区块链一定要发行token吗,区块链一定要发行token吗为什么

A. The significance of the legal opinion on non-securitization of tokens issued by the Singapore Foundation for blockchain project registration

Security Tokens are the focus of regulation in various countries. Once a Token is recognized as a security, the compliance requirements of the related blockchain projects will be increased. For example, it needs to obtain the corresponding financial license, pass the approval of the regulatory agency in the country where it is located, accept the supervision of the regulatory department, etc. Compared with security tokens, non-securitized tokens are easier to issue and face less supervision. Therefore, when a blockchain project issues Token, the legal opinion on the non-securitization of Token issued by a law firm is of great significance to the normal advancement of the entire project.

Currently, in order to avoid their own risks, most of Singapore’s mainstream digital currency exchanges require project parties to provide legal opinions on the non-securitization of Tokens.

Take the legal opinion issued by a Singapore lawyer for a blockchain project that our company has operated as an example. It mainly explains that Token does not belong to the capital market defined by SFA from two aspects: the Token itself and the rights and interests of Token holders. product.

The main procedures for conducting blockchain projects in Singapore:

1. Register a Singapore public non-profit foundation

Due to the business nature of blockchain, Therefore, companies carrying out projects in Singapore must register public non-profit foundations, which is more convincing; the information required to register a Singapore foundation is:

1. Foundation name: English name (ending with FOUNDATION LTD.)

2. ID cards of three directors are required (one Singaporean member is provided by Zhuozhi, and the other two are provided by themselves)

3. Business scope: 62019 Development of other software and programming activities n.e.c.

62022 Software consultancy

4. Registered capital: No capital verification is required, the minimum is SGD 1, and there is no maximum upper limit.

5. Company secretary (Zhuo Zhi serves as a licensed secretary)

6. Singapore registered address (provided by Zhuo Zhi)

7. Registration time: 10 to 25 Working days

2. Issuance of token non-securities legal opinion

The role of legal opinion has been mentioned earlier. Issuing a legal opinion requires not only the foundation’s documents, but also the project’s The white paper is provided to lawyers to make changes to make it consistent with Singapore's current laws and regulations.

B. A real DApp needs to meet several conditions

A real DApp application needs to meet the following conditions at the same time:

1. The application must be completely open source and autonomous, and no one entity controls more than 51% of the application's tokens. The application must be able to be upgraded based on user feedback and technical requirements, and application upgrades must be carried out only after a majority of users reach a consensus;
2. The application data must be encrypted and stored on a public blockchain ;
3. Applications must have a Token mechanism (general tokens based on the same underlying blockchain platform or self-issued new coins can be used), and miners or application maintenance nodes need to receive token rewards;
4. Application The generation of tokens must be based on a standard encryption algorithm, and valuable nodes can obtain application token rewards based on this algorithm.

C. Why is Token the value carrier of blockchain?

Technically speaking, blockchain and token can be completely separated. But when tokens are combined with the blockchain, the authenticity and the uniqueness of the assets can be determined through encryption algorithms and distributed ledgers, and they can be circulated through consensus algorithms. Token is necessary for value carrying and circulation. It can ensure the normal operation and value circulation of the blockchain and is the blood of the public blockchain.

D. A brief discussion on how to design a good token economic system

The word token has been mostly translated into tokens before, but tokens not only have monetary attributes, but also In the blockchain ecosystem, token means everything, so many people have suggested that it would be more appropriate to translate it into a pass, which has been recognized by more and more people. Regardless of whether tokens are translated into tokens or certificates, it is undeniable that tokens are the soul of blockchain projects, and the design of token economic systems is becoming more and more sophisticated.

What is token economic system design?

Personally, I think it is through a reasonable token distribution mechanism to mobilize the enthusiasm of all participants, continue collaboration and exchange, and continuously promote the system. of prosperity. In essence, they are all about coordinated evolution and building a stronger community of interests.

