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(OMG)OmiseGO(数字钱包)英文白皮书

(OMG)OmiseGO(数字钱包)英文白皮书
(OMG)OmiseGO(数字钱包)英文白皮书

OmiseGO

Decentralized Exchange and Payments Platform

Joseph Poon joseph@https://www.doczj.com/doc/0f14935960.html,work OmiseGO Team omg@omise.co

June17,2017

Abstract

OmiseGO is building a decentralized exchange,liquidity provider mechanism,clear-inghouse messaging network,and asset-backed blockchain gateway.OmiseGO is not

owned by any single one party.Instead,it is an open distributed network of validators

which enforce behavior of all participants.It uses the mechanism of a protocol token

to create a proof-of-stake blockchain to enable enforcement of market activity amongst

participants.This high-performant distributed network enforces exchange across as-

set classes,from?at-backed issuers to fully decentralized blockchain tokens(ERC-20

style and native cryptocurrencies).Unlike nearly all other decentralized exchange plat-

forms,this allows for decentralized exchange of other blockchains and between multiple

blockchains directly without a trusted gateway token.Markets may be able to signi?-

cantly reduce spreads and encourage market assurance via decentralizing custody and

increased transparency of market activity.This is achieved using smart contracts,proto-

col tokens enforcing correct market behavior of orderbook matching,a new construction

of Ethereum bonded external enforcement of clearinghouse activity,and commitments

to historical exchange data for use with Ethereum smart contracts.

1Introduction and Problem Statement

The primary role of blockchains are to solve coordination problems among multilateral agreements between a network of participants.By ensuring transparency,assurance,and enforcement,we can enable multilateral agreements where they were not previously possible. When all parties are assured that the operations are not only transparent,but also the mechanisms are guaranteed to not change without signi?cant e?ort,parties are more willing to coordinate.Participants have signi?cantly higher guarantees that a single party has di?culty forcing other parties in the future into usurious rent extraction via a change in business processes or information asymmetry.In other words,any single participant is more willing to use systems where the business processes and mechanisms itself are not owned by any other single participant.

There is a fundamental coordination problem amongst payment processors,gateways, and?nancial institutions.For instance,a customer of a bank wishes to pay a merchant on

another network.Traditionally,there have been signi?cant e?orts in engineering around payment systems which are compatible across payment networks and?nancial institutions. These are usually constructed by creating a clearinghouse which manages the interchange, usually via a messaging network with either a central counterparty clearinghouse or nos-tro/vostro accounts.Examples include FedWire,CHIPS,SWIFT,consumer card payment networks,NSCC/DTCC,OCC,and ACH.These networks service di?erent roles and func-tions,including local/national payments,international payments,credit,equities/asset ex-change,and derivatives.These centralized networks allow for the controlling entity to arbitrarily change the mechanisms,which result in signi?cant amount of transaction costs via information costs,due diligence,and contractual enforcement between all parties.

We believe that there is currently a large emerging market of disruption in digital pay-ments with new payment platforms(e.g.Venmo,Alipay,etc.).These networks have signi?-cant aversion to interchange across networks,as it usually requires signi?cant overhead costs in trust with the interchange facility.Parties are unwilling to use central counterparties,as neither party wishes to defer to the other,and use of nostro/vostro accounts require bespoke contracts between participants.While the larger networks have signi?cant incentive around protection of their network e?ects,we believe that there is a long-tail of entities wishing to provide eWallet services which require greater coordination amongst multilateral partic-ipants.These mid-size participants will be able to cross value across networks in order to reach su?cient network e?ects in usability.The infrastructure and reference frontend for these providers will allow for the network e?ects to be encoded into this network,allowing for emerging eWallet participants to instantly create high network utility.

Blockchains allows society to externalize the world’s business processes from single cen-tralized corporations into open,decentralized computing networks.[1][2]OmiseGO(OMG) is a network which decentralizes market liquidity,orderbook matching and execution,clear-inghouse custodianship,and high-scalability payments to help resolve payments across these emerging eWallet payment networks.

By shifting these business processes traditionally placed into a single corporation,it is possible to provide eWallet providers an entire interchange process in a decentralized high-performant open network.

