英国FCA发布关于加密货币的指导文件

作者:区块链    发布时间:2020-02-27 10:45    浏览:

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The financial regulator has released the consultation paper in order to explain the rules that have been put in place to guide the usage of assets like unregulated and regulated tokens. Such assets would also include the tokens that are classified as securities. The primary concern of the paper was with the laying down a roadmap to explain how FCA plans to delineate its role within the crypto industry in the near future. It also outlined the obligations of crypto firms for the coming months.

From the first wave of payments to the second wave of equity financing, unique technology has been developed from the infrastructure level and up. The first wave, payment and transactions, gave birth to wallets and secondary market platforms. The second wave, equity financing, brought forth a digital version of investment banks to provide investment, underwriting, market making, refinancing and a package of services such as rating, research and other offerings to mirror the traditional financial services industry.Combining the efficiency of a new age of digital investment banks with regulated tokens leads into the third wave of blockchain in finance.

作者报告她,今后上台还不算晚,但她不听。在被她骂了几句之后,小编祝他好,挂上了对讲机。

金融拘押机构已公布咨询文件,以分解为辅导不受管制和受监禁的令牌等资金财产的行使而制订的法规。此类资金财产还满含被比物连类为股票(stock卡塔尔(قطر‎型代币。该随想的显要关切点是制定路径图,解释FCA安顿什么在不久的以往描述其在加密行当中的成效。它还概述了加密公司今后多少个月的义务诊疗。

In China during March of this year,Yuan Dao et al. put forward the concept of “Tokenization” in Token is the Key to the Next Generation Internet Digital Economy. It is defined as encrypted digital proof of rights and ownership. “It’s to provide token holders with all kinds of rights and interests, such as tickets, points, contracts, certificates, securities, authority, qualification, so called tokenization. When it’s put on the blockchain for circulation or put on the market to trade, let the market find its price, while in the real economic life can be consumed.”

把实用币想象成加密证券。他们有如在IBM,Walmart或苹果公司买期货同样,可是你是在区块链上做风投。

FCA是大不列颠及英格兰合营王国的财政和经济作为管理局,它方今提议了一份新的正经八百文件,当中详细解说了一套关于加密货币的新指南。FCA还解释了它什么寻求在其管辖范围内正式加密货币的运用。

b) STs have programmable ownership. If Bitcoin is dubbed as the “programmable currency”, then STs can be dubbed “programmable ownership”. Any ownership assets can and will be tokenized.

In another life, he was a floor trader on the Philadelphia options exchange. That's where he developed an uncanny knack for reading the direction of the stock market.

Interestingly, the paper clarified that exchange assets like Bitcoin and Ethereum, which happen to be leading cryptocurrencies in the market, will not be regulated by the FCA. Only tokens and securities will face heightened control as Bitcoin and Ethereum are “usually decentralized and primarily used as a means of exchange.”

If all of these markets became tokenized, the potential size of the security token market would skyrocket.

I was on the phone with one of the best market timers I know.

新的FCA咨询文件紧随FATF关于加密法规的教导计划,并代表了在软禁监察范围内引进加密的增加的可行性必要。

The inflection point initiating new trends will appear only when blockchain-related assets are incorporated or opened to a larger, institutional market.

By Teeka Tiwari

UK’s FCA Releases Consultation Paper Regarding Crypto Guidelines

b. Financial innovation may just accumulate risks to the tail.

But that was over 18 months ago.

编写翻译:开阔天空

Author: 8 Decimal Capital Research, Ran Wei

非常多谢,以下是本文。

远望反洗钱准绳恐怕会使现成的“明白您的客商”法则加倍。那将涉及对加密货币交易所和别的相通组织的客户活动报告的更严俊须求。那将关系对能够以加密交易形式转手的最大金额的约束,而不会挑起监禁关心和监督。

This article is based on the recently published research conducted by our Chinese research team which received 800,000+ views across many Chinese media networks. The original article can be viewedhere.

Highly Secure Decentralized Payment Network

来源:

Asset Interoperability: The Internet is essentially a bunch of protocols that enable many different types of software to exchange and utilize information (TCP/IP, SMTP, FTP, SSH, HTTP). A standardized agreement on assets will facilitate interoperability between heterogeneous assets and different regulatory bodies.

新的货币格局

Cryptocurrencies are the crypto asset that most folks are familiar with. So, we'll dive into this one first.

加密钱币是绝大相当多人所听得多了自然能详细讲出来的加密资产。所以,大家先来探问这几个。

The most common cryptocurrencies is Bitcoin.

最何足为奇的加密钱币就是比特币。

It was created to act as alternatives to fiat money.

创设它的指标正是为着代替法定货币。

Two frequent questions we get are why would anyone buy a cryptocurrency that's backed by nothing and can be created by anyone.

