When did the Fang Market appear? (What does Fang in Fang Market mean?)

When did the Fang Market appear? Editor’s note: This article is from Orange Book (ID: chengpishu), author: “Wang Er San”, authorized to be reproduced by Odaily Star Planet Daily.

The birth of Bitcoin is a very important milestone in the history of blockchain development. Since then, there have been many topics about its accounting methods and its impact on the network. On January 10, 2017, Nakamoto released the Ethereum 2.0 version white paper and launched the mainnet. At that time, people’s attitude towards blockchain technology was to use smart contracts to build blockchain systems and run their own applications.

But in early 2018, due to various reasons, some problems appeared, which caused criticism of this consensus mechanism: the transaction fees were high. With the gradual maturity of Ethereum’s development, the volume of transactions on the Ethereum chain in 2017 continued to increase, and after the end of 2017, the number of transfers on the Ethereum chain continued to decline. It reached its peak by the end of July 2019. At this time, the entire cryptocurrency market was basically in a sluggish state. The important contents mentioned in the Bitcoin 1.0 version code released by Nakamoto in 2018 are as follows:

1. Bitcoin block reward halving: Bitcoin miners obtain Bitcoin rewards by packaging new blocks. When the total value in the block exceeds a certain percentage, a new block reward will be generated and paid to miners. In this way, the block reward can be reduced to zero. Therefore, before mid-November 2016, we could know that the reduction of Bitcoin block rewards was an inevitable event-which means that the price of everyone’s coins will fall by about 50%; 2. Bitcoin block capacity increases: Among the top 100 tokens in terms of market value, Bitcoin accounts for more than 90% of the share, and other mainstream assets will cause a soaring inflation rate without any increase in proportion; 3. The emergence of decentralized financial protocols enables DeFi ecosystem to realize its functions more effectively; 4. Successful Bitcoin Cash hard fork makes the Ethereum community one of the largest Bitcoin wallets in the world. So it can be said that Bitcoin was officially born at the end of 2017, and after several years, Bitcoin finally became the world’s first truly decentralized digital currency. However, due to many flaws in Bitcoin’s early days, such as Bitcoin core software errors, or absence of the Bitcoin Foundation, etc.; a series of issues such as Bitcoin lightning network node failures, ultimately led to severe congestion in the Ethereum network, and even affected the interests of all participants, triggering a severe economic crisis.

Although in early December 2020, with the sharp rise in the price of Bitcoin, the price of Bitcoin also plummeted. However, Bitcoin still maintained a relatively stable growth trend and broke through a historical high at the end of 2020.

What does “Fang” in Fang Market mean

In the cryptocurrency field, “Fang Market” refers to “block” as a unit. It includes the essence of blockchain, consensus mechanisms, and accounting rules. All of this is because Bitcoin was designed to make transactions smoother and more convenient, so there is this unified definition called “block”.

Miners obtain computing power or contribute resources by mining new blocks. Therefore, everyone can participate in the network and become a node, and they also have their own wallets as accounting vouchers for recording and managing their daily activities, such as the public keys used in payment systems, and so on.

But we can understand the meaning of a word with a simple analogy. “Block” is a virtual currency on a chain, composed of one or more smart contracts on it. Its structure is similar to computer code, but different programs have no connection with each other, and a new data line is generated every few minutes, enabling them to mutually verify information. (Note: Since Bitcoin operates in a peer-to-peer manner, if a number is disrupted, it will cause the entire network to malfunction).