 Is it OK? I'm talking about blockchain, the concept, and the evolution of cryptocurrency mining. We are a mining company. So this is the most powerful machine we build for Bitcoin mining. I will talk a lot about the evolution in the blockchain we have experienced in this years. First, I will introduce myself. I'm Qin Fenglin. You can call me Fenglin. You can find me in GitHub and Twitter. I have committed to a lot of code in the manner applications, especially in the Bitcoin mining. And I work for Canon about four years. Canon is an asset company in China. It builds the Avalon Manor. So Avalon Manor is maybe someone, do you know the Avalon Manor? So it's like maybe most people know the Bitcoin. They build the largest manor today. But we built the earliest FPG manor in the beginning. So that's about me and my company. The next is we start talk about the blockchain. What is blockchain? Always everyone talk about blockchain. It's like no one know what is blockchain. Everyone has their own concept about the blockchain. So today I will show you the beginning and what happened today and maybe in the future. So I will talk about the rules in blockchain. It's the basic. It's common rules in every blockchain today. So let's start. First, everyone know the first successful blockchain solution is Bitcoin. In the beginning, a paper released is called peer-to-peer, electronic cash system. So it's very early. I think maybe after six years, no one know what exactly does it do. But I will show a video about the Bitcoin first. So let's say maybe someone know. What is Bitcoin? Bitcoin is the first decentralized digital. So loud. But now everybody's awake. Yeah. Sorry, can't turn to some. Maybe here. Currency, Bitcoin. No sound. So just like this. What is Bitcoin? Bitcoin is the first decentralized digital currency. Bitcoins are digital coins you can send through the internet. Compared to other alternatives, bitcoins have a number of advantages. Bitcoins are transferred directly from person to person via the net without going through a bank or clearing house. This means that the fees are much longer. You can use them in every country. Your account cannot be frozen. And there are no prerequisites or arbitrary limits. Let's look at how it works. Several currency exchanges exist where you can buy and sell bitcoins for dollars, euros, and more. Your bitcoins are kept in your digital wallet on your computer or mobile device. Sending bitcoins is as simple as sending an email. And you can purchase anything with Bitcoin. The Bitcoin network is secured by individuals called miners. Miners are rewarded newly generated bitcoins for verifying transactions. After transactions are verified, they are recorded in a transparent public ledger. Bitcoin, oh. Yeah. That's the introduction of Bitcoin. When I watch the video first, I even don't know what it is. So it's hard to introduce what is Bitcoin in the beginning. So I will talk more. In the end of the video, it talks the manner, verifies the transaction. So the blockchain starts from, I mean, the block starts from the mining. So the manner of verifying the transaction and the new block will generate. Yeah. It will like this. So let's look inside the blockchain, the blocks and the transaction. This is the beginning. So it's a block header and a block date here. So the block are chained with a hash, previous block header, the hash to the previous. So chained together, it's called blockchain. But now, in the beginning in the Bitcoin, the transaction only can store some, like the payment from A to B to another. So just the payment. Nor there's a lot of current currency. It can store, like, the code and store it someday. So when you store the code, it will relax the Ethereum. So here, the transaction will be stored more things than Bitcoin. So this is inside the blockchain, all the same. We can say this is the market today. So Bitcoin, Ethereum are the largest. This is the latest date from Wikipedia and also some website. So we can say here and also blockchain. The difference may be the manner and the transaction. So it's different. But let's say the rules in the blockchain. So it's the same. It has a valid manner, the routing network, and a full blockchain. Every blockchain has the same, the full rules. Even if you didn't mining, it also has less rules and less manner. So I will show a little about what are these. The first is the wallet. When you use the current currency, you first need a wallet. No matter what time, the current is offline and online. So you can use any of this. The difference is you can see here, if you use the offline, you will store all the block data. And first, synchronize the block data first, then you can use. I mean, you can send a transaction if you synchronize the block data. But if you use the lightweight, this is common. I think this is common because this is open source. So I just put some picture