigue has even turned into a ridiculous fatigue about various agencies (like SPE) continuing to devote resources to solving the COVID-19 problem that still exists and is still important, and even there is a huge funding gap in this regard.

As I call my business Public Goods , I put longevity and anti-aging in this category. The market excels at entrepreneurial goods, like those that require a visionary to build, and most people won’t even realize how valuable it is until it’s made. If you have an entrepreneurial Public Goods, like A kind of Public Goods that people don’t realize the value of after it is realized or until it is realized, and the market and the government tend to ignore it. So the question is whether some innovation in the crypto space can help. So far, the biggest people we've seen filling this gap have been basically billionaires like Sergey Brin, Elon Musk, and others. But we also see that even so, there are still things that are overlooked, right? For example, Brian Johnson is famous for his Blueprint program, where he spends millions of dollars every year and devotes his entire life to staying healthy and optimizing his body as much as possible. This is great for cutting-edge scientific experiments, but it also leaves a very obvious question, which is, for ordinary people, is there a version that works for them? Will we once again see the rich enjoying all this while the average person remains stuck at 77? This may be where the crypto space can really help.

If most people aren't billionaires and they actually see the need to have something like a blueprint, it doesn't require sacrificing your entire livelihood or spending an unrealistically large amount of money every month trying to make it happen . Then you try to do community building efforts to inspire communities to actually build up. I guess you could call it a blueprint for everyone to actually execute and do a lot of experiments at scale so that your sample size is no longer n equals 1, but actually n equals 500.There is tremendous value in doing everything in an open source way and working together as a community to move things forward. I think there's a lot of ethical fit in the crypto space with this approach, like, we're seeing a lot of exciting things with this approach.

But the other thing that the crypto space can offer is actually trying to use the different tools that we have to make it work on a technical level, so there's obviously public interest funding and tools that are built to allocate capital - capital itself is moving in the Configuration in a more decentralized manner. We have secondary funding allocations, we have retroactive public benefit funding, there are thousands of different tools, and we should probably have those three in every industry. Then all these different tools for determining who contributed, which ended up being really valuable and trying to use on-chain contribution and citation graphs and so on. I think the crypto space itself is the most natural experimental subject, and the DeFi space seems to be the second most natural experimental subject, so I think there is a lot of spiritual fit here that has the opportunity to translate into practical fit. In this case, I think part of it is to create an alternative system because the existing social public interest funding infrastructure is not serving a lot of these very interesting science projects.

But I think my long-term goal is also to set the example, like you don't just want a $1 billion crypto market, but you want to put trillions of dollars of world capital into things that really matter, I'm going to really help scale that, These are some of the things I would like to see.

Startup Ideas Beyond Crypto

B: We are very focused on Desci now, but it also includes many other areas, such as AI, synthetic biology, immortality, etc., which are all very interesting. If Vitalik you had an exact copy of yourself, and this Vitalik wanted to build a startup, which of these areas would attract your attention the most? Where would you build a startup?

V: Interesting question, what would the other me do? Maybe I'd like to do a little bit of full-time work, like one of me might run off and do the other one.

B: Simply put, the answer is like Network state.

V: I understand what you are trying to express is the broad concept of Network state, which can develop in many different directions. It is related to a specific set of ideas but adjacent and can go in many different directions. I think in a lot of ways this is about community-driven design, because that's about organizing communities to explore cutting-edge technologies together. I think this is one of the goals that people hope Network state can achieve. But at the same time, some people think that a lot can be done without having to create a new country and fully participate in geopolitics. Therefore, there is a lot of room for exploration of this concept.

I can also see my "doppelgänger" from a year or two ago, like I actually separated and tried to do decentralized social networking. But I'm glad projects like Farcaster, Lens, and others exist to try out different versions of this concept, and they seem to be moving in a direction that's fairly consistent with the values.

My biggest concern, especially with VC-backed projects, is that they might be told by some "adult": Hey, cryptocurrencies only exist as a cosmetic, you have to back everything up with an email account, you have to use Phone number verification everything must rely on a centralized server to run transactions. And then at some point, they're going to tell you, hey, you can't actually let the internet see everything I see, because then the AI ​​system will read it. Then you get further confused. So I'm really happy that Romero, Richard and Nicole didn't end up like that, which I think is great. Moreover, Lens itself also attaches great importance to the theoretical nature of accounts, and has had a very radical attitude towards this from the beginning.

There is still a lot of room for improvement. What's interesting is that I think someone can find their place and gain permission anywhere in the ecosystem. For example, the Farcaster team focuses on prediction, but you can create your own company, make your own interface, and follow completely different principles. This is an opportunity that still exists for many. There are other interesting problems in this area that need to be addressed.