2Design Approach

The end-state requirement is a construction of a decentralized mechanism for eWallet plat-forms holding?at-backed value(as well as native,opt-in,support for cryptocurrencies). The eWallet?at tokens will have the ability to use Ether on the decentralized,public Ethereum[3][4]chain(or any other decentralized cryptocurrency)as the interchange/in-termediary cross for maximum e?ciency.We believe that this allows for signi?cant more activity and value in decentralized cryptocurrencies,as it will serve as a useful venue for many eWallet platforms.

As it’s a core function for this decentralized network to do eWallet interchange,a

blockchain ledger on OmiseGO is necessary to hold the general balance of funds per eWallet service(or any user/node).This ledger must be able to hold funds across many assets/com-modities.However,merely holding a ledger is insu?cient for interchange.The mechanism must also allow to trade these assets/commodities.

In order to perform interchange,it requires an order to be placed across many di?erent pairs on an open public market.This requires a decentralized orderbook and trading engine. The trading engine is built into the OMG blockchain,orders are published and matches are performed as part of every block when a matched order has reached su?cient number of validation con?rmations.This results in a non-custodial decentralized exchange held by a single party where the eWallet platforms may exchange onto other eWallet platforms without centralized trust on a single entity.

However,direct crosses between eWallet?at tokens may not be desirable,as there may be too many.It would be necessary to use cryptocurrency for a liquid market without single preference.By bonding Ethereum into a smart contract[5](or Bitcoin-like tokens into bonded clearinghouses),it is possible to lock up Ether onto the activity of the OMG chain to allow for eWallet pairs to occur over Ether or other cryptocurrencies,creating a liquid market(if every pair crosses with ETH,spreads would be much smaller provided low currency volatility).For activity requiring very small spreads,it may emerge that some eWallet tokens will be used as interchange crossing;however,there’s strong incentive to use decentralized tokens for settlement due to coordination/trust advantages related to programmatic adjudication.eWallet?at tokens may also cross using other eWallet tokens if necessary,but bonding which don’t a?ect short-term exchange rate?uctuations of smart contract activity will be primarily in ETH(e.g.HTLC clearinghouse,liquidity providing, and OMG chain enforcement).By allowing for cryptocurrencies to be the backing for eWallet platforms,the platforms can be assured of an even playing?eld between eWallet interchange activities.

This requires a greater degree of liquidity in funds locked up,and the OmiseGO decen-tralized exchange may not be desirable to transact for low-value interchange activity(e.g. for high-volume micropayments).

Not every payment between two distinct eWallets must be performed using a trade on the decentralized exchange.There is an expectation,that eWallets will hold some reserve of?at tokens of other eWallets,ready to be used for smaller transfers in popular directions. Constructions such as Lightning Network[6]allow for payments to occur o?-chain when eWallets hold balances to facilitate rapid payments.Implementations allow for payments across Bitcoin[7]and Ethereum[8],which can be easily ported to the OMG chain for eWallet balances.

The result of the OmiseGO blockchain construction is it allows for eWallet interchange, supported by a decentralized exchange,cryptocurrency(e.g.ETH)matching,orderbook, and clearinghouses without full-custody trust.

2.1Decentralized Liquidity Hub for Channels

The construction has the additional bene?t of allowing for a decentralized liquidity pool to be created for use with payment channels on various cryptocurrencies,such as Bitcoin(and to some extent Ethereum).

For individual token payments on blockchains,there is a need to scale the underlying blockchain activity which does not a?ect the underlying chain to reduce computational pressure of validating/mining nodes.It is therefore necessary to conduct Lightning Net-work activities(or similar constructions using channels).However,Lightning Network faces signi?cant pressure around network e?ects with capital,it’s desirable to prevent liquidity pools from centralizing to a single trusted entity.By using the same mechanisms of the de-centralized clearinghouse,we can create a Lightning Network hub which is not owned by any single individual on tokens which support more complex smart contracts(e.g.Ethereum, ERC-20-like tokens,etc.).For currencies with simple smart contracts,any node on the network(e.g.Bitcoin network)can act as a gateway into the OMG chain pool and cross back with any other participant.This allows the OmiseGO chain to o?oad a lot of on-chain activity,while encouraging decentralization.

We believe that the natural network e?ects of liquidity centralization can be mitigated by decentralized stake-chains with deterministic/known consensus rules.

