中非矿业带路先锋,中非货币联盟

请查看相关英文文档

A. What is blockchain and how to make money with blockchain

Blockchain is a term in the field of information technology. In essence, it is a shared database, and the data or information stored in it has the characteristics of "unforgeable", "full traces left", "traceable", "open and transparent" and "collectively maintained". Based on these characteristics, blockchain technology has laid a solid foundation of "trust" and created a reliable "cooperation" mechanism, which has broad application prospects.
The ways to make money in the blockchain are as follows:
1. Coin speculation. Coin speculation is like stock speculation. Coin speculation is the lowest threshold for making money in the blockchain;
2. Vendors, district Blockchain is a global market. Like small traders, you can move from a low-price platform to a high-price platform to sell and earn the difference;
3. Earn commissions for promotion. The blockchain method is to register first Exchange account, generate your own invitation link, and then promote it. If someone registers the exchange through your link and generates transactions, you can get a commission;
4. Mining, "mining" in Bitcoin is The accounting process;
5. Technical support, providing blockchain technical support to some teams and enterprises;
6. Opening a trading website and charging handling fees;
7. Developing wallets and wallets It is the infrastructure of the blockchain, just like the "Alipay" or "WeChat Pay" of the blockchain;
8. Be a blockchain project or infrastructure equipment supplier.

Warm reminder: The above explanation is for reference only and does not make any suggestions. There are risks in entering the market, so investment needs to be cautious. Before making any investment, you should ensure that you fully understand the investment nature of the product and the risks involved. After understanding and carefully evaluating the product, you can make your own judgment on whether to participate in the transaction.
Response time: 2020-12-02. For the latest business changes, please refer to the official website of Ping An Bank.
[I know about Ping An Bank] Want to know more? Come and see "I Know Ping An Bank"~
https://b.pingan.com.cn/paim/iknow/index.html

B. What exactly is blockchain< /p>

What is blockchain?
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system [1].
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the underlying technology of Bitcoin. The blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction and is used to verify the validity of its information (anti-counterfeiting) and generate the next block.
Blockchain was born from Satoshi Nakamoto’s Bitcoin, since 2Since 2009, various Bitcoin-like digital currencies have emerged, all based on public blockchains.
The current situation of digital currency is that a hundred flowers are blooming. Here are some common ones: bitcoin, litecoin, dogecoin, dashcoin. In addition to currency applications, there are also various derivative applications, such as Ethereum, Asch and other underlying application development platforms, as well as NXT , SIA, BitShares, MaidSafe, Ripple and other industry applications.
On January 20, 2016, the People’s Bank of China Digital Currency Seminar announced that it had achieved phased results in digital currency research. The meeting affirmed the value of digital currency in reducing the issuance of traditional currency and stated that the central bank is exploring the issuance of digital currency. The expression of the People’s Bank of China’s Digital Currency Seminar has greatly enhanced the confidence of the digital currency industry. This is the first time that the five central bank ministries and commissions have expressed a clear attitude towards digital currencies since they issued a notice on preventing Bitcoin risks on December 5, 2013. [4]
On December 20, 2016, the Digital Currency Alliance - China FinTech Digital Currency Alliance and FinTech Research Institute were officially established, with Huobi being one of the co-initiators. [5]
Some areas where blockchain can be used are:
▪ Smart contracts
▪ Securities trading
▪ E-commerce
▪ Internet of Things
▪ Social communication
▪ File storage
▪ Proof of existence
▪ Identity verification
▪ Equity crowdfunding
We can compare the development of blockchain to the development of the Internet itself , something called finance-internet will be formed on the Internet in the future, and this thing is based on blockchain, and its precursor is bitcoin, that is, traditional finance starts from private chains and industry chains (local area network), and the bitcoin series starts from public chains (Wide Area Network), they all express the same concept - digital assets (Digital Asset), and finally converge to an intermediate balance point.
The evolution of blockchain is:
▪ Blockchain 1.0 - digital currency
▪ Blockchain 2.0 - digital assets and smart contracts
▪ Blockchain 3.0 ——The implementation of distributed applications in various industries
Blockchain is divided into three categories, which is introduced in detail in the book "Blockchain: Defining the New Pattern of Future Finance and Economics" [2] issued by Currency, < br />The hybrid blockchain and private blockchain can be considered as generalized private chains:
Public Blockchain (PublicBlockChains)
Public blockchain means: any individual or group in the world can send transactions, and the transactions can be effectively confirmed by the blockchain, and anyone can participate in its consensus process. The public blockchain is the earliest blockchain and the most widely used blockchain. The virtual digital currencies of all major bitcoins series are based on the public blockchain. There is only one blockchain corresponding to this currency in the world. .
Consortium (Industry) Blockchain (ConsortiumBlockChains)
Industry Blockchain: Multiple preselected nodes are designated within a certain group as bookkeepers, and the generation of each block is jointly performed by all preselected nodes. Decision (pre-selected nodes to participate in the consensus process), other access nodes can participate in transactions, but do not participate in the accounting process (essentially still managed accounting, just become distributed accounting, how many pre-selected nodes, how to determine the number of each block The bookkeeper becomes the main risk point of the blockchain), and anyone else can conduct limited queries through the open API of the blockchain.
Private Blockchain (privateBlockChains)
Private Blockchain: Only uses the general ledger technology of the blockchain for accounting. It can be a company or an individual, and has exclusive access to the writing of the blockchain. With access permissions, this chain is not much different from other distributed storage solutions. (Dec2015) Conservative giants (traditional finance) all want to experiment with private blockchains, while public chain applications such as Bitcoin have been industrialized, and private chain application products are still being explored.