For example, I feel like sometimes the Oracle issue doesn't get enough attention, which is, we have Oracle, but it's important to really rigorously look for things that are not optimized for speed but are optimized for security. As a DeFi practitioner, your task is not to provide users with a 5% return instead of a 3% return, but to minimize the possibility of users receiving a negative 100% return. Fortunately, the lesson is clearer now than it was 12 months ago, but I think it could be clearer. Another issue is that we can fully promote the development of zero-knowledge technology. This is also an area that I really enjoy being involved in in some way. In biology, I think it's really important to have a blueprint that works for everyone, and I think someone should do it. Overall, I think there are a lot of very interesting things to do in this area.

Expectations for Builder

B: So for Web3 Builder, where do you think they can adjust their focus in the current Ethereum and broader crypto space?

V: That’s a great question. Six months ago the answer would have been an AA wallet. But now things get really interesting. Almost everyone uses an AA wallet. I've been traveling around East Asia for the past month, and I've talked to at least four, maybe even five teams that are building some form of AA wallet. It's interesting that these new areas of technology create a sense of disruption, right? If you come in as a new guy, suddenly you're no longer 10 years behind everyone else. So you actually have an opportunity, and I think ZK Evms and ERC-4337 do a great job of actually enabling these new people to participate.

I remember that five years ago, East Asia did a good job in exchanges and mining, but contributed very little in development and research. And now things have changed dramatically, which is interesting, right? Because when regular cryptocurrency Twitter users say “Asia is back,” they’re actually referring to the millionaires out there buying their favorite Dogecoin and the like. But I feel like Asia is definitely back and the level of engagement and technology engagement is even greater than anything I've seen before, I mean before Covid or any of the recent bubbles.What I'm trying to say is there are a lot of opportunities to get involved here, so the question is, what do you want to do now? In this regard, I feel like wallets are starting to get saturated. A slightly less saturated area is security software, basically I'm starting to see some of this exist and I think delving deeper into this area and building tools that can help users understand what they are doing when they interact with DeFi might be an option. .

Another issue is building the infrastructure to drive the Ethereum Layer 1 ecosystem toward Layer 2. One example of this is the Merkle Proof Validator, which basically allows you to fully decentralize validating ENS names on Layer 2. But from what I understand they currently basically just verify signatures from a centralized provider, but if you do Merkle proof verification you get rid of the centralized provider and don't actually need to consume it because of the off-chain calls Any Gas, this is an example.

But I feel like there are many other examples of properly built infrastructure. If we really want to push this ecosystem from complete reliance on centralization to real participation in Layer 2, the third example is an enterprise-oriented stack, encouraging existing enterprises that do centralized things to switch to building decentralized solutions. . Expand this. You remember the time between 2014 and 2019 when everyone was excited about permissioned consortium chains, right? Do you remember this?

B: I remember this - IBM Hyperledger.

V: Exactly. There are many examples of this and we failed. I personally think the reason people get interested and then fail is that they instinctively feel that in many applications you want some kind of compromise between a centralized approach and a decentralized approach. Just as you want a decentralized approach because that enables trusted collaboration between different market participants, the other side of the compromise, which is to do everything on-chain, actually completely destroys privacy and is not scalable, And it would require people to completely rewrite their software, right.

What people want is the best of both worlds that consortium chains offer, but I think what we end up with is a compromise that minimizes vested interests, right?The reason is basically that you're still building a blockchain in the first place, so you still need most of the overhead of building a blockchain. And then you also have a lot of community building overhead, but again that's actually made more difficult because of centralization, right? A pattern I see happening over and over again is that someone creates an alliance, the first five members happily join the alliance and start working together, but members 6 to 20 end up being uninterested because they don't want to join An ecosystem that already feels dominated by the first five members, so there are a lot of structural reasons why this approach shouldn't succeed.

But I think something that could work is Validiums, right? Validiums are basically Rollups without putting the data on the chain, or another way is a centralized system, but the hash of the database is put on the chain, and every time the database is updated, a new hash is put in, And use zero-knowledge proof to prove that the update is valid. So you can use your existing centralized system and then just add an additional payment function that reads the database, hashes it, and understands the execution logic to generate the zero-knowledge proof and then uploads it to the chain superior.

