比特币BTC减半后的新经济学剧本!减半后的比特币即将再次突破新高,同时 BTC 生态继续全面发展,Layer2、(Re)Staking 等项目不断涌现。比特币为何需要自己的 (re)staking,其存在正当性的是什么?对于创业者和投资者来说,BTC 减半后会有什么新的机会?BTC staking 的市场规模有多大?这是一个长期机会,还是一个短期热点?
Why does Bitcoin need his own (re)staking, and what is its legitimacy? What are the new opportunities for BTC to halve? What is the BTC’s market size?
今天脚本之家小编给大家分享的是比特币BTC减半后的新经济学剧本的介绍了,希望大家喜欢!
Today's Script House editor shared a presentation of the new economics script after the halving of the Bitcoin BTC. I hope you like it!
5 月 22 日晚 Cobo 与深潮联合 Babylon、Lorenzo Protocol、FBTC 在 X 发起了一场主题为《BTC 减半后的新经济学剧本》Space,就此话题进入了深入探讨。
On the evening of May 22, Cobo joined the tides in Babylon, Lorenzo Protocol, and FBTC launched a new economics play by the theme of BTC by half, Space, which was discussed in depth.
本次活动参与者包括代表 BTC 生态的多位玩家和参与者,有 Cobo 联合创始人兼 CEO 也是 BTC 老矿工神鱼;首个去中心化无信任的比特币质押协议 Babylon CSO Xinshu Dong,BTC restaking 代币化和金融衍生品解决方案 Lorenzo Protocol Founder & CEO Matt 以及 FBTC 核心贡献者 Zuki。
Participants in the event included a number of players and participants representing the BTC ecology, as well as Cobo co-founder and CEO, also BTC old miner fish; Babylon CSO Xinshu Dong, BTC accounting proxy and financial derivative solution Lorenzo Protocol Fonder & CEO Matt and FBTC core contributor Zuki.
作为 BTC 生态的的参与者和长期主义践行者,四位嘉宾一致认为,无论是短期、中期还是长期,BTC 生态都潜藏着诸多机遇。那么,该如何捕捉这些机会,承接 BTC 生态溢出的需求?各位嘉宾分别从自身背景和产品切入,展开了对 BTC 创业赛道突破口和机遇的探讨,并对未来潜力和机会进行了乐观展望。
As BTC Ecologists and long-term protagonists, four guests agreed that BTC Ecology harboured many opportunities in the short, medium, and long term. So, how do we capture these opportunities and absorb the demands of BTC eco-overflows?
以下是关键要点整理:
The following is the key point:
- 本次比特币减半受多重因素影响,后市行情存在不确定性。减半主要影响供给端,导致矿工收入锐减,对使用旧矿机的矿工影响巨大,矿工将被迫加速更新矿机、优化电费成本,关停或转移至低电费地区。不过由于大型矿商和传统资本抗风险能力强,全网算力下降幅度有限。
- 比特币挖矿收益将逐步降低,最终收敛于零。未来比特币真正回报将来自将其作为投资资产,投资于 L2、DeFi、CeFi 等生态项目,持币人将从中获得收益,这将成为比特币生态的重要发展趋势。
- 矿工未来收益来自两部分:新发行比特币和交易手续费,后者取决于比特币生态活跃度。更多有趣的 staking 项目可激励生态发展,带来更多链上活动和交易,提高网络安全性,增加矿工交易费收入。
- PoS 缺乏外部经济激励,安全性受限于链上经济体规模,存在被控制风险。比特币 staking 和 restaking 协议引入外部大型比特币资产为 PoS 网络提供安全保障,解决了其内在固有缺陷,这是比特币 (re)staking 的正当性所在。
- Cobo 联合创始人兼 CEO 神鱼预测:比特币 staking 将是一个百亿美元级别的大市场,与 PoW 挖矿初期相当,可满足未来大量需要安全基础设施的高性能应用链的需求。
- Lorenzo Protocol CEO Matt:比特币生态未来需重点关注的四大领域——架构创新、L2 发展路径选择、高效资产流通和安全性保障。
- 对于生态建设者和创业者而言,短期可着眼解决 BTC 网络中存在的拥堵问题,承接溢出的需求,中期可关注持有者收益需求,长期则瞄准潜在脚本语言升级后的生态发展前景。值得关注的是,未来是否会有更多紧密围绕比特币的应用场景兴起?否会有更好工具助力比特币使用?以及是否有新颖编程模型来突破其非图灵完备性?