C. Blockchain technology concept

Blockchain technology concept

Blockchain technology concept, nowadays, blockchain has become the In the field of concern, many companies have already studied the technology in depth, but there are still people who don’t know much about it. Below I will share an article about the concept of blockchain technology.

Blockchain technology concept 1

Basic concepts and working principles of blockchain

1. Basic concepts

Blockchain is a distributed data storage, point-to-point New application models of computer technologies such as transmission, consensus mechanisms, and encryption algorithms. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system.

Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the underlying technology of Bitcoin. The blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity of the information, prevent counterfeiting, and generate the next block.

In a narrow sense, blockchain is a chain data structure that combines data blocks in a chronological order and is cryptographically guaranteed to be non-tamperable.and an unforgeable distributed ledger.

Broadly speaking, blockchain technology uses block chain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, and uses cryptography to ensure data transmission and access. It is a new distributed infrastructure and computing method that uses smart contracts composed of automated script codes to program and operate data securely.

2. Working principle

The blockchain system consists of data layer, network layer, consensus layer, incentive layer, contract layer and application layer. Among them, the data layer encapsulates the underlying data blocks and related basic data and basic algorithms such as data encryption and timestamps; the network layer includes distributed networking mechanisms, data dissemination mechanisms, and data verification mechanisms; the consensus layer mainly encapsulates network nodes Various consensus algorithms; the incentive layer integrates economic factors into the blockchain technology system, mainly including the issuance mechanism and distribution mechanism of economic incentives; the contract layer mainly encapsulates various scripts, algorithms and smart contracts, and is the core of the blockchain The basis of programmable features; the application layer encapsulates various application scenarios and cases of the blockchain. In this model, the chain block structure based on timestamps, the consensus mechanism of distributed nodes, economic incentives based on consensus computing power, and flexible programmable smart contracts are the most representative innovations of blockchain technology.

Blockchain mainly solves the trust and security issues of transactions, so it proposes four technological innovations to address this issue:

1. Distributed The ledger means that transaction accounting is completed by multiple nodes distributed in different places, and each node records a complete account, so they can all participate in supervising the legality of the transaction and can also jointly testify for it.

Different from traditional distributed storage, the uniqueness of blockchain distributed storage is mainly reflected in two aspects: First, each node of the blockchain stores complete data according to the block chain structure. For data, traditional distributed storage generally divides the data into multiple parts for storage according to certain rules. Second, the storage of each node in the blockchain is independent and of equal status, relying on the consensus mechanism to ensure storage consistency, while traditional distributed storage generally synchronizes data to other backup nodes through the central node. [8]

No node can record ledger data independently, thus avoiding the possibility of a single bookkeeper being controlled or bribed to record false accounts. Also because there are enough accounting nodes, theoretically speaking, the accounts will not be lost unless all nodes are destroyed, thereby ensuring the security of the accounting data.

2. Asymmetric encryption and authorization technology. Transaction information stored on the blockchain is public, but account identity information is highly encrypted and can only be accessed with authorization from the data owner. , thus ensuring data security and personal privacy.

3. The consensus mechanism is how all accounting nodes reach a consensus to determine whether a record hasValidity, which is both a means of identification and a means of preventing tampering. Blockchain proposes four different consensus mechanisms, which are suitable for different application scenarios and strike a balance between efficiency and security.

The consensus mechanism of the blockchain has the characteristics of "the minority obeys the majority" and "everyone is equal". "The minority obeys the majority" does not entirely refer to the number of nodes, but can also be the computing power and the number of shares. Or other characteristic quantities that the computer can compare. "Everyone is equal" means that when a node meets the conditions, all nodes have the right to give priority to the consensus result, which will be directly recognized by other nodes and may eventually become the final consensus result. Taking Bitcoin as an example, it uses proof of work. Only when more than 51% of the accounting nodes in the entire network are controlled, it is possible to forge a non-existent record. When there are enough nodes joining the blockchain, this is basically impossible, thus eliminating the possibility of fraud.

4. Smart contracts. Smart contracts are based on these trustworthy and non-tamperable data. Some predefined rules and terms can be automatically executed. Take insurance as an example. If everyone's information, including medical information and risk occurrence information, is true and trustworthy, it will be easy to implement automated claims settlement in some standardized insurance products.

3. Others

The Internet exchanges information, and the blockchain exchanges value. Human history and the history of the Internet can be understood in eight words: if they are divided for a long time, they must be combined. For a long time, they must be combined. In the era of long-term separation, all network information is scattered on the Internet. It is very difficult for everyone to mine information. At this time, platforms such as Google and Facebook will appear. , the only thing it does is recombine all our information. In the Internet era, what the monopoly giants reorganize is information, rather than generating their own information. The information generated is entirely our own. Once the information is reorganized, a new monopoly giant will emerge, so it will be an era of long-lasting separation. Now, due to the emergence of blockchain technology, it has entered an era of integration and division. It is a new multi-centralization. After the new multi-centralization, new value will be generated. These data will be in our own hands, and personal data will generate value. It belongs to oneself. This is the most exciting era of this era.

What is the value of blockchain? A low-cost mechanism to establish trust, establish data rights, and resolve data property rights.

At present, blockchain technology continues to develop, including the current development of single chains to multi-chains, and the technology can be further expanded. I think there may still be disruptions in the future, especially in transactions and other aspects. , especially many disruptive scenarios for existing industries.

