2019年10月24日区块链第几次会议,2020年10月区块链

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Ⅰ Which company is the authentic hard-core blockchain concept stock?

Hard-core blockchain concept stock

From October 28, the district The performance of blockchain concept stocks is eye-catching, with daily limits almost every day. According to Zinc Link, the main business of these "blockchain" listed companies is not blockchain, and only a few of them have real applications, and most companies are still in the exploratory stage.

Oriental Fortune Choice data shows that on October 28, there were 153 companies in the A-share blockchain concept sector, and as of November 20, this number had increased to 197.

By sorting out public data such as interactive trading platforms, announcements and related news, Zinc Link found that of the 197 A-share blockchain listed companies, only 58 have actual business operations. 37 companies stated that they are not currently involved in any blockchain business.

Details》》

Ⅱ The two giants of blockchain mining machines have successively submitted applications for listing in the United States and are desperately trying to catch the "window" to see if they can do so

China Times (chinatimes.net.cn) reporter Yangliu Hu Jinhua and Wu Min reported from Shanghai and Beijing

The trend of the blockchain industry has begun to become clearer as the country issues clear encouragement signals. Canaan and Bitmain, the two major domestic mining giants that have been struggling to go public, seem to have grasped "life-saving straws."

"China Times" reporters learned that on October 28, the U.S. Securities and Exchange Commission announced the IPO documents of chip mining machine manufacturer Canaan Yunzhi. The documents showed that Canaan Yunzhi's plan to raise funds was insufficient. It exceeded US$400 million, which was smaller than the US$1 billion raised during the failed IPO in Hong Kong. This is also the fourth time that Canaan has sought financing channels from overseas capital markets after several unsuccessful IPOs in Hong Kong. .

On the other hand, Bitmain, as the world's largest cryptocurrency mining company and a competitor of Canaan in the mining machine and AI chip markets, is staged a "CEO revolt." Just on October 29, Wu Jihan, the co-founder of Bitmain, publicly announced at an all-employee meeting that he would terminate all positions of Bitmain’s legal representative and chairman Ketuan Zhan, who started the business together. The two founders completely broke up. .

On October 30, new news came out of Bitmain. According to reports from self-media in the relevant industry, one week before Wu Jihan launched this "coup" raid, Bitmain had secretly submitted a listing application to the SEC, and the sponsor was Deutsche Bank. This process has been led by Jihan Wu and CFO Liu Luyao, another senior executive of Bitmain, with Ketuan Zhan less involved. In this regard, our reporter also called the relevant departments of Bitmain, but Bitmain declined to comment.

“Both Canaan and Bitmain have been on the road to IPO in the past two years.There is progress on the road, but the road ahead is bumpy. Due to the cold winter period in the mining industry, the mining machine business of these two institutions has been deteriorating, and the capital chain has become even tighter. Now that the country’s favorable policies have been introduced, there is no doubt that both institutions have begun to rush into the US stock market. Compared with the capital markets of the Mainland and Hong Kong, which have always been cautious about such business, it is almost impossible for Canaan and Bitmain to be listed in Shanghai and Hong Kong. The U.S. stock market is relatively loose. For Bitmain, Wu Jihan's strong return means that if it obtains shareholder support, Bitmain will focus on the blockchain industry with the most advantages, regroup in the mining machine and mining pool business, and launch an impact on the US stock market. "On October 30, Liang Ming (pseudonym), an investor in the mining machine business in Shanghai, told a reporter from the China Times.

The future of the second "mining" IPO in the United States is uncertain

Compared to the turbulent Bitmain, Canaan Ventures is one step ahead, hitting the IPO for the fourth time and submitting a U.S. stock prospectus.

According to Canaan Ventures’ disclosure in the prospectus, the company Started by producing Bitcoin mining machines, it is the second largest Bitcoin mining machine manufacturer in the world. In the first half of 2019, calculated in terms of mining machine sales, the company's market share in the first half of 2019 was 23.3%, ranking second in the world. Bitmain The market share is 64.5%, ranking first.

According to public information, as the world’s second largest Bitcoin mining machine manufacturer, Canaan’s Avalon mining machine was launched in 2013, which is commercial ASIC chip Bitcoin mining machine. Bitcoin "miners" bid farewell to the original era of computer CPU and GPU mining and chose high computing power ASIC chip mining machines.

In 2015, due to Bitmain's S7 Antminer The mining machine and the subsequent S9 mining machine have dominated the mining industry for many years, and Canaan’s new series of mining machines have lost their first-mover advantage. In July 2018, Canaan released the Avalon A9 series, earlier than Bitmain Launched 7nm technology ASIC chip mining machine. Due to the low price of the virtual currency market, Canaan's success this time has been limited.

Reporters found on the official website of Canaan that Avalon A1166 is currently The price is US$1,978, and the A11 series Avalon A1146, as well as A1066, A1047, A1026 and other mining machines are also on sale.

According to mining market sources, Canaan Mining Machinery recently released We chose the Avalon A1166, which has a computing power rating of 73TH/s and an energy consumption ratio of 46J/T. The A1166 is Canaan’s best mining machine at the moment. Judging from the current Bitcoin price and mining profits, it can pay for itself. The time is about 230 days.

It is worth noting that in this prospectus, Canaan listed the price of Bitcoin as the first risk factor. Due to the low currency price and the sharp fall in mining machine prices, Canaan Yunzhi achieved revenue of 289 million yuan in the first half of this year and a net profit loss of 331 million yuan. Compared with the net profit of 216 million yuan in the first half of 2018, the profit fell year-on-year.down 252%.

“The price of Bitcoin controls the fate of major mining machine manufacturers, and the symbiotic nature is very obvious. Mining machines not only consume electricity, but their mining costs are also affected by the dry and wet periods of hydropower. "On October 28, a mining machine manufacturer in Sichuan said in an interview with a reporter from China Times.

The prospectus shows that the funds raised from this IPO will be used for the research and development of AI algorithms and application-related ASICs, and the company’s future revenue growth will depend on whether it can successfully open up AI. markets and enter new application areas.

In other words, in addition to mining machine sales, Canaan is also working hard in the field of AI algorithms and applications, trying to transform into an AI chip manufacturer.

The mining machine boss also went public after the internal battle

In fact, as the development of China’s blockchain industry has been elevated to a national level, recently in the mining machine industry, especially the two major What happens to the giants is really confusing to the outside world.

Since the "second eldest" Canaan and Zhizhi have chosen to go public, why can't Bitmain, the boss, go public, even though it is currently involved in a battle for management control?

In an important notice issued to employees by Bitmain co-founder Jihan Wu on October 28, he decided to terminate Micree Zhan from all positions in Bitmain, effective immediately. It also stated that any employee of Bitmain shall no longer carry out Micree Zhan’s instructions and shall not participate in meetings convened by Micree Zhan. If there is any violation, the company will consider terminating the labor contract depending on the severity of the case; if it causes damage to the company’s economic interests, the company will pursue civil or criminal prosecution in accordance with the law. responsibility.

There is more news that Wu Jihan subsequently sent another email announcing the dismissal of Wang Zhi, the current head of HR. Wang Zhi was appointed by Ketuan Zhan and seems to be very unpopular within Bitmain. Micree Zhan is currently prohibited from entering the company's office, and employees are prohibited from continuing to follow instructions, which is equivalent to being expelled "out of the country."

A reporter from "China Times" also reviewed the development history of Bitmain and found that the main operating entity of Bitmain is Beijing Bitmain Technology Co., Ltd. The predecessor of Bitmain was founded by Ketuan Zhan, Wu Jihan was a latecomer, and the circle Nei has always believed that Ketuan Zhan is the real operator of Bitmain.

In August 2018, Bitmain went to Hong Kong for its IPO. According to the prospectus at the time, Ketuan Zhan held 36% of Bitmain’s shares and was the largest shareholder; Jihan Wu held 25.25% of the shares and was the second largest shareholder. No one has absolute control.

According to analysis by insiders, the root cause of the split between the two parties is the disagreement between the two founders on the company's business line. The core is their different opinions on whether to develop the AI ​​chip business. Wu Jihan prefers to do mining machines and mining, while Zhan Ketuan prefers to do technology and lead Bitmain's AI projects.

Public reports show that in March this year, Wu Jihan had stayed away from Bitmainof business management.