From the above sentence, we can extract two core points: a reasonable token distribution mechanism and the definition of participant roles, and encourage each participant to develop towards the overall goal (ecosystem design) .

Ecosystem design

Before starting to design a token economic system, two issues must be clearly understood:

First, what problem should be solved? . Second, does this problem really need to be solved by blockchain, or can it be solved well by using blockchain technology without the need to issue tokens.

Blockchain does not supplement the original business, but changes the entire rules. Sometimes a pain point of the original business is solved through tokens, but in other places it willMore questions arise and the dilemma arises again. If there is a deviation in the initial understanding, then the token system designed later will naturally not be very good.

After thinking clearly about these two issues, we need to consider the definition of participants in the token economic system. What are their specific roles? For example, producers, consumers, investors, communicators, etc. What are the demands of these participants and their respective application scenarios?

After defining the roles of the participants, their different interests and demands must be fully taken into consideration. Based on this perspective, the token distribution mechanism must be multi-level and complex.

Token distribution mechanism design

The distribution mechanism is the core of the token economic system, which is not difficult to understand. Just like income distribution is at the core of a market economy. There is a theory of three distributions in macroeconomics.

The three-way distribution theory means that income distribution under market economy conditions includes three distributions:

The first time is distribution carried out by the market in accordance with the principle of efficiency;

The second time is the redistribution carried out by the government through taxation, social security expenditures and other revenue sources in accordance with the principles of fairness and efficiency, focusing on the principle of fairness;

The third time is the redistribution of morality. Distributions are made through voluntary donations by individuals under the auspices of the Force.

This theory also applies to the design of the token distribution mechanism. However, compared with the initial distribution in the macro economy, which is completed by the central bank, the initial distribution of tokens has many differences, so the distribution mechanism of tokens should include four distributions:

The first time Distribution: How is the token generated, and what principles are used to distribute it to the initial holder after generation?

Second distribution: In ecological usage scenarios, distribution is based on the principle of efficiency (whoever contributes more will get more incentives).

The third distribution: If there is a governance agency, how do it manage the tokens it holds, and what principles affect the liquidity of the system tokens, and how does the governance agency itself operate?

The fourth distribution: the principles and methods for individuals to donate, reward, etc.

Among the four distribution processes, the fourth distribution has less influence. The most important thing is the second distribution, which directly involves the interests of all participating parties. The first and third distributions are mainly led by governance institutions. In a sense, if governance institutions have too great influence on token distribution, it can be said to be putting the cart before the horse.

Three principles of token economic system design

toKen's economic system design naturally varies widely due to the specific problems faced by each project. However, I personally believe that the design of an economic system must still follow some basic principles.

First: the principle of network effect. The meaning is simple, that is, a network becomes more and more valuable as more users join and connect with each other. Only in this way can we spontaneously attract more resources to become part of the system, and only then can there be an increase.

Second: the principle of consensus. All mechanisms must be agreed upon and reach consensus. This is a guarantee for the system to function well, otherwise ecological participants will easily fall into division.

Third: the principle of openness and transparency. It sounds a bit strange. Aren’t blockchain projects all open source, decentralized, and naturally open and transparent? This is because it is impossible to achieve decentralization everywhere in an ecosystem. In the design part, we must be open and transparent to avoid black-box operations that harm the interests of other ecological participants.

In the final analysis, the token economy is still an essential business issue, that is, starting from a specific problem and through reasonable allocation methods, all participants can achieve the overall goal. Of course, as Mr. Meng Yan said, designing an excellent economic system is close to artistic creation. The more abstract the system, the easier it is to design, and the more specific problems are more difficult to solve. From this perspective, we all need to have more understanding and patience for blockchain projects that are in the early stages of the industry.