七个科学普及难题是:为何有人会选购一种没有别的协理的加密货币?为啥有人会购买一种能够由任何人成立的加密钱币?

These aren't only fair questions, but smart ones.

那是很聪明的题目。

Here's the thing to remember about money: It's whatever people mutually agree it is.

有关金钱,有件事得谨记:钱能够是任何事物,只要全部人都一齐确认它

In the past, beads, cowrie shells, silver, gold, and of course paper, have all been used as money.

在过去,珠子,贝壳,银,金,当然还应该有纸,都有被用作钱的资历。

You'll notice that none of them have any intrinsic value.

您会静心到他俩不曾别的内在的实用价值

At the end of the day, a sack of flour has more practical value than a $100 bill or even a bar of gold.

总归,一袋面粉比100澳元的钞票以致是一条黄金更具实用价值

And yet, we value both far more than a sack of flour. That's the mutual agreement we've all come to.

唯独,这两者的市场总值可比一袋面粉贵重多了。那是全部人实现的共鸣。

When you think about it, it's not that rational.

你认真用脑筋想,就能感觉那不像表面上看起来的那么合理。

How does a piece of green paper or a bar of yellow metal hold more value to a human than a sack of flour that can be used to feed a family for weeks?

一张石青的纸或一块粉紫红的金属片,对人的话,怎么或许比一袋面粉更有价值?那袋面粉能供一家里人吃上几周了!

Because we all agree it does.

因为我们都同意

In my opinion, paper currency may be the most irrational form of money in human history. At least you can decorate yourself with gold, silver, beads, and cowrie shells.

在笔者眼里,纸币恐怕是全人类历史上最不创设的货币方式。起码你可以用金,银,珠和贝壳装饰自身。

Not only that... There's a limit to how much gold, silver, and shells that can be found. There's no limit on the amount of paper money that can be created.

不止如此……能被打通的金,银和贝壳的数据是少数的。能印发的纸币数量却尚未范围。

The closest thing to true money (outside of food) is gold. Gold meets several historical rules that we use to judge value.

除此而外食物之外,最相似真正的金钱的是金子。白金相符我们用来判断价值的多少个历史准则。

It's prized for its beauty. It's difficult to find. It's expensive to extract. It's also a scarce resource.

它的定价依赖它的美丽珍重:寻觅十分不便,提取极高昂,何况它是二个斑斑的财富。

But there are problems with gold, too.

只是黄金也可以有标题。

We have to trust that the refineries that certify the gold's purity are telling the truth.

小编们亟须相信,申明白银纯度的冶炼厂说的是真话。

Gold is also difficult to transfer (think of carrying around bags of gold coins or chests of gold bars).

黄金也很难转移(动脑随身指点一袋金币或装着金条的箱子卡塔尔国。

And that makes it virtually useless as a practical medium of exchange in daily life.

而那使得它在平时生活中差非常的少不大概作为一种实用的贸易媒介。

What I mean is you can't buy a new car, house, or even a book with gold bars.

本人的意味是,你不能用金条买一辆新款车,屋子,甚至是一本书。

The FCA, which is the Financial Conduct Authority of the United Kingdom of Great Britain and Northern Ireland, has come out with a new consultation paper, in which it elaborates upon a fresh set of guidelines with respect to cryptocurrencies. The FCA has also explained how it seeks to go about regulating the use of cryptocurrencies under its jurisdiction.

The first wave started with payment & transactions when Bitcoin and other cryptocurrencies became popular payment tools. These new currencies disrupted the payments space, which previously only worked using traditional fiat currencies.

自那之后,比特币回升了 1,600%,以太币 (以太坊互连网的设想币State of Qatar 回升了 2,563%。

It is expected that the Anti Money Laundering (AML) rules will possibly double down on existing Know Your Customer (KYC) rules. This will involve a more stringent requirement for reporting of customer activity across cryptocurrency exchanges and other similar organisations. This would involve the introduction of a limit on the maximum sum that can change hands in the form of crypto transactions without attracting regulatory attention and monitoring.

a) A ST is a type of digital asset regulated by federal securities laws and regulations. Simply speaking, it lies at the intersection of digital assets and traditional financial products.

Like the internet before them, cryptocurrencies have the potential to reshape the economy... And they offer a rare opportunity for ordinary individuals to make life-changing gains.

风趣的是,该文件澄清了像比特币和以太坊如此的交易开支,它们恰巧是商场上超越的加密货币,不会遇到FCA的囚系。由于比特币和以太坊“平日是散落的,主要作为交流手腕”,因而唯有令牌和股票将面对越来越高的调整和禁锢。

Second, global investors always seek higher liquidity, rate of return and alpha.STs are expected to reduce the barrier to investment in global assets. The ease of investment will result in a potential liquidity premium. “The new security token market will support the ongoing trend of globalization,” says Kadeem Clarke, Investment Manager at 8 Decimal Capital, “with the flexibility of blockchain technology. Investors around the world will have an easier way to safely invest in the assets of foreign markets while maintaining liquidity.”