here. You can try to search any offline online Bitcoin wallet or blockchain wallet. So it's the same. So this will only store some transactions with your Bitcoin address and the block header. So what inside the wallet? It's just the key pairs. It's private key and public key. So you will use the public key. It's called Bitcoin address in the Bitcoin. In the other coin, it can maybe use it to address something else. So you use the public key to receive the payment. And if you want to spend, you just need a private key here. So you do not need to tell anyone the private key or your money will be lost. So that's why this is dangerous here. So a lot of people want to use like this. Just store the private key in the hardware. So this is very simple, just a key pairs, so wallet. Maybe you can use the private key can do more things, but this is an original idea of wallet. So next is the full blockchain. So when you want to know what's inside the blockchain, you can see the real-time block through a block explorer. Every blockchain has their explorer. But it will be same, like the blocks and the transactions. So what's in the block? It's block header here. So it has its head and the time steps. The miner will use the block header to verify the transactions or the transactions. Because the transaction will be generated, it's called a miracle route here. This can stand for all the transactions. So the miner only need to know the block header. So it's safe. So the block date, I mean the transaction, do not need to send to any miners. So the miner just to verify this. And what is that the transaction? So it's a common transaction. I captured last yesterday. So we can say it is from the left to the right. We can see here is the input from this address and to this. But also you can see how to verify the payment here user-scribed. And also today, it can store extra data, use the data storage, but very small here. I mean, it cannot only use the for payment. It can also use to store some smaller data. For example, like the proof existence, just store some data, the hash that is here. So it can also use the blockchain to store some data. But if you use like Ethereum, here is just a state of code. So that's the transaction here. And then I will talk about manner. Manner, I think there are very few people know what does manner do. Because just a very simple word, it's just like find a nonce. Then it will be OK. So manner is very hard to find a nonce. It's just like the matter manner. You work very hard to find a code. So I will show what's inside the manner. So manner, it works like this. All the cryptocurrency manner is a hash calculator. The original hash function is like this from the Wikipedia. It's a case to hash. But the currency manner, the left is block header. It's also hash. So the same concept. So it may be this long. Because when you use hash, it's very short. You can use one hash to stand for any transactions. So we can also call case here, because for explaining. So the machine will do a hash calculator. First, use this, some words here, and generate the hash. If the hash, I mean, we need a way to know which is our target. So it's called a difficulty. We set a difficulty for the hash. If there's that difficulty like this, we use 0 to mean if you find this, means you find a block. So that's easy. So the machine will repeat hash to find a nonce to find the target, like find the hash. So if you didn't know the left, you just want to find a target. So it's hard here. But in the real blockchain, the 0 will be too much more, maybe 10, maybe 20 zeros in the prefix. So it's very hard to find a target, find a hash. So that's the capital currency manner. It's just like this. In the real mining, it's like this. So this is a screenshot of the mining software. We can say it works like this. First, it will get the block header from the network, and then calculate the hash. And then compare the target, I mean, with the hash. If satisfied, then you got the reward. If not, then you must continue to calculate the hash. So that's the mining. It's the same. So that's the manner. I didn't talk about the root here, the routing node. So it's just a P2P network. It's used for relay the transactions. When you send a transaction, use wallet. You need broadcast your transactions. Everyone can broadcast valid transactions. You can use some online tools to generate valid transactions. Then you can use a network to relay the transactions. So this is like a routing node, so just as a routing. So that's the forest in the blockchain. I think it's more clear and easy for us to know the rules. Everyone, every currency is the same. And then we'll talk about the evolution. So the Bitcoin is the most mature currency today. So it's growing fast. Let's see the history and what will be the future. From the start, it lacks other currency, from the CPU and GPU. So this is for Bitcoin. So in 2011, just