The essence of blockchain is to establish trusted information exchange on untrustworthy networks.

One Belt, One Road + One Chain. The bigger thing about blockchain is not to create trust, but to allow trust to be transmitted losslessly, reducing the friction cost of society as a whole, thereby improving the overall efficiency.

Current areaThe blockchain itself is still in its initial stage, so it includes the information transmission and encryption of the blockchain. Quantum encryption and other encryption appear in this process. In fact, attacks on the encryption algorithms used in the blockchain itself also occur from time to time. Including blockchain is also a recognition of assets, a recognition of digital assets, but now many of us use cryptographic algorithms, or as the key for us to decrypt, but if you forget the password, it is very likely that your current assets will be lost. If you lose them, you won't be able to get back your original assets. Therefore, there are still some hidden dangers in asset management, including information transmission and some security aspects. Of course, from a technical perspective, the processing speed of our blockchain itself, or its scalability, is because from the perspective of the working mechanism, the entire ledger must be copied to all participants, so in the blockchain Its operational efficiency and scalability are still relatively limited. We feel that these still need further development in terms of technology.

The underlying technologies of the blockchain platform also form blockchain wallets, blockchain browsers, node elections, mining machines, mining pools, development components, development modules, technical communities and project communities. and a series of ecosystems. The perfection of these ecosystems directly determines the efficiency and effectiveness of the underlying platform of the blockchain.

4. Mundell’s Impossible Triangle

It is impossible to achieve the ultimate in decentralization, efficiency, and security at the same time.

Blockchain technology concept 2

The essence of blockchain is a distributed accounting technology, as opposed to centralized accounting technology, which is widely used in our current lives. exist. Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.

Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. At the same time, as the underlying technology of Bitcoin, it is a series of related cryptographic methods. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity and anti-counterfeiting of the information and generate the next block.

In a narrow sense, blockchain is a chained data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be non-tamperable and non-tamperable. Fake distributed ledger.

Broadly speaking, blockchain technology uses block chain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, and uses cryptography to ensure data transmission and access. It is a new distributed infrastructure and computing method that uses smart contracts composed of automated script codes to program and operate data securely.

The popular understanding of blockchain technology is: connecting the front, back, left and right blocks of "things" using one technology to form a chainHowever, the original data of each block cannot be tampered with. It is a "linked module" technology in the field of Internet of Things that allows participants to trust. The application of blockchain technology is inseparable from the Internet and the Internet of Things. It is based on the integration and interaction of the two, but allows participants to remain independent, decentralized, and work together. With this set of value chain co-construction and sharing, technology.

Characteristics of blockchain: decentralization, openness, autonomy, information cannot be tampered with, and anonymity.

Blockchain is a network that can deliver value. The demand for a network that can deliver value is an important reason for the emergence of blockchain technology. Blockchain emerged driven by the need to protect information with ownership or other value. Through public and private key cryptography, distributed storage and other technical means, blockchain ensures on the one hand the efficient transmission of valuable information, and on the other hand ensures that this information will not be easily copied and tampered with during the transmission process.

Understand the connotation of blockchain from the inevitability of its birth. Blockchain is a distributed accounting technology that solves the shortcomings of centralized accounting and solves the problem of distributed consistency. It is also The connected Internet is upgraded to a value network that ensures the safe and efficient transmission of valuable information.

Blockchain Technology Concept 3

Blockchain: Blockchain is like a globally unique account book, or database, which records the history of all transactions in the network.

Ethereum Virtual Machine (EVM): It allows you to write more powerful programs on Ethereum and script programs on Bitcoin. It is also sometimes used to refer to the Ethereum blockchain, which is responsible for executing smart contracts and everything.

Node: You can run a node to read and write to the Ethereum blockchain, that is, using the Ethereum Virtual Machine. Full nodes require downloading the entire blockchain. Light nodes are still under development.

Miner: Mining, that is, the node that processes blocks on the blockchain. You can see some of the currently active Ethereum miners on this page: stats.ethdev.com.

Proof of Work: Miners are always competing to solve some mathematical problem. The first one to solve the problem (calculate the next block) will be rewarded with Ether coins. All nodes then update their own blockchain. All miners who want to figure out the next block have an incentive to stay in sync with other nodes and maintain the same blockchain, so the entire network can always reach consensus. (Note: Ethereum is planning to move to a proof-of-stake system (POS) without miners, but that is outside the scope of this article.)

Ethereum: Abbreviation ETH. A true digital currency that you can buy and use. Here is a chart from one of the exchanges where Ethereum can be traded. At the time of writing, 1 Ether is worth 65 cents.

Gas: Executing programs and saving data on Ethereum consumes a certain amount of Ethereum. Gas isConverted from Ether. This mechanism is used to ensure efficiency.

DApp: The Ethereum community calls applications based on smart contracts decentralized applications (Decentralized App). The goal of DApp is (or should be) to have a friendly interface for your smart contracts, plus some extras, such as IPFS, a decentralized network that can store and read data, not from the Ethereum team but in a similar spirit ). DApp can run on a centralized server that can interact with Ethereum nodes, or it can run on any Ethereum equal node. (Take a minute to think about this: Unlike ordinary websites, DApps cannot run on ordinary servers. They need to submit transactions to the blockchain and read important data from the blockchain rather than a centralized database. Compared to typical users When logging into the system, the user may be represented as a wallet address and other user data is stored locally. Many things will be structured differently from current web applications.)

