diff --git a/content/blog/2023-09-19-understanding-and-mitigating-re-orgs/banner.jpg b/content/blog/2023-09-19-understanding-and-mitigating-re-orgs/banner.jpg new file mode 100644 index 0000000000..5d672523a3 Binary files /dev/null and b/content/blog/2023-09-19-understanding-and-mitigating-re-orgs/banner.jpg differ diff --git a/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/banner.png b/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/banner.png new file mode 100644 index 0000000000..09e2346fbf Binary files /dev/null and b/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/banner.png differ diff --git a/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/index.md b/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/index.md new file mode 100644 index 0000000000..6347cc9ace --- /dev/null +++ b/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/index.md @@ -0,0 +1,41 @@ +--- +title: "Your Exchange Needs More Confirmations: The BitConf Measure" +date: 2023-09-19 +author: Anonymous +tags: ["education"] +linkImage: ./banner.png +--- + +The following article was originally published on December 17 2018 by an author who wishes to remain anonymous. + +--- + +In cryptocurrency we regularly advise against accepting zero-conf transactions but are entirely happy to accept weakly-conf’d transactions for convenience. And we need to stop. Cryptocurrencies naturally settle to over time, but how fast they settle varies. We need to stop making unreasonable demands of confirmation time. + +> $81,000 of security, and $3,000 of security are not equivalent. Whatever the threshold is, it should be normalized so that all networks have the same security when it comes to deposits and accepting payments. + +How blocks see themselves vs. how they actually are. + +Your typical Cryptocurrency exchange requires a different number of confirmations/blocks depending on which Cryptocurrency you’re using. For example, Bitcoin is typically 2, Litecoin is 6, Ethereum is 36, and Ethereum Classic is 72. + +Okay, great, there are different amounts of blocks needed for each network to sufficiently deter attacks that result in reversed transactions. Except these numbers are not at all equivalent. 6 Litecoin blocks are much cheaper to mine than 1 Bitcoin block. + +A Bitcoin block is ~$40,500; we’ll call this 1 BitConf, the equivalent PoW security of mining a single Bitcoin block. So 2 BitConfs is $81,000 of security. + +A Litecoin block is ~$500, or 0.01234 BitConfs. 6 Litecoin blocks are $3,000 of security. + +It’s 27x cheaper to 51% attack Litecoin than Bitcoin on any exchange that waits 6 blocks for a Litecoin and 2 for Bitcoin. For your exchange to have the same security on Litecoin as Bitcoin you need to wait 162 blocks, or 6.75 hours for confirmation. This is the security of the Litecoin network. + +For Ethereum, each block costs $252 and you need 321 of them (or 1.2 hours) for the same confirmation strength as Bitcoin. Ethereum Classic is $14 per block and needs 5,785 blocks or about 1 day to reach 2 BitConfs. + +Maybe an exchange doesn’t need to wait 2 BitConfs, maybe a fraction of a BitConf is enough. Maybe it varies based on how much they’re depositing, a sane attacker is not going to spend $10,000 to double spend $1,000 on your exchange. But $81,000 of security, and $3,000 of security are not equivalent. Whatever the threshold is, it should be normalized so that all networks have the same security when it comes to deposits and accepting payments. + +P.S. It’s also viable to credit deposits instantly & wait confirmations for withdrawals. Some exchanges already do this with cash deposits, start doing it with all deposits. + +*Thanks to Rocco.