to use the CPU, GPU. Because we didn't know, because we just to verify the concept. So just use this. So then we use the FPGA to accelerate the proven work. Why did it happen? Because if you ever know, if you use hardware to do something, if the hardware can do, it always works faster than the software. So it lacks the beginning. This is the software. And this is something that the hardware. But if you use the like the FPGA, you can use special certificate to accelerate something. So a change to the FPGA manner. It's very short. It's very short. Even the time here is even short. Because a lot of companies want to build a powerful manner to verify the transactions. So later, from the 2030, it came to the ASIC manner. So build the ASICs to verify the transaction. So next I will talk about why we need to build this. So we can say it grew fast in the Bitcoin. But in the other coin, you can say maybe just here or here. Also some cryptocurrency didn't want to use the ASIC. They want to use some storage or display card. In my opinion, I think it's the same. If you use the GPU, the GPU factory also made custom hardware for the cryptocurrency. So it's also with a lot of hardware and energy there. If there will be more people use the currency. So it's the same. But we can say this is the history. So I will show why it exists. The first is the difficulty. It's the Bitcoin difficulty. We can say because it's proven work, the difficulty is very high today. So it's hard for a miner, only one miner, the CPU or GPU miner to do this. Because you will spend a lot of money and waste a lot of energy. So it's not good. Because like the algorithm, it's like if you have hair hatch rate, the difficulty will be grew hair. If you have lower hatch rate, then also the difficulty will be lower. This is the Bitcoin. So that's why the difficulty grew up. And then the hatch rate also grew up. We need to build a more powerful manner to make sure it can work, it's secure. So everyone know like this. From beginning the scale is maybe one or 10 manners for users. But no, it's like this. So here it's like the farm. Maybe someone use data center to store a lot of manners. So it cost a lot of energy. And a lot of maybe hot air. So everyone know that the Bitcoin costs a lot of energy. So just like this. But we can say we are hard to build the A6. Maybe everywhere we will release a new chip. We use the latest manufacturing process. Just to make sure the energy efficiency to lower and lower. So you can say if you also use the machine here, it weighs a lot of energy. But today, even to zero. But it's hard. It's hard. Always it's hard. Because the manufacturing process is also, you know, this nearly is the latest advanced. So it's hard also for the A6, for the Fabulous factory. It's hard. So today, why we cost a lot of energy? Because a lot of manner from here, here, here, here are also are using. They do not want to drop. Because in some place, the cost of electricity is very lower. So if you use this, if you use the latest, the energy, because you can see here, I will explain a little about this. You can say, every year, the energy we use will be 50% of the previous. And also, you will see the performance. I mean the heart rate will grow up double. So this is the chart. So you can say, we want to save more energy. But the difficulty always changes too high. So I think the algorithm is not good. Even we can improve. But I don't know. So that's why we are working hard in the mining. And also, if you use large manners like this, because we need to get the block header from the network. So it's real-time. So there's very maybe 5,000 manners or 10,000 manners. If connect to one server or connect to one node to get the block head, it's hard. It's very hard. So the server cannot support so many nodes. So today, we can say the mining are changing from the solo to straight home. We can see the difference. So in the beginning, when you use the CPU, GPU, maybe you know. You just connect to the Bitcoin phone node, mining alone. And then you get all the reward. So this is the previous. I think today, there's no one uses this. Because you will, I think, maybe you want to know what it works in Bitcoin or blockchain. But you cannot earn anything here. So a lot of miners use this, drop mining. So just connect to a pool to mining the block. So the pool will receive the reward first and distribute to separate manners. The pool is different. I mean, the reward algorithm is different. But you can choose any pool you like. Because the pool is a phone node, and also, I will show here, the pool is just like this and this. I have two rows here. So this is the pool. And all miners are just a part of this. So today, it's very hard. Everything in the Bitcoin is more, I think, is advanced to change something, to save the energy, to solve the problem in the capital currency. But it's hard. And today, we can see