E. The blockchain platform is here to issue coins

The blockchain platform generally issues coins based on its own development and operation needs, and has a token incentive mechanism. It is not ruled out that there are some platforms that issue coins to arbitrage money. There are also many platforms that do not issue coins, such as some media forums Babbitt, Golden Finance, etc., as well as some tool products and various block browsers. There are also some decentralized wallets in the blockchain wallet that do not issue coins. There are also some exchanges that have not issued coins.
Issuing currency is only a means, not the goal of the blockchain platform

F. How to issue currency in blockchain projects is enough to read this article

For Token, Everyone has different understanding and usage. We usually think of it in terms of blockchain technology

Token, in the initial stage of blockchain development, you can simply understand Token in real life
br />
"Points" or "virtual currencies" such as points from the membership card of a gas station car wash, or the barber shop downstairs allows you to get one

Spend 2,000 to get a 1,000-dollar hair salon membership card. The little red flower that the kindergarten teacher gave to the children... is mainly a virtual currency that is mainly based on incentives

and is generally recognized within a certain range. You can use the money I gave you at that time
br />
Token to replace some of my belongingsgoods or equivalent currency.

After the emergence of Ethereum ERC20, Token entered the second stage. As a certificate for raising Ethereum, it can be traded on

exchanges to automate the ICO process.

After the birth of the translation of token, our understanding of Token has entered the third stage. The connotation of Token has been further

expanded. Token is no longer limited to tokens or ICO tokens, but also has usage rights, income rights, etc.

Attributes, areas Blockchain encryption technology can ensure that all symbols that cannot be tampered with can be used as tokens, that is, they have exclusive use rights. When their exclusive use rights are placed in the value network, they are converted into general use rights. , can

further circulate; that is, only at this stage can the development of the Token economy be possible.

Now, the development stage of domestic Token is generally in the second stage. The primary market of virtual currency has been ruined, and many people are rushing to launch blockchain. For projects, find talents, build a team, write a blockchain project white paper, find

industry leaders’ platforms, do community activities, form a community, and then go to the exchange to issue your own token. It only takes 0.2 ETH to make a token

. After it is issued on the exchange, as long as enough people subscribe for your Token, it will instantly become

thousands With ETH, leeks can be easily harvested.

Warm reminder: Coin issuance itself is not a financing act, and the currency can simply be used as a loop within the project ecology

. Only public ICO after the issuance of coins is a financing activity. Our country clearly prohibits ICO.

Issuance of currency for financing (ICO) is already illegal.

So, what are the specific procedures for issuing coins? Today I will bring you some useful information! Teach you how to use smart contracts

to issue your own virtual currency, which is Token.

Now it is relatively easy for us to issue a currency. This is all thanks to the ERC20 protocol. As one of Ethereum's

protocols, it stipulates the basic structure of the token contract. Any token that complies with the ERC20 protocol can be used in other applications (wallets, exchanges, etc.). With the ERC20 protocol, we do not need to repeatedly develop tokens

Basic functions greatly reduce the cost of token developmentthreshold, allowing developers to apply tokens to more fields and launch more ICO projects; more conveniently, since different ERC20 tokens are compatible with the ERC20 protocol, this

Two ERC20 tokens can be traded between each other.

G. Blockchains do not necessarily have to issue coins, but public chains must issue coins

Some countries have been advocating "coinless" blockchains. It just wants the chain but not the currency. It supports technology development but does not support the issuance of currency.

What are the categories of Tokens?

Answer: Three categories

The first category: the lowest level, the so-called junk Tokens. For example, there are various air coins. There are many such tokens in the current market. Everyone needs to keep their eyes open when investing.

Category 2: Ordinary Token. There are now a few implementation projects in progress, such as membership coins, point coins, etc. What everyone thinks about this is a matter of benevolence and wisdom. Some people think it's worth investing, others think it's pointless.

The third category: the most valuable is the value Token. These have investment value.

Tokens with investment value are at least three rights in one.

1. Property rights represent the right to use and deliver products or services. This is the basis that people can use.

2. Currency attribute, it can be circulated, at least it is hard currency within the ecosystem. This is the basis that people are willing to hold on to.