Ethereum client, smart contract language

p>

Writing and deploying smart contracts does not require you to run an Ethereum node. Browser-based IDEs and APIs are listed below. But if you are just learning, you should still run an Ethereum node to understand the basic components, and running a node is not difficult.

Clients available for running Ethereum nodes

Ethereum has many client implementations in different languages, that is, multiple methods of interacting with the Ethereum network, , including C++, Go, Python, Java, Haskell, etc. Why do we need so many implementations? Different implementations can meet different needs. For example, the goal of Haskell implementation is to be mathematically verifiable, to make Ethereum more secure, and to enrich the entire ecosystem.

At the time of writing this article, I am using the client geth (go-ethereum) implemented in the Go language. At other times, I also use a tool called testrpc, which uses the Python client pyethereum. Later examples will use these tools.

About mining: Mining is fun, a bit like caring for your houseplant, but also a way to learn about the entire system. Although the current price of Ethereum may not even cover the electricity bill, who knows in the future. People are creating many cool DApps that may make Ethereum more and more popular.

Interactive console: Once the client is running, you can synchronize the blockchain, create a wallet, and send and receive Ethereum. One way to use geth is through the Javascript console. In addition, you can use cURL-like commands to interact with the client through JSON RPC. The goal of this article is to take you through the process of DApp development, so I won’t go into details about this.. But we should remember that these command line tools are useful for debugging, configuring nodes, and using wallets.

Running the node on the test network: If you run the geth client on the official network, it will take quite a while to download the entire blockchain and synchronize with the network. You can determine if synchronization has occurred by comparing the last block number printed in the node logs with the latest block listed on stats.ethdev.com. ) Another problem is that running smart contracts on the official network requires real Ethereum. Running the node on the test network does not have this problem. At this time, there is no need to synchronize the entire blockchain. Just create your own private chain, which saves time for development.

Testrpc: Use geth to create a test network. Another faster way to create a test network is to use testrpc. Testrpc can help you create a bunch of test accounts with funds at startup. It also runs faster and is therefore better suited for development and testing. You can start with testrpc, and then as the contract slowly takes shape, move to the test network created by geth - the startup method is very simple, you only need to specify a networkid: geth --networkid "12345". Here is the code repository for testrpc, we will talk about it again below.

Next, let’s talk about the available programming languages, and then we can start the real programming. Solidity is the programming language used to write smart contracts.

There are several languages ​​to choose from when writing smart contracts: Solidity, which is somewhat similar to Javascript, has a file extension of .sol. Serpent, which is similar to Python, has a file name ending in .se. There is also a Lisp-like LLL. Serpent has been popular for a while, but now the most popular and stable one is Solidity, so just use Solidity. I heard you like Python? Use Solidity.

solc compiler: After writing the smart contract with Solidity, you need to use solc to compile it. It is a component from a C++ client implementation. Again, different implementations complement each other. Here is how to install it. If you don't want to install solc, you can also use a browser-based compiler, such as Solidity real-time compiler or Cosmo. The programming sections below will assume you have solc installed.

web3.js API. After the Solidity contract is compiled and sent to the network, you can use Ethereum's web3.js JavaScript API to call it and build web applications that can interact with it.

D. What is the Belt and Road Initiative?What does Luya Investment Bank’s digital currency blockchain refer to

Introduction: Speaking of the Silk Road, many people know it very well and have learned it in history classes. The Silk Road is a link between China and foreign countries. trade roads. Caravans traveling up and down this road traded a variety of goods. The launch of the "One Belt and One Road" was actually triggered by the Silk Road. It mainly refers to an economic belt connecting various countries, and many projects will be built in the "One Belt and One Road". In addition to trade, it is more about infrastructure. In addition, the "One Belt, One Road" AIIB digital currency blockchain has also been launched. How to understand these issues?

3. Summary

In fact, the Belt and Road Initiative is an advocacy agreement, and everyone who joins this country can develop better with the help of China. This is actually a measure to consolidate the economic strength of Asian countries and make their economic systems stronger, so we are also looking forward to the development of the Belt and Road Initiative.

E. The great chess game of the times: the central bank’s digital currency supports China’s bold implementation of free convertibility of the renminbi - Draft

The great chess game of the times: the central bank’s digital currency supports China’s bold implementation of free convertibility of the renminbi

Coin Circle Zi Zhi Tong Jian 6 days ago

The central bank’s digital currency is a great chess game of the times!

Asia Weekly published an article in 2019, a visionary god predicted the implementation of free convertibility of the RMB and thoroughly dismantled the logic!

As of June 18, 2020: The top decision-makers of the Party Central Committee in the fields of economy, finance, and securities simultaneously announced the "free convertibility of the RMB" at the 12th Shanghai Lujiazui Forum, and Singapore's senior officials took advantage of the opportunity to Shanghai exchanges views on digital currency interconnection!   Conversion

If today’s RMB is restricted in its free convertibility and cannot become the basic settlement currency in international trade overseas, then, relying on blockchain technology and issued by the central bank If virtual digital currency is accepted by a large number of digital currency exchanges, it will be equivalent to realizing the free convertibility of RMB from another level. In international trade, any party holding the virtual digital currency of the Central Bank of China can exchange this digital currency for Bitcoin or other virtual digital currencies through an exchange, and then exchange it for other legal currencies. In this way, China will get rid of the traditional foreign exchange settlement channel under the hegemony of the US dollar and is expected to create a new settlement currency for international trade. Even if it cannot replace the US dollar for the time being, it can replace stablecoins such as USDT in Internet trade, and it can also become the basic currency for international personal payments.