a lot of pools. Some are larger because they have a large hash rate. Large hash rate means you can verify fast than the other. But also, you know that the hash is random, so you can connect to any pools. I don't have any. Some users want to know which is the best, which one I want to use. So when I answer this question, I will say, anyone you like, because it's just the same. You're the three-time protocol. But the hardware is different. So it's better to use this. But also, you can use this. I like FOS because I use like the Canon. It's very small. So everything you can use. You can also build your own pool, if you like. Because it's the largest miner, because all the ASIC miners connect to the pool. To construct a large miner. So this is the pool today. So it means there are a lot of miners there. No matter. Maybe this is from Canon, this is from Bitmine, this is from any other manufacturer can also connect to the pool. So this is today about the Bitcoin. So a lot of things need to improve to make it better. So what will happen in the future? What will, like the miner, or the hardware, or something we need, we can improve the blockchain? So let's talk about the factor. Maybe. I'm not sure. So first is the consensus, the algorithm. So this is for blockchain. So one consensus of the algorithm maybe can, you know, some of the Bitcoin, something like that. So one algorithm can support one or more current currency. So maybe they use one commanding a lot of current currency. So some or a lot of algorithms will be, I think, will be found to make the community, I mean, make the blockchain or health more stronger like this. I don't know. So even today, we didn't find a good algorithm in this. So a lot of proof and a lot of capital currency. So even like this, I think it's hard. It's hard because everything is like a miner. So even didn't mining use this. So also it's hard to find a great algorithm. So it's hard. So this is consensus. So I also want to say is it's not compatible. So a lot of different software or hardware need to do. And the next is the framework. This is a framework we used in blockchain, everything. If we want to make some dApps today, so we will based on the blockchain protocols. So it's a very basic layer. It's layer 2. So low level is internalized today. So we all know that the apps today are also not easy to use. Maybe some can block the blockchain, I mean block the transactions. So also happen in Bitcoin. You transfer, maybe you pay in blockchain. You need the, maybe you need to wait. If your payment is very small, maybe you need to wait one or two weeks to wait to confirm. So here is very vague today. And a lot of AC company want to build powerful hardware to accelerate this layer. So I think in the future, we need more hardware, like the router, like the switcher, like that in the network. We also need something if you maybe call blockchain accelerate layer here. So because a lot of different currency, we need accelerator to make better apps. And next, I just got this. Maybe the blockchain service will be served a lot of area. So we can imagine there will be a lot of particles here. So maybe we need a mining or crypto standards to make sure it works. Today I can share about some crypto currency. It works like it's called merge mining. So if you're just mining, maybe mining the Bitcoin, it can mining other coins at the same time. So it's also good. We can use the old hardware. Maybe we can use one, like we need a standard. I mean, we need a standard to accelerate all the blockchain. So I don't think we need to recreate everything. So we need standard. So that's all for the future. Maybe it will happen. But today, we can say like the Bitcoin, that coin, a serum, someone are friendly with the ASIC, someone or not. So it's hard. Also it's hard. Also in the Bitcoin, the scaling Bitcoin also is hard, even in the block set, even in the block header. So even it's hard. So I think make a standard also maybe a future. So it's hard. And the next is demo. It's demo about the manner. So everyone can learn the blockchain through the manner. In the beginning, you can use like the CPU manner. But today, you can use this. This is a powerful manner you can use. Everyone can try. I just tell a little about the mining today. So you can use the manner, the wallet, and the pool. So everyone can try. I will show this. This is a configuration in the manner. So for mining, it's very easy. Just fill some the pool. I mean the pool address and your user. And it's enough. Then you can see the status of the mining. So I think for this, everyone can try later. So I do not want to waste the time here. So I can answer some questions. I need questions. Which one? Different chips. Here. Hush. Show the diameter side. Yeah, yeah. This is from Canon. Yeah, yeah, this is from Canon. Because Canon has wrote all the data, the information in the Wikipedia, you can solve that. So the hash rate, because over time, we see the process, the lower the process. Yeah. The latest one, what is the hash rate? Yeah, the latest. For one, you can see the hash rate in the Wikipedia. So one, you can see here, you can use this. We always use this. It's called var per G. Yeah, yeah. It's nearly 0.1. 