This way, you can prove that the database was only updated in a valid way. It's just something that runs continuously on-chain, and once those hashes and proofs are on-chain, individual users can interact with the program and get Merkle tree proofs of their current balances. You can do all of these operations, and it's basically a compromise between centralization and decentralization - you get the benefits of decentralization but keep things efficient, and you don't have to pay gas for every transaction. , don't even have to tell your IT staff to completely rebuild the system, since you can keep the software and just run the extra software and have it sit on the side. I think it's actually a 50% compromise that offers the advantages of both, rather than the disadvantages. There's actually a weaker version that's starting to be used, which is proof of debt service, right? Just like proof of debt service is what I think is a semi-successful enterprise use case, with proof of debt service you can publish that data on-chain to prove something about your database, which is the user balance that you actually have The amount won't be more than what you have in your wallet, so I think that's a starting point.

This can be applied to gaming, it can be applied to potential social media algorithm type use cases, it can be applied to supply chain management. ——In short, it can be applied to many different fields. I mean, supply chain management is interesting because if you have those records, there are financial things, like short-term loans, that can be tied directly to those records. So there's a lot of fun things to do, right? However, the software stack that makes this possible is only possible now because it relies entirely on zero-knowledge proofs.

So now we've reached a stage where regular developers can build things on ETH without having to understand in depth what it is, and I think that's a very valuable thing for us to start building now. I think in general, new tracks like this are popping up every six months, so there's a lot of opportunity to get involved.

Thoughts on the next bull market

B: As we wrap up this conversation, I want to turn our attention to the present. I think over the past few months, people in the crypto world have refocused their perspective, starting with cleaning up the mess of 2022, because I think that process has been pretty smooth. We can believe that good things are about to happen, and now our focus turns to what happens next – everyone is cautiously anticipating the bull run, but what are some things we hope the crypto world doesn’t do, or might pay attention to, so that we can To successfully navigate the next bull market, if cyclical theory is right, if we ever go through another bull market again, what should we be trying to accomplish? What can we do as a community, as a culture, to make sure we never screw up again?

V: For me, it’s important to find a balance between increasing security and decentralization, building an ecosystem that allows people to invest money and get returns, even if it’s 2% APR, but still feel comfortable , they would not risk losing 1/50 of all their money in that year. I think this is possible, but it will require a very different mentality from the pursuit of maximum returns at all costs, and therefore the need for increased security in DeFi protocols, wallets, chains, and ecosystems.This is one aspect. On the other hand, we need to do this in a way that doesn't give up, that if you really want to be safe, you pretty much have to deposit your funds into Coinbase or have all of your activity protected, I think if we can achieve that With this, we will be able to go further.

ChainCatcher news, according to Sing Tao Daily, after the virtual asset trading platform JPEX was recently named by the Securities and Futures Commission as an unlicensed operation, the police have arrested at least 11 people so far. Julian Cheung went to the Hong Kong Police Headquarters this morning to assist in the investigation and left in the afternoon.

JPEX has invited artists or Internet celebrities such as Julian Cheung, Lin Zuo, and Zhuang Simin to promote. Among them, JPEX described Julian Cheung as the "Brand Ambassador of Hong Kong."

Cheung Chi-lam earlier expressed through a public relations company that he only recently noticed that his portrait was used by JPEX. He said that he had previously received an invitation to shoot an advertisement. At that time, JPEX told them that he was registered overseas and provided relevant certificates, so they arranged for the shooting in March 2022. , but in May of the same year, after learning that JPEX had been supervised by the Securities Regulatory Commission, it notified JPEX in writing that if it failed to obtain a license, it would not be able to use its image for publicity, so it would reserve the right to pursue legal action.

ChainCatcher news, according to Forbes, Tether purchased 10,000 Nvidia H100 GPUs for $420 million. The transaction will acquire a 20% stake in Bitcoin miner Northern Data and plans to lease these chips to artificial intelligence startups.

It is reported that Nvidia's H100 is one of the most popular products in the IT industry, with each chip selling for $40,000. Data processing businesses also prefer these GPUs as their primary processors; hence, they are in high demand among AI startups.

Northern Data CEO Aroosh Thillainathan said the deal has the potential to make Northern Data the largest cloud GPU operator in Europe, outside major cloud computing giants such as Amazon, Microsoft Azure and Oracle.

ChainCatcher news, according to CoinDesk, Baradwa, a former employee of Alameda Research, revealed that the 87% instantaneous plunge of BTC on Binance.US in 2021 may have been caused by Alameda traders’ operational errors.

While most Alameda trades are executed using algorithms, there are times when traders can manually send orders or take advantage of profit opportunities during market volatility, which is why apparent mistakes occur.

An Alameda trader attempted to sell Bitcoin in response to the news and sent the order through a manual trading system. By ignoring the decimal point, instead of selling Bitcoin at the current market price, they sold it at a fraction of the price. Arbitrage traders quickly took advantage of the mispricing, costing Alameda millions of dollars.