* + +--- + +**Thank you for reading this article!** + +To learn more about ETC please go to: https://ethereumclassic.org diff --git a/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/index.zh.md b/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/index.zh.md new file mode 100644 index 0000000000..dcdb635e0f --- /dev/null +++ b/content/blog/2023-09-19-your-exchange-needs-more-confirmations-the-bitcofn-measure/index.zh.md @@ -0,0 +1,38 @@ +--- +title: "您的交易所需要更多的确认：BitConf度量标准" +date: 2023-09-19 +author: Anonymous +contributors: ["Anonymous"] +tags: ["education"] +linkImage: ./banner.png +--- + +以下文章最初由一位希望保持匿名的作者于2018年12月17日发布。 + +--- + +在加密货币领域，我们经常建议不接受零确认交易，但对于便利起见，我们完全愿意接受弱确认的交易。但我们需要停止这样做。加密货币在自然情况下会随着时间解决，但解决速度有所不同。我们需要停止对确认时间提出不合理的要求。 + +> 81000美元的安全性和3000美元的安全性并不相等。不管阈值是多少，都应该被规范化，以便在存款和接受付款方面，所有网络都具有相同的安全性。 + +区块链自身看待自己与其实际情况。 + +您典型的加密货币交易所需要不同数量的确认/区块，这取决于您使用的加密货币。例如，比特币通常需要2个确认，莱特币需要6个，以太坊需要36个，以太经典需要72个。 + +好的，很好，对于每个网络，确保足够防止导致交易被撤销的攻击所需的区块数是不同的。除了这些数字根本不等同。挖掘6个莱特币块比挖掘1个比特币块要便宜得多。 + +一个比特币块约值40500美元；我们称之为1 BitConf，挖掘单个比特币块的等效PoW安全性。因此，2个BitConf的安全性为81000美元。 + +一个莱特币块约值500美元，或者0.01234个BitConf。6个莱特币块的安全性为3000美元。 + +在等待6个莱特币块和2个比特币块的交易所上，51%攻击莱特币比比特币便宜27倍。为了使您的交易所在莱特币和比特币上具有相同的安全性，您需要等待162个区块，或6.75小时的确认时间。这是莱特币网络的安全性。 + +对于以太坊，每个区块的成本为252美元，您需要321个区块（或1.2小时）才能达到与比特币相同的确认强度。以太经典每个区块14美元，需要5785个区块，或大约1天的时间才能达到2个BitConf的安全性。 + +也许一个交易所不需要等待2个BitConf，也许一小部分BitConf就足够了。也许这取决于他们存入了多少资金，一个理智的攻击者不会花费10000美元来双倍花费您交易所上的1000美元。但81000美元的安全性和3000美元的安全性并不相等。不管阈值是多少，都应该被规范化，以便在存款和接受付款方面，所有网络都具有相同的安全性。 + +附：也可以立即将存款记入帐户并等待确认后再提款。一些交易所已经在现金存款方面采取了这种做法，请开始在所有存款方面采取这种做法。 + +**感谢您阅读本文！** + +要了解更多关于以太经典的信息，请访问：https://ethereumclassic.org diff --git a/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/banner.jpg b/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/banner.jpg new file mode 100644 index 0000000000..5d672523a3 Binary files /dev/null and b/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/banner.jpg differ diff --git a/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/index.md b/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/index.md new file mode 100644 index 0000000000..4e28ca5a85 --- /dev/null +++ b/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/index.md @@ -0,0 +1,82 @@ +--- +title: "Understanding (and Mitigating) Re-Orgs" +date: 2023-09-20 +author: Anonymous +contributors: ["Anonymous"] +tags: ["education"] +linkImage: ./banner.jpg +--- + +The following article was originally published on May 21 2019 by an author who wishes to remain anonymous. + +--- + +Applying Proof of Work (PoW) to digital currency is an amazing innovation that was first actualized by Satoshi Nakamoto and builds on ideas from Wei Dai, Nick Szabo, Adam Back, and many others. + +Unfortunately the importance of this innovation is exceeded only by woeful misunderstanding of how PoW works. This article seeks to clarify how they happen, when they negatively affect payment recipients **(they rarely do)**, deterring double spends, and whether re-orgs are a Good Thing™. + +This is the first of many articles on this topic, with future ones taking a deeper look