At that time, Wu Jihan led some core technical personnel to create a new company dedicated to the construction of blockchain infrastructure. Its business included digital currency exchanges, mining pools, etc. It is reported that Bitmain has also invested in Wu Jihan’s new company, while Wu Jihan continues to hold shares in Bitmain. After Wu Jihan "established a new business", Bitmain's business mainly focused on AI chips and mining machine chips, with Zhan Ketuan fully in charge.

However, there are already clues that Wu Jihan can make a comeback this time.

According to information from Qichacha, on October 28, the legal representative of Beijing Bitmain Technology Co., Ltd. was changed from Ketuan Zhan to Jihan Wu, and Wu Jihan also succeeded Ketuan Zhan as executive director. Ketuan Zhan resigned as executive director and continued as manager.

According to a Bitmain insider, in terms of Bitmain’s development direction, except for Kai-fu Lee, most shareholders within the company almost all support continuing to do business related to blockchain, especially mining machines. Business, this is what Wu Jihan has always insisted on. Spurred by previous rivals' submission of prospectuses, shareholders supported Wu Jihan's rise to power, and their primary purpose was to promote Bitmain's listing in the United States.

Ⅲ One article to understand: The Deflation System of Hundred Times Coin

In 2019, with the rapid heating up of the entire blockchain industry, the entire industry Projects are also springing up like mushrooms after a rain. The core technology and economic model of blockchain are the shortcomings of many entrepreneurs and innovators. Blockchain has never lacked opportunities. Although there are many projects, irregularities and black swan events occur frequently, even in the current state, there is still no shortage of good investment targets.

The cold winter is coming, but the cold winter will not cover up the light of the sun. At this time, there is an extremely dazzling project. Let me put it aside for now and listen to me.

I selected several special research among the relatively hot tokens in the current market, discovered and created a theory. I used this theory to find corresponding coins that meet the conditions, and found that SBO is the only one that can Matched. Let’s take a look at what the whole theory is.

Shou De Yun Kai Ming Yue, SBO has lived up to the expectations of users. SBO has been online for 5 months, rising from US$1 to US$28.29, basically doubling every month, allowing early holders to hold the currency The person actually made money. Firm holders have already tripled their value, and it only took five days to increase by 28.2 times, which means that everyone who bought SBO has made money, and will enter after this round is launched on the secondary market. For the next rising channel, the predicted target is $50. It is recommended to add positions at the appropriate price. Why can these people make profits? What are the characteristics of people who make profits? Today I will analyze for you why some people will make profits, and they are very stable!

The first group of people are staunch SBO holders. In the financial market, whether it is virtual currency or stock securities, the price is not constant. The value of any financial product will fluctuate at any time, so it is particularly important to choose an excellent investment product. It’s important. SBO began to be gradually deployed when it was initially at $2, and determined holders continued to buy. I met one in the community who would increase his position by 5% every certain period.

In the process of rising, he added positions in batches. His operation continued to add positions when it was relatively cheap. Huangtian paid off, and the overall profit was more than 10 times.

There is another group of people, smart investors who are good at analyzing and learning. Through analysis and judgment, these people believe that SBO itself is a high-quality investment target. There is a lot of room for growth in the future, and the appropriate price "coin standard" after the launch is what investors value.

Finally, when I analyze SBO, the value of deflation is the truth of making money. So through observation and judgment of the project, the value of SBO is not only the current price!
< br />Value deflation theory model

The value deflation theory believes that when the market value of the target token due to the unique repurchase and destruction mechanism, certain market behavior reflects the gradual reduction of its real circulation, and the actual application is Circulation has caused supply to exceed demand and the value has increased.

Therefore, the value deflation theory predicts that when technology changes rapidly and marketing mechanism conditions and token circulation are stable, deflationary models are worthy of investment.

Flexible Token Economic Model

Why is my value deflation theory so consistent with SBO?

First of all, no matter how good the mechanism is, it must be supported by the underlying technology. Just like in a good house, the foundation must be good, otherwise the house may collapse in a few years no matter how beautiful it is.

The development of the SBO super public chain has never been interrupted. According to official announcements, the development of various modules of the super public chain has entered a critical stage, and the four modules are being developed simultaneously.

SBO’s unique destruction mechanism, the total circulation of SBO is 680 million, of which market circulation accounts for 30% (already sold out during the simu period). Therefore, now that SBO has entered the destruction stage, the goal of all mechanisms is to create an extremely deflationary SBO circulation disk. Usually a perfect economic model is driven by two mechanisms that cooperate with each other. SBO actually transfers the value of SBO to the remaining coins through the melting pot mechanism and the Star Leap Plan, which increases scarcity and promotes the steady rise of SBO.

The melting pot mechanism refers to the value release mechanism that automatically and manually destroys coins in the SBO system, and provides services to the market through the IB409 clause in the wormhole protocol.Make SBO become fuel and put it into the furnace for destruction to release the value of SBO.

The essence of the Star Leap Plan is to create an extremely deflationary circulation disk through destruction, bringing double benefits to SBO currency holders:

First, by participating in the plan, participate in New business models and new gameplay methods can be used to obtain considerable short-term "jump" benefits; secondly, burning SBO can drive the currency bottoming price to climb up, revitalizing the intrinsic value of SBO, and thereby increasing the entire market value.

The star jump plan is divided into three stages: stimulated transition, spontaneous transition, and quantum resonance.

The corresponding amount of SBO is destroyed, thus promoting the rapid increase in the price of SBO. The entire process ensures the steady growth of SBO holders' income. To put it simply, it is to jointly promote the stability of the SBO value system through the dual frequency of built-in + external exchanges.

The power of consensus

SBO’s strong consensus cohesion has been used to do these things. I started striving to be an evangelist. After thorough study, I shared SBO’s unique underlying technology and mechanism with more people for the sake of a stronger consensus. A large number of users analyze the characteristics of SBO themselves and go to various platforms to submit articles independently. There are many forms and SBO is analyzed from various angles.

SBO has been on the list of popularity in major communities. Everyone knows what kind of effect a popular currency has? It attracts a lot of investors' attention. It also implies that big investors have already laid the groundwork. In the past, a large number of investors began to hold SBOs and wanted to continue to purchase SBOs. Because there was not a lot of circulation in the market, deflation had to be slow to buy a lot of SBOs, so many people were also looking forward to buying SBOs on the exchange. Purchase online and wait for WBFEX to be listed online.

I can judge: First, after going online, the opportunity to reduce positions at a more appropriate stage may be fleeting. Operations can be carried out within a relatively reasonable price range, otherwise the relatively appropriate price will really come soon. Out of sight. Through consolidation and shock, some people who are not firm and have no faith are washed away, and profits are eliminated. Then it truly begins to enter the deflationary stage of a virtuous cycle and rises steadily. The consolidation stage is another opportunity for layout.

Many investors are concerned about when the currency price will rise and how much it will rise to. What I tell you is the logic behind it. Based on this reason, SBO will not rise for no reason. In fact, most investors want more reassurance. I have always said that SBO believers will never look at the price, but you cannot turn a blind eye to the benefits and ecology of SBO. The trading volume is truly visible, and the activity of the community is truly visible.

Ecological chain layout

SBO will take the lead in the payment field, entertainment field, education field and product traceability field. Numerous landing applications,Each item plays an actual hematopoietic role in creating a hundredfold deflation for SBO.

The emergence of application scenarios under the condition of token deflation will further promote the value of the entire SBO ecosystem. Then the current valuation is only a few percent of the future price, or even a thousand A few percent! The future is here, and even the dazzling SBO is just the first step in the blockchain marathon. Let us wait and see next!

IV Does blockchain really have development prospects?

There is no doubt that blockchain has development prospects, and the necessary condition for development prospects is to enter the mainstream market.

Matt Spoke, founder and CEO of North American blockchain infrastructure The OAN (formerly Aion Network), published an article in Forbes on July 24 titled "In order to successfully enter the mainstream market, blockchain projects must "Eat Dog Food", in which Matt mentioned his views on how blockchain should enter the mainstream market - "Eat Dog Food".

In the technology circle, there is a jargon called "dogfooding" (also known as eating your own dog food), which refers to a company using its own products and becoming a user of its own products. Many high-growth companies (such as Microsoft, Facebook, Amazon, Apple, Netflix and Google) also use dog food to test products or help build credibility for their products. Although "eating dog food" is often used to find and fix bugs, it has another value: creating reliable use cases for the company's products.

This is worth learning from blockchain projects, because blockchain projects often hold the idea of ​​"if it is built, they (users) will naturally come" and habitually create new and interesting things. Responsibility for blockchain applications is given to third parties.