For Ethereum in particular(and other full-featured smart-contract scripting blockchains),all participants set up channels into an ETH smart contract operating as a single pool of funds.The chain state of the OMG chain re?ects the current balance of participants.This allows for any participant to supply liquidity onto this network which can be allocated in accordance to the OMG-chain consensus rules(limits may be in place early on to prevent this blockchain from sucking up all the spare liquidity from the cryptocurrency space if this construction is successful before robust testing/validation over time).These funds can thereby be used for any liquidity activity on the OMG chain.

3Blockchain Overview and Mechanism

The above mechanisms require signi?cant volume of activity(with a large amount of state), and is not at this time suitable for all activity to occur on the Ethereum main chain, however the construction would be to bond trading activity in the public Ethereum chain with contract execution input being provided by the OMG chain.

We are building a blockchain which hooks into other blockchains to allow for trading across token/asset classes,largely backed by Ether.From the perspective of any individual chain,we are building a scalable blockchain whose contract state is bonded by the activities of the OMG chain itself.Activity on other chains can interlink with this chain via inter-chain committed proofs similar(but constructed di?erently)to BTC Relay[9]on the OMG chain which can be submitted on Ethereum.The OMG chain validates the activity of the behavior of all participants(including activity on other chains).In other words,the role

of the OMG token is providing computation and enforcement.The token itself acts as a bond for its activity on this blockchain,improper activity results in the token/bond being burned on the OMG chain.By creating a custom chain with deep enforcement,we are able to construct a system where consensus rules optimize for high-performant activity.

The design optimizes for rapid execution and clearing,with slower settlement.Future iterations may include sharding of the OMG chain,but the initial iteration will presume high-throughput capacity for block propagation.

Owning OMG tokens buys the right to validate this blockchain,within its consensus rules.Transaction fees on the network including(but not limited to)payment,interchange, trading,and clearinghouse use,are given to non-faulty validators who enforce bonded con-tract states.

The token will have value derived from the fees derived from this network,with the obligation/cost of providing validation to its users.This token must have value,to prevent low-cost attacks and is necessary to enforce this network.

It may be on our roadmap to allow for delegating validation to third-parties,whereby a limited amount can be slashed at a time before re-delegation is required(the exact mecha-nism is not yet speci?ed for security modeling).

As this will be designed as a high-performant system,an linked-via-proof blockchain construction is necessary.We expect that this system will be able to handle extremely high volumes of transactions and hence,will only do?nal delivery over Ethereum.Clearing and settlement occurs over the OmiseGO blockchain.Consensus rules are enforced via this proof-of-stake network.As part of the consensus rules of this network,it is required that all OMG(Omise GO)validators also run the Ethereum network to validate in parallel, resulting in Ethereum as a?rst-class citizen with regards to inter-blockchain validation.

It is assumed for features such as Ethereum/ERC-20bonding and withdrawals that BLS signature schemes(or alternatively Schnorr)will be enabled in Ethereum in the near future.For cryptocurrencies,these tokens are non-custodial and instead locked in smart contracts(unlike other exchange platforms such as Ripple,which requires trusted gateways representing the underlying).It also does not rely on named centralized validation sets(e.g. Ripple).

The OMG blockchain manages matching and managing order execution on the Ethereum chain.Activity on the OMG ensures the validator activity also may be enforced on the Ethereum chain via native Ethereum smart contracts.For Bitcoin and Bitcoin-like systems, we allow for trading via a clearinghouse network on the Lightning Network.The blockchain enforces activity on this network via committed proofs.While not as robust as Ethereum’s network,it allows for near-instantaneous clearing and settlement of activity orchestrated on the OMG chain without full-node validation.We expect to do partial validation in the future for nodes which do not allow for blockchain reorgs;naive SPV validation with blockchains that support reorgs are not permitted on this network for security.

A detailed description of the consensus mechanism and security properties will be pro-vided by Joseph Poon of Exonumia Labs,Inc in a(currently in-progress)forthcoming paper

in Summer2017.The construction of the paper(and subsequently with the implementa-tion used by OmiseGO)will likely be useful for many future open source token protocol blockchain projects,and may provide novel constructions for emerging chains such as cre-ating incentives for distributed data processing,and inter-blockchain?nancial activity.We hope OmiseGO and its distributed exchange will be a critical core in helping to lead the way in providing base-layer technologies/infrastructure which can spark and launch the en-tire protocol token ecosystem.Initial versions of OmiseGO may use aspects of Tendermint consensus.

