Deflationary digital currency
The original purpose of Nakamoto's creation of Bitcoin was to strike directly at the monetary base of the financial system, by creating a fixed, never-issuing, decentralized currency to limit the right to issue money from abuse, to resist inflation, to promote social equity and efficiency, to change the form of incentives for human organizations to collaborate and to guarantee the sanctity of private property.
Look at the real world economy, and you'll find that inflation is good for only a few, and that the vast majority of people are diluted by inflation. Similarly, cryptocurrency uses the model of total additional issuance, essentially inflation, which is beneficial to a few large nodes in the ecology, but many people's interests may be damaged.
Based on the idea of deflation and non-nationalization of currency, a new economic model of self-destruction was Aurora to increase the value of human wealth.
Aurora Token (ARR) is completely decentralized, and each chain trade will automatically destroy 1% of ARR transactions through smart contracts, which means that Aurora Token (ARR) are decreasing every day.
ARR Issuance mechanism
ARR issued a billion pieces, starting on July 20,2020. Initial hair 10 million, The remaining 990 million were issued in the next six months at 10 per cent of the number issued, Is released at 5% per month for the next three years, And then three years ,3% a month, The remaining 13 1/2 years are issued at 1% per month, Until a billion units are released, Total 20 years.
Hyperledger Fabric is an open source enterprise-level distributed accounting technology (DLT) platform to license, designed for use in the enterprise environment, providing some key capabilities for differentiation beyond other popular distributed accounting or blockchain platforms.
Aurora use Hyperledger super book fabric technology as a starting point.
Aurora has a highly modular and configurable architecture that provides innovation, versatility, and optimization for a variety of industry use cases including banking, finance, insurance, healthcare, human resources, supply chains, and even digital music.
Fabric is the first distributed accounting platform to support the creation of smart contracts in programming languages such as Java、Go and Node.js, rather than being restricted to domain-specific languages (DSL). And that means most companies already have the skills needed to develop smart contracts and don't need extra training to learn new languages or DSL..
Fabric platforms are also licensed, which means that, unlike the public exemption network, participants know each other, not anonymity leads to total distrust. this means that although participants may not fully trust each other (e.g., they may be competitors in the same industry), the network can operate under a management model based on the existence of trust among participants, such as a legal agreement or framework to deal with disputes.
Aurora supports pluggable consensus protocols that enable the platform to be customized more effectively to suit specific use cases and trust models. for example, when deployed within a single enterprise or operated by a trusted authority, a consensus of complete byzantine fault tolerance may be considered unnecessary and cause excessive drag on performance and throughput. such cases, collision fault- tolerant (CFT) consensus protocols may be more than sufficient, while in multi-party decentralized use cases, more conventional byzantine fault-tolerant (BFT) consensus protocols may be required.
A urora is specifically designed to have a modular architecture. whether it is an insertable consensus, an insertable identity management protocol (e.g., LDAP or OpenID Connect), a key management protocol, or a cryptographic library, the core of the platform is designed to meet the diversity of enterprise use case requirements.
Pluggable sorting services build consensus on transaction sorting and then broadcast blocks to peer nodes.
Pluggable membership service provider responsible for associating entities in the network with encrypted identities.
Optional point-to-point gossip service that propagates the output of blocks to other nodes through the sorting service. smart contracts (" chain code ") run in container environments (e.g. Docker) for isolation. They can be written in standard programming languages, but do not have direct access to book status.
The books can be configured to support various databases. pluggable endorsement and validation policy implementation that can be configured independently in each application.
Smart Contract (Smart Contracts)
Smart contracts or Fabric called "chain code ", as trusted distributed application
functions, obtain their security/trust from blockchain as well as basic consensus among nodes. It is the business logic of blockchain applications.
There are three key points that apply to smart contracts, especially when applied to platforms: many smart contracts run simultaneously in the network, they can be dynamically deployed (in many cases anyone), and application code should be seen as untrusted or possibly malicious. 15most existing blockchain platforms that support smart contracts follow the sort execution architecture in consensus protocols: validate and sort transactions and then propagate them to all peer nodes, and then, each node executes transactions sequentially. Almost all existing blockchain systems can find a sort execution architecture ranging from public/free platforms such as Ethernet Square (PoW based consensus) to intelligent contracts to be licensed platforms such as those executed in the blockchain running with the sort execution architecture must be deterministic; otherwise, consensus may never be reached. For non-deterministic problems, many platforms require intelligent contracts to be written in non-standard or domain-specific languages (e.g. Solidity) so that non-deterministic operations can be eliminated.
