314 has been open for two months. Let us review the past and present of 314.

314 was formerly known as the ERC314 project SIMP, which was launched on the Ethereum chain and open sourced on March 20. The purpose is to optimize the transaction model and use a new interactive method. Transferring public chain coins to the contract address is buying tokens, and transferring tokens to the contract address is selling. It can save more than 95% of gas fees. After that, the long314 project used this set of protocols, and after discovering that the 314 protocol itself had defects, it upgraded itself and then redeployed the project to X314. Therefore, we also pay tribute to SIMP, the founder of the 314 protocol, and X314, the pioneer.

There are currently 4 solutions used by various 314 projects (1ong314 is an old protocol, and the redeployed X314 is an independent upgrade and is not included in this list)

1. beta0.1 The most original 314 protocol. Most of the protocols used before April 7 were this type. It has many shortcomings, which are not convenient to explain one by one. It is simply called beta0.1.

2. Beta0.5 On April 7, one of the founders, AK, upgraded the original 314 protocol and added some modules. After a simple test, we launched the 314 project. At the same time, out of the spirit of sharing, AK made the protocol code public in the technical exchange area, which we called beta0.5. On the same day, countless new projects began to use beta0.5.

On the opening day of April 7, due to insufficient previous testing, we discovered a vulnerability in beta0.5. Although the security was not affected, it would prevent the subsequent ecosystem from being developed. We immediately tried to fix it and reminded other 314 project parties.

3. After finding that there was no hope for a fix in beta0.9, we started to deploy a new protocol for debugging. Similarly, due to AK’s sharing spirit as a technician, he published an imperfect fix plan, and some project parties applied the vulnerable code. Fortunately, most of them were just a wave of popularity.

These projects are generally concentrated between April 9 and April 14. We call it beta0.9. Although these projects have perfect functions, when the ecological development reaches a certain level, the protocol will not be able to handle a large number of transactions, resulting in GAS burning and transaction delays.

One of the problems is that when the beta0.9 314 protocol has a small capital pool and handles large amounts of funds, it is easy for the coin price to be inconsistent with the purchase price, causing investors to suffer inexplicable losses. Most protocols will set the transaction cooling time to 60 seconds, but in the face of huge transaction volumes, especially the deployed ecosystem is also subject to this restriction, which results in the ecosystem only being able to conduct one transaction every 60 seconds. When the transaction volume is small, it cannot be detected, but once it expands, I use the mining pool as an example:

A 314 protocol sets up a mining pool, and 1,000 people pledge in batches. The pledge may not be detected due to non-centralization, but once the pledge expires and is withdrawn in a centralized manner, a queuing effect will occur, which means that the mining pool can only randomly process the redemption of one address every 60 seconds, and the others will fail, and the gas fee for each transaction in the mining pool will be deducted. 1,000 people can only redeem one every 60 seconds, and the others will burn gas in vain. If the authority has not been abandoned, it can be repaired at an appropriate time. If the authority has been abandoned, it can only be considered for redeployment.

That's why we redeployed on April 14th.

4. Official version 1.0, on April 14, after our debugging, the most perfect 314 protocol was debugged, and we redeployed the contract. Similarly, AK announced a new plan out of the sharing spirit of technicians. Since 314 itself is open source, we hope that other project parties can indicate that it is repaired by the 314 Alliance when using our code. But unfortunately, no one who used our code after April 14 has mentioned us, and even claimed to be self-developed.

Initially, out of concern for investors’ safety, we decided to waive permissions after the project was officially launched. However, after beta0.5 and beta0.9, for the long-term development of the project, the new 314 will no longer waive permissions. We hope all investors will be aware of this.

This is also the last time 314 will be deployed and upgraded (codenamed: ISRAEL). Future project upgrades will be performed locally on the original contract. This upgrade is of great significance. 314 will become the most convenient, safest, and most ecologically rich 314 protocol. While ensuring safety and reducing GAS fees, it will also increase full support for games, SWAP, mining, and public welfare projects.


Contract address: 0xc7d4515ba4c82c98a5a81d2a5ef98dcf35314314

At the same time, although we have certain technical advantages, due to the emergence of various 314 projects, the traffic has been greatly diluted. Therefore, we have not made decisive progress since going online on April 14.

Therefore, we also hope that all investors can take some time out of their busy schedules to inspect the company and respect their choice of whether to invest.

Greatful

314 Project owner and founder

314-Loki

314-AK

314-Rainbow

Here is the picture version: