区块链数字货币发行,区块链数字货币投资指南

数字货币交易所：数字货币交易所是指专门从事数字货币交易的网络平台，它是数字货币交易的重要组成部分，也是数字货币投资者的重要选择。数字货币交易所提供了一个安全、可靠、便捷的交易环境，让用户可以轻松交易数字货币，而不必担心资金安全。此外，数字货币交易所还提供了一系列的技术支持和服务，可以帮助投资者更好地实现投资目标。

数字货币钱包：数字货币钱包是一种用于存储数字货币的虚拟钱包，它可以让投资者安全地存储数字货币，以及安全地进行数字货币的转账和交易。数字货币钱包有多种形式，包括硬件钱包、软件钱包和纸钱包，投资者可以根据自己的需要选择合适的钱包，以确保资金的安全。

数字货币挖矿：数字货币挖矿是一种利用计算机硬件来挖掘数字货币的技术，是数字货币发行的重要组成部分。挖矿是一种比较耗时的过程，它需要大量的计算能力，以及一定的技术知识，才能够获得成功。投资者可以通过挖矿来获得数字货币，也可以通过挖矿收取交易费用，从而获得更多的收益。

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1. A beginner’s guide to investing in digital currency (blockchain), just read this article

Comparison of entry thresholds for blockchain and digital currency investment compared to other investment methods Gao, many friends want to invest in digital currencies but don’t know where to start or what to learn. Although 51Coins has updated a lot of relevant knowledge in the "Beginners Playing Coin" section, it is not systematic enough

This time we will systematically organize the information related to blockchain and digital currency investment. In summary, let everyone understand and invest in digital currency faster and more conveniently

1. Understand the blockchain and digital currency

No matter what you invest in, you must understand it. The same goes for blockchain and digital currencies. There are many introductions about blockchain on the Internet, some are too profound, and some are not comprehensive enough. I personally think the video "100 Questions on Blockchain" produced by Huobi is better

100 videos , all of which are blockchain-related knowledge, including: the birth of Bitcoin, operating principles, blockchain FAQs, mining, wallet introduction, etc., and are all in the form of animated videos, making it easier for everyone to understand. Although the explanation is not detailed enough, it can give you a preliminary understanding of digital currency and blockchain

2. Choose a trading platform

After understanding digital currency, you can try to use the trading platform Purchase a small amount of digital currency and experience the process. The purchase and sale of digital currencies must be completed through a trading platform, which is equivalent to a stock exchange in the stock market. It is recommended to choose a large trading platform for the trading platform, which has a comprehensive range of currencies, convenient transactions, and guaranteed fund security

The following three platforms are recommended: Binance, Huobi, and OKEX (ranked in no particular order)

< p> 3. Choose a wallet

If digital currency is compared to cash, a wallet is equivalent to a bank card, used to store digital currency. There are many types of wallets, and the most commonly used ones now are mobile APP wallets (light wallets). Wallets are also divided into types. Different similar digital currencies cannot be transferred to the same wallet. For example, if imtoken is an Ethereum wallet, it can only store Ethereum and tokens issued based on Ethereum, but not other currencies

< p> There are also wallets that claim to support all digital currencies, but most of these wallets are not yet complete.

Of course, after we buy digital currency, we don’t need to deposit it in the wallet, but directly put it in the exchange account, which can save the handling fee and not be so troublesome. Large exchanges such as Huobi and OKEX are relatively It is safe. I personally basically put digital currencies on exchanges

4. Determine the investment plan

Before investing in digital currencies, we must first determine our investment plan and plan to invest. How much money, how much loss you can accept, what is the expected return, and how long the investment time frame is, determine it before investing. Digital currency is a high-risk, high-yield investmentFor products, in the novice stage, you can invest the spare money that will not affect your life. There is no limit on the amount of investment, and the minimum investment is a few hundred yuan.

You can increase the investment amount appropriately after you truly understand the market, but you must also remember The investment amount should be controlled within the range you can afford

5. Choose the investment currency

After choosing the trading platform and determining the investment plan, you can purchase digital currency. So many numbers Which currency should we buy? When buying coins for the first time, it is recommended to choose mainstream coins. You can choose a few coins that you like among the top 20 in the market or recognized value coins

Find out what these coins are for and whether they are available What is the actual value, what news has recently affected the currency price trend, etc.

Understand these issues before buying, and be sure to pay attention to the purchase price before buying

6. Common tools, Website

1. Non-small account: You can view information related to each currency and exchange, including currency price, historical price, increase and decrease, circulation volume, ranking and other information

2 , AICoin: The function is similar to that of non-small accounts. The K-line of aicoin is very convenient and easy to use. It is the first choice for watching K-line charts

3. Coin World: Real-time updates of news and information related to various blockchains and digital currencies

4. Golden Finance: A relatively comprehensive blockchain media platform, including news, news, quotes, celebrity columns, etc.

7. Learn more relevant knowledge

< p> With the above 6 points as a basis, even if we have initially learned about digital currency investment, we still need to learn more knowledge if we want to truly make money by investing in digital currencies. The two most important points are to deepen the understanding of blockchain and technical analysis (K line)

These two are too broad and cannot be learned overnight, so I will not introduce them, K You can find a lot of online knowledge online. As we invest longer, understand more currencies, and come into contact with more related matters, we will gradually deepen our understanding of blockchain.

2. "Blockchain from Digital "Money to Credit Society" epub download and online reading, please ask for Baidu network disk cloud resources

"Blockchain" (Changchai) e-book network disk download for free online reading

Resource link:

Link:

Extraction code: 4bay

Book title: Blockchain

Author: Chang Chai

Douban rating: 7.2

Publisher: CITIC Press

Publishing year: 2016-7

Number of pages: 332

Content Introduction:

"Blockchain: From Digital Currency to Credit Society" discusses the role of blockchain from the aspects of history and background, development status, basic principles and technologies, application ecology, existing problems and challenges, etc. How it was established, why everyone is talking about blockchain, and what is the secret of blockchainHere, what is advanced blockchain (second generation blockchain technology), how does blockchain work, how to move from the information Internet to the value Internet, how to use regulations to constrain and supervise blockchain, and where does blockchain go? Controversies and challenges, and analyze the problems encountered by the blockchain in various aspects and the difficulties that need to be solved from the perspectives of economy, finance, currency, law, science and technology philosophy, etc.

About the author:

Chang Chao

Bobbitt founder, science fiction writer

Han Feng

Tsinghua University University Ph.D., iCenter tutor

Yang Tao

Researcher, doctoral tutor. Assistant to the Director of the Institute of Finance, Academy of Social Sciences

Da Hongfei

Founder of Xiaoyi

Pan Zhibiao

Technical Director of Bitmain , CTO of Qianbi Paypay

Shi Yuhang

Ph.D., Kaiyuan Law School of Shanghai Jiao Tong University

Binbin

Technical expert of Bubi Company , Ph.D.

Shen Tu Qingchun

Shenzhen Yinlian Technology CEO, Ph.D.