at some of the ideas proposed below. If you have any thoughts, comments, or feedback please feel free to reach out. + +## What Is A Re-Org? + +A re-org is simply what happens when your node is aware of Chain A, but then sees a bigger Chain B and switches to it. This happens on occasion and most of the time it is a non-issue. However, Chain B might have parts of its transaction history that don’t match Chain A and this can, **under certain conditions**, cause issues for those receiving transactions on a blockchain. + +## What Happens to Transactions in Chain A? + +Most transactions from Chain A will be placed by miners onto Chain B, they’ll get the fees from the transactions, and most users won’t even notice that their transaction “moved” from the shorter Chain A to the longer Chain B. + +Most importantly is that Chain A and B will share the overwhelming majority of the same history, so if you have Chain A and Chain B split at 10 AM today and you received coins last night then your coins are entirely unaffected. + +Typically only a small bit of the tip of the chain can be re-org’d off, with it becoming cost prohibitive to remove parts of the chain that are even a couple days old. + +## When Is A Re-Org Bad? + +This depends on who you are, re-orgs will affect HODL’rs, Exchanges/Payment Processors, and Miners in different ways. + +Firstly, re-orgs without double spends are occasional and uneventful things. Here’s a [partially complete list](http://web.archive.org/web/20190529192405/https://www.blockchain.com/btc/orphaned-blocks) of them on Bitcoin. + +Re-orgs are only bad when someone creates a double spend to defraud someone they’ve sent a payment to. Creating a double spend is akin to writing a bad check for a large amount of money, receiving the goods, and letting the check bounce. + +When a double spend is created through a re-org it largely affects recipients of a transaction. There may be some collateral issues with old transactions being pushed out of the chain but these are often remined, and unless your exchange is actively trying to steal from you they’ll rebroadcast your missing transaction. + +## How Does a Double Spend (or Re-org) Affect You? + +**HODL’rs**: A double spend is almost never bad for you, the longer your coins are in your wallet the more work that is piled on top of it and the less likely it is you’d ever be double spent. On Bitcoin ~1,900 BTC ($11 million) of new work is added to the chain **every single day**. After 3 months it’s going to cost **over a billion dollars** for someone to double spend you. Much better than the FDIC insurance on your bank account in my non-fiduciary opinion. + +![Safety first.](banner.jpg) + +**Exchanges/Payment Processors**: Double spends are the worst for you and you’re the primary target of them, but I probably don’t need to tell you this. What you should be aware of is that there are many ways to mitigate double spends without immediately resorting to nuclear options (though they are still options). + +**Miners**: Are largely unaffected by double spends themselves but can be negatively impacted by the re-org used to achieve the double spend. In this case they lose [block rewards](http://web.archive.org/web/20190529192405/https://bitcoin.org/en/glossary/block-reward) (block subsidy + [transaction fees](http://web.archive.org/web/20190529192405/https://bitcoin.org/en/glossary/transaction-fee)). + +## How May an Exchange Deter Double Spends?