- 作为比特币生态的 EigenLayer,Babylon 的解决方案针对的是客观违规问题,与之对比,EigenLayer 应对主观性攻击。
近期比特币减半将对生态中包括矿工、个人、项目方等各参与方产生什么样的影响,以及在这个生态会发生哪些重要变化?
What will be the impact of the recent halving of Bitcoin on ecological players, including miners, individuals, project participants, and what are the important changes in the ecology?
神鱼:比特币减半主要影响的是供给端,对各类参与者会造成一定影响:
: The main effect of halving bitcoin is on the supply side, with a certain impact on all categories of participants:
对于矿工:减半导致矿工收入锐减,对采用旧一代矿机(如 S19 Pro、M21 等)的矿工影响巨大,边际成本不敷成本,被迫关停或转移至低电费地区,推动矿工加速更新换代矿机、优化电费成本。但由于抗风险能力较强的大型上市矿商和传统金融资本入场,全网算力下降幅度有限。
In the case of miners, the reduction by half has resulted in a sharp decline in the income of miners, which has had a significant impact on miners using older-generation machines (e.g. S19 Pro, M21), with marginal costs, forced to shut down or transfer to low-cost areas, prompting miners to accelerate the upgrading of replacement machines and optimize the cost of electricity. Due to the entry of large-scale marketed miners and traditional financial capital that are more resilient to risk, full network capacity has declined only to a limited extent.
对于个人投资者:对于个人投资者而言,主要影响是心理和情绪层面,预期减半后数月内市场可能迎来新的行情。但今年受宏观经济、比特币 ETF 等多重因素影响,行情走势存在不确定性。
For individual investors: For individual investors, the main impact is the psychological and emotional dimension, and the market is expected to be new within the next few months of halving. But this year, the movement is uncertain, influenced by multiple factors, such as macroeconomics and Bitcoin ETFs.
Xinshu:这次比特币减半相对平稳,随着机构入场,整个市场越来越专业化、机构化。人们开始思考,除了持有和挖矿,比特币是否能有其他用途和可持续收益,而不仅依赖通胀补贴。作为加密货币行业的龙头老大,比特币是否能进一步辐射更广泛的加密社区?
Xinshu: This time, the bitcoin has been halved relatively steadily, and as institutions enter, the entire market has become more professional and institutionalized. People are beginning to wonder whether Bitcoin, in addition to holding and digging mines, can have other uses and sustainable returns, rather than relying on inflation subsidies.
Babylon 的第一步尝试,就是将比特币的安全性扩展到其他 PoS 链。目前 PoS 链通过高通胀来维持本币质押,原因之一是低 APY 难以吸引持币者长期持有。
Babylon’s first attempt is to extend the security of Bitcoins to other Poss chains. Currently, the Pos chain sustains its pledge through high inflation, one of the reasons being that it is difficult for low APYs to attract currency holders to hold them for long periods of time.
Babylon 通过建立公开市场,让闲置的比特币参与质押,为其他链提供安全性。相比期望高 APY 的小型公链,比特币质押者对 APY 期望值相对较低。这为 PoS 链提供了机会,引入比特币作为质押,可为比特币持有者增加收益,同时大幅降低自身通胀。
Babylon provides security for the rest of the chain by creating an open market, involving idle bitcoins in pledge. Bitcoins have relatively low expectations of APYs than small public chains with higher expectations. This provides an opportunity for the Poss chain to introduce bitcoins as pledges that can increase the returns of bitcoins holders while significantly reducing their inflation.