This impedes the widespread adoption of smart contracts, which require developers to learn new languages for writing smart contracts and can lead to programming errors.
In addition, performance and scale are limited because all nodes execute all transactions sequentially. The fact that intelligent contract code is executed at each node in the system requires complex measures to protect the whole system from potentially malicious contracts to ensure the flexibility of the whole system.
Privacy and confidentiality (Privacy and Confidentiality)
As we discussed, in a public, license-free blockchain network, transactions are executed at each node using PoW as its consensus model. This means that neither the contract itself nor the transaction data they process are confidential. Each transaction and the code implementing it are visible to every node in the network. in this case, we exchange contract and data confidentiality with the byzantine fault- tolerant consensus provided by PoW.
This lack of confidentiality can be problematic for many business/enterprise use cases. For example, in a network of supply chain partners, certain consumers may receive preferential interest rates as a means of consolidating relationships or promoting additional sales. If each participant can see each contract and transaction, then this business relationship can not be maintained in a fully transparent network – everyone wants a preferential rate!
As a second example, considering the securities industry, a trader buying (or selling) a position does not want her competitors to know that, otherwise they will seek to follow up and weaken the trader's strategy.
In order to solve the lack of privacy and confidentiality in implementing enterprise use case requirements, blockchain platform adopts a variety of methods.
Everyone has their own trade-offs. Encrypted data is a way to provide confidentiality; however, encrypted data is located at each node in a licensed network that uses PoW consensus. If there is enough time and computing resources, encryption may be cracked. For many enterprises, the risk that their information may be compromised is unacceptable. zero knowledge proof (ZKP) is another research area being explored to solve the problem. what needs to be weighed at present is that computing ZKP requires considerable time and computational resources. thus the performance of confidentiality needs to be weighed in this case. In a licensing environment where other forms of consensus can be exploited, one possible way to limit the distribution of confidential information is to limit it to authorized nodes.
Aurora is a platform to license for confidentiality through its channel (channel) architecture. basically, participants on the Fabric network can establish "channels" between subsets of participants that are visible only with a specific set of transactions licensed. This can be considered as a network hood. therefore, only nodes entering the channel can access smart contracts (chain code) and data transactions, thus protecting both privacy and confidentiality. to improve its privacy and confidentiality capabilities, Aurora have increased support for private data and are developing future available zero knowledge proofs (ZKP). A little more will become available.
4.5 Messages and Transactions
Aurora messages are somewhat similar to bitcoin transactions, but there are three important differences between them. First, ethernet messages can be created by external entities or contracts, but bitcoin transactions can only be created from outside. Second, Ethernet Square messages can choose to contain data. third, if the recipient of the Auro r a message is a contract account, you can choose to respond, which means that the ethernet message also contains the function concept.
Aurora "transaction" refers to a signed packet that stores messages sent from an external account. the transaction contains the receiver of the message, the signature used to confirm the sender, the etheric account balance, the data to be sent, and two values called STARTGAS and GASPRICE.
In order to prevent exponential explosions and infinite loops of code, each transaction needs to limit the calculation steps triggered by the execution code, including the initial message and all the messages raised in the execution. STARTGAS is the limit, GASPRICE is that every calculation step needs to pay for the miners. If during the execution of the transaction ," run out of gas ", all the state changes to return to the original state, but the transaction costs that have been paid are not recoverable. If there is gas remaining when the execution of the transaction is suspended, the gas will be returned to the sender. The creation contract has a separate transaction type and corresponding message type; the address of the contract is calculated based on the hash of the account number and transaction data.
An important consequence of the messaging mechanism is Aurora "first-class citizen" property – contracts have the same rights as external accounts, including the right to send messages and create other contracts. This allows contracts to act as multiple different roles at the same time, for example, users can make a member of a decentralized organization (one contract) an intermediary account (another contract) for a paranoid use of customized quantum proof-based Lambert signatures (the third contract) for individuals and a self-use by five private individuals A co-signatory entity of a secure account (the fourth contract) provides intermediary services. A powerful Aurora platform is that decentralized organizations and agency contracts do not need to care what type of account each participant in the contract is.