** + +1. **Wait Longer**: Exchanges can simply wait longer before confirming transactions, by waiting more blocks they increase the initial cost of a double spend attack, the higher the initial cost the more money an attacker needs to spend in order to achieve a successful attack. Risking 2 BTC ($11,600) to get away with 200 BTC ($1,160,000) is a low-risk theft. Risking 1,000 BTC ($5,800,000) to get away with 200 BTC is much higher risk. + +Cost of re-orgs varies substantially between chains. To get an idea of confirmation equivalents between chains check out [howmanyconfs.com](http://web.archive.org/web/20190529192405/https://howmanyconfs.com/) which normalizes all chains to ~6 Bitcoin blocks and read their [GitHub README](http://web.archive.org/web/20190529192405/https://github.com/lukechilds/howmanyconfs.com#how-are-these-values-calculated) which has a substantial amount of information and thoughts on this topic. + +Important to note is that you **do not need to harm UX/usability of your exchange; you can improve it while simultaneously becoming more secure.** You can take the approach that many exchanges do when handling cash deposits. Credit them almost immediately, allow trading, and wait an appropriate amount of time/confirmations before allowing withdrawals. + +2. **Account for Transaction Value**: A 2 BTC transaction is not equivalent to a 1,000 BTC transaction. The amount of confirmations you decide to wait should be proportional to the underlying value of the transaction. A simple, but by no means complete, metric is to wait until total block rewards exceed transaction value for the payments you’ve received in a given block. For example, if you receive 100 total BTC in block 575,000 on Bitcoin then you will want to wait at least 8 blocks (100/13.25) before confirming that 100 BTC. 13.25 is currently the average total block reward for successfully mining a block on Bitcoin and only used for example purposes. This particular method of deterrence warrants more investigation and may benefit from an additional “safety multiplier”. Game theorists please DM me on Twitter. + +3. **Be Mindful of Hardware Sets; especially GPUs**: Presently there are two hardware sets that mine Cryptocurrencies, ASICs dedicated to a specific hashing algorithm, and GPUs. This means that the Dagger-Hashimoto PoW algorithm on the Ethereum network is presently the majority for the GPU hardware type. All other GPU-mined chains, regardless of their PoW algorithm, are minority chains as switching costs between algorithms are trivial. + +Currently market inefficiencies create the perception that GPU-mined algorithms are distinct from each other. However this is only due to open market places (ie. Nice Hash, Genesis Mining) selling hashrate at the algorithm and chain level rather than the general GPU level. You can observe the ease of switching between GPU-mined algorithms by taking a look at auto-switching mining pools (ex. MiningPoolHub) which allow miners to automatically switch their hashrate between networks and GPU-mined algorithms. It is inadvisable to rely exclusively on market inefficiencies to prevent exploitation of minority GPU-mined blockchains. + +## Are Re-orgs a Good Thing™? + +Re-orgs are simply a vital component of PoW/Nakamoto Consensus, they are not in and of themselves good or bad. Re-orgs are necessary