At present, China is worried about foreign exchange outflows and dare not allow the free convertibility of the RMB. In the future, the outflow of the central bank's virtual digital currency will have nothing to do with foreign exchange, because the anchor behind it will definitely still be the RMB. This also breaks the current curse of asset outflows and foreign exchange declines. Even if the outflow of virtual digital currencies is allowed, there is no need to worry about a decrease in foreign exchange reserves. This is why we believe that at this moment, the central government should elevate to the Politburo level to pay attention to the development of blockchain technology.

The third type of virtual currency is a comprehensive innovation of security tokens that takes advantage of blockchain technology to "confirm ownership." The 2017 ICO made many people discover that tokens combined with smart contracts can actually use funds more effectively than stocks, bonds, options, etc., while improving efficiency. However, because the existing legal regulatory framework cannot effectively regulate the responsible parties for token financing, the token economy has begun to become somewhat bleak in the past two years. There are also various problematic projects that use tokens to fish in troubled waters, making tokens The economy is considered a "scam". However, as the world gains a greater consensus on blockchain and more information and rights are put on the "chain", the token economy, which has made huge innovations in the existing financial system, will eventually return.

Under the influence of the "cypherpunk" organization led by libertarians, the road to virtual digital currency starting from Satoshi Nakamoto's Bitcoin white paper was originally intended to subvert the US dollar. The international financial system must subvert the global economic order centered on any country's legal currency. Now, with the help of blockchain, China may be able to challenge the hegemony of the US dollar, but it also has to face the challenge of decentralization, and it is impossible for China to establish an international financial system dominated by RMB. The line written by Satoshi Nakamoto in the Bitcoin genesis block mocked the old financial order. Today’s financial order in China is also within the scope of his ridicule. As China fully embraces blockchain, it needs to understand and utilize blockchain better than the United States to help rebuild the new global economic order and financial system. This is the real breakthrough.

China also has a more favorable advantage than the United States, which is that China is not as dependent on the hegemony of the US dollar as the United States, so it is easier for China to turn around. With the top-down emphasis on blockchain technology, in addition to finance, blockchain, a decentralized social organization idea that combines "people" and "machine", will inspire more people. Gradually manifest and play its role. This may have more far-reaching consequences.

02

RMB 3.0, that is, the central bank's digital currency will break through the US dollar monopoly. Find a way to achieve economic breakthrough and challenge the hegemony of the US dollar. China is studying to launch a "RMB 3.0" cryptocurrency system, which will be linked to sovereign credit and establish an appropriate proportional relationship with national GDP, fiscal revenue, and gold reserves. China leads the world in the field of blockchain. There are seven Chinese companies in the top ten of the global blockchain enterprise invention patent rankings, and China's patents account for 67%.

Blockchain is China's search for an economic breakthrough during the Sino-US trade war. It is not only a new industrial economic growth point, but also regarded by China as a good way to challenge the hegemony of the US dollar. Blockchain has recently received great attention from China's top leaders. In a speech on October 24, they called blockchain "a breakthrough for independent innovation in core technologies." Subsequently, the People's Daily and other official media published editorials in support, which also led to China's Blockchain-related stocks in the stock market have surged. Bitcoin surged by 20% on October 27, and blockchain concept stocks in the Shanghai and Shenzhen stock markets are also rising. The development of blockchain in China has two directions. The first is to combine blockchain technology with real industries to promote and improve the efficiency of existing industries. The second is to launch the "RMB 3.0" currency system to fight against the hegemony of the US dollar and find a new way to develop. The currency system further digitizes the RMB (digital, digital).

RMB 3.0 represents the RMB entering a new stage. China’s international economic exchangesHuang Qifan, vice chairman of the Streaming Center, said that the People’s Bank of China is likely to be the first central bank in the world to launch a digital currency. RMB 1.0 is a paper currency, while RMB 2.0 is going electronic, entering the homes of ordinary people through Alipay, WeChat payment and other systems, and becoming a daily payment tool. RMB 3.0 is digital and becomes a cryptocurrency. Any currency involves the issue of mortgage and support. Huang Qifan believes that digital currency should be linked to sovereign credit and establish an appropriate proportional relationship with national GDP, fiscal revenue, and gold reserves to serve as credit support for RMB 3.0. He also said that the digital currency of the People’s Bank of China should be (DCEP) is a replacement for M0 (cash in circulation), rather than digitizing existing currencies, that is, gradually converting cash on the market into cryptocurrency. RMB 3.0 will get rid of concerns about exchange rate fluctuations with the US dollar, compete with each other, and promote the digital RMB to form a new ecosystem. With the support of huge domestic demand and the "One Belt, One Road" initiative, the hegemony of the US dollar will be challenged. At the current juncture of the Sino-US trade war, this is China's "sudden emergence" as a bargaining chip, posing strong pressure on the United States.

China has long been a pioneer in blockchain applications. In 2014, when Vitalik Buterin, the inventor of Ethereum, developed the "next-generation cryptocurrency and decentralized application platform," he relied on the support of Chinese investors. Today, at least seven of the top ten global virtual currencies are closely related to the Chinese and global Chinese. The Chinese’s deep involvement in the blockchain field is actually also reflected in the Bitcoin “mining” project. Today, about 70% of miners are still in China. The world's largest mining company "Bitmain" and Canaan are both Chinese companies.