This attitude is so common that even the well-known blockchain summit Consensus 2019 (2019 Consensus Conference) also held a conference titled "Build it, they (users) will naturally come: Creating a global area" Blockchain Center's roundtable forum discusses how governments around the world can make efforts to attract blockchain projects while balancing regulatory, investment and innovation needs.

To be fair, this strategy may be effective for blockchains that only target cryptocurrency circles. For security tokens, especially exchanges that trade such representatives, this makes even more sense - "supply creates demand" is the usual thinking here, especially considering the complex infrastructure required to implement these transactions. .

In contrast, "eating dog food" is more likely to be used by blockchain project developers seeking mainstream audiences (such as those in the financial industry, manufacturing and supply chain, identity management, etc.) use. If blockchain technology wants to break into these mainstream fields, blockchain companies must first "eat dog food." This not only clearly proves that blockchain technology is feasible outside the currency circle, but also highlights that blockchain not only optimizes the current situationThere are use cases and new use cases can be created.

The OAN team has always adhered to this concept and relied on the technology stacks of The OAN and Aion built over the years to develop Moves, a financial technology platform for independent workers.

Matt said that when developing the Moves product, the team hopes that the relevant functions of The OAN blockchain network can be fully utilized, so the focus will be on the following three aspects:

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1. How to use The OAN blockchain network to improve the credit efficiency of products.

There are two main considerations for improving credit efficiency: 1) Can Zheng Lu learn from the mechanisms of the DeFi market to reduce capital costs; 2) Can blockchain technology be used to increase the external credit process for Moves? of trust. Here, Moves will form a "pooling of wisdom" mechanism, allowing everyone to contribute to reducing credit risks and increasing the credibility of the credit granting process, and may even develop a micro-guarantee mechanism in the future. Therefore, users will be able to participate in the market established by the platform as a borrower, lender or guarantor.

2. How to align the interests of products and users.

Specifically, by connecting Moves to The OAN network, and with the help of the digital asset Aion, a relationship of consistent interests is formed between the product and the user, so that users can experience Moves personally. Whether the product development is successful or not, you can also directly participate in the blockchain network that supports Moves - The OAN.

3. How to create a pioneering financial reputation data open system with Moves.

This open system may become a replacement for traditional credit scores or related mechanisms. For years, banks and financial institutions have used scores from Equifax, FICO or others as risk indicators, and the Moves team believes the product it is building will be a good start - a better, more modern financial system. The beginning of the reputation system. This is a long-term goal.

Moves supports mainstream ride-sharing, food delivery and other gig economy concept platforms in North America and will be the flagship open application developed by The OAN on its blockchain network. In June, Moves' business operations expanded from Ontario to two more provinces - Alberta and British Columbia, and into Western Canada.

The various measures taken by The OAN team are all based on the spirit of "eating dog food" and working hard to allow blockchain technology to enter the mainstream market as soon as possible. Blockchain is not for the niche, but for the mainstream. In addition to The OAN team, many projects and institutions in the blockchain industry are also moving towards this goal. With such an excellent and targeted blockchain, what can you do? Are you saying there is no development prospect?

IV How much do you know about “Digital Currency”

There is a big difference between the RMB digital currency and foreign Bitcoin. The emergence of RMB digital currency will greatly reduce China’s economic fraud crime rate.

There is no distribution center for Bitcoin. The only way to obtain Bitcoin is mining. I don’t know what the meaning of mining is. It consumes electricity and computer resources.

The RMB digital currency has a distribution center, and the issuance volume is controllable, which can effectively respond to violent fluctuations in the value of the digital currency. Digital currency is equal in value to the paper currency we issue.

The spread of Bitcoin must go through the Internet and cannot be separated from digital wallets.

The RMB digital currency can be traded offline. You only need to put two mobile devices together to conduct transactions.

The spread of Bitcoin is anonymous and cannot be traced.

The spread of RMB digital currency is anonymous and traceable. Since it is traceable, digital currency crimes can be prevented to the greatest extent. If someone loses their digital currency and it is used by someone else, they can still track who used the money.

The control of Bitcoin is in the hands of private trading platforms at home and abroad. If financial risks occur, the central bank cannot control these trading platforms.

The control of the RMB is in the hands of the central bank. Once any risk situation is discovered, the central bank can take control in a timely manner.

Recently, the Agricultural Bank of China’s internal testing of the central bank’s digital currency DC/EP triggered heated discussions on the Internet. So, what exactly is digital currency? Today, I will give you a brief introduction.

1. Definition of digital currency

Digital currency can be understood as digital RMB, DC, Digital Currency, which is digital currency; EP, Electronic Payment, which is electronic payment. It is to replace cash by encrypted digital form with electronic payment function. In short, the essence of digital currency is electronic payment based on national credit.

The digital currency launched by the central bank does not refer to the digitization of currency under the existing monetary system, but the launch of a new encrypted electronic currency system based on new Internet technologies, especially blockchain technology. This is undoubtedly a Major changes in the market currency system.

2. Advantages of digital currency

Compared with cash, digital currency eliminates the need for physical banknotes, saving the manufacturing and storage costs of banknotes. At the same time, digital currency will also bring more convenience to people’s lives.

According to industry insiders’ predictions, the central bank’s digital currency will be realized based on the DC/EP personal wallet APP. Different from our existing bank APP, DC/EP is independent of the existing account system and does not need to be bound to any bank.Account, but industry insiders predict that the most likely way to achieve this is to set up independent digital currency units and accounts in bank APPs.

3. Differences from Alipay and WeChat Pay

In terms of user experience, although digital currency is similar to Alipay and WeChat Pay, they all use mobile phones for payment. However, using the central bank’s digital currency to pay is actually the same as using cash; Alipay and WeChat Pay still use bank cards bound to individuals. It is understood that when using digital currency, no network or bank account is required. As long as the mobile phone is equipped with a DC/EP digital wallet, the transfer function can be realized by touching the two mobile phones. It is called "dual offline payment" for both parties. ". From a long-term perspective, issuing digital currency is also a shortcut to the internationalization of the RMB. At the same time, digital currency can also meet people's anonymous payment needs, while Alipay and WeChat payment must be real-name payments. More importantly, the two have different credit bases and different effectiveness. The central bank's digital currency is legal tender and has national credit, while WeChat Pay and Alipay are just payment methods, behind which are bank commercial credit. Digital RMB does not need to be bound to any bank account and gets rid of the control of traditional bank accounts. In other words, if an institution or individual does not accept Alipay or WeChat payment, there is no legal problem; but it is illegal to refuse users to pay with digital currency.

4. Digital Currency Trial

According to the central bank’s disclosure, the promotion of digital currency will be divided into two phases. By the end of 2019 A small-scale scene closure pilot will be implemented on a large scale in Shenzhen in 2020. At present, the digital renminbi has been undergoing internal closed pilot testing in Shenzhen, Suzhou, Xiongan, and Chengdu. Although the central bank’s digital currency has been piloted in many places, the central bank disclosed that this does not mean that the digital currency has officially landed. Industry insiders said that because digital currency is a substitute for cash and involves complex management and operation systems, it currently does not have the conditions to be promoted nationwide.

5. The development prospects of digital currency

Digital currency should start from replacing banknotes and coins in circulation with digital currency, but it does not want to replace all RMB. The balance in a commercial bank account actually already exists in digital form, and there is no need to replace it. In other words, we can replace 100 yuan of cash in circulation with digital currency equivalent to 100 yuan. Even if the central bank's digital currency DC/EP is launched, digital currency will not be able to completely replace cash for a long time, and the two will coexist for a long time. Digital currency can be used as a supplement to the payment method for people's daily consumption. China's move towards a "cashless society" is a long-term process and cannot be achieved overnight.

In layman’s terms, digital currency is a kind of virtual money. If we really want to define it, it would be to measure aA virtual special product at a general commodity price.

1. The emergence of digital currency. The production of digital currency uses an information digital technology called blockchain technology. No printing is required, it is generated directly through the information network, no resources such as paper are consumed, and the production cost is low. Since it is produced without paper, it is not easy to be counterfeited.

2. Functional attributes of digital currency. It has three functional attributes of general currency: first, it can measure the price of general goods or services; second, it can be used to purchase goods and services; third, it has credit.