长远来看,更重要的是比特币可能获得更多用途和收益场景,吸引更多参与者,不仅依赖挖矿获利。Babylon 等生态项目将为比特币带来新的应用场景,使整个生态变得更加多元。
In the long run, and more importantly, Bitcoin may gain more use and gain by attracting more participants, relying not only on mining for profit. Eco-projects like Babylon will bring new applications to Bitcoin, making the whole ecology more diverse.
Matt :比特币每四年一次的减半是固定趋势,挖矿收益会逐渐降低,最终收敛于零。届时,持有比特币的真正回报将来自将其投资于 L2、DeFi 产品、CeFi产品等,赋能这些业务,拓宽比特币生态边界,带来新收益必将成为大趋势。
Matt: The four-yearly halving of Bitcoins is a fixed trend, and mining revenues will gradually decline and eventually shrink to zero. At that time, the real return on the Bitcoins will come from investing in them in L2, DeFi products, CeFi, etc., enabling these operations, widening the Bitcoins ecological boundary, and bringing new gains will surely become a big trend.
许多比特币持有者和项目方正在共同推动这一趋势,比如 Babylon 将稀缺比特币投资于需求端,为 PoS 链或 L2 提供安全性保障,投资者可从中获利。如果比特币最终成为投资资产或货币,必将需要高效流动性分配市场和流动性资产化。
Many bitcoin holders and projecters are working together to promote this trend, such as Babylon, which invests scarce bitcoins at the demand end to provide security for the PoS chain or L2. If Bitcoins eventually become an investment asset or currency, it will necessarily require efficient liquidity distribution markets and liquidity capitalization.
矿工如何看待 staking,这对整个矿工的收益以及网络安全性有何影响?
What do the miners think of stating, and what does that have to do with the benefits to the miners as a whole and the safety of the network?
神鱼:从矿工角度看,staking 对于比特币生态系统的发展是有益的。
Marquis: From the point of view of miners, stagking is useful for the development of the Bitcoin ecosystem.
首先,比特币本身并不需要 staking,但持有者和矿工希望获得 staking 带来的收益。作为一种硬通货,比特币长期以来难以获得原生收益,而 staking 则可让 BTC 持有者获得新项目的 Token 奖励。
First of all, Bitcoin does not need to keep itself, but the holders and miners want to get the benefits. As a hard currency, Bitcoin has long had difficulty getting the raw benefits, and making it possible for BTC holders to get the Token reward for the new project.
其次,矿工未来的收益来自两个部分:新发行的比特币和交易手续费。后者取决于比特币网络生态的活跃度。更多有趣的 staking 项目可激励生态发展,带来更多链上活动和交易,从而提高比特币的网络安全性。
Second, the future gains for miners come from two components: newly issued bitcoins and transaction fees. The latter depend on the ecological dynamics of the Bitcoins network. More interesting stagking projects can stimulate eco-development and bring more activity and transactions on the chain, thereby increasing Bitcoin’s network security.
因此,作为矿工和 BTC 持有者,都希望有更多 staking 和 restaking 协议出现,比特币生态系统越繁荣,就能获取更多收益。
As miners and BTC holders, therefore, there is a desire to see more stating and restaking agreements, and the more booming the Bitcoin ecosystem, the greater the benefits.
Staking 的市场规模有多大?这是一个长期机会,还是短期热点?
What is the size of the market at Strange? Is this a long-term opportunity or a short-term hot spot?
神鱼:PoS 的核心问题在于缺乏外部经济激励,其底层资产安全依赖于链上原生资产规模,最终安全性受限于链上经济体总规模。熊市中,控制网络节点可能导致整条链资产被控制。
Mockfish: The core issue of PoS is the lack of external economic incentives, where the security of the underlying assets depends on the size of the raw assets on the chain, and ultimately the security is limited to the total size of the economy on the chain. In Bear City, controlling the network node may lead to the control of the entire chain of assets.