China's blockchain scientific research results are also the best in the world. According to the "Global Blockchain Enterprise Invention Patent Ranking in the First Half of 2019" jointly released by the intellectual property industry media IPRdaily and the incoPat Innovation Index Research Center "List", seven of the top ten companies applying for patents are Chinese companies, and only two are from the United States. The top two are China's Ant Financial and Ping An. In terms of countries, China accounts for 67% of patents, and the United States ranks second, accounting for only 16%. On the contrary, China has overtaken the United States in scientific research on blockchain. Alibaba's blockchain application scenarios include drug authenticity traceability, cross-border mobile phone transfers, electronic bills, etc., reflecting that in addition to cryptocurrency, China is also working hard to support the real economy with blockchain.

The "2018 China Blockchain Industry White Paper" released by the Ministry of Industry and Information Technology of China last year also planned that the industries for future blockchain development include: commodity traceability, copyright protection and transactions, and electronic evidence storage. In more than a dozen industrial fields such as certificates, financial science, precision marketing, big data trading, industry, energy, medical, and digital identity Internet of Things, the "People's Daily" commentary also stated that blockchain innovation should be related to the hype of cryptocurrency and air currency. treat differently, also pointed outBlockchain needs to be further developed and improved in terms of security, standards, and supervision, which means that it must be implemented and contribute to the real economy.

03

The source flow of the blockchain

Ten years ago, the founder of Bitcoin, Nakamoto, wrote a line in the creation block of the world. The permanently preserved text is the title of the front-page article in The Times that day: "On January 3, 2009, the chancellor is on the verge of implementing a second round of bank emergency bailouts." The purpose of Satoshi Nakamoto's move Obviously, he wanted future generations to look up the genesis block to see that a new financial system was born at a moment when the old financial system was weak.

In the past ten years, Bitcoin has transformed from a game played by a few technical geniuses into a global financial tool. The blockchain technology summarized by Bitcoin has become the future The underlying foundation of the smart era. The span of this decade has dazzled many people. In fact, there is no need to extend the time to ten years. Even the changes in recent months have shocked many people.

                                                                                                                                                                                                                    04
Libra, a certain stable currency, is almost going to rewrite the global payment landscape. Of course, this ambitious plan has been strongly blocked by the vested interest groups that currently control the hegemony of the US dollar in the name of supervision, causing Libra to be in trouble. On October 23, Facebook founder Mark Zuckerberg testified before the U.S. Congress: “We need to discuss the risks of not innovating, especially the Chinese central bank’s digital currency... If China’s financialAs the system becomes the standard for more and more countries, it will be difficult for the United States to implement sanctions and various protective measures in the future. "

In the context of the current confrontation between China and the United States, as soon as Zuckerberg's warning came out, there was an echo. China stepped forward from the highest level and cleared the biggest obstacle to the central bank’s digital currency. On the afternoon of the 24th, the Political Bureau of the CPC Central Committee held its 18th collective study session on the current status and trends of blockchain technology development. The country emphasizes: "We must strengthen basic research, improve original innovation capabilities, and strive to make our country at the forefront of theory, occupy the commanding heights of innovation, and gain new industrial advantages in the emerging field of blockchain."

On September 4, 2017, after seven departments including the Central Bank, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission issued an absolute ban on ICO financing, the development of the blockchain industry in China actually entered a new phase. A gray area. The ban has been imposed from top to bottom, seeming to limit the exploration of blockchain applications and development within the industry. The current top-level characterization of "taking blockchain as an important breakthrough for independent innovation in core technology" is tantamount to completely lifting the ban. Central bank digital currency can soon move from theory to practice, and other aspects should be liberalized accordingly.

As a technology, blockchain is not complicated. The key to blockchain is that it provides a decentralized social organization idea that combines "people" and "machine". What is important is society’s consensus and practice of this idea. If we say that in the first five years of Bitcoin, it was difficult for many people to see the birth of a new financial system, but in the last five years, especially the smart contracts that Ethereum relied on, people saw an upgraded version of Bitcoin. That is to say, the emergence of the so-called blockchain 2.0, people can really use this to completely rewrite the existing financial order, not only the payment order, but also the securities order, including the banking order, etc.

05

Switzerland Singapore has promoted blockchain

In the past five years, many countries seeking to occupy a higher status in the global financial system have long been Take action to fully embrace blockchain, typical examples include Switzerland and Singapore. They have long become believers of Satoshi Nakamoto and have long believed in the grand goal of Bitcoin's design. They are also practicing. But although their efforts have had an impact on the blockchain industry, they are not enough to shake the world's financial system. why? Because they are too small, the "consensus" formed by their country is not yetEnough to move the whole world.

Therefore, once major countries like China or the United States that can influence the world recognize the idea of ​​blockchain and then apply specific technologies to various industries, then a global consensus will be established. Only then will a new financial order emerge. Therefore, China and the United States are bound to encounter each other in terms of blockchain consensus standards. In recent months, such encounters have suddenly come to light.

Satoshi Nakamoto, who originally designed Bitcoin, whether he is a person or a team, whether he lives or dies, he laid the foundation for the creation of a financial system based on the Internet. However, the subsequent development of virtual currencies starting from Bitcoin and blockchain exceeded Satoshi Nakamoto’s expectations and became more complex. Satoshi Nakamoto's design was to make Bitcoin a third-party payment currency in Internet trade. This goal has obviously not been achieved. Today's Bitcoin, in Internet trade, fulfills the role of another kind of financial work.