3. Equity attributes: it can increase in value, long-term returns can be expected, and the room for appreciation is large. Blockchain is not just a technology, it is a new way of production and organization, and even a new way of thinking.

Do blockchain projects have to issue coins?

Answer: No need to issue coins

Not all blockchain projects must issue coins. , and the one issuing the currency is not necessarily a blockchain project. For example, in the alliance chain, there is no need to issue coins. For example, Tencent's Q coin is, in principle, a currency, but it is not a blockchain project.

Does a public chain necessarily need to issue coins?

Answer: It must issue coins

Let’s take Bitcoin as an example. As a public chain, the Bitcoin system must rely on the existence of coins. The public chain obtains the stability and non-tamperability of its system through nodes distributed around the world, and these properties are the basis for the survival of the public chain.

Just imagine, if the Bitcoin system is unstable or can be easily tampered with, Bitcoin will be worthless. These nodes are notIt is established by one or several companies, otherwise it is equivalent to a private chain or alliance chain. These nodes must be dynamically constructed by many participants. The existence of these nodes must require the existence of some kind of incentives, otherwise why would the builders of these nodes participate in your system. And this incentive must be integrated with the blockchain system and must be a currency.

Token must be used as an incentive. Isn’t it possible to use RMB?

Answer: No

If RMB is used as an incentive, RMB must be stored in a RMB account. , and this account itself is centralized and too easy to be controlled. If you think about it, you will understand why domestic Bitcoin exchanges are so afraid of central banks. They are afraid of being weaned. In addition, the RMB cannot chemically react with the smart contracts within the blockchain.

And only by reasonably stimulating output through tokens can production relations be changed and the value of the blockchain be brought into play. TOKEN can promote the development of projects faster. TOKEN solves the problems of incentives and consensus. Incentives solve the problem of autonomy. The positive autonomous economic ecosystem and the underlying technology of the blockchain are a perfect combination.

Therefore, public chain projects must have coins. Public chain projects without coins are like an incomplete life.

H. Why does the blockchain need to issue currency

We know that the country has been advocating a "coinless" blockchain. It means that the chain does not require ‌‌‌‌ coins, and it supports technology development but does not support the issuance of coins.
Of course, the currency here is what we often call TOKEN, which originally meant token (temporary) in computer identity authentication. With the popularity of blockchain and digital currency, people have various translations for TOKEN. Diverse, including tokens, points, certificates, logos, indicators, and more.
The understanding of TOKEN in the market is mainly divided into two categories.
In the first category, 99% of people think TOKEN means token, because 99.9% of projects do the same. Establish a foundation, build a website, write a white paper, and then launch an ICO. Because most of the project is still in the conceptual stage, the TOKEN itself has no other meaning except transaction, so people call it a token, and it is implemented to some extent. Functions of money.
The second category, professionals and institutions are more willing to translate TOKEN as a proof of equity, or a pass. For example, a person's identity certificate, academic certificate, equity, bonds, points, bills, etc. are all authentic and cannot be tampered with due to the proof of equity. Every proof of stake becomes more secure and reliable through cryptographic protection.
So, blockchain is not just a technology, it is a new way of production and organization, and even a new way of thinking.
So, the question now is, do blockchain projects have to issue coins?
BackAnswer: No coins are issued. Not all blockchain projects need to issue coins, and those that issue coins are not necessarily blockchain projects.
For example, the alliance chain does not need to issue coins. For example, Tencent's Q coin is, in principle, a currency, but it is not a blockchain project.
So, there is no correlation between the two, but if it is a public chain, it needs to issue coins. why?
Let’s take Bitcoin as an example. As a public chain, the Bitcoin system must rely on the existence of coins. The public chain obtains the stability and non-tamperability of its system through nodes distributed around the world, and these properties are the basis for the survival of the public chain.
Just imagine, if the Bitcoin system is unstable or can be easily tampered with, Bitcoin will be worthless. These nodes are not set up by one or several companies, otherwise they will be equivalent to private chains or alliance chains. These nodes must be dynamically constructed by many participants. The existence of these nodes must require the existence of some kind of incentives, otherwise why would the builders of these nodes participate in your system. And this incentive must be integrated with the blockchain system and must be a currency.
So, why is currency instead of fiat currency, such as RMB, used as an incentive?
If RMB is used as an incentive, since RMB must be stored in a RMB account, and this account itself is centralized, it is too easy to be controlled. If you think about it, you will understand why domestic Bitcoin exchanges are so afraid of the central government. Afraid of being weaned. In addition, the RMB cannot chemically react with the smart contracts within the blockchain.
Electronic currency issued by the central bank cannot be used as the native currency and incentive of a certain blockchain system. Why?
If the central bank or a certain wealthy person wants to destroy a certain project, they only need to use enough electronic currency to build enough nodes and carry out 51% attacks. Therefore, use the electronic currency issued by the central bank as the native currency and incentive. Blockchain systems cannot do this either. Blockchain projects that use independent native coins and incentives do not have this worry.
Because if a person or organization wants to obtain enough nodes to carry out a 51% attack, then it must first obtain more than 50% of the sufficient coins, and the number of coins in the market is certain, so in other Before he could get enough coins, the skyrocketing prices became unbearable for him.
Therefore, public chain projects must have coins. Public chain projects without coins are like a castrated person.
And only by reasonably stimulating output through tokens can production relations be changed and the value of the blockchain be brought into play. Therefore, the project must have TOKEN. TOKEN can promote the development of the project faster. TOKEN solves the problems of incentives and consensus. Incentives solve the problem of autonomy. The economic ecosystem of positive autonomy plus the underlying technology of the blockchain is a perfect combination.