At the same time, there are three unique characteristics of digital currency: First, it is virtual and has no entity. Although the digital format can be seen, it cannot be touched; second, it is decentralized. What's the meaning? This has two meanings: first, in theory, its production and issuance are not controlled by any unique individual or institution, and are self-operated, avoiding the thought of controlling currency or monetary systems; second, all its transaction records are not records. In a central place of management, it is recorded on multiple nodes of the currency system. In this way, it is difficult for any individual or institution to tamper with and destroy transaction records, thereby avoiding the occurrence of financial crimes; The third is high anonymity. This means that both parties to the transaction can conduct transactions without knowing each other's identity, which can effectively protect personal privacy or meet the needs of people who require anonymous payments.

3. Advantages and disadvantages of digital currency. The advantages are that production does not consume resources, the cost is low, it is easy to carry and store, and it is not easy to be damaged; it is relatively safe and difficult to imitate; the payment can be contact-free and uses digital payment to avoid the spread of germs; the disadvantage is that it needs to run in a digital information network and cannot be used alone There is no feeling when using it. It is not suitable for the elderly and children.

4. The unique characteristics of my country’s central bank’s digital currency. The central bank’s digital currency is my country’s upcoming digital currency and is currently undergoing pilot internal testing in Suzhou, Chengdu, Shenzhen and Xiongan. In addition to the characteristics of all digital currencies, it also has its own unique characteristics: First, it will be issued and managed by the People's Bank of China. It is legal currency, has national credit, and is indebted to the state. This is different from ordinary digital currencies. We said earlier that general digital currencies are not issued and managed by a unique center, but for a country's legal currency, if there is no unified issuance and management by the country, it will be chaotic, so it still needs to be issued and managed by the central bank. ; Second, electronic payment can be made directly. The English abbreviation of the central bank's digital currency is DC/EP, where DC refers to digital currency and EP refers to electronic payment. Judging from the internal beta chart, it has functions such as scan code payment, remittance, collection and payment, and touch, which means that you can directly use digital currency to purchase goods or services. In addition, Pengpeng can also make payments without the Internet.

5. In addition, my country’s issuance of central bank digital currency is of great significance to the internationalization of the RMB, because our country is likely to be the first country in the world to launch a digital currency, and it will take the lead internationally. machine. At the same time, the central bank's digital currency will be circulated together with banknotes and coins after its launch, so those who like to use cash don't have to worry too much.

First, the timeline

In 2014, the central bank established a special research group on legal digital currency;

In 2016, a digital currency research institute was established based on the original group;

In June 2018, Shenzhen Financial Technology Co., Ltd. was established;

In August 2019, the central government issued a document to launch digital currency research and mobile payment pilots in Shenzhen;

On October 28, 2019, almost at the same time as Xiao Zha’s third hearing, Mr. Huang Qifan, Vice Chairman of the China Center for International Economic Exchanges, clearly stated that the People’s Bank of China is likely to be the first central bank in the world to launch a digital currency;

On October 29, 2019, at the "2019 Bund Financial Summit", DCEP made its debut;

On April 3, 2020, the central bank stated that it would "unswervingly "Promote the research and development of legal digital currency";

On April 10, 2020, a relevant person from the central bank pointed out that "regarding digital currency, the central bank is advancing in an orderly manner in accordance with the original plan";

On April 14, 2020, the central bank’s digital currency DCEP was the first to be tested within the Agricultural Bank of China;

On April 16, 2020, the central bank’s digital currency was the first to be implemented in Xiangcheng District, Suzhou, replacing banknotes in issuing “wages”. Release a digital service export base.

Currently, as the first country in the world to launch digital currency, our country has taken the lead in future competition. The road is long and the journey is far-reaching.

First of all, it is an abstract logical transmission chain: blockchain - digital currency - RMB internationalization

First of all, when it comes to blockchain, everyone knows that blockchain is The underlying technology, the three core advantages of blockchain:

1. Decentralization, reducing links and improving efficiency.

2. Openness and transparency are conducive to mutual supervision and supervision.

3. Non-tamperability, ensuring the authenticity of transactions. On the one hand, digital currency is decentralized. A and B no longer need to go through banks to transfer money. Banks will assume other important functions, improve efficiency and save costs. At the same time, they can strengthen financial supervision and combat financial crimes. Last year the Politburo collectively studied blockchain, you know!

Next is the application scenario of blockchain. With the continuous development of technology, the application will inevitably accelerate in the future. At this stage, everyone is familiar with Bitcoin, because central banks of various countries do not have the right to issue it.At the same time, Bitcoin has not been real-named, so it has not been recognized. The idea can be transformed. If it has the right to issue and can be transparently supervised to regulate the money supply of society, then the digital currency based on the blockchain will have a negative impact on traditional currencies. A profound revolution, with the emergence of digital currency, the future is really not far away from saying goodbye to paper money.

From a long-term perspective, the most important step is the internationalization of the RMB. At this time, the digital currencies launched by sovereign countries can be understood as starting from scratch without the US dollar, impacting the US dollar global settlement SWIFT system, breaking the The U.S. dollar's monopoly on international trade settlements and reshaping the international currency settlement system are largely a matter of national destiny!

Returning to the capital market, the concept of national will must be a gimmick. It has been speculated once before. Now if we consider it sustainable, there are certain logical flaws at present. Although the central bank strongly promotes digital currency , but the current level is a state action. There are too few companies that have really benefited from the A-share market, so the fundamentals lack a support. News stimulation is inevitable, but you have to work hard to choose one.

1. The emergence of digital currency. The production of digital currency uses an information digital technology called blockchain technology. No printing is required, it is generated directly through the information network, no resources such as paper are consumed, and the production cost is low. Since it is produced without paper, it is not easy to be counterfeited.

2. Functional attributes of digital currency. It has three functional attributes of general currency: first, it can measure the price of general goods or services; second, it can be used to purchase goods and services; third, it has credit.

At the same time, there are three unique characteristics of digital currency: first, it is virtual and has no entity. Although the digital format can be seen, it cannot be touched; second, it is decentralized. What's the meaning? This has two meanings: first, in theory, its production and issuance are not controlled by any unique individual or institution, and are self-operated, avoiding the thought of controlling currency or monetary systems; second, all its transaction records are not records. In a central place of management, it is recorded on multiple nodes of the currency system. In this way, it is difficult for any individual or institution to tamper with and destroy transaction records, thereby avoiding the occurrence of financial crimes; third, high anonymity. This means that both parties to the transaction can conduct transactions without knowing each other's identity, which can effectively protect personal privacy or meet the needs of people who require anonymous payments.

3. Advantages and disadvantages of digital currency. The advantages are that production does not consume resources, the cost is low, it is easy to carry and store, and it is not easy to be damaged; it is relatively safe and difficult to imitate; the payment can be contact-free and uses digital payment to avoid the spread of germs; the disadvantage is that it needs to run in a digital information network and cannot be used alone There is no feeling when using it. It is not suitable for the elderly and children.

4. The unique characteristics of my country’s central bank’s digital currency. The central bank’s digital currency is my country’s upcoming digital currency and is currently undergoing pilot internal testing in Suzhou, Chengdu, Shenzhen and Xiongan. In addition to having the characteristics of all digital currencies, it also has its own uniqueSome characteristics: First, it will be issued and managed by the People's Bank of China. It is legal tender, has national credit, and is indebted to the state. This is different from ordinary digital currencies. As we said before, ordinary digital currencies are not unique. It is issued and managed by the central bank, but for a country's legal currency, if there is no unified issuance and management by the country, it will be chaotic, so it still needs to be issued and managed by the central bank; second, electronic payment can be made directly. The English abbreviation of the central bank's digital currency is DC/EP, where DC refers to digital currency and EP refers to electronic payment. Judging from the internal beta chart, it has functions such as scan code payment, remittance, collection and payment, and touch, which means that you can directly use digital currency to purchase goods or services. In addition, Pengpeng can also make payments without the Internet.

5. In addition, my country’s issuance of central bank digital currency is of great significance to the internationalization of the RMB, because my country is likely to be the first country in the world to launch a digital currency and will gain an upper hand internationally. At the same time, the central bank's digital currency will be circulated together with banknotes and coins after its launch, so those who like to use cash don't have to worry too much.

To put it simply, the People’s Bank of China’s digital currency is the electronic version of the RMB.

Speaking of digital currency, everyone’s first reaction may be Bitcoin or Facebook’s planned launch of Libra.

However, unlike these so-called digital currencies, the digital currency to be launched by the People's Bank of my country has national credit endorsement and can be said to be the electronic version of the RMB. Therefore, the People’s Bank of China’s digital currency is legally compensable.

More importantly, with state endorsement, the value of the People's Bank of China's digital currency will be more stable. However, the so-called virtual currencies such as Bitcoin cannot guarantee the stability of the currency value, and it is common for them to be "cut off".

