5 must-reads in the evening | History of Terra's demise: What can be seen from the rise and fall of UST

1. History of Terra'sdemise: what can be seen from the rise and fall of UST

Terra will be remembered as a poster child for the 2020 crypto bull market.

It started as a humble experimental stablecoin. But in the space of a year, Terra went from being one of the best performing assets of the cycle to the most spectacular crash a major crypto asset has ever seen. The fallout from its failure will reverberate across the industry for years to come — perceptions of DeFi and decentralized stablecoins could be permanently damaged. Its story serves as an instructive parable about misdirection, excess, and stupidity. click to read

2.Vitalik: I have ten major contradictions that I have never figured out

After Vitalik publicly praised Bitcoin on April 1, Vitalik expressed his envy for Bitcoin again on May 17, 2022. Vitalik tweeted that he hopes to see Ethereum become a more Bitcoin-like system, especially for long-term stability, including cultural stability.

In addition, he also disclosed ten contradictions in his thinking and values. He said that he has been thinking about it and has not completely resolved it. The following are ten major contradictions that Vitalik has not figured out: Click to read

3. Opinion: Web3 should pay more attention to type rather than degree of decentralization

Most typical crypto projects, such as Bitcoin , currently achieve "decentralization" with what we call "distributed redundancy": global, open access to a common, homogeneous data set in many places , consensus-based storage. Distributed redundancy depends on three factors. click to read

4. In addition to hype and fraud, these security risks of digital collections cannot be ignored

At present, security incidents of NFT projects in foreign countries are frequent. According to the security public opinion monitoring data of Chengdu Lianan, since the beginning of 2022, more than 20 NFT security incidents have occurred, and the loss amount has exceeded 85 million US dollars. The main reasons for the occurrence of NFT security incidents are: project contract loopholes, phishing attacks, private key leaks and Rugpull (the project party running away), etc. click to read

5. Central Finance Deng Jianpeng: Legal Issues and Responses to NFT

NFT has received unprecedented attention in recent years, but its application has also raised many legal issues, which deserves great attention. Some NFT transaction prices have broken through people's inherent imagination of digital works. For example, in 2021, Christie's auction house auctioned the digital work "Every Day: The First 5000 Days" by the painting artist Beeple at a sky-high price of US$69.35 million. This huge wealth benefit has caused incredible repercussions, stimulating some well-known artists to enter the NFT market one after another, and the NFT prices of some popular digital art works are quite impressive. click to read