A few months before the call, I told him to load up on Bitcoin and a small under-the-radar idea called Ethereum.

该公文中强调的三个重点领域是欧洲缔盟第伍遍反洗钱指令的极端主要性。思索到该指令将对英国国内全数加密公司和集体的运转载生首要影响。纵然United Kingdom脱欧,United Kingdom仍将颇受相仿区域准则的影响。

Three Themes Driving the Value of Utility Coins

A key area that was emphasized upon in the paper was the immense importance of the EU Fifth Anti Money Laundering Directive. Considering that this directive would substantially impact the operations of all crypto firms and organizations within the UK. Despite Brexit, the UK will still be expected to play by similar regional rules.

Editors: 8 Decimal Capital Research,Kadeem Clarke, Brian Hough, Alec Pippas, Zoe Qian

您能够同样将它们用作一种交换或存款和储蓄价值的媒介。唯一的界别是,密币在区块链上交易。

The new FCA consultation paper comes in the heels of the FATF guidelines for crypto regulations and represents an increasing trend of bringing crypto under the ambit of regulatory surveillance.

As we continue to build the blockchain ecosystem, we see a high potential and yield for this new third wave of financial evolution.

I can't blame him for being skeptical.

One of the specific areas of blockchain technology that 8 Decimal Capital is quite bullish on is the Security Token space. There is an opportunity for Security Tokens to drastically change the traditional financial industry. Security Token Offerings are considered to be a new and improved Initial Coin Offering .

He laughed and called both ideas "dumb and worthless." He then compared them to one of the most infamous bubbles in history: the Dutch Tulip mania of the 1630s.

For startups, it often takes a long time to launch an IPO. It takes even more time for their stocks to be substantially liquid. However, STOs can enable startups to be listed on an exchange quickly, obtaining investments from all corners of the globe. Concerningly, startups often face a lot of uncertainties, both positive and negative. These uncertainties coupled with a highly liquid global market can cause volatility in token prices. Consider how Elon Musk’s one Tweet caused a plunge in the Tesla share price. Similar reactions to security token-funded project executives can become common.

加密钱币和实用币的相同之处在于,它们都在区块链上运行。

Payments and transactions (Cryptocurrencies)

Since then, Bitcoin has risen 1,600% and ether (the coin for the Ethereum network) is up 2,563%.

a)ST 1.0 — The first generation of STs are regulated token products. In the US all securities must be registered with the SEC unless they qualify for exemption. Security tokens apply regulatory frameworks to digital tokens, mainly using exemptions (Regulation S, Regulation A+, and Regulation D). Regulation D and Regulation S exemptions, applicable to US securities, allow for raising funds without registering with the SEC. Reg D is covers private equity law, Reg S deals with US companies with overseas investors, and Reg A+ is equivalent to mini IPOs, requiring two years of audited financial information.

然而那是二十个月前的事了。

Liquidity and market depth: You can invest in illiquid assets through STs without fear of redemption, and the market depth will increase through the following:

I want to show you why cryptocurrencies are not like the Dutch Tulip Craze. In fact, we're still in the early days of the cryptocurrency boom.

STOs, on the other hand, are providing a new form of fundraising and financing with properties similar to an Initial Public Offering, or private equities.

区块链就疑似在线公共账本。它用于追踪加密货币交易。

STOs provide investors with more flexibility and efficiency, including the ability to issue security tokens or asset-backed IOUs which are legal in nature for providing investors with “access to shares of a company, a monthly dividend or a voice in the business decision-making process.”

这个人天资聪颖,况且大多数时候也很令人爱怜。但是在大家通电话那天,他却烦得笔者不能够忍受。

图片 1

写在前边:

In the next article about security tokens, we will address these and other pressing questions on the security token industry.

本人无法责难她的慎疑。

According to Bengt Holmstrom,“everything that adds to liquidity in good times pushes risk into the tail.” Mainly, the core function of financial institutions as intermediaries is to configure the risk structure of each entity. During the 2008 financial crisis, many shadow intermediaries in the value chain of real estate appeared to be valuable with complex financial instruments. However, in reality, these complex instruments covered up liquidity, term, and credit risks which made risk pricing inaccurate and ultimately became a catalyst for the irrational rise in real estate asset prices.

What I'm about to share with you could be very valuable.

Payment and Transactions

"Are you still buying tulip bulbs, Tiwari?"

Understanding the regulations required to launch a security token to the market is paramount to the STO’s success. The chart above shows the process over the span of two years.