Tao Rongqi

Special researcher of Shanghai International Financial Research Center, Babbitt Columnist

3. Daily Blockchain News

The Central Committee of the Communist Party of China and the State Council issued the "National Standardization Development Outline" document mentioning strengthening standard research in the blockchain field

< p> According to Xinhua News Agency today, the Central Committee of the Communist Party of China and the State Council recently issued the "National Standardization Development Outline" (hereinafter referred to as the "Outline") and issued a notice requiring all regions and departments to conscientiously implement it based on actual conditions. The "Outline" points out that research on standards in key technical fields should be strengthened. Carry out standardization research in fields such as artificial intelligence, quantum information, and biotechnology. In technological fields with broad application prospects such as the integration of informatization and informatization, new generation information technology, big data, blockchain, health, new energy, and new materials, we will simultaneously deploy technology research and development, standard development, and industrial promotion to accelerate the pace of industrialization of new technologies. . Research and formulate key technical standards in the fields of smart ships, high-speed rail, new energy vehicles, intelligent connected cars, and robots to promote industrial change. Timely formulate and improve technical safety-related standards in biomedical research, molecular breeding, driverless driving and other fields, and improve the level of safety risk management in technical fields.

Huawei’s chief consultant for financial digital transformation: 5G news and digital renminbi will change payment methods and forms

According to mobile payment network, Zhou Tao, chief consultant of Huawei's financial digital transformation, recently gave a speech at the "10th China Payment and Clearing Forum" and said: There are many technologies that will be used in the payment and clearing field. Huawei believes that there are five key technologies that will be used in the payment and clearing field, and Change the way and form of payment, including 5G messaging; digital renminbi; Hongmeng system; cloud, big dataData, AI; regulatory technology.

Beijing will launch a series of pilot activities for digital renminbi

According to the Beijing Daily, Beijing will launch the "'Beijing Lottery' benefit" in the near future "People's Livelihood Digital Carnival" digital RMB pilot event. This event will focus on transportation scenarios and support consumers in Beijing to enjoy digital RMB payment discounts through coupon issuance. The first phase of the "'Jingcai' Pass" activity was launched to support consumers to receive digital RMB bus tickets and experience traveling by bus/subway for 1 cent.

The People's Bank of China will continue to steadily and orderly promote the construction of key application scenarios to ensure that relevant people during the Beijing Winter Olympics can obtain safe, convenient, stable and efficient digital renminbi services; at the same time, around the "'Beijing Lottery'" With the theme of "Benefiting People's Livelihood", we will explore the launch of more pilot activities in the fields of living payment, communication services, travel and parking, etc., so that consumers in Beijing can enjoy more digital RMB "Beijing Lottery".

Vice President of the Bank of China Research Institute: Digital Euro may lead to the substitution of other countries’ currencies

Zhong Hong, Vice President of the Bank of China Research Institute Ma Tianjiao, a doctoral candidate at the School of Economics at Nankai University, wrote an article "The Development Prospects and Challenges of the Digital Euro" in the 19th issue of "China Foreign Exchange" in 2021. The article pointed out that the digital euro may bring three challenges: First, privacy protection and restriction of illegal financial activities. It is difficult to find a balance between them. Secondly, there are large differences in technical knowledge, infrastructure, legal environment and preferences within the euro area. Thirdly, it has put forward new requirements for the financial regulatory system. In addition, the digital euro will have four potential impacts: Firstly, It increases the risk of "digital runs" on commercial banks. Secondly, the emergence of the digital euro may lead to the substitution of other countries' currencies. Thirdly, it changes the monetary policy transmission mechanism and improves the efficiency of currency injection. Fourthly, it is difficult to shake the hegemony of the US dollar in the short term and will intensify competition among international currencies in the long term. .

McKinsey: CBDC and stablecoins may coexist in some form

According to news on October 11, consulting firm McKinsey released its annual "Global Payments Report", which elaborated on stablecoins and stablecoins. The development of CBDC. The report points out that the co-evolution of stablecoins and CBDC will have a direct impact on society, and the two types of currencies may coexist in some form.

As private companies and monetary authorities begin to issue stable cryptocurrencies in a more mainstream manner, people's thinking about cryptocurrencies is changing from a potential store of value to a financial transaction tool. McKinsey pointed out that in this development process, governments (such as the People’s Bank of China exerting greater influence through direct control of monetary policy), private institutions (such as e-commerce or social media giants in the United States may use stablecoins to perform some user transactions) or industries ( For example based onUsing loyalty stablecoins) will all play a role.

US SEC Commissioner: Truly decentralized projects pose challenges to encryption regulation

U.S. Treasury Secretary: The U.S.'s breach of the debt ceiling may lead to an economic recession

According to news on October 10, U.S. Treasury Secretary Yellen said that the U.S.'s breach of the debt ceiling may lead to an economic recession. Congress is expected to approve the U.S.'s adoption of the world's lowest tax proposal.

Swiss non-profit think tank 2B4CH launched the "Federal Popular Initiative" and proposed that the central bank hold BTC as a currency reserve asset

October 10 , Adam Back, CEO of blockchain technology company Blockstream, retweeted a tweet from Swiss non-profit think tank 2B4CH. According to the tweet, 2B4CH is launching a "Federal Popular Initiative", proposing that in addition to using gold as a currency reserve asset, the central bank will also add BTC as a local currency reserve asset. According to relevant content, Article 99, Paragraph 3, of the Swiss Federal Constitution currently stipulates that part of Switzerland’s monetary reserve assets should be held in the form of gold. The proposed new proposal hopes to adjust this provision to “Swiss monetary reserve assets.” Some should be held in gold and Bitcoin.”

Australian Crypto Fund CEO: It is inevitable for super funds and the financial consulting industry to enter the crypto field

News on October 11, Australia Jeff Yew, CEO of cryptocurrency fund Monochrome, predicts that there will be significant investment in the crypto industry from super funds and financial advisors, but only if more is done to educate investors and better regulate the emerging asset class in the world of digital assets. , there is too much information, there is also a lot of misinformation, and there is a need to bridge the knowledge gap between the traditional financial world and the emerging digital asset field. In the future, it is inevitable that the super and financial consulting industries will enter the crypto field.

The Block founder said he would be very careful about the "passive income" promised by NFTs

The Block founder Mike Dudas tweeted today He posted: "I will be very careful about NFT's promise of passive income by holding NFT. It feels like giving you 10 bananas as a reward every day. NFT looks a lot like securities. If the market price is affected by Dividend support (in most casesIt seems so), then there will be a lot of regulatory risks. ”

Newsletter

According to Pompliano, co-founder of Morgan Creek, the single-day settlement volume on the BTC chain reached $31 billion on October 6. , setting a record high, which also means that since the beginning of 2020, the single-day settlement volume of the BTC network has increased by about 40 times.

Data shows that BTC has risen in the short term, It broke through the US$56,000 mark and is now trading at US$56,015.78, with an intraday increase of 1.2%. The market fluctuates greatly, please control the risk.

News on October 11 , according to the market, the current price of Bitcoin is 55,748 US dollars, an increase of about 90% since the beginning of 2021. This means that since the beginning of the year, Bitcoin’s return on investment has outperformed gold, silver, Apple, Microsoft, Facebook and Te Sla, etc.

According to Polkadot Weekly, Kusama’s 11th slot auction will end on October 13.

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On October 11, the decentralized futures trading platform Futureswap announced that its V4 version was launched on the expansion network Arbitrum on the Ethereum Rinkeby test network.

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According to news on October 11, the Bank of Japan’s September quarter survey showed that 75.7% of households said they had never heard of the central bank’s digital currency, compared with 76.2% in the March survey this year.

Recently, Chicago cryptocurrency startup Decasonic announced the launch of a US$20 million initial fund, which will invest in blockchain, digital assets, decentralized finance, games, NFT and other fields.

According to Bitcoin.com, the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele confirmed on Thursday that the country’s upcoming digital currency eNaira will “ Launching in a few days. eNaira will make Nigeria “one of the first countries in Africa to digitize its national currency.” ”

4. The “thousands of threads” between blockchain and digital currency"Wanli"

The current blockchain and digital currency are still in the development stage, and have not yet been able to maturely integrate with the market and have not formed a sound legal system. Therefore, in the field of blockchain and digital currency There are still many development problems. Blockchain is different from digital currency, but digital currency is closely related to blockchain. Central banks around the world are exploring more scientific ways of creating and circulating digital currency, and are promoting regional The application and development of blockchain and digital currency theory and practice. Countries around the world are keeping up with the trend of the times and strengthening research on blockchain and digital currency to optimize the national financial and monetary system and promote the further development of the financial industry.

Blockchain is a large database supported by unique encryption technology. It has unique advantages such as data privacy protection, decentralization and non-tampering. Blockchain mainly arranges data blocks in order of time. A chain data structure composed of sequential connections. The symmetric encryption function written by the hash function is used to ensure that the blockchain signature is not tampered with and cannot be forged. The blockchain encryption technology makes it unique The high security guarantee determines the uniqueness of its signature data resources, making the data information stored in the blockchain not only difficult to be tampered with and forged, but also openly and transparently displayed in front of users, thus bringing great benefits to users. It has created a strong sense of trust and laid a credit foundation for use. Blockchain is a network formed by blocks. It is a large network in which blocks are interconnected. Each block is both independent and connected.

From the theory to practice of blockchain, take Bitcoin as an example. Bitcoin directly demonstrates the characteristics of blockchain data encryption. A certain amount of Bitcoin is stored in each block, and each user By mining a new block, you can obtain more Bitcoins, and every time a block is mined, the connections between blocks will be opened, because the originally independent blocks are gradually connected together, forming a huge Blockchain.

Digital currency theory is an important strategic and tactical theory in the field of currency in the new era. It is a strategic theory for a new type of currency war under the trend of world globalization. Digital currency theory mainly includes 6 contents, respectively It is the world currency function of digital currency and cross-field payment; the rearrangement of monetary functions; digital currency replaces part of the legal paper currency; the storage value of world currency is transformed into a transaction function; the decentralization of digital currency; and the network as the basis for connection.

Digital currency is an electronic form of modern currency. It fully possesses all the functions of modern paper currency and mainly relies on electronic payment to achieve circulation. The essence of digital currency should be legal tender promoted by the state. , the functions and circulation process should be carried out in accordance with the management rules of modern paper currency. The function of digital currency is realized between real commodity consumption and digital currency exchange. The most important part of digital currency is the data code and identification code. The data code is equivalent to the currency value and needs to be transmitted on the network.The specific data content, and the identification code is equivalent to the currency holder information, pointing to the source and ownership during network transmission.

Take my country's legal digital currency, the digital renminbi, as an example. The digital renminbi is a legal currency promoted by the People's Bank of China. The digital currency can replace part of the renminbi by integrating digital currency with electronic payment methods. RMB. Since digital RMB is issued by the central bank, it has the effect of mandatory issuance and circulation by the state. It is based on national credit and has the same functions and usability as RMB cash. The digital renminbi has made decentralized technological innovations when it was implemented, breaking through network limitations and can be used even when there is no mobile network or even mobile phone signal. There is almost no difference in use from renminbi cash.

The unique encryption technology of blockchain provides a sufficiently secure environment for information data resources and lays a foundation for trust. Modern currency is a credit currency, and digital currency is the electronic currency form of modern currency, which also needs to have a credit function. Therefore, the development of blockchain has laid a solid credit foundation for the development of digital currency. Broadly speaking, digital currency includes blockchain. Blockchain is the foundation and technical support, ensuring the security of confidential information and data and the connection between information and data.

The most central link in the creation mechanism of digital currency is the value creation mechanism. Only by giving digital currency the value of legal currency can it circulate better in the market. Digital currency itself is formed based on the support of blockchain technology. It relies on the distributed ledger structure of blockchain technology and highly confidential signature technology and consensus algorithms to form credit that can guarantee the transfer of digital information. Like modern currency, the creation of digital currency also comes from credit creation. Compared with its use value, its own value is negligible. A digital currency is formed on the basis of the blockchain, and on this basis, the value credit guarantee of the country's central bank gives the digital currency a strong value credit guarantee, allowing currency holders to trust the digital currency and use the currency extensively. When digital currency is widely circulated in the market and demand expands, the central bank will directly issue digital currency. This process is the process of banks creating digital currency.

In a broad sense, digital currency includes virtual currency and electronic currency. Therefore, from the perspective of the creation mechanism of digital currency, it also includes two different creation mechanisms. Among them are digital currencies issued by central banks of various countries, such as China’s digital renminbi, which is issued by the People’s Bank of China and is a bank-created mechanism. There are also some digital currencies issued by companies, such as some encrypted digital currencies, namely Bitcoin, Ethereum, etc. However, digital currencies created and issued by individual companies are far inferior to digital currencies issued by national central banks in terms of effectiveness and functions. Therefore, the digital currency creation mechanism in most countries is basically the same as the creation mechanism of modern currency. Digital currency bank creation machineThe system is to upgrade the digital currency based on the current bank currency creation system, introduce electronic computer technology, and improve the control of the issuance and circulation of digital currency.

Take my country's digital renminbi as an example. my country's digital renminbi is issued by the central bank. The creation mechanism is basically the same as that of banknotes. The overall total currency issuance is basically the same as the original total banknote issuance. The supply and demand relationship of digital currency and the balance state in the market must be regulated in accordance with the central bank's monetary and fiscal policies. In short, the creation mechanism of digital currency should also belong to the category of credit creation, and the creation of digital currency also needs to be carried out in credit creation activities.

5. After reading this article, you will have a thorough understanding of the blockchain

In this article, all the content I introduced is in today’s world. The fact that the blockchain field has already happened is not some imagination or opinions about the blockchain. I think that as long as you read this article carefully, you will easily have a basic and accurate understanding of blockchain.

The main content of understanding blockchain in just ten minutes is divided into four sections. 21 topics and 4 sections are:

The first national blockchain strategy.

Second, Bitcoin and its literal representation involve four topics.

Third, blockchain and its technical logic involve 13 topics.

Fourth, blockchain empowers the economy and society, involving three topics.

Let’s first look at the first part of the blockchain national strategy, the first part of the blockchain country. Everyone knows that we humans have experienced six information revolutions. Seven or eight years ago, the first information revolution created primitive language, social tacit understanding, and the second information revolution saw the emergence of writing. The third information revolution in feudal society invented papermaking and printing, and the fourth information revolution in the late 19th century invented radio.

In the fifth information revolution of the 20th century, television appeared again, and now in the sixth information revolution, computers and the Internet have appeared. The emergence of computers and the Internet has given rise to the rapid development of various new technologies. Especially in 2020, the digital economy has experienced epoch-making development.

Why do you say that? The characteristics of high bandwidth, low latency and large connections in the 5G era have enabled the implementation of the four major technologies of ABCD.

What are the four major ABCD technologies

The a here refers to Artificial Intelligence, which is artificial intelligence technology.

