Place/Date: - August 18th, 2020 at 7:38 am UTC · 6 min read
Recently, foreign networks have boiled over because of a project, which comes from the dark web. The founder of this project came from the most mysterious organization in the world-Anonymous. Although this point is curious, it does not have such a powerful force to make the entire network boil, so I decided to learn more about this project and find out.
In the process of following up this project, I have been thinking about a question, what kind of form will a new financial system be realized with blockchain technology? Such as Libra or central bank digital currencies, if smart contracts are attached, how should they be designed?
Since 2018, the competition of financial technology has become more fierce. Driven by interests, every financial institution is participating in the blockchain. People believe that the improvement and development of the Internet, artificial intelligence, 5G, fog computing, VR/AR, and blockchain will reconstruct the entire financial system. As a decentralized existence, blockchain is an indispensable cornerstone to reduce trust crisis. With the continuous expansion of the combination of blockchain technology and finance, a decentralized financial system has always been what everyone expects, and the emergence of Gemini just meets your expectations.
As early as 6 years ago, Hal Finney was already thinking about how to use blockchain to change the current unstable and safe financial system, but unfortunately Hal Finney died of ALS on August 28, 2014. This project was not interrupted because of this. Anonymous continued to improve and perfect based on the theoretical basis provided by Hal Finney. It took 6 years to finally realize this ideal financial system and named it Gemini.
So, what exactly is Gemini? What will it bring to traditional finance?
Gemini represents a new ecological architecture and financial technology concept, and it represents an ideal form of trusting society.
Gemini is a public chain, but it is not a public chain in the traditional sense, but a multi-dimensional technology collection of the fourth-generation blockchain technology group based on the blockchain. Currently, almost all on-chain projects can be converted on Gemini’s extended chain. All blockchains only communicate with the Gemini mainnet, and the Gemini mainnet is responsible for the verification of transactions. Each parachain trusts the verification results of the Gemini mainnet. The assets on each block chain can be circulated to any chain in the Gemini ecology that accepts the transfer of external chain assets through a cross-chain method. This process can be perfectly realized with a very small cost.
Compared with traditional finance and other projects, Gemini is more open and inclusive: First, Gemini does not need to rely on any centralized endorsement; second, the threshold is low, that is, anyone who is connected to the Internet can enter; Third, once all relationships are established, they will be certified by the Gemini public chain and cannot be tampered with; fourth, the Gemini public chain can accommodate unlimited individuals, is compatible with any trust, transaction scenario, and has strong scalability.
The development of blockchain technology to this day has entered a bottleneck period. The limitations of the current blockchain development are mainly as follows: First, the current blockchain technology and the application business and data requirements of various industries cannot Achieve unification; such as the current Bitcoin, its transaction efficiency is about 7 transactions per second, and the block generation time is about 10 minutes. Such transaction processing efficiency cannot support current large-scale business application transactions. Second, the various blockchain systems in the current blockchain market have their own governance, good and bad, and different standards. Among them, the waste of computing power and the departure from decentralization deviate from the blockchain itself. Third, most of the current blockchain systems fail to consider and integrate the laws of economic value in human society more deeply.
For example, there are many pain points in today’s social economy; first, market mechanism failure and monopoly caused by information asymmetry. In market economic activities, people’s understanding of relevant information is different. Those who have more information are often in a more advantageous position, while those with poor information are in a more disadvantaged position. This little difference is the culprit leading to the emergence of market monopoly. Second, the efficiency of resource allocation is low. The effective allocation of resources is the basic content of economic development. In contemporary society, due to the monopoly of the financial market, opaque information, asymmetry in information and other factors, the efficiency of asset allocation is low, resulting in the Matthew effect, and resources will be gathered to the head. The long-tail market is neglected, lacks resources to fill, and is difficult to develop. Third, inflation. Inflation makes prices continue to rise, the purchasing power of money continues to decline, and people’s lives are becoming increasingly impoverished. The actual application of blockchain is at a lower level.
These innovations have been made in response to the above problems: First, Gemini redefines the blockchain, and uses public ledger and public accounting technology to create a new consensus mechanism BPOS and decentralized trust algorithm to ensure high efficiency. Under the condition of low energy consumption, it can also meet the large throughput and second confirmation; second, Gemini uses smart contracts to rely on the original encryption algorithm and the underlying blockchain technology to create a new dual parent-child system encrypted digital assets, LGC and CGC, two These tokens have their own issuance logic and algorithms, acting as different roles in the system, complementing each other, and jointly promoting the smooth operation of Gemini and generating unlimited economic growth. Third, Gemini’s BPOS (Two-Level Proof of Stake Mechanism) is divided into “upper nodes” and “universal nodes” according to the voting weight of addresses. There are 8 upper nodes in total, and the number of general nodes is unlimited.
The work of these 8 upper nodes is authorized and supervised by the general node, and 5 of them are elected by the general node every time. The greater the number of general nodes, the more extensive the supervision, which effectively guarantees the fairness and safety of users. Fourth, Gemini’s original new event-driven transactional smart contract that runs autonomously introduces AI intelligence to achieve self-iterative upgrades, thereby being more intelligent, and in the process of execution, all smart contracts are either completely executed successfully or nothing. Will happen, which ensures the security and consistency of the public chain.
On the first day of Gemini’s launch, within 5 hours, CGC’s first-layer conversion has broken through 50 rounds. The number of exchanges has reached 6 million USDT and the miners has reached more than 2,000. Gemini has started a prairie fire. What Gemini creates is a brand new world, which will inevitably have a devastating impact on the traditional centralized financial system. It will be a milestone in the history of human finance.
With the support of blockchain technology, Gemini finally established a social behavior system with shared, self-consistent and democratic characteristics. The new consensus mechanism is impeccable and unmatched. Greatly enhance the development process of the entire industry. The emergence of Gemini is doomed, and this is an extraordinary year.