依赖大富翁对冲基金CEO Mike Novogratz 的布道,今后 5 年内一切密币市场将会巩固 25 倍。和后天比较,上升的幅度是 2400%。(并且Novogratz 不是叁个光说不练的人:他近来把温馨 十分一 的身家投入了密币资金财产。State of Qatar

Fractional Ownership: STs streamline the division of property ownership and reduce the entry threshold of high-risk investment products, such as real estate and high-end works of art.

那篇小说作者先是次看见是在作者的多少个Wechat群中,有相恋的人分享了普通话版。原版的翻译机翻味太重,大致到了震慑精晓的境界,所以本人要好寻找了Türkiye Cumhuriyeti语原稿并尝试翻译了全文。作者不是经济和区块链方面包车型地铁大方,仅仅是对这种新兴的技巧感兴趣,即使文中有任何不当和必要改良的地点,请一定告诉笔者!

[Blockchain is a public ledger of all cryptocurrency transactions executed. It's a shared network that can move value around and represent property ownership.]

Within the digital transformation of finance, three waves have emerged. The first with payments and transactions, the second with equity and financing, and the third wave is where tokenization and security token offerings offer a great amount of potential.

她笑了起来,把那七个主见都称呼“愚拙无价值”。然后,他把这么些主张与野史上最声名狼藉的泡泡之一,十四世纪的荷兰王国乌赖树香狂热同样尊敬。

I.The First Wave:

英国FCA发布关于加密货币的指导文件。在1636年的尖峰期,一头郁金香球茎价值 141,762 欧元。到1637年,泡沫破裂了。

First, reduce investor risk and strengthen due diligence. In the context of the United States, enacting securities regulation and regulatory exemptions, such as Reg D or Reg S, is the first step towards compliance. In the ST 2.0 era, programmable compliance will be incorporated to facilitate KYC and AML provisions into smart contracts.

That means this asset class still has plenty of room to run... and there's still time for you to join the ride.

转自:八维研讨院(大伙儿号ID:八维区块链State of Qatar

加密钱币怎样创设价值

Well-designed cryptocurrencies have many features that humans look for when measuring value. Let's talk about them now.

精心设计的加密货币具备多数在大家衡量价值时追寻的特色。以后大家来钻探这么些特色。

Cryptocurrencies like Bitcoin are pre-programmed to create a set amount of coins. Once this limit is reached, no new coins will be created. This creates scarcity.

比特币这类虚拟货币已经初期编写制定作而成唯有自然数额。一旦达到规定的规范此约束,将不会发出台币。那就炮制了稀缺性。

For instance, the algorithm that governs Bitcoin will create no more than 21 million Bitcoins.

譬如,比特币算法则定了最多有2100万个比特币。

Think about this... There are 35 million millionaires in the world. That means if every millionaire wanted to own an entire Bitcoin, they wouldn't be able to.

与此相类似想:世界上有3500万个百万富翁。这象征,尽管每种百万富翁只想要具有七个总体的比特币,也是敬敏不谢变成的。

There literally is not enough to go around.

事实正是从未丰富多的币来流通。

Contrast that with paper money.

与纸币比较一下。

With paper money, there's no limit to how much can be created. However, gold is finite. That limits how much new gold can be refined each year.

开创多少纸币是从未界定的。可是,白金是有限的。这限定了历年可以提炼多少新的金子。

You can see that cryptocurrencies actually have more in common with gold than with paper money.

你能够观察,加密货币与黄金实际上有愈来愈多的相仿的地方,并不是钞票。

Cryptocurrencies rely on a technology called the "blockchain."

加密钱币信任于一种名称叫“区块链”的本事。

This blockchain uses cryptography to secure transactions. These complex mathematical algorithms make counterfeiting cryptocurrencies almost impossible.

区块链使用密码学来有限支撑交易的安全性。那一个头昏眼花的数学算法使杜撰加密货币几乎不可能。

Now, compare that to cash.

后天再来和纸币比较一下。

It's estimated that almost a quarter-billion dollars of counterfeit paper money sloshes around the U.S. every year.

据推测,每年一次有近 25 亿英镑的伪钞在U.S.通商。

What about gold?

那便是说白银啊?

Fake gold will never fool an expert. But counterfeit gold could be passed off to someone with an untrained eye.

假白金没有办法诈骗行家。但假冒的纯金也许会被传给二个尚无经过培养的人。

Cryptocurrencies share two important criteria that give value to traditional assets: scarcity and irreproducibility (hard to counterfeit).

加密钱币切合七个用来权衡守旧资金是或不是有价值的最首要规范:稀缺性和不得重复性。

These are necessary to create value. But you need something else, too...

这个是成立价值的供给条件。可是你也急需别的东西...

For a thing to have value, it needs one final thing: Some form of utility.