B refers to Blockchain, blockchain technology.

C refers to cloud computing cloud computing technology

D refers to big data technology.

The word blockchain is now completely popular all over the country. On October 25, 2019, the Political Bureau of the Central Committee of the Communist Party of China announced the development of blockchain technology. The current situation has been collectively studied, so the requirement of this meeting is to use blockchain technology as the core technology.

As an important breakthrough for independent innovation, it is necessary to accelerate the innovative development of blockchain technology and industry. On April 20, 2020, the National Development and Reform Commission officially included blockchain into new infrastructure. Blockchain, why do you think it is so awesome? Let us say that blockchain is not an extension of the Internet, it is a subversion of the Internet. In the future, many, many technologies will grow on this blockchain and realize blockchainization.

So, how can we accurately learn and understand the blockchain?

We found that among the four major technologies of ABCD, only the block is naturally built-in It's financial. Therefore, we must learn and understand blockchain from the IT perspective and the financial perspective, and even learn and understand blockchain from the level of national governance. If you only study and understand blockchain from an IT perspective, it is impossible to understand the huge influence and influence of this technology. Then, your understanding of this will be biased. Even more, you may disapprove of blockchain technology. In addition, in the process of learning about blockchain, you should also pay attention to the fact that it has many new terms, so you need to concentrate on understanding it step by step.

Let’s first understand blockchain from a financial perspective.

Bitcoin and its birth performance

To understand the blockchain, it involves Bitcoin, and what about the birth of Bitcoin? , and it is inseparable from the evolution of currency. We know that currency is a special commodity that is separated from commodities and serves as a fixed general equivalent. In fact, we humans have used a lot of currencies, including physical currency, weighing currency, paper money, accounting currency, etc. As for accounting currency, it includes electronic currency and digital currency. Electronic currency itself is not a currency. It is just used to represent the same amount of currency. It is a token.

Then the total amount of his tokens will not increase due to the increase of electronic currency. Alipay, WeChat, payment, and online banking are typical electronic currencies. As for digital currency, it is itself a legal currency. The total amount of this legal currency will increase withIncreased with the rise of digital currencies. We know that when it comes to physical currency, we humans have actually chosen many things as general equivalents.

Weighing currencies are some heavy metals. Later, people chose gold among the heavy metals. Why choose gold? Because gold has the characteristics of rarity, divisibility, and the most stable chemical properties. What needs to be noted here is gold. It is not issued by any country. It is provided by nature. of. Your country's total amount is as much as nature provides. Therefore, the country does not need to provide credit guarantees for the value of gold.

However, as for gold, it has some flaws in its use, and it is difficult to carry when you go out again, so there are descendants. Paper money appeared in the Northern Song Dynasty. At that time, paper money was not currency in the current sense. The currency at that time was still gold, but we used paper money to represent gold. We called it the gold standard. The gold standard is the gold standard, which is a monetary system with gold as the standard currency. The core essence of the gold standard is that how much currency a country issues should be decided based on how much gold your country has. It does not mean you can issue as much currency as you want.

At that time, the Great Depression of the United States reached January 10, 1934. On this day, the newly elected President of the United States made a very important decision to abandon the gold standard and issue 3 billion US dollars. Think about it, abandoning the gold standard, in theory, means that he can issue as much currency as he wants. Even if there is no gold in the treasury, he can issue banknotes as long as he wants to. Then someone will ask, if you issue so many words, can you still exchange them for gold of equal value?

Look at the banknotes at this time, they have been separated from gold, and national credit has emerged. , this, we call it currency guaranteed by national credit. Now, when mainstream countries issue currency, they also issue it with national credit as a guarantee.

What are the benefits? The advantage is that it can regulate the economy. When the economy is not doing well, a little more hair can drive economic development. The increase or decrease in this variable will cause a chain reaction of the entire economic aggregate. This is the multiplier effect in economics. Once a country masters this thing, some countries will be fascinated by it. But if it is not well controlled, it will lead to national credit bankruptcy. As a result, many people began to reflect. This reflection is, when issuing currency, is it better to use national credit as a guarantee, or is it better to stick to the gold standard based on the total amount of gold. This question involves the birth of Bitcoin

6. Lianqiao Education Online | Everything you should know about digital currency

1. What is digital currency

Digital currency, according to online information, is an alternative currency in the form of electronic currency. Both digital gold coins and cryptocurrency are digital currencies, which are not subject to A regulated, digital currency, usually issued and managed by developers, that is accepted and used by members of a specific virtual community.

Li Lihui, leader of the blockchain working group of the China Internet Finance Association, mentioned in an article published on September 18, 2017, “Digital currencies must have legal status, national sovereignty endorsement, and clear issuance responsibilities. Subject." In the definition of central bank digital currency, any non-tangible currency is called digital currency.

Although there are currently some differences in the definition of digital currency, the unified understanding is that it is non-physical currency such as banknotes and coins in digital form, but it assumes the functions of physical currency and can support instant transactions and A currency in which ownership is transferred.

2. Comparison of electronic currency, virtual currency and digital currency

Electronic currency: issued by financial institutions, does not limit the scope of use, the number of issuances is determined by legal currency, and the value is consistent with legal currency. wait.

Virtual currency: issued by network operators, it can only be circulated on the network and cannot be paid to purchase physical items. It is purchased by network users from game companies with legal currency. For example, Q coins, World of Warcraft gold coins, Internet coins, etc. can only circulate in one direction.

To distinguish electronic currency, virtual currency and digital currency, it is necessary to compare from multiple dimensions such as the issuing entity, scope of application, issuance quantity, circulation method and so on:

At present, my country's central bank The launched digital currency (DCEP) is a new encrypted electronic currency system based on blockchain technology. DCEP will adopt a two-tier operating system, that is, the People's Bank of China will first exchange DCEP to banks or other financial institutions, and then these institutions will exchange it to the public. Moreover, the central bank’s global currency had already begun preparations as early as 2014.

The wealth of the future is not US dollars or gold, it must belong to blockchain digital assets; digital assets will become the new favorite of the financial system and become a major trend in global economic change.

While Facebook’s issuance of the cryptocurrency Libra has become the focus of the global financial market on the Internet, the digital currency DCEP (Digital Currency Electronic Payment) created by the People’s Bank of China has also officially moved from behind the scenes to the stage. Comparing Libra with DCEP, China’s proposed central bank digital currency, one can’t help but exclaim, is this the “new world currency” China is preparing for economies around the world?

3. DCEP has all the conditions required for a “world currency”

Compare DCEP and FaceBook launches Libra currency and you can find that the two are very similar in terms of security, architecture, and concepts. The difference is that while DCEP retains the advantages of Libra, DCEP gives an almost perfect answer to the design flaws that prevent Libra currency from becoming a world currency:

(1) DCEP and RMB can be 1:1 free. exchange, supporting connection with central banks;

(2) DCEP adopts a two-tier system of commercial banks and central banks to adapt to the existing monetary systems of sovereign countries in the world;

(3 ) DCEP is a sovereign currency and a substitute for paper people's currency, which can ensure that the existing monetary theoretical system still functions;

(4) DCEP can be based on special design and can conduct peer-to-peer transactions without relying on the Internet. .

1. The digital currency revolution has shaken the foundation of the original international economic order and has become the strategic commanding heights of the current global digital economy era.