It is reported that on October 21, 2021, when other markets were operating normally, BTC on Binance.US plummeted within a few minutes, falling from around US$65,760 to a low of US$8,200 at 11:34 that day, and then rebounded quickly , returned to the previous level. A spokesperson for Binance.US said at the time that the plunge was due to a vulnerability in the trading system of one of their “institutional traders.”

Author: Horry Ko, Noah Ho

In the field of blockchain, in-depth discussion and analysis of projects is particularly critical. Before such analysis can be started, we first need to collect a large amount of data. Fortunately, with the advancement of technology, we now have AIGC, a powerful auxiliary tool. AIGC, or Artificial Intelligence Generated Content, stands out for its efficiency and automation. With the increasing maturity of natural language generation technology NLG and advanced AI models, AI GC has begun to receive widespread attention. Among them, ChatGPT, Bing, Claude and Tongyi Qianwen are all highly respected AIGC tools in the industry. So, how does AIGC help our project analysis? First, we need to build a research framework that covers key aspects such as the track, community, financing status, smart contracts/open source code, and token economy. We will then explore how AIGC tools can be used to effectively collect and organize the information needed to support project analysis.

Analysis framework

track

Facing the web3/blockchain project, the first thing to do is to position its track. Track positioning not only helps us understand the market positioning of a product, but also provides us with a framework to evaluate its potential market opportunities and challenges. For a specific track, the core points we need to consider include market size, technological innovation, ecosystem construction, profit model, and regulatory compliance.

Public chains, as the basis of blockchain, have huge market potential. They require continuous innovation in technology to ensure security, scalability and decentralization. The success of a public chain largely depends on its ecosystem, such as the developer community and the number of DApps. Profitability often comes from token appreciation and network fees, but there are also complex regulatory challenges as they are the foundation of the entire ecosystem.

Layer2, as an expansion solution for the public chain, aims to solve the scalability problem of the public chain. As the expansion of public chains becomes increasingly prominent, Layer2 has huge room for growth. They need to have good compatibility with mainstream public chains and achieve profitability through network fees and related services. Similar to public chains, Layer2 also faces regulatory challenges, but may be more centralized.

DeFi and DEX, as core components of decentralized finance, are rapidly changing the face of traditional finance. Their market size is rapidly expanding and they require continuous technological innovation to provide better user experience and security. The ecosystem of DeFi and DEX is closely integrated with various assets, services, and platforms, with various profit models including transaction fees, lending interest, and token appreciation. At the same time, they also face strict regulations as they involve financial transactions.

The underlying infrastructure provides key supporting services for web3, such as storage, computing, and communications. The market for these infrastructures is huge as they power various web3 applications and services. Technological innovation is key to this track, which requires faster, safer and cheaper services. The profit model usually includes service fees and related product sales, while regulatory compliance depends on the specific services and functions.

community

In the analysis of blockchain projects, the community has become an indispensable part, which directly reflects the market acceptance of the project, the real participation of users and the vitality of the ecology. A healthy community often has a large number of followers or members who actively interact on social platforms such as Twitter, Telegram, Discord, and Reddit. But just looking at the size of the community is not enough. Its activity and participation are equally important. By observing the daily interactions of community members, such as topics discussed, frequency of feedback, and communication between project parties and the community, we can gain a deep understanding of the true vitality of the community. In addition, the quality of the community is also a key indicator. A high-quality community will focus on core topics such as project technology and development strategies, rather than just focusing on price or speculation. Globalization and diversity are also important aspects in assessing community health. A global community means that projects are welcomed in different countries and regions. Finally, whether the project party provides education and training resources to the community and whether it has a community governance mechanism is also an important basis for evaluating its relationship with the community. In short, the community is not only a supporter of the project, but also one of the key factors for its success.

Financing situation

When we analyze the financing situation of blockchain projects, the first thing to pay attention to is the financing history of the project. Understanding the financing rounds that the project has completed, such as seed, angel, or private placement rounds, as well as the financing amount of each round, can help us evaluate the market and investor confidence in the project. In addition, the identity of the investor is also an important consideration. The participation of well-known investment institutions or individuals often means that the project has certain potential and credibility. Second, a project’s growth data, such as user growth rate, transaction volume, or other key business metrics, gives us clues about the project’s health and market acceptance. These recommendations usually reflect the project's actual performance in the market and the solidity of its user base. Finally, a project’s transparency is another key factor in assessing its funding health. A project that discloses its financial status, fund use and business progress is often more likely to gain the trust of the market. This information helps us understand a project's ability to manage funds and its long-term sustainability.