3.1Light Client Validation

While OmiseGO is constructed as a high-performance network capable of handling many transactions,it will become necessary to produce light client proofs for partial validation, as well as for external smart contract enforcement.

A merkle tree of committed transactions per block will be included,as well as a com-mitment to the recent block state.The current state can be acquired by any node by downloading the recent block state commitment and any blocks between then.

As the recent block state includes a tree of the recent state,clients are able to get a view of the recent commitment without downloading the entire chain.Note that this is only possible as there is su?cient economic incentive against reorganization and halting attacks; the OMG chain is designed to heavily disincentive block reorgs via bonded proofs,but does not provide guarantees around the need for block con?rmations.Similar to current SPV Bitcoin validation implementations,there is some trust given to fullnodes with regards to censorship risk;we do not expect committed bloom maps to be feasible for the decentralized exchange given the transaction volume.Light clients can validate that a su?cient number of validators have processed the transactions,as well as any partial data acquired from fullnodes.It is heavily recommended for clients to validate activity on the Ethereum chain as well,due the OMG chain smart contract constructions.

4eWallets

While OmiseGO supports payments,is not designed?rst and foremost a payment processor within a speci?c eWallet payment providers(EPP).It is our belief that there is no coordi-nation problem within a single EPP,and the coordination problem lies primarily between EPPs.However,due to the need for transactions between EPPs,payment activity may be conducted over a blockchain.This blockchain allows for the EPP to provide token issuance on OmiseGO.This allows for?at-denominated currencies backed by?at on the platform, or for any asset class(such as loyalty points).OmiseGO is an open system allowing for anyone to issue assets,but it is up to individual users(or EPPs acting on behalf of the users)to ensure correct issuance/auditing.This is achieved by creating issuance attached to a script(with private keys)which allows for issuance.An alternative approach would

(完整版)英语中各种数字的表达法和读法

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OMG美语笔记

OMG 美语 【爱情】 1) still hurting 心痛 As you all know ,my BF broke up with me last week. I 'm not over it yet . I 'm still huring. 我还没有走出这段感情,我的心还是有点痛。 2) the one 命中注定的那个人 I thought he was the one. 我以为他是我命中注定的那个人。 3) funk 忧郁, 绝望的 4) rebound 分手后随便找个人约会,用来疗伤,忘记以前恋情 My friends say I need to get out of this funk and find a rebound date. 我的朋友告诉我打起精神来,随便先找个人约会。 5) pick up 找个新帅歌/ 美女 6) not my style 不是我的风格 My friends tell me to find a new guy ,but that 'snot my style. 7) ask someone out 邀请某人出去 A guy I met on the metro asked me out for coffee. 我在地铁站认识的男孩请我去喝咖啡。 8) too soon 太早 9) date 约会 I 'm not going to go.It 's too soon. I don 't think I 'm ready to date. 我不想去,这太快了,我还没有准备好再开始约会。 【锻炼身体exercise】 1) Get in shape 健身,恢复体型 2) Getting a little soft 变得有点胖 I have to get in shape,I 'm getting a litte soft.. 我必须恢复体形,我变得有点胖了。 3) Cardio 锻炼心肺功能的运动 4) Tone up 加强锻炼 I do lots of cardio like running to tone up. 为了加强锻炼,我做很多心肺功能的运动,比如跑步。 5) Lift weights 举重 6) Work out 锻炼 I lift weights when I work out. 我锻炼身体时喜欢举重。 7) Yoga 瑜珈 People who do yoga are really fit.. 做瑜伽的人都很健康。 8) Jiggly 胖胖的 My arms get jiggly. 我的手臂有点粗了。 9) Muffin top 腰部赘肉 10) Badonkadonk 大屁股 She stopped working out and she got a little jiggly. I hear she has a muffin top and a big bado nkad onk.她停止锻炼之后变得有点胖,而且我还听说她现在有很多赘肉,屁股也大了。 11) sit-ups 仰卧起坐 12) push-ups 俯卧撑 13) squats 蹲坐

英语数字表达及读法大全

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各种数字的英文表达读法

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英语数字的表示方法972861

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英文数字的写法和读法教学文案

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英语中各种数字的表达法和读法资料

英语中各种数字的表达法和读法

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