and irremovable from Nakamoto consensus because they remove trusted middlemen so that someone receiving a blockchain only needs to verify that it’s the longest one they’re aware of. + +In exchange for re-orgs we get PoW blockchains that are expensive to disrupt, and make long term censorship and DoS attacks impossible because they require sustained spending and consumption of finite resources. + +## **In Summary** + +PoW is an incredible experiment in game theory and financial motivations the likes of which we have not seen before. If you’re interested in this industry then you should take at least some effort to understand the innovation that is PoW, learn its limitations, its unexplored dimensions, and enjoy watching this all play out. Ultimately PoW is the only consensus algorithm that we have which allows for a maximally decentralized, permissionless, and censorship-resistant network which naturally resists concentration of power. PoW doesn’t solve technological issues, it solves human issues. + +You can read more on these topics, and similar ones at: [nakamotoinstitute.org](http://web.archive.org/web/20190529192405/https://nakamotoinstitute.org/), [the cryptography mailing list archives](http://web.archive.org/web/20190529192405/http://www.metzdowd.com/pipermail/cryptography/2009-January/), and [the libbitcoin wiki](http://web.archive.org/web/20190529192405/https://github.com/libbitcoin/libbitcoin-system/wiki). + +--- + +**Thank you for reading this article!** + +To learn more about ETC please go to: https://ethereumclassic.org diff --git a/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/index.zh.md b/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/index.zh.md new file mode 100644 index 0000000000..493775839e --- /dev/null +++ b/content/blog/2023-09-20-understanding-and-mitigating-re-orgs/index.zh.md @@ -0,0 +1,82 @@ +--- +title: "了解(并减轻) 重新组织" +date: 2023-09-20 +author: Anonymous +contributors: ["Anonymous"] +tags: ["education"] +linkImage: ./banner.jpg +--- + +以下文章最初由一位希望保持匿名的作者于2019年5月21日发布。 + +--- + +将工作量证明（Proof of Work，PoW）应用于数字货币是一项令人惊叹的创新，最初由中本聪（Satoshi Nakamoto）实现，并借鉴了魏戴（Wei Dai）、尼克·萨博（Nick Szabo）、亚当·贝克（Adam Back）等许多人的思想。 + +不幸的是，对PoW工作原理的误解远远超过了这一创新的重要性（**它们很少出现**）。本文旨在澄清它们是如何发生的、何时会对收款方产生负面影响、如何防止双重花费，以及重新组织（re-orgs）是否是一件好事™。 + +这是关于这个主题的众多文章中的第一篇，未来的文章将更深入地探讨以下提出的一些思想。如果您有任何想法、评论或反馈，请随时联系我们。 + +## 什么是重新组织（Re-Org）？ + +重新组织（Re-Org）简而言之是指当您的节点意识到链A，但随后看到了更大的链B并切换到链B时发生的情况。这种情况偶尔会发生，大多数情况下不会成为问题。然而，链B可能具有其交易历史的某些部分与链A不匹配，这在**某些条件下**可能会对在区块链上接收交易的人造成问题。 + +## 链A上的交易会发生什么？ + +链A上的大多数交易将被矿工放入链B，他们将获得交易的手续费，而大多数用户甚至不会注意到他们的交易已从较短的链A“转移到”较长的链B。 + +最重要的是，链A和链B将共享绝大部分相同的历史记录，因此如果链A和链B在今天上午10点分开，而您昨晚收到了硬币，那么您的硬币将不受任何影响。 + +通常，只有链的顶端的一小部分可能会发生重新组织，如果尝试删除甚至只有几天的链的部分变得成本高昂，这将不划算。 + +## 何时会发生不良的重新组织（Re-Org）？ + +这取决于您的身份，重新组织对HODL'rs（持币者）、交易所/支付处理器和矿工会产生不同影响。 + +首先，没有双重花费的重新组织是偶尔发生且无足轻重的事情。以下是比特币上的一部分[部分完整列表](http://web.archive.org/web/20190529192405/https://www.blockchain.com/btc/orphaned-blocks)。 + +只有当有人创建双重花费以欺骗他们发送付款的人时，重新组织才会变得糟糕。创建双重花费类似于用大笔金额的不良支票支付并领取货物，然后让支票被拒付。 + +当双重花费通过重新组织创建时，它主要会影响交易的接收方。可能会有一些与旧交易被推出链外的附带问题，但通常这些问题会被重新确认，除非您的交易所积极尝试窃取您的资金，否则它们会重新广播您的丢失交易。 + +## 双重花费（或重新组织）如何影响您？ + +**HODL'rs（持币者）**：对您来说，双重花费几乎永远不会对您造成不良影响。您的硬币在您的钱包中存放的时间越长，越多的工作将累积在其上，您的硬币被双重花费的可能性就越小。在比特币上，每天都会添加约1,900个比特币（价值1100万美元）的新工作到链上。经过3个月，某人要想双重花费您的硬币需要花费**超过十亿美元**。在我非受托人的意见中，这比您银行账户上的FDIC保险要好得多。 + +![安全第一。](banner.jpg) + +**交易所/支付处理器**：对您来说，双重花费是最糟糕的情况，您是它们的主要目标，但我可能不需要告诉您这一点。