比特币 staking 和 restaking 协议引入了与链无关的外部大型资产,为 PoS 网络提供了安全保障。随着比特币资产规模超万亿美元,持续为 PoS 网络注入外部经济激励,大幅提升了安全性。这一创新解决了 PoS 缺乏外部性的内在缺陷,让人眼前一亮,并且已经开始落地,拥有巨大发展潜力。
The Bitcoin Staffing and Restaking agreements introduced large external assets unrelated to the chain, providing security for the PS network. As the size of the Bitcoin assets exceeded trillion dollars, the continued injection of external economic incentives into the PS network significantly increased security.
我认为 BTC staking 至少是一个百亿美元级别的市场,与 PoW 挖矿初期相当。随着模块化的发展,未来将涌现大量需要安全基础设施的高性能应用链,比特币 staking 协议可满足其需求。
I think BTC staff is at least a $10 billion-grade market, which corresponds to the first stage of Pow mining. As modularization develops, there will be a large number of high-performance application chains that require security infrastructure in the future, and the Bitcoin staff agreement will meet its needs.
2024 年我重点布局了 restaking 赛道上下游相关资产和标的。公司层面,我们也大量投入人力、物力资源,全力拥抱这一创新机遇。
In 2024, I focused on the assets and targets of the restaking track up and down. At the corporate level, we also invested heavily in human and material resources to embrace this opportunity for innovation.
对于生态建设者、创业者等各路 builder 来说,如何抓住这一 BTC 叙事浪潮的机遇?还有哪些重点领域值得参与?
How can we seize the opportunity of this BTC narrative wave for ecological builders, entrepreneurs, etc.? What other areas of focus are worth participating in?
神鱼:过去半年,比特币生态出现创新苗头,源于一年多来自下而上的铭文、符文等创新,吸引了大量新用户。新用户需求导致网络拥堵,需求外溢出来,倒逼我们开始探讨提供更好服务的二层解决方案。
Swordfish: The past six months have seen the emergence of innovations in Bitcoin's ecology that have attracted a large number of new users from bottom-up mosaics, symbols, and so on. New user needs have led to network congestion, demand spilling out, forcing us to start exploring second-tier solutions that provide better services.
对于生态建设者和创业者来说,抓住 BTC 叙事浪潮的机遇,主要有三个阶段:
短期:面对目前网络拥堵,提供更好服务和解决方案承接当下外溢的需求。 Short-term: Provide better services and solutions to meet immediate spillover needs in the face of current network congestion. 中长期:大量比特币持有者希望获得原生资产收益。那么创业者可以思考的是如何为 BTC 持有者带来稳健、低风险的收益回报,或许可以看看 CeDeFi 和 restaking 等赛道应用,这是中长期机会。 Medium- and long-term: A large number of Bitcoin holders want a return on their original assets. So what entrepreneurs can think about is how to bring robust, low-risk returns to BTC holders, perhaps by looking at track applications such as CeDeFi and restaking, which is a medium- and long-term opportunity. 长期:如果比特币网络的脚本语言能够升级(如OP Code、OP_CAT等),就能在无信任无许可前提下发展真正大规模生态应用。这是长期前景,也是整个生态的机会。 Long term: If the script language of the Bitcoin network (OP Code, OP_CAT, etc.) is upgraded, a truly large-scale ecological application can be developed without trust or permission. This is a long-term perspective and an opportunity for the entire ecology. 总的来说,短期聚焦网络服务,中期关注持有者收益,长期瞄准网络升级后的生态应用,这三个阶段都存在重大的机会窗口。 In general, there are significant windows of opportunity in the three phases of short-term focus network services, medium-term focus on holders'benefits, and long-term targeting of ecological applications following network upgrades. Matt:总的来说,比特币生态面临几个重点挑战: Matt: Overall, Bitcoin Ecology faces several key challenges: 架构创新:比特币架构可能需要一些更新,以支持真正去中心化的链上结算,如推动 OP Code 等改进,实现更高级功能,这将是重大突破,对所有 DeFi 项目和 BTC L2 都是里程碑。 