I. What is the blockchain "token"?

Token is another translation besides the conventional translation of token "token". Why is there What about the two translations? It's very simple, because the domestic chain circle is currentlyThere is no unified consensus on the understanding of tokens.

Many people translate Token as "token", and Coin is also called "token". Even when it comes to blockchain, it is equated with Bitcoin. The myth of Bitcoin, coupled with the emergence of various air coins, MLM coins and tasteless coins, has made digital currencies muddy. This completely obscures the value of the “Token” behind the blockchain. In fact, 99% of those who are currently cheering for the blockchain do not understand the meaning of Token.

What exactly is a token? After checking the opinions of various prawns on the Internet about tokens, I think Mr. Yuandao’s explanation is the most thorough:

Various proofs of equity (equities, bonds, points, bills, etc.) in the real world are It can be tokenized and circulated in the digital world. "Just imagine, whether it is standard or non-standard goods or services, they can be digitized, tokenized, and uploaded to the blockchain for low-friction or even zero-cost transactions and cutting. What will the world look like? Human beings The assets and value will be fully activated." Mr. Yuandao said.

Who is Mr. Yuandao? His true identity is Chen Sheng, the founder and chairman of 21Vianet Data Center. As early as 2013, he was paying attention to blockchain and was the first to propose that "blockchain" should be translated as "blockchain", which corresponds to the word "Internet". Mr. Yuandao's thinking and interpretation of "Token" are based on five years of painstaking research on blockchain. Token is by no means a "coin", not a payment tool, and it will not replace the currency status of legal tender.

The first is digital proof of rights and interests, which means that the certificate must be a certificate of rights and interests in digital form. It must represent a right, an inherent and intrinsic value.

The second is encryption, which means that the authenticity, tamper resistance, privacy protection and other capabilities of the pass are guaranteed by cryptography. Each pass is a right protected by cryptography. This kind of protection is stronger and more reliable than any protection provided by law, authority and guns.

The third is tradability, which means that the pass must be able to flow in a network so that it can be verified anytime and anywhere. Some of the tokens can be traded and redeemed. In fact, tokens can represent all proofs of rights and interests, from ID cards to academic diplomas, from currency to bills, from keys and tickets to points and coupons, from stocks to bonds. All proofs of rights and interests in human society can be represented by tokens. represent.