您应该知道的是，有许多方法可以减轻双重花费的影响，而不立即采取核选项（尽管它们仍然是选项）。 + +**矿工**：双重花费本身对矿工影响不大，但可能会受到用于实现双重花费的重新组织的负面影响。在这种情况下，他们将失去[区块奖励](http://web.archive.org/web/20190529192405/https://bitcoin.org/en/glossary/block-reward)（区块补贴+[交易费用](http://web.archive.org/web/20190529192405/https://bitcoin.org/en/glossary/transaction-fee)）。 + +## 交易所如何防止双重花费？ + +1. **延长等待时间**：交易所可以在确认交易之前等待更长时间，通过等待更多的区块，可以增加双重花费攻击的初始成本。初始成本越高，攻击者需要花费的金额就越多，以实现成功攻击。冒着风险使用2比特币（11,600美元）来获得200比特币（1,160,000美元）是一种低风险的盗窃。冒着风险使用1,000比特币（5,800,000美元）来获得200比特币则风险更高。 + + 重新组织的成本在不同区块链之间存在很大差异。要了解各链之间的确认等价性，可以查看 [howmanyconfs.com](http://web.archive.org/web/20190529192405/https://howmanyconfs.com/)，该网站将所有链归一化为约6个比特币区块，以及阅读它们的 [GitHub README](http://web.archive.org/web/20190529192405/https://github.com/lukechilds/howmanyconfs.com#how-are-these-values-calculated)，其中包含大量与此主题相关的信息和思考。 + + 需要注意的是，您**无需损害交易所的用户体验/可用性；您可以在同时提高安全性的同时改进用户体验**。您可以采取许多交易所在处理现金存款时采用的方法。几乎立即将资金划入账户，允许交易，然后在允许提款之前等待适当的时间/确认。 + +2. **考虑交易价值**：2比特币交易不等同于1,000比特币交易。您决定等待的确认数应与交易的基础价值成比例。一个简单但并非完整的度量标准是等待直到总区块奖励超过您在给定区块中收到的支付的交易价值。例如，如果您在比特币的第575,000区块中收到总共100比特币，那么您将至少要等待8个区块（100/13.25）来确认这100比特币。13.25是目前在比特币上成功挖掘一个区块的平均总区块奖励，仅用于示例目的。这种威慑方法需要进一步研究，并可能受益于额外的“安全乘数”。博弈论者请私信我Twitter。 + +3. **注意硬件组合，尤其是GPU**：目前有两种硬件组合用于挖掘加密货币，即专用于特定哈希算法的ASIC和GPU。这意味着以太坊网络上的Dagger-Hashimoto PoW算法目前是GPU硬件类型的主流。所有其他GPU挖掘的区块链，无论其PoW算法如何，都是少数派链，因为在算法之间切换的成本很低。 + + 目前，市场的低效性导致了对GPU挖掘算法彼此独立的观念。然而，这仅仅是由于公开市场（如NiceHash、Genesis Mining）按算法和链级别出售哈率，而不是一般的GPU级别。您可以通过查看自动切换挖矿池（例如MiningPoolHub）来观察在GPU挖掘算法之间轻松切换的便利性，该挖矿池允许矿工在网络和GPU挖掘算法之间自动切换他们的哈率。仅依赖市场低效性来防止对少数派GPU挖掘的区块链进行剥削是不明智的。 + +## 重新组织是一件好事™吗？ + +重新组织只是PoW/Nakamoto共识的一个重要组成部分，它们本身不是好事或坏事。重新组织是Nakamoto共识中必不可少且无法移除的，因为它们消除了信任的中间人，使得接收区块链的人只需验证它是他们所知的最长区块链即可。 + +作为对重新组织的交换，我们得到了昂贵且难以破坏的PoW区块链，这使得长期审查和DoS攻击变得不可能，因为它们需要持续的花费和消耗有限资源。 + +## 总结 + +PoW是对博弈论和财务动机进行的令人难以置信的实验，我们以前从未见过这样的实验。如果您对这个行业感兴趣，您应该至少付出一些努力来了解PoW的创新，了解其局限性、未经探索的方面，并享受观察这一切的过程。归根结底，PoW是我们唯一拥有的允许实现最大程度去中心化、无需许可和抵抗审查的网络的共识算法，这种网络自然会抵制权力的集中。PoW不能解决技术问题，它解决了人的问题。 + +您可以在 [nakamotoinstitute.org](http://web.archive.org/web/20190529192405/https://nakamotoinstitute.org/)、[密码学邮件列表存档](http://web.archive.org/web/201905291924) + +--- + +**感谢您阅读本期文章!** + +了解更多有关ETC: https://ethereumclassic.org diff --git 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"Ethereum Classic Course: 35. Non-Fungible Tokens (NFTs)" +date: 2023-09-21 +author: Donald McIntyre +contributors: ["Donald McIntyre"] +tags: ["education", "series"] +linkImage: ./banner-nfts.png +--- + +--- +**You can listen to or watch this interview here:** + + + +--- + +![](1.png) + +One of the major technologies that have caught the attention and been used by the public on the blockchain industry have been NFTs. + +The term “NFT” stands for non-fungible token. + +In this class, 35, we will explain NFTs in the following sections. + +The topics that we will cover are: + +- What Are Non-Fungible Tokens (NFTs)? +- Examples of Collectable NFTs +- How NFTs Are Built +- The ERC-721 Smart Contract +- Famous NFTs + +In the next class, 36, we will explain how property registries and ownership records will work on the blockchain. + +## What Are Non-Fungible Tokens (NFTs)? + +![](2.png) + +Non-fungible tokens are smart contracts on a programmable blockchain. The standard used is called the ERC-721. Instead of being ERC-20 standard fungible units, they are non-fungible or unique objects on