In January 2009, the genesis block of Bitcoin was mined, marked the birth of the blockchain. This sign opened up a fan for the financial industry a broader door. Subsequently, it had continued to expand to areas such as payment and settlement, financial transactions, supply chain management, and intelligent manufacturing.
By 2020, there are thousands of digital currencies based on blockchain technology, with a total market value of more than 1,000 trillion U.S. dollars, however,the number and value of digital currencies are still growing.
Digital currency is becoming a new form of human currency. At the same time, in the field of traditional assets, a large number of organizations are exploring how to record traditional form of assets, such as commercial paper, membership points, etc.
Digital financial models which are similar to traditional financial institutions have emerged. Exchanges that complete completing digital currency exchange are similar to bank currency exchange, and platforms that purchasing and trading initial tokens are similar to stock exchanges and conduct cross-border transfers. The platform performs cross-border remittance functions are similar to banks.
Based on this, we need a distributed future "bank", where different digital currencies and digital assets can be transferred in and out of the block chain and complete transactions. Here, financial products and contracts based on digital currencies and digital assets can be created and executed, where relevant transactions can be effectively protected by privacy.
The blockchain shared value system was first imitated by many cryptocurrencies. The system does not need to be maintained by a central organization, without the intervention of government organizations, and its characteristics of openness and anonymity enable continuous transactions, even global multi-currency transactions .The daily trading volume of the market had reached as high as 10 billion US dollars,and the trend will continue to rise in the future technologically advanced society, which is a considerable result.
Among the many developing cryptocurrencies, Bitcoin has become a leader, a purely decentralized digital currency. There is no doubt that this is a new concept. It had becomed different from other issued paper currencies. It marks the beginning of the digital age for the financial industry.
Bitcoin, as a decentralized encryption currency with blockchain as the underlying technology, uses private keys and private accounts as digital signatures to allow directly payment to others. It does not need to go through third-party institutions such as banks and securities firms, thus avoiding high handing fees, cumbersome processes, and problems subject to third-party supervision. Obviously, it means that anyone can participate in running Bitcoin transactions for free. Therefore completely making digital transactions will be easier.
The above-mentioned characteristics of Bitcoin even had got the default of the European Central Bank. In a survey report on virtual currencies released in October 2012, it explained: "Bitcoin is a decentralized system-at least in theory Up-there is no central organizer who can disrupt this system and then run away with money."
Marc Andreessen once said, "Bitcoin allows people to trade their wealth on the Internet for the first time, and it is safe. No one can challenge its legality."
Blockstream's Adam Back said that unlimited money printing will encourage retail investors to buy bitcoin and push the price of bitcoin to $300,000 within five years.
Back said, "This may not require more institutional adoption because the current environment is prompting more individuals to consider hedging." There are some misunderstandings about the usefulness of coins.
In January of this year, Back responded to reports that exposed early Bitcoin developer Hal Finney's wild speculation that Bitcoin may be worth $10 million a day. Back said that high inflation is entirely possible to convert 1 U.S. dollar to 0.10 U.S. dollars in about 10 years, which means: "10 million U.S. dollars per bitcoin is today's 10 million U.S. dollars per bitcoin."
Back said: "This prompts people to think about the value of money and find ways to save it.
"Digital currencies are becoming mainstream, and international competition is heating up. If they fall behind, the economy is at risk of being disadvantaged," Don Guo, CEO of Broctagon Financial Technology Group, told The Independent.
SST was listed on the Bitcbtc exchange in early December 2020. StarSwap design background:In the early days of its birth, traditional banks took currency exchange as their main function, and gradually developed functions such as currency custody, payment, settlement, and remittance. Finally, a modern bank with deposit and loan business as its main model was born.
It can be said that a bank is an account book that records the relationship between creditor's rights and debts. Every time funds are transferred in and out, it is actually a change in the corresponding asset account in the bank account, and the bank’s ledger is a ledger that supports multiple assets. The exchange and settlement between different banks is actually a process of changing asset records between different ledgers. Whether it is a change in assets in the same ledger or changes in assets in different books, you must ensure that assets cannot be double spent.
Simply words, the increase or decrease of an asset in one account or ledger must correspond to a decrease or increase in the equivalent value of another account or ledger.