一致东西要负有价值,它必要满足最终一个规格:某种方式的实用性

Even art (which some will argue is worth little more than the sum of its parts), creates massive utility by stirring deep emotions in the hearts of people that can appreciate it.

便是是艺术(某一个人感到,和艺术品的组成都部队分的价值之和比起来,它的价值没多多少),通过在力所能致赏识它的人的心灵激起深切的心绪,创立了震天撼地的功力。

That emotional response is a very valuable form of utility. It's the reason people spend billions on art annually.

这种心思反应是一种格外常有价值的实用性。那也是大家一年一度耗费数十亿英镑购买艺术品的原由。

So, what type of utility do cryptocurrencies provide?

那么,加密货币提供怎么着的实用性?

Unlike the transfer of gold or even cash, cryptocurrencies can transfer value almost instantly. And they can do it at very low costs.

与黄金以至纸币的转移差异,加密货币大致能够即时转换价值,并且开销非常的低。

On the Bitcoin network, you can send $50,000 for about $3. The receiver will get it in about 10 minutes.

在比特币互联网上,发送 50,000 法郎的手续费差不离是 3 日币。采取者在大约10分钟内就能够得到。

Compare that to a traditional wire transfer.

正如一下守旧的汇款。

The fastest I've seen a wire hit is 24 hours. The cost to send a domestic wire can vary from $35 to $70. International wires can eat up 1%-15% of the total amount of money sent.

自家见过的最快的汇款到账是 24 时辰。本国电汇的支出从 35 美金到 70 英镑不等。国际电汇则大概扣除汇款总金额的1%-15%。

As far as sending gold, it takes 3-14 days domestically and is very expensive.

有关递送白银,本国需求 3 - 14 天,何况那几个高昂。

So, being able to quickly send money anywhere in the world is a very valuable utility that cryptocurrencies possess.

据此,能够在世界其余地点高速汇款,是加密货币所负有的极度常有价值的用项。

Over the years, both gold and cash have been either confiscated or severely restricted through capital controls.

多年来,白金和现金都由此资本管理被没收或严刻节制。

Capital controls are government restrictions on your ability to access or move your money.

资本管理是政坛节制你拜见或调换你的基金的力量。

Even here in the U.S., we have capital controls. For instance, you can't just stroll through airport security with more than $10,000 in cash.

固然在美利坚联邦合众国,大家也许有资金财产管理。譬喻,你不可能携率超越1万欧元的现钞在飞机场过安全检查。

Unless you declare it, you're breaking the law.

除非你反映,不然你就违法了。

Even though it's our money, the government insists we report when and where we're moving it. This is an outrageous demand that we accept because there are no alternatives.

即便那是大家的钱,但当局细水长流讲求,当钱被退换的时候大家一定要报告转去了何地。那是叁个声名狼藉的渴求,大家担任只是因为平昔不任何选项

That is until cryptocurrencies came around.

直至加密货币现身。

With cryptocurrencies, we are in complete control of our own funds. We can store them on our own devices free from government intervention.

用加密货币,大家得以完全调整本人的本钱。大家能够将它们存款和储蓄在我们友好的配备上,不受政党干预。

If you store your cryptocurrencies properly, it is impossible for the government to confiscate or control them.

借使您正确贮存你的加密钱币,政党不容许没收或决定它们。

This is a truly liberating utility that is very valuable.

这是一个确实自由的工具,非常有价值。

In response to the aforementioned global policy phenomenon, Tim Draper, a prominent American venture capitalist, said that the most exciting feature of Bitcoin is that it is a global currency.Governments will become public service providers that need to compete openly, rather than being monopolies of specific regions.

The blockchain is like an online public ledger. It's used to track cryptocurrency transactions.

b)ST 2.0 — The second generation of STs are ones that simplify the process used to verify assets and investors. This means to simplify the process of KYC (Know Your Customer) and AML (Anti-Money Laundering) filing using smart contracts. By integrating the regulatory rules of different countries into smart contracts, it will become more easier to conduct cross-border transactions.

有利于实用币价值的三大核心

Over 2017, I've been to conferences in Silicon Valley, Boston, Austin, Las Vegas, New York City, Berlin, London, and Copenhagen.

在 2017 年,笔者在硅谷,奥克兰,奥斯汀,奥马哈,London,柏林(Berlin卡塔尔(قطر‎,London和班加罗尔出席过会议。

During these conferences, I've met with hundreds of people. I've met crypto project founders, venture capitalists, government regulators, central bankers, Fortune 500 executives, hedge fund managers, and digital currency miners.