0.1. So it's powerful. Yeah. 10 pair hashes per second. Yeah. Yeah. So if you put a box of both of them, each box is like you made two points, right? Yeah. But G is the number of both of them. The number here. Because we need just to convert this to, we didn't calculate one chip. Just the, yeah, yeah. You can, yeah, yeah. The latest is 2060. Yeah, so. No, they didn't release the latest. So maybe it will upload the latest. It's last year from last year. So we also, yeah. So it will also use the latest, maybe the seven. Yeah. So for an individual person, does it make sense to still buy a box? For this? Does it make sense financially? Only one or large? Here it is not. But you can buy anyone, buy a lot through the website from Canon. Yeah, also a bit my everything is same. But this, I think, is most easy to connect. You can say one controller can support lots of 20 miners. So it's different. So every miner has, they are different. We don't care about difficulty doing that way. Yeah. And the cost of electricity, or if anybody with a huge scale with a low cost of electricity to the field of actually buying one was actually reduced. How do you say, well, this was very easy to make money out of because these days it's a low cost place you have to be. Yes. It's a huge scale on top without making money. It can, but very slow. You can calculate the profit through the, it has the calculator in some website you can search. Because you need to improve your price of electricity and your cost, something else. So it's different. So you can calculate. You mentioned that this one only used for Bitcoin? Yeah. Not for Ethereum and others? Yeah. No. Yeah. So I just talked about like one is called the consensus algorithm. So one, if you use one, it's different with others. So you can use this to manning the SHG256 like this, the manner like the master, like the doggone, namecon, because the same algorithm. So one algorithm can support a lot of current currency. Yeah, but it cannot support the RTC. For other algorithms, you need a difference. Yeah. Sorry. How come the algorithm, they were designed to actually not being able to be used as an asset because it's a memory or the limitation of the asset is because the hash specific to Bitcoin is very efficient on an asset and the new ones, they actually are designed but it's actually not being more efficient on a GPU than an asset. Yeah. If you use GPU, I think the most powerful today also cannot earn Bitcoin. It's hard. So in the latest manner or in the big building, we use more than 100 shapes. And of course, I think maybe more because 1.86 always has 100 more than 100 cores. So many, maybe, yeah. So 10,000 cores. Yeah, we can show maybe, here we can show outside. Yeah, we can also. Yeah, we can turn on here. The sound is very noisy. Yeah, it's combining. So I think we have more time to talk about maybe the apps based on the Bitcoin and also everyone can try this. Use your own Bitcoin wallet. If you like, you can use your own online or offline. If you use mobile, you can try to download like the BitPay, something else. If you like, we can try. Yeah, we can try later. Yeah, just turn off. It's very few. You know, only block header and some Merkle branch. So it's very few. I think about one MacBest is enough. But it's better if you have best bandwidth because you need to submit your share as quick as you can. Or you will be lost. Yeah? It's more about waiting to see if you can communicate with the pool. Yeah, yes. You need to submit the share to the pool first. But from what I understand, the pools actually, all of the pools are the people who are actually really keen to be more talkative. From what I read, different pools have different return models. So what you said, they all do the same. They're all the same. So I don't think it's going to be very good or from what I read on some forums, there are some sort of list of which pools are preferred. Yeah. But I have to ask you this question. If you are the manufacturer of that box, and if you create your pool, I suppose you have the advantage of a long path forward. Yeah, maybe. So it's hard. So a lot of people want to use the largest pool here. Yeah, it's good. So you do not need to build all your own pool. So I think because it's decentralized, so everyone can connect their own pool to the full node. So you need to, because why is this our largest? Because they make a great effort to speed up, synchronize between their node. Yeah, so yeah. What's the problem that they see is very changing with their location where it is. OK, any questions? Yeah, thank you.