Smart contracts/open source code

Smart contracts and open source code are key evaluation dimensions when analyzing web3 or blockchain projects. They not only reveal the technical architecture and implementation details of the project, but also reflect the development team's technical strength and attitude towards project maintenance. Through API, we can obtain and analyze this information more systematically. First, security auditing is an important consideration. While audit reports may not be directly available in the API, many projects publish audit results in their official channels. In addition, some audit companies may provide query interfaces so that audit status can be automatically tracked and displayed. Code liveness and transparency is another key metric. Through the GitHub API or the API of other code hosting platforms, we can obtain data such as the frequency of submissions of the project, the number of open issues, community interaction, etc., which all provide us with a real-time snapshot of project development and maintenance. Smart contract-specific information, such as contract code, transaction number, etc., can be obtained through blockchain browser APIs such as Etherscan. In addition, some smart contract analysis tools provide APIs that can help us automatically analyze the security of contracts.

Tokenomics

Token economics becomes an indispensable dimension when analyzing web3 and blockchain projects. It reveals the project’s value drivers, incentive structures, and risk factors. First, we want to focus on the core uses and functions of tokens, such as their role in value transfer, governance, and incentives. Next, the distribution, circulation, and relationship of tokens to total supply provide us with clues to the economic health of the project. In addition, market depth, liquidity and performance on major exchanges are also key to assessing its market acceptance. Finally, incentive and adversarial mechanisms demonstrate how the project ensures that the interests of participants are aligned with the long-term goals of the project, and how it responds to potentially malicious behavior. In fact, many of these data points are available through public blockchain explorers, exchange APIs, and project documentation, making the analysis of tokenomics both in-depth and practical.

Chat GPT-4 Introduction

With the continuous evolution of natural language generation technology (NLG) and AI models, AIGC has gradually attracted the attention of many people. Well-known AIGC platforms currently on the market include ChatGPT, Tongyi Qianwen and Claude. We chose ChatGPT-4 as an analysis tool, which not only can understand and generate natural language, but also has powerful information processing and knowledge retrieval functions. Thanks to technological advancements, ChatGPT now supports a variety of plug-ins to help it collect, organize and analyze data more efficiently. Whether searching for relevant information online or extracting key information from specific data sources, ChatGPT can quickly implement it through plug-ins. Taking advantage of its natural language processing advantages, ChatGPT helps users build and improve analysis frameworks to provide powerful support for various research and decision-making. However, using this tool effectively is key. In the following examples, we will show how to use ChatGPT to assist project analysis. In addition, we list some commonly used plug-ins for ChatGPT: 1. Access Link: used to access specified URLs. 2. MixerBox WebSearchG: Search online news or articles. 3. Webpilot: Query online information based on keywords. 4. Diagram show me: Consolidate information into tabular form.5. Aaron Chat PDF: Extract information from PDF. 6. DeFillama: Provides DeFi data. 7. PortfoliosLab: Provides virtual currency market data.

Example demonstration

In order to gain an in-depth understanding of last year’s highly anticipated Layer2 project Arbitrum, we will use the above tools for detailed analysis. Below, we will step by step show how to cooperate with ChatGPT to obtain and organize information. Finding Project Overview First, we seek overview information for the project. We simulated ChatGPT as a cryptocurrency analyst and told it: "Suppose you are a cryptocurrency analyst and you will write a research report for a certain encryption project." Since ChatGPT's training data is only available until January 2022, To ensure that its information is up to date, we tell it: "You can search the Internet to get the latest information on the project you are analyzing." Then we instruct it: "Please write an overview, introduction, and project summary for Arbitrum ." It will search the Internet for relevant information and summarize it. Ultimately, we sent “If you are a crypto analyst, you are going to write a research report for a crypto project. You can search necessary information so that you have the updated knowledge of the project you are analyzing. Please write an executive summary , introduction, project overview for Arbitrum." Plug-ins used: Acces Link, MixerBox WebSearchG. ChatGPT will render its responses in Markdown format. We can copy and paste into software or online tools that support Markdown format, such as Notion. The following is the content of its reply.

Executive Summary

Arbitrum is a Layer 2 scaling solution designed to enhance the capabilities of Ethereum smart contracts by boosting their speed, scalability, and incorporating additional privacy features. Developed by New York-based firm Offchain Labs, Arbitrum aims to address the inefficiencies and high costs associated with Ethereum-based smart contracts. The platform uses optimistic rollups, where transactions are executed off-chain and then bundled in large batches to be submitted on the Ethereum mainnet. This process significantly reduces transaction costs and enhances the user experience. Arbitrum has witnessed rapid growth, with nearly 4 million unique addresses and over 400 decentralized applications (DApps) built on its platform.

