The darkness will pass, the dawn will break, the truth will triumph over evil!
Vitalik Buterin (Founder of Ethereum) said in 2019: “The crypto communities should go beyond the individualism shown in the early days and build a brand new system which will be fair, creative, and influential to the society by using the technology.”
On Oct 31th 2008, Satoshi Nakamoto said in an e-mail to hundreds of members in cryptography: “I’ve been working on a new electronic cash system which is completely peer-to-peer without any third-parties to be trustworthy.”
But after 10 years of development, Bitcoin has once again been controlled by centralized financial forces and has become another tool to accumulate wealth for the capitalists violating its original purpose of building a decentralized system. In the present world, 1% of the total population is controlling 46% of the entire wealth worldwide which values 129 trillion dollars approximately. Capital is still around us, still alive, at some times the capital appears lesions and out of control, at some times it appears to expand and rampant. — Harvey, Marx and Das Kapital
The capitalist mode of production is bound to be destroyed. The ultimate goal of liberating human beings is to liberate productive forces and change the distribution mode of surplus-value — distribution according to work. Using blockchain technology, realize the decentralized/de-capitalized/de-financialized global future business and economic integration.
The name “Ymer” comes from the ancestor of Norse mythology. Odin, a descendant of Ymer, used his body to form the world. The aim of Ymer is to rebuild the global financial order and build a decentralized and financialized future business ecological community based on the blockchain system so that all producers and consumers can realize their own value and obtain corresponding returns in this ecology, and at the same time, build a fair/transparent de-financialized and de-centralized perpetual value motive.
“The darkness will pass, the dawn will break, the truth will triumph over evil! “ — Bruno
The future is not far off, just not yet upended. You and I should join hands to create, you and I should share the future business. The Time of Ymir, in the foreseeable future!
21 global initial nodes construction: (With progress bar aside)
During the creating process of Ymer, the early community members will be able to purchase 21 initial universal nodes in order to better supervise the upper-nodes. Each initial node is required to lock 50000 BG (0.5 USDT each), of which 1% will be released every day for 100 days after the common mining module be brought online. After the main net is officially activated, we will adopt the final elimination principle to compete for the initial universal nodes. The users will be able to apply for the seat of initial universal nodes after the universal nodes reach a certain number on the whole network.
The universal nodes need to satisfy the following requirements:
1) Basic capacity≧2000
2) Mining pool capacity≧20000
3) Credit coefficient = 30%
4) Address position≧100000 YMT
After obtaining the certificate to become an initial node, you need to rebuild the node to avoid impact on the profit the previous nodes were making. The initial universal nodes are required to maintain a position of over 30000 BG. You will lose the certificate and the rights to share profit while reducing your position.
About Uniswap and DeFi
Uniswap is a protocol based on Ethereum and aims to promote the automatic transactions between ETH and other ERC20 tokens and to provide liquidity on Ethereum. Uniswap is completely deployed on the blockchain. All individual users are able to use this protocol to thoroughly realize decentralization while trading with digital assets by installing decentralized wallet software. Since its initial publication in October 2018, Uniswap has been achieving exponential growth. By the end of August 2020, it has attracted about 140 thousand users with a compound growth rate of 34% each month. As the biggest trading platform among all decentralized exchanges, Uniswap has occupied 46.08% of the total market share and can be considered to be the absolute leader of this field and important infrastructure for the DeFi industry.
Unlike the centralized exchanges as Huobi or OKEx, Uniswap has achieved automatic market making which replaces the manual offering with the established algorithm, not only abandoning the centralized matchmaking and clearing process but also removing the market maker from the trading process.
The market maker is different from the regular traders as they are risk-neutral by holding tokens and cash at the same time. Under the order book mode, they are able to issue buying and selling orders at the same time to gain the spread. The market maker is the source of liquidity. A market with high liquidity will need a market maker and attract them at the same time.
Everybody can participate in the liquidity pool by depositing two certain kinds of assets. The system will come up with a price for the asset according to the “Constant Product” model. As the biggest decentralized exchange so far, the biggest feature of Uniswap is using the Constant Product Market Maker Model. This algorithm initially came from the paper of Vitalik, the founder of ETH, called “Improving front running resistance of x*y=k market makers”.
The Constant Product Market Maker formula is quite easy: x * y = k. Commanding two of the virtual currencies to be X and Y and the respective amount to be x and y. The product of them will be x * y which identically equals k. The value of k is determined by the initial liquidity which had been put into the pool. As a result, the ∆y amount of Y token you can receive by using ∆x amount of X token to purchase it, or the ∆x amount of X token you need to pay in order to purchase ∆y amount of Y token could be calculated through this formula: (x+∆x)(y-∆y ) = k. And the trading price is the ratio between ∆x and ∆y. The following formula use α = ∆x / x and β = ∆y / y to show the new equilibrium amount after the two tokens being traded.
Joseph Lublin, the founder, and operator of ConsenSys, a blockchain software enterprise running on Ethereum talked about the prospects of the businesses on Ethereum. In his eyes, DeFi is incredible and will become a huge magnet. At that time, whoever uses Ethereum in new business applications or traditional fields will attract enterprises from all over the world and form a decentralized global economy in the end. Joseph Lublin also said that the large and medium-sized enterprises are already arranging important businesses on public blockchains, just like the new project Baseline Protocol published by ConsenSys, Microsoft, and EY which gives access to the clients to go through the DeFi services on Ethereum to solve the data synchronization problem without publishing their personal information.
It is worth mentioning that in July, the crypto assets locked on DeFi have passed the 1 billion dollar mark and reached 13 billion dollars in November. DeFi is experiencing explosive growth with up to a 40% of user increase in October. Since 2015, DeFi has developed and explored for about 6 years and has finally reached an outbreak. DeFi will bring about a whole new business model and become the important pushing power to promote global decentralized economic integration.
Ymer — The era of distributed business is starting from now on!
Website：https://www.ymer.one
Telegram：https://t.me/ymerblockchain