The arrival of digital currency stems from the convergence of two historical development lines. One is the development of digitalization, and the other is the development of currency itself.

The development of informatization and networking has created a digital virtual space. When a variety of digital goods, digital services, and digital assets emerge in endlessly, the emergence of digital currencies is logical.

The digitalization of the economy has caused the total amount of data to grow rapidly. Research shows that the current total amount of global data is growing at a rate of "10 times in 10 years" and will reach approximately 163ZB by 2025 (1ZB is approximately equal to 1 trillion GB). Among them, China's total data volume is expected to exceed 8ZB by the end of 2020, accounting for about 18% of the world, and may surpass the United States for the first time and rank first in the world. In April 2020, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Perfect Market-oriented Allocation System and Mechanism for Factors" clearly proposed to develop the data factor market and accelerate the process of data assetization. This means that the formation, circulation, transaction, development and other processes of data assets will be included in the standardized market framework.

Why can’t traditional currencies be issued in large quantities to meet the needs of the digital economy? This has to do with the nature of traditional currencies. Traditional currency is "currency", that is, it can be exchanged for any commodity, and its use occasions are not restricted. Since it does not carry information, it is also difficult to trace. This means that if traditional currency expands with the growth of data volume, it will directly lose its function as a measure of value, that is, it will become waste paper. Digital currency is different. Although it is also a "currency", it can carry information, so it has stability and can serve as an "anchor" for data assets instead of being "carried away" by data assets.

In fact, the core attribute of Bitcoin, which was the first to implement the concept of digital currency, is that the total amount is controllable, so that it can be used to measure the value of other commodities rather than having its supply determined by other commodities. Of course, fromIn terms of nature, Bitcoin is a specific virtual commodity that does not have the same legal status as currency and cannot and should not be used as currency in the market. Therefore, from an overall strategic perspective, under the background that informatization and digitalization have become one of the main trends in economic development, the issuance of sovereign digital currency is the general trend.

2. The advantages of central bank digital currency implementation

Digital currency has national credit and is equivalent to legal currency, which is essentially different from virtual currencies such as Bitcoin. First of all, digital currency does not require an Internet connection. It is very convenient for users to use and provides a high level of experience. The central bank's digital currency can be paid offline without the need for an Internet connection. Payment can be easily completed as long as the electronic wallet is opened on the mobile phone. Currently, the well-known mobile payment cannot be used in areas with poor communication networks, or if the mobile phone is disconnected. This is a major advantage of digital currency compared to other payment methods.

Secondly, the biggest difference between central bank digital currency and ordinary bank accounts is that it subverts the bank account system and replaces it with a unified electronic wallet. This means that in the future, you no longer need to go to a bank to open an account. You only need to download the digital currency APP. Some functions of banks will be replaced by digital currencies. At the same time, people no longer need to use WeChat or Alipay to bind their bank cards to make online and offline purchases. They can simply pay digital currency directly.

Digital currencies can disrupt the way paper money is used and save costs. From the perspective of currency development history, the development of currency in the direction of low cost, reliability and convenience is an irreversible trend. From ancient times to the present, the form of currency has become more and more free, and when paper currency matures, digital currency will inevitably be produced. At the same time, the issuance, anti-counterfeiting, printing, and storage of banknotes and coins require costs. In the era of digital currency, these costs can be saved, greatly increasing production efficiency and making financial transactions more efficient and convenient.

3. Digital currency controls the flow of various funds and facilitates national taxation

In the past, payments were made with cash or WeChat or Alipay. Without invoices, income was difficult to track. Tax avoidance and evasion are therefore possible. But after using digital currency, every income and expenditure can be traced back to the source, and the space for tax evasion is much smaller than before.

Tax evasion and avoidance through cash is no longer feasible. The state has long required banks to report large-amount cash business information and push it to relevant departments for sharing. Analyze large-amount cash business information by industry, purpose, and amount. Once digital currency is fully promoted and implemented, all contract transactions, salary payments, and cash transactions will be recorded in the bank. All company and individual account transactions will be transparent, and the taxes that need to be paid will also be obvious, making tax evasion extremely difficult. Easily investigated.

With the development of technology, currency has gone through many stages since the hunting and gathering period of primitive tribes:

In the history of the evolution of currency, the most recentThe original barter exchange - metal exchange - banknotes, banknotes - the current online payment Q coins, electronic cash, etc., all follow the changes of the times.

The form of currency ranges from physical currency, metal currency, reserve currency, credit currency, electronic currency to digital currency. The value of currency itself also relies on the physical value and the credit value of the issuer.

Currency (credit cards, banknotes) requires additional systems (such as banks) to complete production, distribution, management and other operations, which brings great additional costs and usage risks, such as counterfeiting, credit card fraud, theft, Transfer etc.

Realize a digital currency that maintains the characteristics of existing currency, eliminates the defects of paper currency, and improves portability, location, counterfeit detection, anonymity, transactions, resources, issuance and other capabilities.

Digital currency under centralized control requires a central management system, but in many cases there is no safe and reliable third-party accounting agency to play the role of central control.

At the end of 2019, digital RMB pilots and tests were launched in Shenzhen, Suzhou, Xiongan, Chengdu and the Beijing Winter Olympics venue; in October 2020, Shanghai, Hainan, Changsha, Xi'an, and Qingdao were added , six pilot test areas in Dalian.

At present, the scope of digital renminbi pilots is expanding in an orderly manner, application scenarios are gradually enriched, application models are also continuously innovated, and the system operation is generally stable, which preliminarily verifies the feasibility and reliability of digital renminbi in theoretical policies, technology, and business sex. The digital RMB pilot test adheres to the principles of stability, security, and controllability, and focuses on small-amount transactions by invited whitelist users. The current number of participants, number of transactions, and net exchange amount are generally relatively small. During the pilot process, all parties have a relatively high interest in digital renminbi, and users in the pilot areas are highly motivated. The pilot scenarios now cover multiple fields such as living payment, catering services, transportation, shopping and consumption, and government services.

In the next stage, based on feedback from all parties involved in the pilot, we will continue to improve and optimize digital renminbi technology, business and policy plans, deeply explore digital renminbi application models, and strengthen the versatility and inclusiveness of digital renminbi. Improve product functions and applicability, and improve system security and stability. The pilot areas are generally still in the pilot testing stage, and there is no timetable for when it will be officially launched.

The COVID-19 epidemic has accelerated the digitization of the economy, and contactless transactions and payments have become the daily routine of many people. Amid the epidemic, global central bank digital currency (CBDC) research has further intensified. What stage is China’s digital currency development at? How will digital currencies change payments? What impact will it have on the financial system and ordinary people’s lives?

At the "Digital Payment and Digital Currency" sub-forum of the Boao Forum for Asia 2021, Li Bo, the new deputy governor of the People's Bank of China, said that the current development of digital renminbi is focused onThe point is to promote domestic use. "The internationalization of the RMB is a natural process. Our goal is not to replace the U.S. dollar or other currencies, but to let the market make choices to further facilitate international trade and investment." As early as 2014, the central bank began to focus on digital Conduct research on currency issuance framework, key technologies and other issues. In August 2019, the central bank made it clear that "accelerating the pace of research and development of my country's legal digital currency (DC/EP)" was one of its key tasks in the second half of 2019.