Structural innovation: The Bitcoin architecture may need to be updated to support a truly decentralized chain settlement, such as promoting improvements such as OP Code to achieve higher functionality, which will be a major breakthrough for all DeFi projects and BTC L2 and a milestone. L2发展路径:是否会出现一个通吃天下的 L2,还是各种可互操作的 L2 通过共同协议标准连接?无论如何,围绕比特币资产的高效流通至关重要,需要高效匹配市场、链上金融衍生品市场等。 L2 development path: Is there going to be a full-blown L2 or a variety of interoperable L2 linked through common agreement standards? In any case, the efficient flow of assets around Bitcoin is crucial, requiring efficient matching of markets, chain-based financial derivatives, etc. 安全性:在基础设施层提供更高安全性,并为投资者提供金融安全保障至关重要。可在 DeFi 基础设施上提供保险相关产品,将风险控制在可接受范围内。 Safety: It is essential to provide greater security at the infrastructure level and financial security for investors. Insurance-related products can be provided on the DeFi infrastructure to keep risks within acceptable limits. 总之,架构创新、L2 发展路径选择、高效资产流通及安全性是比特币生态面临的重点挑战。 Overall, structural innovation, L2 development path selection, efficient asset flow and safety are key challenges for Bitcoin ecology. Babylon 的初心是什么?为什么 BTC 需要 staking?跟以太坊的 staking 或者 restaking (如 EigenLayer)最大区别是什么? What's the original heart of Babylon? Why does the BTC need to stay? Xinshu:Babylon 协议的设计初衷是让比特币能够参与更广泛的去中心化生态,为其他 PoS 链或二层网络提供安全保障。通过将 BTC 资产质押,Babylon 可为这些网络提供一个可信且「取之不竭」的抵押资产池,从而增强它们的安全性。这一点与以太坊的 staking/restaking 机制有所不同: Xinshu: The Babylon protocol was originally designed to enable Bitcoin to participate in broader decentralised ecology, providing security for other Poss chains or second-tier networks. By pledging BTC assets, Babylon by providing these networks with a credible and "unfinished" pool of mortgage assets, this enhances their security. This is different from the Etherkitting/restaking mechanism: 目的不同:以太坊为自身链安全,Babylon 为其他链/网络提供抵押; (a) Different purpose: To secure their chains with Tai Ho and Babylon to secure other chains/networks; 实现方式不同:以太坊汇总在链上智能合约,比特币每个用户独立质押锁在 UTXO 脚本中,更去中心化。 This is achieved in different ways: by combining smart contracts on the chain with the Tails, and by locking each user of Bitcoin in a separate UTXO script, much less centralizing. Babylon 利用比特币 UTXO 模型,实现了创新的去中心化、分散式质押架构,与以太坊合约池质押模式有根本区别,这是核心技术创新。 Babylon, using the Bitcoin UTXO model, has achieved an innovative decentralised, decentralized pledge structure that is fundamentally different from the Etheraya contract pool pledge model, which is a core technological innovation. Restaking 的合理性在于通过将加密货币锁定作为抵押品,可以惩罚作恶行为,从而保证网络安全。传统做法是质押原生代币,但存在代币总量小、通胀激励高等问题。Babylon 则将比特币这一最安全的区块链资产纳入质押体系,拓展了质押场景。 Restaking is justified in ensuring cyber security by locking encrypted currency as collateral, which penalizes malpractice. The traditional practice is the pledge of original tokens, but there is a high problem with the size of the tokens and inflation incentives. Babylon, in turn, has expanded the pledge scene by including the safest asset in the chain of bitcoins in the pledge system. Lorenzo 为什么选择 BTC restaking 赛道?这个赛道的规模有多大?