From the perspective of usage scenarios, the People's Bank of China's digital currency does not pay interest and can be used in small-amount, retail, and high-frequency business scenarios. It is no different from paper currency. At the same time, all current regulations on cash management, anti-money laundering, and anti-terrorist financing should be followed when using it.

What are the benefits of digital RMB?

Low issuance costs and more convenient transactions...

RMB cash-based payments, transactions, anti-money laundering, etc. are becoming more and more difficult to manage in modern society, and the costs are also increasing. high. The issuance of digital currency can effectively solve the above problems.

At the same time, the Chinese version of digital currency does not need to be bound to any bank account, getting rid of the control of the traditional bank account system.

In addition, when the network signal is poor, the payment functions of online banking and payment platforms are often paralyzed, and DC/EP's dual offline technology can ensure that in extreme cases, like using banknotes, , using the People’s Bank of China’s digital currency. For example, in the absence of a network, as long as two mobile phones equipped with DC/EP digital wallets touch each other, the transfer or payment function can be realized.

Popularize the professional knowledge of digital currency

Digital currency is a currency that exists in digital form and records value attribution and realizes value transfer based on the network. The IMF officially defines it as "a digital expression of value."

The digital currency issued by the central bank is referred to as DCEP.

The concept of digital currency is very broad, and blockchain-based (non-legal) encrypted digital currency is only one of them.

VI It’s 2021, what will be the development trend of my country’s blockchain technology in the future

Domestic blockchain technology has been conceptualized a few years ago. Now it has been widely used in actual business scenarios, such as the rice we eat, the QR code on the packaging
Traceability is the application of blockchain technology. Companies like Shanghai Wanglian Technology entered the market earlier and are currently developing very well.

Ⅶ How to bring us to the forefront of blockchain theory

——What are the institutional shackles faced by the development of blockchain?

In 2008, the subprime debt crisis broke out in the United States. Wall Street's behavior is too ugly, and it has been exposed by the Internet in front of the eyes of all mankind.

Americans are angry. Some people condemn Wall Street's greed, some people occupy Wall Street, and some people begin to try to find an alternative to Wall Street's accounting system through the practice of distributed accounting technology.

Therefore, first of all, we have to make it clear: first, the purpose of blockchain, a concept that was later summarized, is to replace the traditional accounting path.

Second, blockchain is a means, and the purpose is to break Wall Street’s monopoly on finance, improve financial efficiency, and reduce the costs of physical enterprises through universal accounting rights.

Understanding the above two logics, let’s look for the problem:

Blockchain, as a new technology that has attracted great attention from all mankind, has been around for more than 10 years. Why? Still unable to serve the real industry?

Where are its roots? This is the focus of our research. If we don't understand this problem, we won't be able to reach the forefront of this field.

Finance is a grand proposition, and blockchain, as the underlying technology of new finance, is also a grand proposition.

Grand propositions need to be discovered and thought about from the lowest level. What is the lowest level of the blockchain?

The answer lies in social systems and Western values. The birthplace of blockchain is the United States, a capitalist country. Equity exclusivity is an important part of the values ​​of capitalist society.

Therefore, what is generated on the blockchain is defined by Satoshi Nakamoto as Bitcoin, not the ownership of the blockchain - equity. Please note that this definition is driven by values.

Values ​​seem to be very imaginary, but they areIt affects everyone's thinking and choices all the time. Satoshi Nakamoto’s initial definition directly determines the thinking path of those who come after him.

If Bitcoin is defined as the ownership of this network, this ownership will naturally increase in value as the number of users increases. This is a self-consistent logic.

But if Bitcoin is defined as currency, this currency will lose the support of ownership. Without the support of ownership, participants will only rely on faith to maintain the value of the chips in each other's hands. Beliefs that are not self-consistent are actually very unstable. Value units based on weak beliefs will make believers always anxious about finding faith allies. This is the root cause of why digital currencies have never been able to move towards entities. Because trust among believers is not strong.

Therefore, the shackles that really restrict the development of blockchain are precisely the so-called universal values ​​flaunted by Americans.

——The algorithm should be: people-oriented

People’s accounts should be blocks.

When individuals, merchants, enterprises, and institutions open accounts, blocks will be automatically formed.

There are two value units in each block: first, the ownership of the network, that is, equity; second, the future service of the network, that is, the right to take delivery.

The former is like a well, and the latter is like water from a well. The former is infinite, the latter is finite. The infinite can fully guarantee the limited. The future can fully guarantee the present.

The above are all self-consistent. The meaning of self-consistency is that only by convincing yourself can you build real stability and trust.

On the basis of self-stability and trust, well water can flow to entities instead of hoarding and speculation.

Please note: the underlying logic and principles play a decisive role in group selection.

If Bitcoin holders were not a group of anxious people and did not adhere to the Western value system, they could get rid of anxiety very early. For example, Bitcoin holders jointly invested US$4 billion worth of Bitcoin to lead a public network of shared equity (accounting for 10% of the shares), and let social funds invest US$4 billion (accounting for 10% of the shares), and the remaining equity will be vested in the public network. Users of public networks. This will create a predictable, multi-trillion-dollar, shared pie. Individuals, merchants and enterprises will naturally move in one after another and receive their respective cakes. After receiving the cake, each market will participate in the basic unit to form a basic reputation, and then use the basic reputation to invest in the real industry. The new physical assets will naturally add new credibility. Guarantees, reinvestment in new credibility, will continue to expand the scale of new public assets... and so on, and we will continue to strive for self-improvement. But unfortunately, the Western value system has restricted the courage of blockchain participants to go further. Their choice is to turn around and engage in Ethereum, EOS, and create a large number of so-called digital currencies. finally, resulting in digital reputation never being able to be combined with physical entities.

In other words, the core of Western values ​​​​is competitive thinking. Competitive thinking leads to the starting point of everyone's thinking to first put others on the hostile list instead of the cooperative list. The inertia of this thinking leads to the fact that the coins continue to increase, but they cannot enter the entity. Therefore, the so-called acquisition of basic theory and original innovation ability requires us to first find other people's blind spots and forbidden areas of thinking. On this basis, we can occupy no man's land, formulate our own standards in no man's land, and finally take control of the rules. and the right of interpretation.

——Let historical contributions become the basis of trust

Enterprises above designated size all have clear and consistent historical operating income data, and this data represents historical contributions.

The greater the historical contribution, the stronger its influence and appeal, the stronger its real ability, and the higher its actual credibility.

The current blockchain does not respect historical contributions and completely ignores the historical contributions of physical enterprises, which will inevitably cause logical conflicts.

To sort out this conflict, it is necessary to regard the company's historical operating income data as the most important source of credibility.

Only by fully respecting physical enterprises, sincerely serving them, and turning them into important shareholders of the new network can they actively embrace new technologies and new finance.

Otherwise, we must tell our own stories, shout about our own technologies and products, go in the opposite direction, and go further and further away.

The so-called building a community with a shared future for mankind requires us to put others first in the list of friends and partners, rather than in the list of competition.

Does the current blockchain algorithm respect physical enterprises?

From Bitcoin to Ethereum, from Ethereum to EOS, from EOS to Libra...

——The future of blockchain

1. People-oriented: Accounts are blocks, blocks have equity, and stock withdrawal rights (a small but continuous amount).

2. Respect history: The revenue data of physical enterprises is the basis of trust (the main origin of the right to take delivery).

3. Reverse circulation: Through prepayment purchases, wages, bonuses, etc., it flows directly to employee accounts. Employees’ consumption will directly activate the company’s production capacity, achieving a win-win situation between supply and demand.

4. Don’t mythologize a certain technology, and don’t form technological hegemony in your thinking. Technology is a tool to achieve an end, not an end in itself.

5. Change from legal currency acceptance to product, service and labor acceptance.

6. Before starting, protect first. Sign contracts first to open up cross-industry and cross-regional value chains, and then start after people have eliminated their anxiety.

7. Reserve regulatory channels so that the government and society can trace responsibilities based on data. Traceability is proof of self-discipline.

Ⅷ An important turning point in the Bitmain shareholder dispute, 3 strategies for founders to gain control of the company

Recently, Zhuzi is preparing a course on "Equity Design for Founder-Controlled Companies". There is a set of free test questions before each course. When I see someone's score is not high, I think: the score is not a big deal, but it will be tragic if the major shareholder is eliminated by the second shareholder like Bitmain. I thought of this to check the progress of the two founders of Bitmain fighting for control. I didn't expect that things would take an important turn. It was really unexpected.