Cross-border assistance and interoperability between central bank digital currencies have become the focus

Since the end of 2018, most economies around the world have fallen into a comprehensive recession, exacerbating inflation and devaluing legal currencies. ;At the same time, science and technology are developing rapidly, computer Internet-related technological breakthroughs, and blockchain are developing rapidly. Digital currency is an important link in technology linking global finance, digitization, and the entire blockchain industry, and its role will become increasingly important.

Currently, although the number of users of digital currency is growing, the number of users still accounts for a small portion of the world, with the usage rate not exceeding 10%. In addition, the correlation between digital currency and investment operations is very high, and most users are still focused on currency speculation. Once the digital currency market drops sharply, it will affect the overall market confidence.

Therefore, with regard to the supervision of digital currencies, governments of various countries will inevitably go further in 2020 and propose more complete regulatory policies based on the current performance of the digital currency market based on maintaining their existing financial systems. If global governance can form a certain consensus, it may promote the final form of digital currency.

Under the supervision of all parties, the financing threshold for project issuance tokens has increased, which will lead to an improvement in the quality of market project parties and accelerate the implementation of the industry; more and more inferior currencies in the market will be eliminated, and digital currency innovation will increase. . Mainstream digital currencies may legally intervene in the financial system and transform into various forms such as securities and financial management; new regulatory forms will encourage exchanges to develop in a diversified direction.

Central bank digital currency can be divided into two types: wholesale and retail. The wholesale type is mainly used for settlement and clearing between enterprises and the financial system, while the retail type is mainly used for daily payments. Zhou Xiaochuan, former governor of the People's Bank of China, said that the starting point of digital renminbi is to do a good job in retail and upgrade the retail system. Improving the efficiency of retail systems is the basis for all other operations. On this basis, wholesale systems and cross-border payment operations are possible.

With the development and advancement of digital currencies by central banks of various countries, cross-border payment issues have become a hot topic. In 2019, the Central Bank of Thailand and the Hong Kong Monetary Authority launched research to use the central bank’s digital currency and blockchain platform to solve various problems in cross-border payments. Cross-border payments are very complex and have an impact on foreign exchange management and capital flow management. These problems must be solved. So now Thailand has just established a dedicated payment corridor, and through trialsPoint projects place possible impacts within controllable limits.

China is studying the regulatory rules for Bitcoin and stablecoins. Since the birth of Bitcoin, its positioning has been controversial. Bitcoin and stablecoins are crypto-assets, and crypto-assets are investment options, not currencies themselves. Cryptoassets should function as an investment tool or alternative investment in the future. Many countries, including China, are studying what kind of regulatory environment there should be for using it as an investment tool. Although it may be a minimum regulatory rule, there are still and must be regulatory rules to ensure that speculation in this type of assets will not cause serious consequences. financial risks.

If you want crypto-assets like stablecoins to become widely used payment solutions, you need stronger regulatory rules, which are stricter than Bitcoin’s current regulations. Any stablecoin in the future, if you hope to be able to To become a widely used payment instrument, it must be subject to strict supervision, just like banks or quasi-bank financial institutions.

7. The most comprehensive article on digital currency (Part 1)

Highlights: In line with the development wave of the digital economy era and under the background of “de-dollarization”, digital currency coming soon.

The Ministry of Commerce recently issued the "Overall Plan for Comprehensively Deepening the Innovative Development of Service Trade", which announced the digital renminbi pilot areas: in the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and the central and western regions that meet the conditions Pilot areas carry out digital RMB pilot projects. According to Xinhuanet, the digital renminbi has completed top-level design, standard formulation, functional research and development, joint debugging and testing, etc., and will first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiongan New Area, Chengdu and the future Tokyo Olympics scene. In other words, if everything goes well, we may be able to get a glimpse of the beauty at the 2022 Winter Olympics in Beijing.

In fact, the central bank established a digital currency research institute as early as 2014 to study the feasibility of issuing legal digital currency; at the end of 2017, with the approval of the State Council, the central bank organized commercial banks such as Industrial and Commercial Bank of China, Bank of China, and Shanghai Pudong Development Bank Jointly carried out the research and development of the digital RMB system (DC/EP) with China Banknote Company, Shanghai Commercial Paper Exchange and other relevant institutions, and in February 2018, the Shanghai Commercial Paper Exchange digital bill platform experimental production system was officially launched for trial operation; in 2019 When the central bank held a work conference call for the second half of the year, it requested to accelerate the research and development of my country’s legal digital currency (DC/EP).

So, what is the reason behind launching a digital currency?

For the intelligent internal reference in this issue, we recommend two research reports on digital currency by Guohai Securities and New Era Securities, which reveal the past and present of digital currency and the logic behind the central bank’s launch of digital currency.

1. Principles of digital currency and development status of various countries

Digital currency is not a currency system.It is the inevitable result of continuous evolution and belongs to the currency 4.0 stage. Currency is another important human invention besides writing. After experiencing barter exchange and the gold and silver standard, credit currency has become an important leap in the history of currency.

Among them, the original barter was a decentralized institutional arrangement. However, due to extremely low transaction efficiency, difficulty in coupling supply and demand, and the lack of a unified value measurement standard, human beings were greatly restricted. The scope of economic activities and trade has been gradually replaced by precious metals such as gold and silver. This trading system has gone through a relatively long time in the history of currency development. Due to the existence of natural losses, insufficient currency prices, shortages, and shoddy goods, , bad currency drives out good currency and other phenomena, banknotes based on national credit - pure credit currency began to appear. Banknotes not only saved issuance costs, but also overcome problems such as the inconvenience of carrying precious metal currencies, which greatly promoted the development of trade in modern history. , the central bank’s monetary policy operations also become possible.

If paper money has achieved the first leap of credit currency from concrete items to abstract symbols, then digital currency based on blockchain, artificial intelligence, cloud computing and big data has achieved credit The second leap in the development of currency from paper to paperless. Digital currency does not change the credit endorsement behind the currency, but changes the existence form of currency. At this point, currency has completed the commodity currency - precious metals act as general equivalents. ——Credit currency——The evolution of digital currency. Therefore, the evolution of the form of currency means that the operating cost of the currency system is lower, safer, and more efficient. Digital currency is the inevitable result of the continuous evolution of the currency system from commodity currency to credit currency.

Digital currency is not a substitute for electronic currency. Depending on the issuer, digital currency can be divided into legal digital currency issued by the central bank and privately issued digital currency. Currently, there is no unified standard or definition for digital currency. According to the definition of the Central Bank's Digital Currency Research Institute, digital currency in the narrow sense mainly refers to currency that is purely digital and does not require a physical carrier; while digital currency in the broad sense is equivalent to electronic currency and generally refers to all currencies that exist in electronic form, including electronic currency. , virtual currency and digital currency.

Depending on the issuer, digital currencies can be divided into legal digital currencies issued by the central bank and privately issued digital currencies. Among them, the digital currency issued by the central bank refers to the legal currency issued by the central bank in the form of an encrypted digital string representing a specific amount. It is not a physical entity itself, nor does it use a physical entity as a carrier, but is used for network investment. , transaction and storage, digital information representing a certain amount of value; privately issued digital currency, also known as virtual currency, is a digital currency issued and controlled by developers, not subject to government supervision, and circulated among members of a virtual community, such as Bitcoin, etc.