Introduction

Ethereum, a leading platform for decentralized applications (DApps), has faced challenges related to high transaction fees and network congestion due to its increasing adoption. While some believe on-chain upgrades are the solution, others are exploring second layer solutions. Among these, Arbitrum stands out due to its innovative approach to scaling Ethereum.

Project Overview

Background: Arbitrum, developed by Offchain Labs, is a Layer 2 solution built on Ethereum. It offers developers the ability to run unmodified Ethereum Virtual Machine (EVM) contracts on a second layer while still leveraging Ethereum's Layer 1 security.

Technical Aspects: Arbitrum employs optimistic rollups, where transactions are executed off-chain and then grouped into large batches for submission on the Ethereum mainnet. This method reduces the computational and storage burden on Ethereum, leading to lower transaction costs for users.

Growth: The platform has experienced significant growth, with close to 4 million unique Arbitrum addresses and over 400 DApps, many of which are in the DeFi sector. Some of its popular DApps have over $100 million in Total Value Locked (TVL).

Token Utility: The ARB token, associated with Arbitrum, is used for governance within the Arbitrum DAO. Token holders can participate in decentralized governance decisions, which are executed on-chain once approved.

Ecosystem: Arbitrum supports a wide range of Ethereum DApps and infrastructure projects, including prominent names like Uniswap, DODO, and Sushi. In August 2022, Arbitrum introduced Nova, a new chain designed to further scale the Ethereum blockchain, especially for high-throughput DApps.

Team: The initiative is led by Offchain Labs co-founders Ed Felten, Steven Goldfeder, and Harry Kalodner, all of whom have strong academic and blockchain backgrounds.

In conclusion, Arbitrum presents a promising solution to Ethereum's scaling challenges, offering a platform that is both efficient and developer-friendly. Its rapid growth and adoption in the crypto community underscore its potential to play a pivotal role in the future of decentralized applications.

Now, we have an overview of Arbitrum. The next step is to collect information step by step according to the above framework. Considering the length of the text, we will continue to teach you how to use ChatGPT to collect the project information we need in the next article.

related information

According to ChainCatcher news, Tether is once again lending its stablecoins to customers, less than a year after the company said it would gradually reduce the practice.

Tether said in its latest quarterly financial report that its reserve assets included $5.5 billion in loans as of June 30, up from $5.3 billion in the previous quarter. Tether spokesman Alex Welch confirmed the company issued the new loan.

Welch said: "Tether received several short-term loan requests from customers with long-term relationships in the second quarter of 2023, and we decided to honor these requests. The loans will be canceled in 2024. The company's goal is to prevent a significant depletion of customer liquidity, or prevent them from selling the collateral at a potentially unfavorable price and incurring losses.”

ChainCatcher news, according to official news, Sui Network announced the first batch of winners of the Sui Education Grant Program, which aims to support developers interested in cultivating the next generation of innovators.

A total of nine teams received more than $300,000 in funding this round, with selected proposals including developing boot camps, courses, gamified learning tasks, developer education tools, and technology workshops. Winners include: EasyA, GPTutor, MoveCastle, MoveFuns DAO, Nativo Ventures, Patika, StackUp, Web3Lab and WELLDONE Studio.

It is reported that applications for the Sui Education Grant Program are now open, and winners must complete the KYC process and receive funding based on progress toward completing milestones.

Original author: Stephen Monn

Original title: "Introducing ERC-7521: Generalized Intents for Smart Contract Wallets"

Compiled by: Shenchao TechFlow

In the ever-evolving landscape of blockchain and decentralized applications, more and more attention is being drawn to the concept of user-defined intent rather than pure transactions. This frees users from having to worry about navigating the increasingly complex process of DeFi and unlocks a host of additional use cases that are only now being conceived.

With individual applications already using their own different and incompatible intent structures, it makes sense to create a common intent standard that can be shared and understood by all users, applications, wallet software, solvers, searchers, etc.

To aid composability and lower the barrier to entry, we propose ERC-7521, a standard that supports the common intent of smart contract wallets.

What is user intent?

Since this field is so new, the definition of intent is currently a bit fuzzy. From an overall concept, the term is generally used to refer to a user's expression of a desired on-chain outcome or end state. For the purposes of this specification, an intent is defined as a set of actions and expectations set by a user. These operations and expectations may be combined with those of other intents in an effort to meet the common and best interests of all parties involved.