In October 2019, the two founders of Bitmain, Jihan Wu and Ketuan Zhan, broke up publicly. Wu Jihan, the second shareholder, took away the positions of the legal representative and executive director of the Beijing company.

Despite this, in the top Cayman Company, Ketuan Zhan is still the major shareholder with 60% of the voting rights. The voting rights of the second shareholder + others only add up to 40%. The second shareholder is considered a joint shareholder. It is also difficult to fundamentally shake the control of major shareholders.

But the latest news is that Wu Jihan, the second shareholder, organized a shareholders’ meeting in November 2019 and even canceled 10 times the voting rights of Ketuan Zhan.

Without 10 times the voting rights, Ketuan Zhan only holds 36% of the shares. Wu Jihan and other shareholders can hold 64% of the shares, and there is every chance to surpass Ketuan Zhan.

How could something like this happen? Who will be the final winner? Detailed breakdown below.

1. Overview of Bitmain

Bitmain was established in 2013, only 4 years ago. By 2017, Bitmain’s mining machines accounted for 3/4 of the world’s mining machines. market share, with revenue of US$2.51 billion in 2017 and annual profit of US$950 million.

Although DJI also accounts for 3/4 of the global market share, it took DJI much longer.

Bitmain submitted a listing application in Hong Kong in September 2018. The 6-month validity period was not approved for listing until March 2019. The main basis for the following analysis comes from the prospectus disclosed by Bitmain in applying for listing. .

Since the establishment of Bitmain many years ago, Ketuan Zhan and Jihan Wu, as co-founders, have served as co-CEOs and co-chairmen of the board of directors. This situation is quite rare in other companies.

In January 2019, Wang Haichao took over as the CEO of Bitmain, ending the situation in which the two founders served as co-CEOs for many years, but they still served as co-chairmen.

There are some rumors on the Internet that Wu Jihan briefly compromised, but we cannot verify this.

The picture below shows the corporate structure of Bitmain:

The top level is Cayman Company. Cayman Company previously implemented a dual-class share structure of AB shares. Ketuan Zhan and Jihan Wu hold B shares with 10 times the voting rights, and other shareholders hold A shares with 1x voting rights.

Ketuan Zhan holds 36% of the shares and has 59.6% of the voting rights; Wu Jihan holds 20.25% of the shares and has 33.5% of the voting rights.

Ketuan Zhan alone has close to 60% of the voting rights. Even if Wu Jihan joins others, he only has 40% of the voting rights at most. At the Cayman company level, Ketuan Zhan has an absolute advantage.

The Cayman Company holds 100% of the shares of the Hong Kong company, and the Hong Kong company holds 100% of the shares of the Beijing company. The Beijing company is the main operating entity of Bitmain, and the only shareholder of the Beijing company is the Hong Kong company.

Qichacha’s information shows that before November 2018, the Beijing company had a board of directors with a total of 5 directors, including the founding team Zhan Ketuan, Wu Jihan, Zhao Zhaofeng, Zhou Feng, Ge Yuesheng 5 person as director.

After November 2018, Beijing Company canceled the board of directors and only established executive directors. Before the battle for control, the executive director, general manager and legal representative were all held by Ketuan Zhan, and Wu Jihan retired. supervisor.

Why was there such a change at that time? Could it be that the legendary Wu Jihan once compromised?

2. The four-game battle between the two founders for control of the company

2.1 In the first game, two shareholders took away control of the Beijing company

On October 28, 2019, when the major shareholder Ketuan Zhan led his team to participate in the Shenzhen Security Expo, the second shareholder Wu Jihan took the official seal of the Hong Kong company and changed the executive director and legal representative of the Beijing company from Ketuan Zhan to Wu Jihan .

Because the only shareholder of the Beijing company is the Hong Kong company, the Hong Kong company, as a 100% shareholder, can directly decide to replace the executive director of the Beijing company, amend the company's articles of association, change the legal representative, etc. Wu Ji Han can make decisions on behalf of the Hong Kong company by taking the official seal of the Hong Kong company.

On the second day after completing the contract change, Wu Jihan issued a notice to employees saying: Ketuan Zhan will be relieved of all positions in Bitmain, and no employee will be allowed to carry out Ketuan Zhan’s instructions... Legend has it that Ketuan Zhan was also banned Entered the office.

The two founders of this company, which once accounted for 3/4 of the global market share, broke up publicly.

At that time, Wu Jihan only took away the two positions of executive director and legal representative of the Beijing company, while Ketuan Zhan was still the general manager of the Beijing company.

On November 5, 2019, Ketuan Zhan was also removed from his position as general manager, and the general manager of the Beijing company became Wu Jicold.

By this time, the three important positions of executive director, general manager, and legal representative of the Beijing company have been held by Wu Jihan, and Ketuan Zhan has been completely eliminated from the Bitmain Beijing company.

Micree Zhan said: I have always been immersed in business, but I didn’t expect that drastic changes would occur when I was on a business trip. I was stabbed by my brothers who worked together, and I had to start learning to think with legal thinking.

Wu Jihan said: Corporate governance lawyers from both sides are competing at home and abroad. Bitmain is destined to become a classic case of corporate control competition in business history.

Although Wu Jihan took control of the Beijing company and won the first round.

But at that time, Ketuan Zhan was still the major shareholder holding 36% of the top-level Cayman Company shares and 60% of the voting rights. If Ketuan Zhan operated properly, it was still possible to reverse the situation. Assuming that the regulations in Hong Kong are the same as those in China, we can regain control of the Beijing company through upper-level company operations and re-engraving of seals.

But whether they can truly regain control is related to Cayman’s Articles of Association + local legal regulations, Hong Kong’s Articles of Association + local legal regulations, and also related to the strategy adopted by Ketuan Zhan and others. In the "equity "Tao" has been analyzed in previous articles.

The current result is: Ketuan Zhan did not regain control of the Beijing company. Is it because the rules are unfavorable? Or is it improper operation?

2.2 In the second round, 10 times of Ketuan Zhan’s voting rights were cancelled

According to Bloomberg news, in November 2019, Wu Jihan organized a special shareholders’ meeting and canceled 10 times of Ketuan Zhan’s voting rights. Times the voting rights were changed to 1 share and 1 vote, and Ketuan Zhan sued the court in December 2019 to cancel the voting results of the shareholders' meeting.

Before the shareholders’ meeting in November 2019, Ketuan Zhan held 36% of the shares and had nearly 60% of the voting rights. Even if Wu Jihan combined with all other shareholders combined, he only had 40% of the voting rights. There is no way to fundamentally shake Ketuan Zhan's control.

The shareholders' meeting in November became the most critical step in the two parties' fight for control of the company. After the cancellation of 10 voting rights, Micree Zhan was left with only 36% of the shares, while Wu Jihan joined forces with other shareholders. The shareholding can reach 64%, and there is a chance to surpass Ketuan Zhan.

Since Ketuan Zhan previously had 60% of the voting rights, and Wu Jihan and all other shareholders combined only had 40% of the voting rights, why was it possible to pass a shareholders' meeting resolution to cancel 10 times the voting rights?

In order to clarify this issue, Zhuzi decided to take the time to re-study Bitmain’s 438-page prospectus.

The words in Hong Kong are too convoluted. It takes a lot of brain cells to figure out the meaning. I cannot guarantee that the understanding will be accurate. The original picture is attached for your own judgment.. The previous article did not spend so much effort on research, so the content of this article shall prevail.

Equity Note: The following analysis assumes that Bitmain still uses the company’s Articles of Association when it applied for listing, and there are no new modifications, but in fact we don’t know whether there are any new modifications.

Bitmain Cayman's Articles of Association stipulates:

The cancellation of 10 times the voting rights requires the consent of more than 75% of Class B shareholders or in accordance with the revised Articles of Association.

In layman’s terms, there are two ways to cancel 10 times the voting rights. You can choose one of the two:

The first method: get 75% of B with 10 times the voting rights. Class shareholders agree.

At that time, Ketuan Zhan and Jihan Wu held Class B shares with 10 times the voting rights. Ketuan Zhan held 36% of the shares and Jihan Wu held 20.25% of the shares. Their ratio was 64:36. , neither Ketuan Zhan nor Jihan Wu can meet 75% of the conditions, so this road will not work.

Second method: According to the newly revised Articles of Association.

According to the above rules, there is no way to cancel Ketuan Zhan’s 10 times voting rights. What should I do?

