Revenue is the amount that users pay for the use of the contracted service. These revenues are obtained by the supplier participants who provide the basic service, anfear and greed index bitcoin glassnoded the contractual revenue refers to the amount of revenue actually obtained by the Token. This actually represents the bottom value of the agreement, which is the profit margin. In other words, just as early-stage startups and growth companies do not pay dividends to shareholders, not every agreement allocates cash flow to Token.
On September 15, the Development and Reform Commission of the Inner Mongolia Autonomous Region announced the "Results of Winning the Bid (Transaction) of the Research Project on the Policy Mechanism for Cleaning up Virtual Currency'Mining'". Inner Mongolia Mengze Engineering Management Service Co., Ltd. won the bid for the project with a bid price of 295,000 yuan.tron energy lendingThe reporter of "Blockchain Daily" learned that this project is a research project for the Inner Mongolia Autonomous Region to clean up the virtual currency "mining" policy mechanism to continuously analyze and discover the secret virtual currency mining in Inner Mongolia.
In fact, as early as 2019, relevant departments in Inner Mongolia issued a policy to clean up virtual currency mining. In 2020, more than 30 big data and cloud computing companies were inspected on-site and found that 21 were actually encrypted mines. Among them are mining machine manufacturing companies Bitmain and Ebang International.In May of this year, Inner Mongolia took the lead in launching a new round of virtual currency mining and rectification activities in China. On May 25, the Inner Mongolia Development and Reform Commission issued the "Eight Measures for the Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Cracking Down on and Punishing Virtual Currency "Mining" (Draft for Comment).The "Eight Measures" impose requirements on the prohibition of virtual currency mining on industrial parks, enterprises, Internet cafes, civil servants, and individuals. The punishments for violators are "unprecedented", including the revocation of licenses, inclusion in the blacklist of untrustworthiness, Transfer to discipline inspection and supervision organs for handling, transfer to judicial organs for handling, etc.Industry insiders said in an interview with a reporter from "Blockchain Daily" that although all parts of the country are rectifying, there are still virtual currency "mining" companies in some areas that use "big data industry" as a package to enjoy electricity, land, tax and other benefits. Policies and avoid supervision, the daily management of virtual currency mining and transactions should not be taken lightly. Scientific and technological means should be used to monitor and supervise, and focus on pre-prevention, mid-event control, and post-event disposal.The bidding behavior of the Inner Mongolia Development and Reform Commission is a concrete manifestation of the use of scientific and technological means to further implement the virtual currency supervision policy, and also demonstrates the resolute attitude of the Inner Mongolian authorities.
Technical means to monitor virtual currency miningOn September 8, the official website of the Inner Mongolia Development and Reform Commission issued the "Announcement on Competitive Consultation and Procurement of Research Projects on the Policy Mechanism of "Cleaning up Virtual Currency Mining"."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.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 assetsExchange assets in terms of computing time (weight in Substrate).XCM follows the instructionsAfter 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 agreementsBridging expands the design space that the protocol can implement. E.g:Use Yearn vaults for liquid mining on Solana and Avalanche
NFT 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:Monitoring: There is usually a participant (or a "oracle", "verifier", "relayer") monitoring the status of the source chain.Message delivery/relay: After the participants receive the event, they need to transfer information from the source chain to the target chain.
Consensus: In some models, in order to forward information to the target chain, a consensus must be reached between participants monitoring the source chain.Signature: Participants need to encrypt and sign the information sent to the target chain, which can be single-signatured or as part of a threshold signature scheme.
There are roughly four types of bridging schemes, each of which has its advantages and disadvantages:Asset-specific: The sole purpose of this bridge type is to provide access to specific assets on external chains. These assets are usually "wrapped" assets (assets that are fully mortgaged by the underlying assets in custody or non-custody). Bitcoin is the most common asset bridged to other chains, and there are seven different bridges on Ethereum alone. This kind of bridging is the easiest to achieve, and obtain huge liquidity from it. But its functions are limited and need to be re-implemented on each target chain. Examples are wBTC and wrapped Arweave.
Chain-specific: A bridge between two chains, which usually supports the locking and unlocking of tokens on the source chain and the casting of arbitrary encapsulated assets on the target chain. Due to the limited complexity of these bridges, they can usually be marketed faster, but they are not easy to expand into the broader ecosystem. The use case is Polygon’s PoS bridge, which allows users to transfer assets from Ethereum to Polygon and vice versa, but only on these two chains.Application-specific: An application that provides access to two or more blockchains, but only for use in that application. The advantage of this kind of application itself is that the code base is small; instead of having a separate instance of the entire application on each blockchain, there are usually more lightweight and modular on each blockchain "Adapter". A blockchain that implements an "adapter" can access all other blockchains it is connected to, so there is a network effect. Their disadvantage is that it is difficult to extend this function to other applications (for example, from lending applications to transaction applications). Specific use cases are Compound Chain and Thorchain, which respectively build independent blockchains dedicated to cross-chain lending and transactions.