A series of on-chain operations that satisfy all parties involved is called a solution. Specialized resolvers (similar to bundlers in ERC-4337) will compete to find the solution that provides the highest satisfaction to users. This can be achieved, for example, by finding the best/most efficient on-chain path, leveraging off-chain liquidity sources, combining the intentions of different users to exploit common needs, etc., even including their own intentions.

Add user intent to account abstraction

The key to enabling universal intent is to use smart contract-based abstract accounts. Similar to ERC-4337, intents are signed as messages and then verified on-chain via separate transactions. These signed messages are then propagated in their own memory pool.

The goal of this specification is not to create a framework for smart contract wallets to integrate and automatically support the broad range of possibilities defined by the signed intent itself.Therefore, the framework also needs to allow for a seamless and permissionless upgrade and code extension process as new intended use cases emerge.

Single entry and unlimited intent standards

To help facilitate this seamless and allowed upgrade and scaling process, the EntryPoint contract in ERC-4337 was modeled, but also split into two distinct parts. The first part, called the entry point, is the main entry point for submitting intent solutions and is responsible for validating intent signatures and running high-level intent processing logic.

The specific content of the intent processing logic is defined in a separate contract, called the intent standard, which is specified by the signed intent itself. Entry points call these contracts to handle an intent. It is the intent standard that defines how attached intent data and execution are handled, as well as basic off-chain rules related to denial of service attack vectors inherent to the intent, such as how messages are delivered to resolvers and protection mechanisms against DoS attack vectors inherent to the intent. .

These standards of intent should be established self-contained, independent of this specification. We expect that as the intent landscape becomes more mature, optimized niches and emerging use cases emerge, new intent standards with additional capabilities will emerge. Adoption and support of these standards will be driven by social consensus among wallet developers and intent solvers, as well as end-user demand.

To ensure that our proposed ERC has significant functionality in its early stages, we have developed an asset-based intent standard to support most current blockchain use cases. We will refine this standard (and this ERC) in a public environment to adapt to the needs of the ecosystem.

Vague but powerful intention structure

User intent contains primary data that can be broken down into two parts:

Necessary authentication data used by the Entry Point contract to verify messages with the sender before executing them.

Intent Standard-specific additional data specified by the intent.

Intent standard data can be anything, but is always broken into separate parts called intent segments.

The Entry Point contract does not explicitly understand what the data is, but it does recognize the division into segments. The Entry Point contract calls the Intent Standard contract to process one segment at a time, and enforces that the intent's segments are always processed in the specified order.However, Entry Points allow other intents to be processed between execution segments.

These intent segments usually consist of actions the user wishes to handle or to check whether certain conditions are met. Additionally, one Segment can pass data to the next Segment during processing. This data is called intent context data and is useful in validating changes that occurred between segments and avoiding the need to recalculate useful data. Again, making the most of this data is dictated by the Intent Standard specification.

Combine intention for maximum satisfaction

During intent processing, the intent is able to raise dissatisfaction with any type of condition, whether it's an unexpected low balance or any condition that the intent's criteria might be looking for to evaluate to false. When this happens, the entire transaction is rolled back, including processing of unrelated intents that may have occurred previously.

Only when a set of intentions are submitted and processed in an order that satisfies all parties are they considered spent and the resulting state allowed to be persisted on-chain. It is these combinations of intents that form the solution and are passed to the Entry Point contract for processing.

However, simply submitting a list of intents is not enough because segments for different intents can be arranged in different orders. Therefore, a solution also specifies how different intent fragments should be ordered during processing (how different intent fragments should be interleaved).

Part of the solving process typically involves the solver formulating an intent to help satisfy a set of other intents, allowing them to maximize user satisfaction while generating some profit.

Conclusion: Enhancing Intent-Driven Blockchain Interactions

The focus of the specification is to define a basic framework for smart contract wallets so that they can connect and unlock powerful expressions of intent for users, even as the landscape continues to evolve. Defining intents as a collection of smaller intent segments provides a great experience for the user and reduces the number of times the user needs to sign. Intent segmentation and shared background data also help unlock powerful capabilities without using large amounts of gas. Intents can trust that all their segments will be processed sequentially without manual inspection.

Universal user intent opens up a whole new world that is only now beginning to be explored.From simple gasless token swaps to more complex conditional intents that automate processes like transferring funds from cold to hot wallets or making daily coin purchases via a single signed message, the possibilities for intents are vast! Our specification of the asset-based intent standard is the first of many iterations that will enable the community to take advantage of this new framework.

Author: Nan Zhi, Odaily Planet Daily

Since the concept of Telegram Bot became popular, various types of Bots other than "Transaction Bot" have also begun to log in to Telegram. However, before the launch of Telegram, there were already similar applications on the web or desktop. Launching Telegram has no bonus for certain categories of Bots, and is not even strictly necessary - Telegram is not the Holy Grail of Bots.