After entering the 21st century, the Internet reshapes the traditional financial system, greatly reduces the cost of information and transaction, and makes more effective allocation of resources.
The Internet makes the modern financial industry realize the management operation of low cost and high efficiency, meet the financial needs of customers, but only rely on the endorsement of central institutions, financial trust crisis occurs frequently, the malpractice of centralized system of Internet finance and the difficulty of multi-party trust and cooperation are obvious.
Human beings will face a decentralized financial revolution, and the digital currency with blockchain technology as the core will bring great impact to the traditional central bank monetary system, which will be a revolutionary subversion of the world financial history.
The past era of endorsement by the central organization and responsible for accounting will become the past, the future credit will rely on blockchain technology to achieve!
For nearly a decade, the most disruptive and shining technological invention in the field of financial networks has been blockchain, which is leading the emergence and transformation of new industries and accelerating the process of digital economy, while Aurora will establish enterprise-level blockchain payment solutions, lower user barriers, lower financial risks without access, and help financial services companies reduce costs and efficiency gains for businesses and consumers at the global payment service level.
Aurora is a decentralized network built on the ethernet network that allows anyone to initiate payment requests anywhere and provide secure payment parties to recipients. All data is stored in a decentralized real ledger, creating a decentralized financial platform (DEFI) for asset invoicing, accounting, auditing and payment standards. DEFI. of enterprise- level payment financial audit based on encrypted currency and blockchain network users can simply, quickly and efficiently make payments, transfers and global currency convertibility through A ur o ra. A urora the fixed percentage of A urora transactions are automatically destroyed by smart contracts in each chain, the scarcity of A urora will increase day by day.
In our daily social life, finance realizes the value circulation across time and space, is the core of modern economy, and brings countless convenience to people.
Usually we come into contact with financial institutions, can be roughly divided into banks, funds, securities, insurance, trust and other types. And the essence of the operation of these institutions is often to use the central way, using their own authority, as a credit intermediary connecting the supply side of funds with the demand side of funds, and then collect certain interest or return. With the advent of the internet age, P2P companies and wealth management companies on the market, tencent ali's mutual money company can be counted as a version 2.0 of the financial industry, called Fintech financial technology, but its essence is not much different from traditional finance.
And Bitcoin was born to reshape the new form of the financial world. After more than a decade of development, the financial innovation brought by Bitcoin has been constantly emerging, affecting the global economy. People realize that the digital money technology brought by Bitcoin will completely change the financial life of human beings. In the past two years, decentralized finance has risen rapidly.
Decentralized finance, also known as "DEFI ", full name Decentralized Finance, refers to the use of open source software and distributed networks to transform traditional financial products into services that run without unnecessary intermediaries.
DEFI actually refers to the decentralization agreement used to build an open financial system, which aims to make financial activities available to anyone in the world anytime, anywhere. 4DEFI relying on the flourishing development of ethernet network, most of the financial services in reality can find the corresponding decentralization version on ethernet, virtually breeding another open and decentralized financial ecology.
Based on the open source protocol, the DEFI takes encrypted digital assets as the target, which can meet the requirements of mutual call and combination between intelligent contracts. Most of the current decentralized financial applications are payments and transfers. Through block chain technology to achieve cross-border rapid transfer, cost reduction and efficiency.
DEFI has three main advantages over traditional central finance: a. individuals with asset management needs do not trust any intermediaries, new trust is rebuilt on machines and codes; b. anyone has access, no one has central control; c. all protocols are open source, anyone can work together on protocols to build new financial products and accelerate financial innovation under network effects.
DEFI industry dilemmas
DEFI development trend makes the market see the great potential of decentralized finance, but decentralized finance is still in the 1.0 era, while bringing convenience, but also introduced a lot of hidden costs, including cognitive costs, risks, system errors and so on.
User threshold and experience is the common problem of decentralization products, DEFI is no exception ," difficult to use "is the problem of most DEFI products. The threshold for users is to manage their wallets, private keys, and understand contract interactions. And these on the financial, block chain reserves have requirements. At present, the cross-chain technology is not mature enough, resulting in the lack of user experience in cross-chain trading; in addition, the lack of performance of etheric workshop will lead to network congestion in some cases, so that the DEX on etheric workshop can not handle the transaction well. For users, it also creates barriers to experience. The mobility of decentralized ecology is different from that of centralized exchange or applied ecology. User threshold and experience directly caused the small number of users, it is difficult to form enterprise-level applications.