The solution is: modify the company's articles of association and redesign the rules.

What are the conditions required to amend the company's articles of association?

According to the provisions of the original company's articles of association, amending the company's articles of association requires the approval of shareholders with more than 75% of the voting rights present at the general meeting of shareholders. Moreover, only one share and one vote can be used to amend the company's articles of association, and 10 times the voting rights cannot be used. .

Ketuan Zhan holds 36% of the shares, and other shareholders hold a total of 64% of the shares. If Ketuan Zhan disagrees, there are still not enough votes.

How could Wu Jihan succeed in canceling 10 times the voting rights of Ketuan Zhan?

Reminder: The stipulation here is to obtain the consent of shareholders with more than 75% of the voting rights attending the shareholders' meeting. If Ketuan Zhan does not attend the meeting, his votes will not be included in the denominator, and it is possible to obtain 100% of the voting rights present at the meeting. Shareholders agreed, let alone 75%.

Could it be that Ketuan Zhan did not attend that fateful shareholders meeting? If it were you instead, would you think it was Wu Jihan who called for the meeting and ignore him at all? Since you have 60% of the voting rights, can he bite you? Then you don’t go to the meeting?

If you really don’t go to that fateful meeting or you miss the meeting for other reasons, your fate will be reversed.

If it is a domestic company, the Company Law stipulates that there are two types of companies, and the legal regulations for the two types of companies are different:

One is a limited liability company, which is what most companies do. Limited liability companies are generally calculated based on voting rights, and the shareholders must be included in the denominator regardless of whether they participate in the meeting or not.

Generally, before preparing to list A shares, it will be restructured into the second type of the following: a joint stock limited company.

The second type is a joint-stock company, which is the case for A-share listed companies. Most joint-stock companies count votes based on attendance at meetings, and non-attendance at meetings is not counted in the denominator.

"Equity Road" has a free "Equity Design Fundamentals" course with relevant introductions.

2.3 In the third round, Ketuan Zhan requested a reorganization of the board of directors

On December 9, 2019, Ketuan Zhan organized a shareholders’ meeting and requested that the existing directors be removed and he be selected as the sole director. But it didn't pass. This will involve three issues:

First, the original company's articles of association stipulated that the number of directors should not be less than 2. Now it is changed to 1 director, which means amending the company's articles of association.

As mentioned before, amending the company's articles of association requires 75% of the votes to pass. Ketuan Zhan has been revoked 10 times of his voting rights, and his 36% shareholding is far from meeting the vote requirements.

Second, remove all directors, including independent non-executive directors.

According to the company's articles of association, the removal of a director requires more than 1/2 votes, and the removal of an independent non-executive director cannot use 10 times the voting power, but only one vote per share.

When applying for listing in Hong Kong, Bitmain’s board of directors had seven directors, including:

Three independent non-executive directors: Wang Xiaochuan of Sohu, and Sun Hanhui, former president of Qunar.com , Deng Feng, founder of Northern Light Venture Capital.

The four executive directors are: Ketuan Zhan, Jihan Wu, Ge Yuesheng and Liu Luyao.

Before the 10 times voting rights were cancelled, Ketuan Zhan had 60% of the voting rights. There were enough votes to remove the three directors Wu Jihan, Ge Yuesheng and Liu Luyao, but not enough to remove Wang. Xiao Chuan, Sun Hanhui and Deng Feng are three independent non-executive directors, but Ketuan Zhan did not take this step before canceling 10 times the voting rights.

After canceling 10 times the voting rights, Ketuan Zhan only holds 36% of the shares, completely unable to meet the requirement of more than 1/2 of the votes.

The shareholding of the employee stock ownership platform is 18.5%. If Ketuan Zhan can control the employee stock ownership platform, there is a chance to achieve more than 1/2 of the vote requirements, but this meeting did not succeed, that is to say Ketuan Zhan can’t control the employee stock ownership platform? Does it mean that Wu Jihan seized the opportunity to gain control of the employee stock ownership platform again?

Third, elect Ketuan Zhan as the sole director.

Ketuan Zhan is already a director. If he is not removed, he does not need to be re-elected. If he is removed, after canceling 10 times the voting rights, Ketuan Zhan’s 36% shareholding will not meet the 1/2 vote requirement. oh.

Therefore, Wu Jihan, the second shareholder, won the third game. Wu Jihan had won three games in a row.

2.4 In the fourth game, Ketuan Zhan counterattacked again

On December 16, 2019, Beijing Bitmain’s 36% stake in Fujian Zhanhua Intelligent Technology Co., Ltd. was frozen. The Wu Shuo Blockchain article stated that Ketuan Zhan has hired lawyers from Beijing and Hong Kong to organize a counterattack, and freezing the equity of affiliated companies is one of the countermeasures.

In fact, Wu Jihan is only grabbing control rights, not grabbing Ketuan Zhan’s equity. That is, grabbing power is not grabbing money. Does freezing the equity make sense?

In December 2019, Ketuan Zhan filed a lawsuit in court, requesting to cancel the resolution of the shareholders’ meeting in November that revoked 10 times of his voting rights. Reports from various parties said that Ketuan Zhan has hired people from Beijing, Hong Kong, Cayman, etc. Lawyers from many places participated in the litigation.

Can Ketuan Zhan be saved? It depends on the Cayman company’s laws + the latest version of Bitmain’s articles of association + the specific operations of the meeting at that time. Because I don’t understand these, I can’t make a judgment.

However, if the previous assumption is true, there is a high probability that it will be irreversible, unless a miracle occurs.

Note: The analysis in this article is based on the company’s articles of association and related information disclosed when Bitmain applied for listing in Hong Kong. If Bitmain’s company’s articles of association are later modified, these analyzes may not be valid.

2.5 Latest situation

"Equity Road" also found that Ketuan Zhan is currently the legal representative, executive director and general manager of the Fujian company and four other subsidiaries.

However, these do not affect the overall situation, because those are 100% owned subsidiaries of Beijing Company. As long as Wu Jihan has control of the top-level Cayman Company and Beijing Company, the lower companies The control rights can be snatched step by step.

On January 2, 2020, Bitmain’s Beijing office underwent another change. Wu Jihan no longer served as the general manager and legal representative, and Liu Luyao served as the general manager and legal representative.

Liu Luyao joined Bitmain in July 2018. He previously served as the executive director and chief financial officer of the Cayman company.

In fact, this change is not important, because the articles of association of the Beijing company can be modified: the executive director determines the general manager and legal representative, and Wu Jihan is the executive director of the Beijing company, so he can decide who To be the general manager or legal representative, you do not need to obtain a public certificate from a Hong Kong company.It can be realized in a few chapters, so these are all within Wu Jihan's control.

As a major shareholder, Ketuan Zhan once had 60% of the voting rights. Why did he get to the current situation step by step?

3. 3 strategies for founders to gain control of the company

There is a saying: first-rate companies set standards, second-rate companies build brands, and third-rate companies build products.

For founders who want to control the company, applying the same logic can be: the first-rate strategy is to proactively design rules, the second-rate strategy is to rationally utilize the rules, and the third-rate strategy is to litigate and fight. It's too late for the lawsuit.



3.1 The best policy is to design rules

The previous analysis has always emphasized the provisions of the company's articles of association, because even a slight difference in the company's articles of association may determine Fortunately, the company's articles of association are the most important tool for controlling a company, bar none.

A company has three types of people: shareholders, management, and employees. Shareholders are at the top. The main function of the company's articles of association is to design the rules for decentralization of power among shareholders. Many people attach great importance to product design and employee management, but do not pay attention to the design of company articles of association. They always want to find a free version to use. Will they bury themselves in a big pit?

In the book "Corporate Control. Nine Models of Controlling a Company with Small Equity" written by Zhuzi, there are many cases. Some people hold 1% of the shares to control the company, while others hold 90% of the shares but not. For control, they rely on the company's articles of association rather than equity ratios.

For example, Jack Ma can control Alibaba by holding 5% of the shares, relying on the Alibaba partnership system written into the company's articles of association, rather than relying on equity.

Alibaba’s partnership system was designed under the leadership of Tsai Chongxin. Who designed it in your company?

Alibaba’s partnership system was officially launched after a trial run of 3 years. In order to adhere to Alibaba’s partnership system, he did not hesitate to fight the Hong Kong Stock Exchange to the end. For this reason, he gave up Hong Kong and switched to the United States for listing. Are you willing to pay such a high price to protect control of the company?