Odaily Planet Daily will use "Coin Bot" as the basis for research, explore its additional features, and what type of Bot Telegram is suitable for.

Issue Coin Bot

The main promotional function of Coin Bot is "one-click coin issuance". However, this feature has been implemented by multiple web-side products earlier, or in the era before web-side tools, there were already fixed versions of Meme in various modes on the market. You only need to Simply modify the parameters on the development application (Remix, Hardhat, etc.) to complete the coin issuance.

The differences between the currency issuance bots on Telegram are:

Low learning threshold: The process and content are templated, which further lowers the learning threshold and can be completed without understanding the principles;

Portability: not limited by device or location, while the web page needs mobile adaptation to be used through the wallet software;

Security brought by fixed templates: The token forms that can be deployed by several mainstream currency-issuing Bots are fixed, and backdoors cannot be customized.

The above is an overview of the main settings of the currency issuance Bot, which usually has natural limitations on its security. The source of the agreement's income comes from two aspects. One is the transaction tax after the agreement is issued, and the other is the token agreement deployed through the currency issuance Bot, which will draw the initial liquidity and will also draw the subsequent transactions. become.

The following is a summary of its income:

The main source of income for each Bot is token transaction tax, and only Saintbot has experienced several large peaks. Genesis Bot, which greatly reduced usage fees, failed to capture market share.

It can be seen that the mechanism of taxing 1% of the transaction volume has not brought sustainable income to the major Bots. Because Meme coins usually have a short life cycle and quickly disappear under the one-time income, each Bot still needs to make new investments. market for sources of income.

To sum up, the advantages of combining Coin Bot with Telegram are:

Meme players no longer pay attention to the token model (such as dividends, destruction, adding LP and other concepts), but pay more attention to the story of the token itself. Who can respond to the story happening in the market in the first time has a greater influence. advantages, so its portability has some value.

The disadvantages are:

Invalid attribute:

End users still only face the contract address and cannot directly perceive security (they cannot know that the token comes from a coin-issuing bot with security restrictions), and they still need to rely on third-party platform detection.

Market mismatch:

In the existing market, there is no need to further lower the threshold and cannot attract more Bot users.

The market capacity is extremely limited. Meme players no longer accept high-tax projects, and several Bot services are currently too expensive, hindering users from entering.

The various functions that major projects have added to Bot have no effect. Users still only care about the most basic function, which is "coin issuing" itself. Only when the usage fee is further reduced, the coin issuing Bot can gain market share in certain scenarios. , but it does not have long-term investment value.

in conclusion

In addition to coin-issuing Bots, Telegram+Bot also has many tracks, such as games (such as guessing HiPvP), sports betting (such as bookiebot), US stock trading (such as AX CAP) and many other types.

Among them, game Bots can only simply display a result on Telegram, and users are most concerned about the gaming experience rather than making profits in such games, so these Bots are now extinct.

The sports betting Bot is completely opposite to the game type. Many users just need a simple entrance for them to place bets and obtain the results. They do not care about the progress of the betting project itself (at the same time, they can also watch and obtain it through regular channels) and only retain This type of Bot, which has lost its most basic functions, continues to develop after the wave recedes.

Telegram is not the Holy Grail of Bots, but Occam’s razor (Odaily Planet Daily Note: shaving is unnecessary, keeping it simple and effective). Taking advantage of the concept can only become a pig in the spotlight. Bots suitable for Telegram do not need a variety of additional functions. , and only need to pay attention to its most fundamental and basic functions themselves.

ChainCatcher news, the fully digital public infrastructure PlatON announced the official launch of the application chain framework and released the "PlatON Application Chain Technology White Paper", aiming to establish a universal, reliable, standardized and flexible adaptable framework to provide various industries in the Web3 field. A more efficient, secure, and reliable blockchain solution with the ability to integrate seamlessly. The application chain framework provides PlatON application chain extension protocol (PAEP), efficient consensus mechanism, customizable development, security considerations, usability, etc., as well as application chain comprehensive infrastructure and supporting tool sets.

In PlatON's application chain framework, PlatON serves as the root chain and acts as the witness layer, while the application chain acts as the execution layer to independently package blocks and execute transactions. The PlatON application chain will provide developers with flexibility and autonomy, and is committed to promoting innovation and meeting the needs of different industries and application fields, thereby promoting the diversification and development of the blockchain ecosystem. It is understood that PlatON has promoted application project cooperation in application fields such as games, AI large models, WEB3 accelerators, and DePIN.