At present, the blockchain has solved the double spending problem in different accounts of the same ledger. Solving the problem of transferring assets between different blockchain ledgers is the key to the widely application of blockchain technology.
Starchain needs to support the access of different blockchains and the transfer of assets in a distributed manner, that is, supporting for cross-chain transactions. StarSwap is a distributed financial market. In principle, any institution or individual can develop and provide their own financial services based on Starchain. This requires that the blockchain facility of Starchain can support programmable smart contract functions.
In summary, Starlink is designed under this background and consideration. This is the design goals of StarSwap In order to create a distributed future "bank", blockchain technology and digital asset applications can be widely popularized.
Based on the investigation of existing technologies, combined with the decentralized characteristics of blockchain and consideration of its application scenarios, Starlink’s design goals are as follows:Cross-chain asset transfer:It can connect to the existing major digital currency networks (such as Bitcoin, Ethereum, etc.) to complete asset exchange without changing the original chain mechanism. The newly generated digital currency network can also be connected to Starlink at a very low cost.
The blockchain network of the nature alliance chain can be connected to the star chain to realize the functions of transferring assets from the original chain to the StarSwap, from the star chain back to the original chain, and multiple assets to be traded on the star chain. Ensure the security of cross-chain transaction assets and the stability of cross-chain transaction services.
From the perspective of the development of the underlying technology of the blockchain, StarSwap has applied a number of cutting-edge cryptographic technologies such as secure multi-party computing, access control key sharing, elliptic curve-based ring signature schemes, and one-time account generation mechanisms. The problem of privacy protection of contract token transactions.
To a certain extent, StarSwap is a typical application of advanced cryptography theories to solve problems in the blockchain field. It represents the development direction of the underlying technology of the blockchain, that is, from conditional security to provable security, and from logical control to algorithm theory. StarSwap has a professional cryptography research team who will continue to contribute to the entire industry for the application of cryptography in the blockchain field.
From the perspective of the application of blockchain technology, StarSwap is not only a blockchain project that realizes cross-chain transactions and multi-asset interoperability, but also a complete blockchain development platform.
While realizing the cross-chain transaction function, Starchain is also a blockchain network that can operate independently. It contains native coins, supports smart contracts, and has a privacy protection mechanism for smart contract token transactions. Any developer can develop financial applications that meet their needs on Starlink based on application scenarios.
Till current days, the topic of Bitcoin is still full of controversy. But most people should agree that Bitcoin is a great sociological experiment in the history of digital currency and even in the entire financial history. In terms of market value, the most popular classified currencies are Bitcoin, Ethereum, Bitcoin Cash and Litecoin; Bitcoin rose from $0.017632 when it was born in 2008 to $19,850, the highest price in history on December 17, 2017, an increase of nearly 2.7 million times, which is unique in the history of world economic development, but combing through the development trajectory of Bitcoin , you will find that its price fluctuates greatly. As a sociological experiment, Bitcoin has achieved great success, especially based on blockchain technology, many valuable business scenarios and innovative technologies have emerged.
I believe that history will be surprisingly similar. Bitcoin's past is so, and there will also be huge value-added space in the future. Because in the future, there will not be fewer people involved than in the present, the future funds will not be less than the present, the application of the future blockchain will not be worse than the present, and the future consensus will not be smaller than the present. SST, as a new generation of cryptocurrency, is bound to occupy a dominant position in the market. Being a rational investor, with a mentality of becoming rich gradually, willing to pay time and energy, willing to solve problems, whether in the currency circle or the traditional industry, can be successful, but in the currency circle, successful returns. The rate will be magnified many times.
Unlike the traditional stock market, as long as there is a network, anonymous transactions can be realized, and anyone can buy and sell anywhere; other new currencies like SST have also emerged under the development and application of blockchain technology as a new generation of cryptocurrency.Inevitably set off a boom in the market and occupy a dominant position in the market. Based on SSTKEN algorithm,you can run your own independent node locally and run your arbitrary public-chain digital assets across the chain. USDT as a token may have guaranteed its historical status, but its future is still uncertain. SST will soon replace it as the main token. As an emerging thing or industry, it is a very emotional market, because it is an emerging market that is full of potential and infinite possibilities, investors have rational and adventurous. The spirit and the mentality of getting rich are worth trying.
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