Broad digital currencies can be roughly divided into three categories: one is completely closed, has nothing to do with the real economy and can only be used in specific virtual currencies;Currency intended to be used within the community, such as game currency in the virtual world; second, it can be purchased with real currency but cannot be exchanged back to real currency, and can be used to purchase virtual goods and services, such as Libra launched by Facebook; third, it can be purchased with real currency at a certain ratio. By exchanging and redeeming real currency, you can purchase not only virtual goods and services, but also real goods and services, such as legal digital currency issued by the central bank.

Digital currency is the currency development form of the digital economy. Since the outbreak of the epidemic in 2020, the digital economy, with its main characteristics of “new investment, new consumption, new models, and new business formats”, has become an important force in promoting the stable development of my country’s economy and society. According to data from the National Bureau of Statistics, although GDP fell by 6.8% year-on-year in the first quarter, the digital economy showed good development momentum. Among them, the output of electronic components and integrated circuits increased by 16% and 13.1% year-on-year, and information transmission and software The added value of the information technology services industry increased by 13.2% year-on-year, and investment in e-commerce services increased by 39.6% year-on-year.

After withstanding the test brought by the epidemic, my country's digital economy has entered a period of accelerated and rapid development. It is urgent to achieve coordinated development of data, technology, industry, business, and institutions, and to build a new production relationship in the digital economy. , further stimulate digital productivity through factor market reform, and digital currency is based on node networks and digital encryption algorithms to cater to the development needs of the digital economy and is its specific currency development form.

Digital currency is based on complex network theory, with blockchain technology as the core, fully embodying the characteristics of non-tampering and encryption security, realizing the underlying digital currency and the middle layer digital financial account system, covering the central bank The payment system, commercial banks, non-bank institutions and other vertical general account systems have also realized the interconnection of payment and settlement systems of central banks of various countries, top-level digital identity verification systems, etc., through big data and cloud computing, the traditional monetary system has been transformed into a digital one. Transformation of the monetary system.

The earliest emergence of digital currency can be traced back to 1982, when American computer scientist and cryptographer David Chaum founded DigiCash and launched two digital currency systems: E-Cash and cyberbucks. Both systems Based on Chaum's blind signing contract, it can keep users anonymous and their identities difficult to trace. However, there was lack of sufficient technical support at the time and the inability to achieve complete anonymity, so it ultimately failed.

Launched in 1996 by renowned oncologist Douglas Jackson, E-gold, backed by real gold, became so popular that it was even hoped to attract more than 5 million users in hundreds of countries. Unfortunately, the company ran into trouble in 2009 after the platform continued to suffer hacks and attracted a large number of illegal money laundering transactions.

19In 1998, a Moscow company launched Web Money, a universal digital currency that can provide a wide range of peer-to-peer payment solutions, covering Internet trading platforms. It is also one of the few surviving digital currencies that has not yet been encrypted. To this day, the currency is still widely used and accepted by millions of people. At the same time, it can also be converted into fiat currencies such as rubles, US dollars, British pounds, and even Bitcoin.

In November 2008, Satoshi Nakamoto proposed the concept of Bitcoin and published the famous paper "Bitcoin, a Peer-to-Peer Electronic Cash System". In the article, the blockchain appeared for the first time, which can be used in untrusted transactions. Based on this, establish a decentralized electronic trading system. Bitcoin was officially born on January 3, 2009. Bitcoin is a P2P form of virtual encrypted digital currency that uses open source blockchain technology to store transaction information in a distributed ledger, which makes it almost impossible to crack the network; in addition, its point-to-point transmission builds an Centralized payment system. Since then, the Bitcoin system has gradually matured, and officials have successively released new versions, adding many features.

In 2013, Ethereum (ether) was born. It is a virtual cryptocurrency derived from Ethereum technology and is currently the second-highest cryptocurrency in market value after Bitcoin. Ethereum is based on the blockchain, which is similar to Bitcoin, but uses completely different technology. It is a public block chain platform with an open source smart contract function, and the contract terms can be executed by both parties. Between 2010 and 2014, Bitcoin multi-node mining and PPcoin were born, which played a role in mining. In August 2013, Germany legalized Bitcoin.

Although private digital currencies represented by Bitcoin do not have monetary functions in essence, they have posed a huge challenge to the current monetary and financial system. To cope with this challenge, central banks of various countries are actively developing Or promote legal digital currency. As early as 2013, Shoaib et al. proposed the concept of official digital currency. The report issued by the Bank of England (BOE) in 2014 clearly used Distributed Ledger Technology (DLT) as the classification standard for digital currencies. One category is encryption. Digital currency is a digital currency generated using distributed ledger technology, and points out that Bitcoin is the first encrypted digital currency in history;

The other type is non-encrypted digital currency, with Ripple as a typical representative; subsequently The Committee on Payments and Market Infrastructures (CPMI) under the Bank for International Settlements defines legal digital currencies as cryptocurrencies. According to whether the form of existence is based on central bank accounts, legal digital currencies are divided into central bank digital accounts and central bank digital currencies. According to the "Flower of Money" model proposed by the Bank for International Settlements (BIS), central bank figures are clarifiedThe concept of currency, that is, central bank digital currency is a digital form of central bank currency, and is different from the digital funds deposited by traditional financial institutions in central bank margin accounts and clearing accounts.

▲"Flower of Money" Model

The relationship between digital currencies and governments is quite complex, and governments around the world are both afraid and curious. Discussions, experiments and pilots of digital currencies in various countries will continue, because if an economy starts to use digital currencies, it will have a spillover effect around the world, so economies of all countries will pay more and more attention to this new phenomenon and trend. .

1. Federal Reserve Fedcoin project. This is a retail central bank digital currency that is equivalently convertible to the U.S. dollar (i.e. the exchange rate is 1:1). This currency protocol has many similarities with Bitcoin, and the differences are mainly reflected in two aspects. First, in Fedcoin, there is a user (the Federal Reserve) who has special permissions and can create and revoke the right to use the account book at will. Second, the issuance quantity does not have a predetermined rule like Bitcoin, but the issuance quantity can be adjusted like cash.

2. The Bank of Canada’s CADcoin project. This is a wholesale central bank digital currency. The Bank of Canada has built a large-value payment system based on distributed ledgers, and CADcoin is the currency used in this system. At a recent internal briefing in Calgary, the Bank of Canada demonstrated the electronic version of the Canadian dollar they are developing - CAD-Coin. The original intention of this innovation, codenamed "Jasper", is to help central banks issue, transfer or dispose of central bank assets through distributed ledger technology. Several major Canadian banks, including Royal Bank of Canada, TD Bank and Canadian Imperial Bank of Commerce, are participating in the project.

3. The Riksbank’s eKrona project. Currently, Sweden is gradually transforming into a "cashless society." Data show that the number of banknotes and coins in Sweden has dropped by 40% since 2009, with residents preferring to use bank cards, smartphones and e-wallets to handle various daily transactions. As the use of cash continues to decline, the Swedish central bank is trying to provide people with a way to pay without going through intermediaries such as retail banks. The Riksbank requires that eKrona must be able to be used for small purchases. Since it has not yet been determined which technology will be used, eKrona has two possible forms, one is a deposit currency unit (that is, an individual opens an account directly with the central bank, rather than opening an account at a commercial bank), and the other is a retail central bank digital currency.

▲The latest developments in digital currencies of overseas countries or organizations

Each country has different financial systems and monetary policy systems. Whether it is necessary to adopt the central bank’s digital currency interest rate as a new monetary policy tool? It must be analyzed on a case-by-case basis. Overseas countries do not want to lose the opportunity to occupy a place in digital currency, so they have introducedPolicies and regulations also change frequently, sometimes loosely and sometimes harshly.