a blockchain. + +NFTs may be associated with physical or digital objects, such as cars or real estate, through metadata. + +The important features of this kind of non-fungible objects are that they are transferable, they can be bought and sold, and the blockchain serves as the property registry. + +NFTs may serve many use cases. The most well known are digital collectibles, but they could also be associated to other unique things such as intellectual property (music, movies, etc.), movable property (cars, trucks, boats, airplanes, etc.), real estate (homes, apartments, land, farms, etc.), other kinds of registrable goods, cash flows (discounted invoices, promissory notes, etc.), contracts, containers, pallets, and other goods and objects in the supply chain in general. + +## Examples of Collectable NFTs + +![](3.png) + +Just like in the real world there exists baseball card collecting, NFTs have enabled the collection of digital cards or images, which sometimes have been called “digital art”. + +This is because NFT smart contracts may convert digital images into unique digital objects on the blockchain that are transferable. This uniqueness has attracted collectors who have invested millions in buying these objects. + +An example of a highly valued real life collectible is the [Honus Wagner baseball card](https://www.mlb.com/news/rare-t206-honus-wagner-baseball-card-sold-for-7-25-million) that was sold for $7.25 million dollars on August 3 2022. + +In the case of NFTs, the image of the Larva Labs [CryptoPunk number 7523](https://www.cnbc.com/2021/06/10/covid-alien-cryptopunk-nft-sells-for-11point7-million-in-sothebys-auction.html) was sold for $11.75 million dollars on June 10 2021. + +## How NFTs Are Built + +![](4.png) + +NFTs work by associating crypto wallets such as MetaMask to websites or apps. The websites or apps serve as user interfaces, to display the NFTs, for the primary sales or minting, to do transfers, to buy and sell them in the secondary market, and to check account balances. + +The ERC-721 smart contracts are inside a programmable blockchain such as Ethereum Classic (ETC). The smart contract is the backend logic of the system, it executes all movements that originate from the web or app, and maintains the property registry of the NFTs. + +The digital objects and metadata of NFTs may be stored in decentralized file storage networks such as IPFS. To manage the creation and stock of NFTs on these networks interfaces like Pinata provide tools and services that make it easier. + +Finally, for the system to interact with the underlying blockchain it needs to connect to that blockchain’s nodes who receive and process the transactions. + +## The ERC-721 Smart Contract + +![](5.png) + +As explained in class 25 of this course, on programmable blockchains developers may deploy ERC-20 tokens that are fungible tokens which may be used to pay for things, vote on DAOs, or as product or corporate fidelity points, amongst many other use cases. + +For unique objects that are not fungible, but that represent things in cyberspace or the real world, the ERC-721 token format was created. + +The ERC-721 smart contract holds the metadata of objects inside a blockchain. It is the back end logic of an NFT system which executes all transactions that start on the web or from NFT apps. + +The ERC-721 smart contract uses the blockchain’s account system to