The so-called Internet trade does not refer to e-commerce, which moves offline stores online and then sells them. In the design of Satoshi Nakamoto's Bitcoin white paper, Internet trade refers to trade that arises from the Internet ecosystem and is then traded in the Internet ecosystem. Because there is no offline involvement at all, transactions can be conducted through Bitcoin, a purely virtual currency. But now, with a constant total amount, Bitcoin is increasingly becoming a reserve currency and a tool that can be regarded as a store of value like gold. On the contrary, Libra in the design, or the central bank virtual currency that the People's Bank of China has been mentioning for a long time, can become a payment tool in Internet trade.

Today, relying on blockchain technology, three different types of virtual currencies have emerged. The first is Bitcoin. As more and more people around the world recognize Bitcoin, the so-called "consensus" is getting stronger and stronger. Bitcoin, whose current price is constantly fluctuating, will inevitably find a balance in valuation.

The second type is "Stablecoin" as a payment tool. Libra's mission is to "build a simple global monetary and financial infrastructure to serve billions of people." Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, said in September that the People's Bank of China's version of digital currency is "ready to come out" and that the People's Bank of China's version of digital currency will adopt a two-tier structure and will be issued to institutions and directly to individuals. This means that China’s central bank’s version of digital currency is expected to become a tool for global netizens to enter the virtual currency trading market, replacing the current role of stable currencies such as USDT. More importantly, with the recognition of the world's second largest economy, which is the consensus of more than one billion people, the Chinese central bank's version of virtual digital currency can easily be accepted as a transaction tool for cross-border payments.