在这里些会议中,小编遇见了数百人。作者遇上了加密项目创办人,危机资本家,政党囚禁机关,中行家,财富500强公司老总,对冲基金总裁和数字货币矿工。

These are the three primary themes that are driving their research, development, and investment decisions:

这一个是带动其切磋,开采和投资决策的多少个关键核心:

Fat protocols

富国合同

Interoperability

互通性

Scaling

扩展性

If you don't know what these terms mean, don't worry. I'll explain each for you right now.

假设您不通晓这么些术语的意思,别忧虑。作者现在就为你解释。

What is a "fat protocol"?

何以是“丰盈合同”?

I had to ask myself the same question.

笔者也问过本身雷同的标题。

I stumbled upon this theme at the Consensus 2017 event in New York City in late May. And I heard about fat protocols in more detail in Berlin.

一月下旬,笔者在London市的“二〇一七年共鸣”活动中一时开采了那几个主旨。笔者在柏林(Berlin卡塔尔更详细地驾驭了脂肪契约。

Let's start with protocol. In the technology world, a protocol is a set of rules.

让大家从协议千帆竞发。在技术世界,公约是一套准则。

For instance, the internet is governed by two protocols: TCP and IP.

比方,互连网由五个商讨管理:TCP和IP。

TCP stands for transmission control protocol. This is a set of rules that governs the exchange of packets of data over the internet.

TCP 代表传输调控公约。那是一组管理互联互连网多少包交换的规规矩矩。

IP stands for internet protocol. This is a set of rules that governs sending and receiving data at the internet address level.

IP 代表互连网球组织议。那是一组管理在网络地址级发送和接纳数据的法规。

IP by itself is something like the postal system. It allows you to address a package and drop it in the system, but there's no direct link between you and the recipient. TCP/IP, on the other hand, establishes a connection between two hosts, so they can send messages back and forth for a period of time.

IP 自身就像是邮政系统同样。它让你提供二个打包之处,并将其放置系统中,但你和收件人里面从未间接的关系。其他方面,TCP / IP 在七个主机之间创设连接,所以它们能够在一段时间内来回发送音信。

Nobody owns TCP/IP. But imagine if someone did. How valuable would the protocols be?

没人具备 TCP/IP。但是想象一下,倘若有人具备了吧?那得有多大价值?

Think about this...

想想看...

According to a Harvard Business Review article, more than half the world's most valuable public companies have built business models on TCP/IP.

听他们说“新加坡国立商业评论”的小说,世界上最有价值的上市集团中,有八分之四之上,其商业形式都创立在 TCP/ IP 之上。

That's $5.4 trillion dollars in value traced right back to TCP/IP.

那是 $5.4 万亿法郎的价值,和 TCP / IP 直接相关。

Think of the biggest names in the internet space: Amazon, Google, Facebook, Priceline, eBay, Netflix, Uber, etc... They are applications, not protocols.

观念网络领域的大腕:亚马逊,Google,照片墙,Priceline,eBay,Netflix,Uber 等。它们是接受,还不是协商。

In short:

简轻易单地说:

Applications (or "apps") are computer programs that run specific tasks. They include simple desktop apps like calculators, clocks, and word processors to mobile apps like media players, games, instant messengers, and maps.

应用程序是实行一定任务的Computer程序。它们包蕴诸如总结器,机械钟和文字微机等简便的桌面应用程序,以致媒体播放器,游戏,即时通信软件和地图等移动应用程序。

Google's YouTube, Facebook's Messenger, and Microsoft Word are examples of popular web applications. Companies own their applications.

谷歌(Google卡塔尔 的 YouTube,Twitter 的 Messenger,和 Microsoft Word 是风靡的 Web 应用程序的例证。公司持有其应用程序。

Protocols are the rules computers use to communicate with each other. TCP and IP are examples of widely used protocols. Unlike applications, no one owns computer or internet protocols.

协商则是Computer之间用来互相仿信的平整。TCP 和 IP 正是被普及利用的情商的例证。不像应用程序,未有人对计算机或互连网球组织议具备全体权。

For instance, the Ethereum platform has created a protocol for the issuance of crypto tokens (among many other things).

比如,以太坊平台成立了三个发行密码令牌的商事。

Ethereum has created rules that make it easy to launch and manage digital tokens. That's why more than 50% of new tokens coming to market are using the Ethereum platform.

以太坊制定了那一个法则,能够轻巧运营和拘周详字令牌。那便是为何抢先 二分一的新令牌正在利用以太坊平台。

As more projects are launched on the Ethereum network, the demand for ether tokens increases.

随着越多花色在以太坊网络上运转,对以太令牌的必要也在扩展。

Said another way, the more the protocol is used, the more valuable the ether tokens become.

换言之,公约使用更加多,以太令牌就越有价值。

These protocols are called "fat" because most of the economic value and profits will be captured at the protocol level.