有哪些机会? Why did you choose the BTC taking track? How large is the track? What are the opportunities? Matt:Lorenzo 选择布局整个赛道的原因是十分看好 BTC restaking。美元总流通量约 2.4 万亿,债权市场约 50 万亿;而比特币总市值 1.4 万亿,约为美元流通量 60%。如此推算,BTC restaking 市场规模理论上可达 30 万亿美元,想象空间巨大。 Matt: Lorenzo chose the whole track because it was very good. The total circulation of the dollar was about 2.4 trillion dollars, the creditor market was about 50 trillion dollars, and the total market value of the bitcoins was 1.4 trillion dollars, about 60% of the dollar. In that way, the BTC market could theoretically be 30 trillion dollars, and there was a huge amount of space. 本质上,BTC restaking 是将比特币流动性出借,锁定一部分作为抵押提供安全性,到期收回本金和利息,是一种无风险借贷行为,类似于购买政府债券。 In essence, BTC borrowing is a risk-free lending practice, similar to the purchase of government bonds, by borrowing bitcoins, locking in some of them as collateral to provide security, and recovering principal and interest on maturity. Lorenzo 正在解决将本金和出借行为证券化的第一步问题。通过两类资产标准 STBTC(本金)和收益代币(利息),可将流动性统一,并基于收益代币开发更丰富的金融衍生品市场,如期权、期货等。同时,出借还释放出大量比特币流动性,可与 DeFi 借贷协议、稳定币、交易所等合作。资产标准也可与其他 restaking 项目合作,通过 STBTC 为其提供额外抵押。 Lorenzo is addressing the issue of securitization of principal and lending behaviour as a first step. Liquidity can be harmonized through two types of asset criteria, STBTC (principal) and yield tokens (interest), and a richer financial derivative market, such as options, futures, etc., can be developed on the basis of a revenue token. FBTC 在 BTC DeFi 生态里处于一个什么样的位置? What is the position of the FBTC in the BTC DeFi ecology? Zuki:FBTC 是一个 1:1 锚定比特币的资产,在比特币 DeFi 生态中扮演连接原生比特币资产池与 DeFi/基础设施项目的桥梁角色。作为通道,FBTC 将保证安全性,允许用户自主选择服务和收益场景。不同于 WBTC,FBTC 将探索提高比特币利用效率的新机制,提供生态激励,让持有和交易 FBTC 获得多重回报,期望将以太坊收益模式迁移至比特币,孕育更多创新。 Zuki: FBTC is a 1:1 anchored Bitcoin asset that plays a bridge role in the Bitcoin DeFi ecology that links the native Bitcoin asset pool to the DeFi/Project. As a gateway, the FBTC will ensure security and allow users to choose their own services and profit scenarios. Unlike WBTC, the FBTC will explore new mechanisms to increase the efficiency of Bitcoin use, provide ecological incentives, provide multiple returns on holding and trading FBTC, and expect to move to bitcoin in the near future to breed more innovation. Babylon 协议需要签两笔交易,第二笔交易如果当这个节点 Slash 的话,可能就要把私钥暴露出来,相当于钱包里的钱都会丢失,这个功能点是怎么设计的?对散户是否友好? Babylon's protocol requires two transactions, and the second one, if it's Slash's node, is likely to reveal the private key, which is equivalent to the loss of the money in the wallet. How does this function point be designed? Is it friendly to the slobs? Xinshu:Babylon BTC 质押的罚设机制是如果节点在同一区块高度签发两个不同区块(双签),则该节点私钥会被暴露。一旦私钥暴露,任何人都可完成缺失的罚没交易签名,从而执行罚没。需说明的是: Xinshu: Babylon BTC the penalty for pledge is that if the node issues two different blocks (doubt) at the same block height, the node's private key is exposed. Once the private key is exposed, anyone can complete the missing penalty without the transaction signature and thus enforce the penalty. 仅暴露节点私钥,非质押者私钥。 Only the node private key is exposed, not the pledge private key. 节点私钥仅用于出块签名,不存储其他资产,因此即使发生罚没,也不会波及该私钥控制的其他资产。 