Original publication time is 2019-11-06

F. The operating principle and development of blockchain, you don’tI don’t know!

1. Why is there innovation in blockchain?
The starting point of the first generation of the Internet is the TCP/IP protocol, which implements a unified format for peer-to-peer transmission of information by all nodes on the network. Open code. However, the impact of such an uncomplicated innovation on mankind is epoch-making. It has programmed, agreed, and enforced the basic values ​​required by a unified global market: "freedom, equality, and fraternity." Then the STMP email protocol, HTTP domain name protocol, etc. were derived, achieving low-cost and high-efficiency global information transmission in a decentralized manner. As Alibaba Vice President Gao Hongbing said:
"The Internet is to eliminate the (information) supply chain that has very low value and high cost - it is open, interconnected, peer-to-peer, globalized, and decentralized."
We know: The essence of the market is also decentralized. It automatically executes the decentralized agreement of "equivalent exchange". Just as Nobel Prize winner Ronald Coase summed up: "The market economy is based on two On the basis of deep cognition: admitting ignorance and tolerating uncertainty." Adam Smith also described the market as: "the invisible hand"! Therefore, the market must require the low-cost flow of information decentralization, and the Internet has adapted to the global Under the general climate formed by the unified market, it turned out to be.
However, the first generation of Internet decentralized solved the problem of low-cost and efficient transmission of information, but it did not solve the problem of credit of information. Therefore, what the second-generation Internet must break through is: how to establish global credit in a decentralized manner so that value transfer can be carried out at low cost and with high efficiency.
So what are the problems with the original centralized credit system? As we all know: centralized credit, such as the legal currencies of various countries, has different credit values, and the clearing systems are also incompatible, which adds a lot of cost to global trade. The current global credit system centered on the US dollar has a "Triffin Paradox" in its mechanism (the essence is that a country's legal currency cannot simultaneously resolve the conflict between its own economic interests and global economic needs). Therefore, in 2009, the Governor of the Central Bank of China, Zhou Ogawa called for the creation of a super-sovereign storage currency. In the same year, Satoshi Nakamoto disclosed the first-generation blockchain source code-"Bitcoin" online.
2. How does the blockchain system operate?
First of all, Satoshi Nakamoto knew very well that establishing a credit system for payment must solve the problem of preventing "duplicate payments", that is, no counterfeit currency can be created. The centralized credit system relies on state machinery to prevent counterfeit currency. What about "Bitcoin"? Satoshi Nakamoto's great innovation is to "timestamp" every transaction. There is a block (block: equivalent to a network account book) every ten minutes, and all network transactions for these ten minutes are correctly timestamped. The question is who will cover it? Satoshi Nakamoto did not assume that everyone on the Internet is Lei Feng. He agreed with Adam Smith: people in the market are greedy. He asked the so-called "miners" to compete for the accounting rights of these ten-minute blocks. The rules of the competition were to correctly record the accounting and at the same time solve the SHA256 problem. Who can prove their plan?The computer with the fastest computing power (the so-called PROOF OF WORK mechanism) can compete for the legal accounting rights of these ten-minute blocks and receive a reward of twenty-five Bitcoins. This is the so-called "mining" process. It is actually a decentralized credit process that establishes a network-wide ledger - the blockchain. Therefore, the more essential function of miners is "bookkeepers"!
Satoshi Nakamoto is here In its Bitcoin white paper, the process of establishing this credit system is described in detail:
Step 1: In order for the entire network to recognize it as valid, each transaction must be broadcast to each node (node: that is, the miner);
The second step: Each miner node must correctly timestamp each transaction in these ten minutes and record it in that block;
The third step: Each miner node must Compete for the legal accounting rights of this ten-minute block by solving the SHA256 puzzle, and strive to get a reward of twenty-five bitcoins (fifty bitcoins every ten minutes for the first four years, decreasing by half every four years);< br>Step 4: If a miner node solves the SHA256 puzzle of these ten minutes, it will publish all the timestamped transactions recorded in its ten-minute blocks to the entire network, and they will be checked by other miner nodes in the entire network;< br>Step 5: Other miner nodes in the entire network check the correctness of the block accounting (because they are also stamping the accounting at the same time, but they have not competed for the legal block accounting rights, so there is no reward), there is no error Finally, they will compete for the next block after the legal block, thus forming a single chain of legal accounting blocks, which is the general ledger of the Bitcoin payment system - the blockchain.
Generally speaking, each transaction must undergo six block confirmations, that is, six ten-minute accounting, before it can finally be recognized as a legal transaction on the blockchain. The following is the accounting format of Bitcoin:
So the so-called "Bitcoin" is such a billing system: it includes the owner electronically signing with the private key and paying to the next owner, and then the entire network's "miners" "Time stamp the account and form a blockchain.
3. What are the innovations in Bitcoin’s blockchain finance?
Similar to gold, trying to establish decentralized credit on the global Internet may allow value to flow across the entire network at high speed and at low rates (currently each transfer The transfer rate is one ten thousandth);
The total amount of currency is agreed upon by the cryptographic protocol;
Compared to gold, digital currency is infinitely divisible;
The value of currency can be based on a large number of P2P transactions ;
Full transparency in financial management (every transaction can be traced on the blockchain).
Bitcoin’s blockchain-wide accounting system has established a market value of US$10 billion, the highest on the global Internet. Therefore, Wu Xiaoling, dean of Tsinghua PBC School of Finance, pointed out: The blockchain experiment established distributed credit, which is an upgraded version of Internet TCP/IP, upgrading from information transmission to value transmission;
4. Bitcoin’s blocks What are the inherent flaws of the blockchain system?
Bitcoin’s blockchain system has been open source and running on the Internet since 2009.Although there are some successes in the past, it also shows some inherent flaws that are difficult to overcome:
The total amount cannot change with the market situation and will inevitably rise and fall;
The high carbon of mining is less than 1%. Miners can compete for the accounting rights of less than ten minutes of blocks, and more than 99% of other miners participating in the competition waste their computing power;
Inflation of about 10% every year greatly increases the cost of the Bitcoin financial ecology, and even threatens Her survival;
As a decentralized self-organizing DAC system, the operating costs of the accounting and issuance functions are too high.
As a global payment system, its efficiency is far from meeting the actual requirements of global trade. The Bitcoin network currently confirms a maximum of 7 transactions per second. In comparison, Visa's network system can process 10,000 transactions per second at the fastest, and Alipay's record is 80,000 transactions per second on Singles' Day in 2014!
5. Block The development of chain technology 2.0:
As the 2.0 upgrade and development of blockchain, it first focuses on solving the high-carbon mining of Bitcoin accounting:
When we discuss how to overcome the high carbon of Bitcoin mining and accounting Professor Liu Taoxiong from the Tsinghua Institute of Economics pointed out that mining competition relies on computing power. In the end, only one company competes for the legal accounting rights, and the other 99% of the miner nodes are mined for nothing, which is a waste of resources. It is obviously unreasonable. If The whole network transparently knows the legal accounting rights of the next block, and it is randomly generated in the entire network, which eliminates the high carbon cost of competitive accounting! After hearing this, we all praised Professor Liu for his brilliant idea, because the second generation is now more successful. Coin NXT has this mechanism. Their white paper is called "Transparent Forging". However, the probability of the accounting rights going to someone is directly proportional to the NXT token holdings in each miner node wallet. This is called the proof of equity mechanism ( PROOF OF STOCK). Of course, this also triggered a debate about the unfairness of NXT’s distribution of tokens to early investment developers!
RIPPLE is a semi-decentralized blockchain solution that uses “trusted gateways” to conduct block operations. The credibility of chain accounting is based on the consensus ledger protocol that these gateways will not do evil at the same time.
The most ambitious attempt is Ethereum, which combines blockchain technology with Turing completeness, hoping to develop a basic platform that can support the construction of various blockchain systems in the future. The development of various credit currencies, digital assets, smart protocols and even financial derivatives. The system design is to unify blockchain accounting on the ETHERUM platform and be used by all developers. Maybe their official version will be released in the near future.
6. Possible applications of blockchain innovation in other fields:
Now, blockchain’s attempts to establish decentralized credit are no longer limited to the financial world, but have attracted attention from all fields of society, especially in At present, some of China's central credit institutions, such as the "Red Cross", are in a state of "collapse". Blockchain can provide a new way of thinking and technical options for social management.The following are some new developments and related discussions we have learned about:
The combination of blockchain and the Internet of Things unifies digital assets and atomic assets, smooths the difference between consumer assets and cash assets, expands public credit, and accelerates value circulation. ;(IBM-Samsung)
Establish an intellectual property protection system on the blockchain, record the use of intellectual property across the entire network, and establish a global advertising market;
Can the blockchain be issued for emerging economies along the Belt and Road Initiative? Protocol-based cryptocurrencies provide technical support;
Blockchain + cloud computing can develop into decentralized self-media and community systems;
Blockchain can build a decentralized equity crowdfunding system to allow innovation The project enters the circulation field ahead of schedule;
Blockchain can develop a fully transparent financial management system;
Blockchain supports the establishment of a global decentralized corporate organization.
In short, in this era when credit has become a scarce resource, the technological innovation of blockchain, as a distributed credit model, provides new opportunities for finance, social management, talent evaluation and decentralized organization construction in the global market. All provide a broad development prospect.