这么些左券被誉为“丰盈”,因为超级多划算价值和创收就要左券层面取得。

All the tokens launched on the Ethereum platform are only worth $6.8 billion. But the Ethereum platform itself is now worth $34 billion.

在以太坊平台上临盆的具备令牌只值 68 亿澳元。但以太坊平台作者未来价值 340 亿英镑。

Even as more and more companies go "public" on the Ethereum platform, we think Ethereum will be more valuable than the applications that end up running on it.

纵使越来越多的厂家在 Ethereum 平台上“挂牌”,大家感到以太坊将比最终运转的应用程序更有价值。

The reason is that the more the protocol is used, the more demand is generated for the underlying protocol token. That's how utility coins like ether gain their value.

案由是接收的合计越来越多,底层左券令牌的要求就越来越多。那正是像以太那样的实用币怎么着得到价值。

Hundreds of new blockchain ledgers are emerging. On top of that, there are hundreds of established centralized ledgers and payment networks.

数百个新的区块链账本正在现身。在此之上,已经济建设立了数百个集英式帐本和支付互联网。

These established payment channels are used by banks and payment providers. We're talking about giants like JPMorgan, PayPal, Visa, and MasterCard.

这个已创造的花销路子由银行和支付提供商使用,比如上投摩根,PayPal,Visa 和万事曼彻斯特那样的要员。

As the world migrates from a centralized to a decentralized model, how do you get these different networks to communicate with one another?

随着世界从聚焦式方式向分布式格局调换,要什么样让那一个区别的网络相互作用关联?

This is a huge problem. That's why we think the next boom will be in companies that allow different ledgers to "talk" to each other.

那是个大主题素材。那正是为啥大家感觉下二个如火如荼起来的将是允许差异的账本相互“交谈”的店堂。

Imagine there's an English speaker, German speaker, and French speaker in the same room. And no one speaker understands any other speaker. This is the problem right now with blockchains and payment networks.

想象一下,在同三个房间里有三个德文者,二个立陶宛语者和二个Lithuania语者。未有人发言者领悟任何发言者。方今,那是区块链和花费互联网的主题素材。

They all "speak" different languages.

她们都“说”不一致的语言。

But what if somebody could create a technology that would allow these different languages to understand one another?

唯独如果有人能够创建出一种能让那几个不一致语言互相精晓的手艺吧?

In the tech world, this is called "interoperability."

在科技(science and technology卡塔尔(قطر‎领域,那被称为“互通性”。

The Difference Between Financial Ledgers and Blockchain Ledgers

财务账册和区块链账本之间的区分

Today's financial system requires a lot of overlap. Financial institutions spend a lot of time and money maintaining their systems and even more time and money making sure their systems agree with other systems on common facts.

今天的金融种类要求广大重叠。金融机构花销大量的日子和金钱维护他们的系统,然后花更加多的光阴和钱财确定保证他们的系列与别的系统在联合的骨子里保持一致。

This is done so that there is no single point of control or single point of failure. The solution is decentralization. It eliminates single points of failure and the necessity for each institution to duplicate the data.

如此做是为着确定保证不设有单点调控或单点故障。建设方案是去宗旨化。它扫除了单点故障和各类单位复制数据的要求性。

Imagine a version of eBay or PayPal that can work with virtually any digital or fiat payment system. That's the goal of interoperability.

想像八个大致能够与其他数字或法定付款系统通用的 eBay 或 PayPal。那就是互通性的目的。

Here's the key takeaway: The utility coins that are building in easy-to-use interoperability will be the ones that become highly valuable.

要深深记住的第一是:这些创立在轻便使用的互通性上的实用币将会变得极度常有价值。

While in Berlin, I met a group of executives from drug giant Merck.

在德国首都时,作者遇见了药物巨头默克公司的一部分老板。

These folks oversee Merck's European innovation group. They are tasked with identifying and getting management "buy-in" on implementing innovative technology.

那些人管理默克的南美洲履新团队。他们的职务是识别和管制“买进”正在实行的换代技能。

They have a terrific grasp of the blockchain. They know it could potentially save Merck millions of dollars in costs.

她俩对区块链通晓得十三分好。他们知晓那可能为 Merck 节省数百万日币的本钱。

The problem is none of the current blockchain platforms scale. Meaning they just can't operate at the speed and level of complexity Merck requires. This is a common complaint. I've heard it from executives in London, Boston, Silicon Valley, New York City, and now Berlin.

难题在于,近些日子从不任何区块链平台能够增添,那意味着他们没辙以默克所需的复杂程度和进程运行。那是三个见怪不怪的痛恨。笔者从London,秘Luli马,硅谷,London市的CEO这里都闻讯过,现在柏林(Berlin卡塔尔(قطر‎这里也是。

The two most popular blockchains, Bitcoin and Ethereum, can only handle seven and 15 transactions per second, respectively. Like the old 56k telephone modems of the '90s, that's awful. But it would be a mistake to think that it will stay that way forever.