If you want to control the company, you need to design rules first to put the power in your hands, and then make a comprehensive defense design. Otherwise, any gap in it may be breached by others, such as As the major shareholder, Ketuan Zhan has 60% of the voting rights, and has been gradually squeezed out by the second shareholders.

The courses of "Equity Way" and "Equity Design of Founder-Controlled Companies" are to carry out all-round company control from 6 vertical levels, 4 horizontal dimensions, and 3 three-dimensional tools. design.

Vertical include: equity, shareholders meeting, chairman, board of directors, legalDetermine 6 levels of representatives and management.

Horizontally includes four dimensions: division of levels, distribution of power between levels, distribution of power within each level, and voting rules within each level.

Three-dimensional level: Implemented through three tools: company articles of association, shareholders' agreement, shareholders' meeting and board of directors meeting.

Through this design, the founder can still have control even if he holds 1% of the shares, but he can also let others hold 90% of the shares without control.

3.2 ​​The middle strategy is to use the rules

When Ketuan Zhan is the largest shareholder, holding 36% of the shares and 60% of the voting rights, the second shareholder who was originally at a disadvantage Wu Jihan was able to use the rules step by step to squeeze out major shareholders.

Wu Jihan first took advantage of the opportunity of keeping the official seal of the Hong Kong company to seize control of the Beijing company. This step would not have threatened the foundation of Ketuan Zhan, but for so long, Ketuan Zhan’s side had not been more effective. operation.

Wu Jihan then used the rules of Cayman Corporation to cancel 10 times the voting rights of Zhan Ketuan, and the situation was completely reversed.

Therefore, if you have missed the opportunity to design rules, it is still possible to use the rules to gain control, provided that your level is higher than your opponent.

Originally, Ketuan Zhan had a better advantage than Jihan Wu in seizing control:

For example, Bitmain’s company articles of association stipulate that serving as a director has 10 times the voting rights. A necessary condition. If he no longer serves as a director, his 10 times voting rights will be automatically revoked. The company's articles of association also stipulate that the removal of a director requires the approval of more than 1/2 of the votes.

Before the cancellation of 10 times the voting rights, Ketuan Zhan had 60% of the voting rights. He alone could decide to remove Wu Jihan from his position as director.

If Wu Jihan is no longer a director of the company, his 10 times voting rights will be automatically cancelled, while Ketuan Zhan’s 10 times voting rights will continue to be retained. It will become: Ketuan Zhan alone has 84.9% of the voting rights, and Wu Jihan’s voting rights are 4.8%.

Unfortunately, Ketuan Zhan did not do this at the time. If you miss some things, you will miss them. There is no chance to regret it.

I didn’t take advantage of the good opportunity before, but later I lost 10 times the voting rights but asked to remove all directors and elect him as the only director.

Some shareholders commented: I don’t understand why he wants to convene such a shareholders’ meeting, and it is humiliating himself.

Don’t they know that not only is this useless, but it will also create more enemies? Was it Ketuan Zhan’s idea? Or is it the strategist’s idea?

During the Wanbao dispute, Baoneng proposedRemoving all directors and supervisors of Vanke will only attract more opposition and will not bring any benefits. Is this operation interesting?

3.3 Litigation is the worst policy.

Litigation is the worst policy, but some people regard it as the best policy.

Wu Jihan was able to seize control by using the law + company articles of association + meeting operations, not by litigating.

Ketuan Zhan wants to regain control through litigation. Can he succeed?

If there were no problems with the previous operations, Wu Jihan would have succeeded in seizing power.

Of course, the previous analysis is based on assumptions. If the assumptions are not true, it is possible for Ketuan Zhan to be saved.



Why did Ketuan Zhan gain the upper hand step by step from being a major shareholder?

If you want to keep control in this state of war, you must either have a high level yourself or find someone with a high level.

During the dispute over the veto power that killed ofo, Li Xueling, chairman of YYY Times, changed the perspective of others and said: Domestic law firms are not professional.

In fact, laws are divided into national boundaries. The legal provisions of each country are different, and the slightest deviation may be devastating.

Even if you think domestic lawyers are unprofessional, it may be a bigger pitfall if you find a foreign lawyer to deal with domestic issues.

Moreover, some people have high levels of marketing, while others have high professional levels and are not good at marketing. Some people are good at litigation, while others are good at non-litigation, such as firefighting and fire prevention. The way of thinking and the skills required are different. ​

Are domestic lawyers unprofessional? Or have you not found that professional person?

To judge whether a lawyer is professional, you also need to have certain professional knowledge. For example, many people say that holding 67% of the shares has absolute control, but in the book "Corporate Control. Nine Models of Controlling a Company with Small Shares", there are many cases decided by the court, and some shareholders hold 90% of the shares. There is no control. If you believe the legend that you have absolute control if you hold 67% of the shares, can you still find that professional person?

When the two founders of Bitmain publicly broke up, Micree Zhan was still on a business trip. If you didn’t pay attention to this aspect before, where would you suddenly find professional people?

Wu Jihan came prepared, while Ketuan Zhan responded passively. The consequences of seeking medical treatment in a hurry can be imagined.

If you don’t want to step on the pitfalls that others have stepped on, you should either learn professional knowledge to improve your own level, or improve your ability to identify experts.Try to find a professional.

Ⅸ What are the stocks of listed digital currency companies?

1. China Science and Technology Thunder: disclosed on the night of October 28, 19, that the company is based on operating system security enhancement and hardware security technologies With its technical reserves, it has already developed blockchain-related businesses such as digital wallets and hardware-level data authentication.
2. Zhefu Holdings: The company holds shares in Shanghai 2345 Network Holding Group Co., Ltd., and its subsidiary Shanghai 2345 Network Technology Co., Ltd. has a patent for a control method and control device for distributing digital currency.
3. Gao Weida: On October 23, 2019, the company responded on the interactive platform that the company has digital currency technology reserves.
4. Felix: In September 2019, the company stated on the interactive platform that it has technical reserves in blockchain and is applying it in related product development, and the technology can be used for digital currency.
5. Yuanguang Software: It has blockchain supply chain finance, blockchain trusted electronic licenses, blockchain data secure sharing, blockchain data storage, blockchain electronic contracts, and energy blockchain applications. , blockchain enterprise fund security management and other products and solutions.
Extended information
CBDC, the full name is Central bank digital currencies, translated as central bank digital currency.
The Bank of England, the Bank of England, gave this definition in its research report on CBDC: Central bank digital currency is an electronic form of central bank currency that can be used by households and businesses to make payments and store value.
The Chinese version of CBDC is described as a digital renminbi, which is issued by the People's Bank of China, operated by designated operating agencies and redeemed by the public. It is based on a broad account system and supports the loose coupling function of bank accounts, and is compatible with banknotes and coins. It is a controllable and anonymous payment instrument with value characteristics and legal liability.
What we call DC/EP is the Chinese version of central bank digital currency, which is translated as "digital currency and electronic payment tools".
The Center for International Settlements (BIS) and the Committee on Payments and Market Infrastructures (CPMI), two authoritative international organizations, jointly conducted two questionnaire surveys of more than 60 central banks around the world in 2018 and 2019.
The contents of the questionnaire include the progress of central banks’ work on digital currencies, the motivations for researching digital currencies, and the possibility of issuing digital currencies. 70% of central banks have stated that they are participating in (or will participate in) digital currency research.
On August 14, 2020, the Ministry of Commerce issued the "Overall Plan for Comprehensively Deepening the Pilot Program for the Innovative Development of Trade in Services", which proposed in the section "Comprehensively Deepening the Pilot Tasks, Specific Measures and Division of Responsibilities for the Innovative Development of Trade in Services": In the Beijing-Tianjin-Hebei, The Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area and qualified pilot areas in the central and western regions have launched digital renminbi pilot projects.
First, Shenzhen, Chengdu, Suzhou, Xiongan New Area and other places and relevant departments of future Winter Olympics scenes will assist in the promotion, and will be expanded to other regions as appropriate.
Comprehensively deepen the pilot areas for Beijing,Tianjin, Shanghai, Chongqing (21 municipal districts including Fuling District), Hainan, Dalian, Xiamen, Qingdao, Shenzhen, Shijiazhuang, Changchun, Harbin, Nanjing, Hangzhou, Hefei, Jinan, Wuhan, Guangzhou, Chengdu, Guiyang, Kunming, Xi'an , Urumqi, Suzhou, Weihai and 28 provinces and cities (regions) including Hebei Xiongan New District, Guizhou Gui’an New District, and Shaanxi Xixian New District.