maintain the property registry of all NFTs. + +## Famous NFTs + +![](6.png) + +NFTs were invented in 2017 and the first product to launch was Crytpokitties. + +At the time, [Cryptokitties](https://www.cryptokitties.co/) caused excitement and furor as users rushed to buy their NFTs and the transaction count on Ethereum skyrocketed, causing GAS fees to skyrocket as well. + +On the Ethereum Classic blockchain one of the first and most popular NFT projects is [ETCPunks](https://etcpunks.com/) which sold 10,000 NFTs at 2 ETC a piece. + +–-- + +In the next class, 36, we will explain how NFTs, as well as ERC-20 tokens, will be used for other important functions. + + +--- + +**Thank you for reading this article!** + +To learn more about ETC please go to: https://ethereumclassic.org diff --git a/content/blog/2023-09-21-ethereum-classic-course-35-non-fungible-tokens-nfts/index.zh.md b/content/blog/2023-09-21-ethereum-classic-course-35-non-fungible-tokens-nfts/index.zh.md new file mode 100644 index 0000000000..f2731027eb --- /dev/null +++ b/content/blog/2023-09-21-ethereum-classic-course-35-non-fungible-tokens-nfts/index.zh.md @@ -0,0 +1,101 @@ +--- +title: "以太坊经典课程: 35. 非同质化代币（NFTs）" +date: 2023-09-21 +author: Donald McIntyre +contributors: ["Donald McIntyre"] +tags: ["education", "series"] +linkImage: ./banner-nfts.png +--- + +--- +**由此收听或观看此次访谈:** + + + +--- + +![](1.png) + +在区块链行业中引起公众关注并被广泛使用的一项重要技术是NFTs（非同质化代币）。 + +术语“NFT”代表非同质化代币。 + +在本课程第35节中，我们将在以下几个部分中解释NFTs。 + +我们将涵盖的主题包括： + +- 什么是非同质化代币（NFTs）？ +- 可收藏的NFTs示例 +- NFTs是如何构建的 +- ERC-721智能合约 +- 著名的NFTs + +在下一课，第36课中，我们将解释财产登记和所有权记录如何在区块链上运作。 + +## 什么是非同质化代币（NFTs）？ + +![](2-zh.png) + +非同质化代币是可编程区块链上的智能合约。所使用的标准称为ERC-721。与ERC-20标准的可互换单位不同，它们是区块链上的非同质化或独特对象。 + +NFTs可以与物理或数字对象关联，例如汽车或房地产，通过元数据。 + +这种非同质化对象的重要特点是它们可以转让，可以买卖，并且区块链充当财产登记处。 + +NFTs可以用于许多用途。最知名的是数字收藏品，但它们也可以与其他独特的事物相关联，如知识产权（音乐、电影等）、动产（汽车、卡车、船只、飞机等）、房地产（住宅、公寓、土地、农场等）、其他可登记的货物、现金流（贴现发票、本票等）、合同、容器、托盘以及一般供应链中的其他货物和物体。 + +## 可收藏的NFTs示例 + +![](3-zh.png) + +就像在现实世界中存在棒球卡片收藏一样，NFTs使数字卡片或图像的收藏成为可能，有时被称为“数字艺术”。 + +这是因为NFT智能合约可以将数字图像转化为区块链上可转让的独特数字对象。这种独特性吸引了投资者，他们已经投资了数百万美元来购买这些对象。 + +一个高价值的现实世界可收藏示例是于2022年8月3日以725万美元的价格售出的 [Honus Wagner 棒球卡片](https://www.mlb.com/news/rare-t206-honus-wagner-baseball-card-sold-for-7-25-million)。 + +至于NFTs，在2021年6月10日，Larva Labs的 [CryptoPunk编号7523的图像](https://www.cnbc.com/2021/06/10/covid-alien-cryptopunk-nft-sells-for-11point7-million-in-sothebys-auction.html) 以1175万美元的价格出售。 + +## NFTs的构建方式 + +![](4-zh.png) + +NFTs的构建方式是将加密钱包（如MetaMask）与网站或应用程序关联起来。这些网站或应用程序充当用户界面，用于展示NFTs，进行主要销售或铸币，进行转账，在二级市场上买卖它们，并查看账户余额。 + +ERC-721智能合约位于可编程区块链内，例如Ethereum Classic（ETC）。智能合约是系统的后端逻辑，执行源自网络或应用程序的所有操作，并维护NFTs的财产注册。 + +NFTs的数字对象和元数据可以存储在去中心化的文件存储网络（如IPFS）中。为了管理这些网络上NFTs的创建和库存，像Pinata这样的接口提供了简化操作的工具和服务。 + +最后，为了使系统与基础区块链交互，它需要连接到该区块链的节点，这些节点接收并处理交易。 + +## ERC-721智能合约 + +![](5.png) + +正如本课程第25课所解释的那样，在可编程区块链上，开发人员可以部署ERC-20代币，这些代币是可互换的代币，可用于支付、在DAO上投票，或作为产品或企业忠诚积分等多种用途。 + +对于不可互换但代表网络空间或现实世界中的物体的唯一对象，创建了ERC-721代币格式。 + +ERC-721智能合约保存了区块链中对象的元数据。它是NFT系统的后端逻辑，执行所有从网络或NFT应用程序启动的交易。 + +ERC-721智能合约使用区块链的账户系统来维护所有NFTs的财产注册。 + +## 著名的NFTs + +![](6.png) + +NFTs于2017年首次问世，第一个产品是Cryptokitties。 + +当时，Cryptokitties引起了轰动和狂热，用户纷纷购买他们的NFTs，导致以太坊上的交易数量激增，进而导致GAS费用飙升。 + +在Ethereum Classic区块链上，最早和最受欢迎的NFT项目之一是ETCPunks，以每个2 ETC的价格出售了10,000个NFT。 + +--- + +在下一课，第36课中，我们将解释NFTs以及ERC-20代币将如何用于其他重要功能。 + +--- + +**感谢您阅读本期文章!** + +了解更多有关ETC: https://ethereumclassic.org