比特币和以太坊是四个最受接待的区块链,但比特币每秒只可以管理7个交易,以太坊每秒拾伍个,就像是90时期的 56k 电话调制解调器雷同,这太不好了。但认为它会恒久保持这种艺术是漏洞超多的。

Just as those modems eventually transformed into the high-speed internet we enjoy today, it's only a question of time before Bitcoin and Ethereum crack the scaling problem.

有如这几个调制解调器最后调换成了大家前几天享受的马上互连网相像,比特币和以太坊在解决扩充性难点上急需的只是岁月。

The future for cryptocurrencies and utility coins is bright.

加密币和实用币的今后是美好的。

As more people look to take control of their money, they'll turn to cryptocurrencies like Bitcoin and others.

乘胜越来越多的人想要调节本身的血本,他们会转接以比特币为表示的加密货币。

As I track the developments in fat protocols, interoperability, and scaling, I'm seeing more and more widespread adoption of utility coins like ether and many others.

当小编追踪丰盈合同,互通性和扩张性的向上时,笔者看到以太和任何不菲实用币被进一层多如牛毛地利用。

But remember: These are still very early days.

但请记住:现在仍为早先时代。

We'll see massive volatility ahead. It's unavoidable. The key to thriving in the chaos of the early days of a new technology is to remain rational.

大家将看见宏大的波动,那无可幸免。在新技能抽芽的先前时代混乱中风起云涌的显假若涵养理性。

Friends, hear me when I tell you that it is irrational to expect the crypto market to be stable.

相爱的人们,请相信自身,期待密币市镇稳固是不理性的。

Any market this new is highly unstable. The way we manage and profit from that instability is to use small position sizes. With crypto assets, we rely on asymmetric risk.

别的如此新兴的商海都以那三个不平稳的。大家处理并未稳固中毛利的方式是应用细小头寸。对加密资金财产来说,大家借助不对称风险。

With crypto we can swing for the fences without putting the rest of our existing wealth at risk. This is a rare opportunity for ordinary people to make life-changing gains without having to take life-changing risk.

采纳密币,大家得以尝尝获得大额回报,而不会把我们现成的别样财物置于危殆之中。对于寻常人家来讲,那是多少个高昂的火候,可以拿走能够改动生活现状的回报,而毋庸承当同样的危机。

That means we risk a small amount of money for a massive potential payoff. This strategy is working well for my readers.

那意味,我们只需承受到伤害失一小部分钱财的风险,但却大概得到一笔巨额的潜在回报。这么些安顿在本人的读者中收效甚好。

The best part is this trend is just beginning. Right now, the entire crypto market is valued at about $195 billion. Novogratz, the hedge fund billionaire I mentioned earlier, sees the entire market growing to $5 trillion. That's 2,400+% upside ahead.

最佳的一部分是以此主旋律才刚刚最早。这几天,整个密币市镇股票总值约为 1946亿欧元。小编刚刚提到的对冲资本大富豪 Novogratz 感觉,全县镇将会拉长到 5 万亿美金。这象征现在将有超越 2400% 的上涨空间。

That means we have many more opportunities in front of us to make life-changing gains.

那也代表大家面前有越来越多的空子来退换人生。

So get out there. At the very least, buy some Bitcoin and Ethereum.

故而行进吗,最少买点比特币和以太币。

Remember, you don't have to own a whole Bitcoin. You can own just a fraction of a coin.

记住,你居然都没有必要全数三个完全的比特币。你能够只享有几分之一。

And as all these developments unfold – along with others like them – I'm confident that one day you'll be grateful you took action.

趁着事态渐渐进步 — 和其余相关的风云联合 — 笔者有信念,在几最近的某一天,你会因为前几日选用了走路而多谢自个儿。

写在后头:

在翻译的进程中本人留神到,Wechat群中的版本是二〇一七年二月7日颁发的,而那个在线公开的版本的发布日期是1月八日。经验了中档多少个月的发狂发展,两版之间又有部分值得注意的退换:

  1. 新版中删去了和 monero 相关的剧情,仅仅谈起了比特币和以太坊;

  2. 多少个商酌到的脚下股票总值和起降的数字有了比相当大转移;

  3. 原版中有一部分切实的报恩数字被删去了。

However, technology is by no means omnipotent.The free flow of global trade and capital depends not only on technical factors but more on international politics, financial policies and institutional arrangements. For financial innovation, improved efficiency is less prioritized than controlling risks, such as:

steemit.com · November 12, 2017

b)Does this token pass the Howey Test?

Think of cryptocurrencies as the digital equivalent of traditional fiat currencies such as dollars, euros, and pounds.

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