The node private key is used only for a block signature, does not store other assets and therefore does not affect other assets controlled by the private key, even if it is fined. 发生双签时,并非节点上所有比特币质押都会被罚没,有可调的局部罚没参数。 In the event of a double signature, not all bitcoin pledges at the node will be punished, with adjustable partial penalty parameters. 罚没交易需三方签名,平时两方预签,节点方暂不签。一旦节点作恶暴露私钥,任何人获取私钥后都可以完成签名并广播该交易。 If the node exposes the private key, anyone who has obtained the private key can complete the signature and broadcast the transaction. 节点双签暴露私钥的原因是,数字签名要求每次使用不同 nonce(随机数),若同一 nonce 签两个不同消息,会破坏签名私密性。Babylon 规定节点同一高度必须使用预定 nonce 签名,一旦重复使用导致双签,就会暴露私钥。 The reason why nouns reveal private keys is that a digital signature requires a different number (random number) at a time, and if the same nonce signs two different messages, it undermines the privacy of the signature. Babylon requires that the node must be signed at the same altitude as the predefined noce, and if repeated use leads to a double sign, the private key is exposed. 现有基于 EigenLayer 的 AVS 是否会迁移到 Babylon?Babylon 的生态上是否会有全新的项目?这些项目是什么形式? Will AVS, which is currently based on EigenLayer, move to Babylon? Is there an entirely new ecological project on Babylon? What form are these projects in? Xinshu:Babylon 解决的主要问题是在同一个区块高度签发两个不同的区块,被称为「双签名」(double signing)或「equivocation」问题。这是一种会导致分叉的攻击行为,属于客观的安全违规(objective safety violation)。双签名必须由节点实施,因为只有节点掌控私钥。Babylon 解决的关键问题就是这种客观的安全威胁,场景要么发生在具有多个节点和价值数据的区块链(如 Cosmos 链)上,要么是在只有单一序列的二层网络上。 Xinshu: The main problem resolved by Babylon is the issuance of two different blocks at the same block height, known as "double signature" or "equivocation ". This is an attack that would lead to a forklift and is an objective security violation (objective safety violation). The two signatures must be executed by nodes, because only nodes control private keys. The key issue resolved by Babylon is this objective security threat, either on a chain of blocks with multiple nodes and value data (e.g. the Cosmos chain) or on a two-store network with only a single sequence. EigenLayer 处理的则是主观性攻击(inter subjective slash),需要社区共识(social consensus)来判断,这与 Babylon 关注的「客观安全违规」有很大区别。一些社区项目通过质押,如在 Babylon 上质押 BTC 生成的 Liquity staking token,可实现主观性 slash 功能。 EigenLayer deals with the subjectivity attack (inter subjective slash), which requires community consensus, which is quite different from Babylon’s concern about “objective security violations.” Some community projects achieve subjective slash functions through pledges, such as the pledge of BTC on Babylon. 从技术角度来说,这类项目面临的 AVS 情况与 EigenLayer 处理的相似。但这些项目更多关注与比特币生态系统和应用相关的 AVS 形态。 Technically, these projects are faced with AVS conditions similar to those treated by EigenLayer. However, these projects focus more on the AVS patterns associated with Bitcoin ecosystems and applications. 以上就是脚本之家小编给大家分享的比特币BTC减半后的新经济学剧本的详细解读了,希望此篇教程能够帮助大家更好的了解未来行情走势。 This is a detailed reading of the new economics script shared by the Script House small editor after the halving of the Bitcoin BTC, and it is hoped that the curriculum will help to better understand the future.
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