Compared with traditional finance, DEFI has its own unique advantages, it realizes the de-intermediation through block chain technology, reduces the role of middleman, and further reduces the huge cost in the circulation of financial assets.
For example, you own a ETH digital currency asset that you want to get credit for as collateral. Even if you have legal collateral in traditional finance, you have to go through a lot of processes and cumbersome procedures in lending, and DEFI are much better at financing efficiency and simplicity than traditional finance. If you want to redeem your ETH assets, you just have to repay the loan and pay the agreed interest. For digital money investors, you can both get the loan and enjoy the proceeds from the appreciation of the currency price throughout the period. 6There is no central agency to intervene and control in the process, because the agreement is open source, so individuals with asset needs can build new financial products on this agreement, which also makes finance more transparent and efficient.
DEFI market prospects are very broad, but the underlying infrastructure is a problem to be solved, the current DEFI applications do not exchange data with each other, and the use of data by DEFI products on the market is obviously not so high.
On the other hand, traditional finance has already used block chain technology and big data, artificial intelligence and so on to improve its own efficiency. At the beginning, it is to provide data services for large financial institutions, and massive financial data need to be stored and interacted through block chain. through the analysis and application of multi-party data, artificial intelligence and big data technology can be used to evaluate and predict the credit of users in DEFI ecology. data based on block chain can not be tampered with, data exchange and computational analysis in trusted environment can help DEFI ecology to establish a more perfect credit system.
Continue to promote the breakthrough development of distributed finance, large-scale enterprise-level applications landing 2.0 model, will bring hundreds of times the rapid growth of distributed financial markets. More and more users and businesses are building decentralized financial applications, and ARR laboratories are working to make payments on DEFI infrastructure safer, more transparent and easier to track. And it will bring a new revolution and innovation in Ethernet and DEFI markets.
ogether with one million users of VB exchange, VB POS's first parent currency ecological northern lights (ARR) will soon be launched! Arr creates extreme deflation. Transfer on the chain is destroyed, and 1% of each transfer is directly destroyed Transaction destruction, online VB burning board, each transaction will be directly burned and destroyed 3% Strict control of circulation, only 10 million yuan, no angel, no private placement, only VB mining pool level members are eligible to apply for exchange
Arr exchange price 0.145 usdt After the opening of the market, large single guarantee, 10 million purchase orders, buy back the bottom of the ARR chain destroyed!
VB ore pool arr exchange tutorial:
1: After the VB ore pool app is updated, the ARR exchange interface is added to the home page. Users of mining pool can check the current account arr convertible amount and participate in the exchange.
2: Users with quota can recharge corresponding amount of usdt into the mine pool to participate in the ARR exchange activity.
3: The users of the mine pool will exchange according to the ratio of 0.145u = 1arr.
4: After the exchange is completed, the number of successfully exchanged arr can be viewed in the small vault of the mine pool.
Aurora, a hot spot of defi, will be launched for trading on the 20th of this month. At present, several community organizations of blockchain have announced to join Aurora, helping the development and breakthrough of the field of payment in the field of DFI.
At present, the cooperative communities are: Fortune free community, Zhengying community, rose community, bomb community, Haitang community, seal corps, candy community, Shoumeng community, lucky community, electric eel community, goddess community, Shenniu community, and baikaishui community (regardless of the rank).
Aurora is a decentralized network built on the Ethereum network, which allows anyone to initiate a payment request anywhere and provides a secure payer to the recipient. All data is stored in a decentralized real ledger, creating a decentralized financial platform (defi) for asset invoice, accounting, auditing and payment standards. That is, based on cryptocurrency and blockchain network, the enterprise level payment financial audit's defi. Users can easily, quickly and efficiently make payment, transfer and free exchange of global currency through aurora. Each transaction on Aurora chain will automatically destroy a fixed percentage of Aurora transaction volume through smart contract, and Aurora's scarcity will be increasing.
VB exchange also announced that it would join VB Global's POS financial management section and trading burning board, giving arr the attributes of openness, transparency, communitization and fairness.