Bank for International Settlements. In November 2015, the Bank for International Settlements released the "Digital Currencies" report, which detailed the impact of digital currency as a means of retail payment; in March 2018, the Bank for International Settlements released the "Central Bank Digital Currencies on Payment, Monetary Policy and Financial Stability" "The Impact" report analyzes the issuance of central bank digital currencies.

International Monetary Fund. In June 2017, the International Monetary Fund (IMF) released a report on the development of the financial technology industry "Fintech and Financial Services: Initial Considerations", focusing on how to effectively supervise distributed ledger technology (DLT) and the technologies based on it. Digital Currency made recommendations. In 2018, the Organization for Economic Cooperation and Development and the Group of 20 G20 jointly released a mid-term report "Tax Challenges Brought by Digitalization", proposing the supervision of digital asset transaction information formed by cryptocurrency and blockchain technology.

United Kingdom. The UK’s Treasury Committee has assessed crypto algorithms and concluded that they do not currently pose a risk to the UK’s currency or financial stability. However, cryptos do pose risks to investors, and anyone who buys them should be prepared to lose all their money.

Japan. As the world's largest Bitcoin trading market, Japan's government has a very positive attitude towards digital currency. Since last year, Japan has exempted digital currency transactions from consumption tax and recognized the legality and monetary attributes of digital currencies. In 2017, Japan began to implement the Fund Settlement Act, recognizing the legality of digital currencies as a means of payment. Later, the Japan Financial Services Agency (FSA) promulgated the "Payment Services Act" to implement comprehensive supervision of digital currency exchanges. All exchanges operating in Japan must obtain licenses from the Ministry of Finance and the FSA.

Singapore. Under the guidance of the Singapore government's principle of "not seeking zero risk and not stifling technological innovation" in financial technology, Singapore actively develops blockchain technology and actively promotes the development of digital currency. Singapore is one of the countries in Asia that supports the development of digital currency most. one. Due to Singapore's positive and good institutional environment, many exchanges have chosen to operate in Singapore. For example, WBF EXCHANGE cooperates closely with the Singapore government.

In March 2020, the Monetary Authority of Singapore (MAS) officially announced the list of exempted companies from the payment service operating license. The entities on the list have obtained specific payment services or digital currency-related payment services during the exemption period. licenses and operating rights, including Alibaba, Alipay, Amazon, etc.Singaporean entities of large institutions are on the list.

Regarding the exemption of digital currency-related payment services, nearly 200 companies including Binance, OKCoin, BitStamp, Bixin, Coinbase, CoinCola, TenX, Upbit, ZB, etc. can all use Operates legally in exempt status.

Thailand. In order to better supervise the digital currency industry, in June 2018, Thailand promulgated the "Digital Assets Law", announced the issuance of licenses for compliant cryptocurrency exchanges, and began to implement license management.

Australia. Due to the increasing number of financial crimes, Australia passed the Finance Bill 2017 Amendment (2017 Measure 6) in October 2017. At the end of 2017, it officially passed the Anti-Money Laundering and Counter-Terrorism Financing Bill 2017 Amendment, clarifying that Digital currency is not a monetary asset, but an electronic representation of value. Institutions that provide digital currency trading business must submit an application to the Australian Transaction Reports and Analysis Center (AUSTRAC) and obtain the corresponding regulatory license and access permit. Exchanges should conduct anti-money laundering and anti-terrorist financing assessments on their businesses based on the institutional standards under the anti-money laundering/CTF framework. Offenders could be jailed for two years or fined £500, or in more serious cases, jailed for seven years or fined £2,000.

Enlightenment from the digital currency practice of overseas central banks:

1) Central banks should strengthen their supervision of digital currencies. Digital currency rides on the infrastructure that serves the broader financial system, gaining the appearance of legitimacy from its link to the existing financial system, which is its obvious characteristic. In terms of laws and regulations, the central bank's supervision should be strengthened to separate digital currency from physical currency and ensure that digital currency is not parasitic on physical currency.

The central bank should cooperate with commercial banks to play the supervisory role of "digital frontline" and prohibit commercial banks from engaging in unethical behavior of acting as "Bitcoin ATMs". At the same time, these digital currencies should not be allowed to interact with The existing infrastructure of the entire financial system coexists to ensure the normal operation of the payment system.

2) Technical aspects need to be strengthened. The new technology of digital currencies should be appropriately adopted to improve the country’s financial services, especially in terms of payments in some emerging market economies. Central banks in emerging countries are likely to gain the most from blockchain and distributed ledger technology implementations, primarily because existing financial processes and technology systems are not very efficient and could benefit from implementing digital currencies or other blockchain-based applications. To achieve greater financial inclusion, the use of distributed ledger technology can improve efficiency and reduce friction in cross-border payments at both the consumer (retail) and interbank (wholesale) levels. After the cash business is completely electronic, users will switch to mobile banking.APP and other online channels, then the bank's previous hardware channel construction will also face the test of transformation.

3) Be prepared for shocks. Due to its own shortcomings, digital currency cannot replace traditional currency, but once it is fully issued, the impact and impact it will bring are difficult to predict. Therefore, the central bank must actively prepare for the financial impact of technological progress. At the same time, digital currency disguised as legal is carried on institutions and infrastructure that serve the broader financial system, which may cause serious financial risks and threaten the stability of the financial system. The central bank must do a good job in promoting digital currency in the public interest. We will respond to various risks in the future, adhere to the principle of fair competition, strengthen the supervision of digital currencies, and standardize and guide the development of digital currencies and related technologies.

2. The development history of domestic digital currencies

The RMB has been the central bank currency in circulation in China for 71 years. With the rapid development of computer and Internet technology, RMB has gradually become electronic and entered the 2.0 era. Cash and deposits circulating in banks and other financial systems have long been digitized through electronic systems, and the large-scale popularity of third-party mobile payments such as Alipay and WeChat Pay has gradually reduced the proportion of cash in circulation. Nowadays, Chinese people almost do not need to use cash for daily consumption. Mobile payment has changed every aspect of people's lives, bringing a fast and convenient payment experience. People are beginning to imagine a future "cashless society", and China has become one of the countries closest to a cashless society.

However, China’s mobile payment is more commercially driven and is an electronic payment method of currency, rather than a true digital “RMB”. From precious metals to banknotes replacing precious metals as currency, to future digital currency, it is an inevitable product of economic and technological development to a certain stage; and as network communication technology becomes increasingly developed, social transaction activities become more frequent and active, and people shop and consume With changes in habits and concerns about the security of currency circulation, people are increasingly inclined to use electronic banking and electronic payments rather than carrying banknotes. Therefore, it is in line with the central bank to provide digital currency media tools that are faster and lower-cost than banknotes. Necessary for the development of the times.

It has been five years since the People's Bank of China established a special research group to study central bank digital currencies in 2014. The current central bank digital currency (DC/EP) is a test content in the technology research and development process. The digital RMB system is completed under the premise of adhering to the dual-layer operation of "central bank-commercial bank/-currency user", M0 replacement, and controllable anonymity. Top-level design, standard formulation, functional research and development, joint debugging and testing, etc., and follow the principles of stability, safety, controllability, innovation and practicality, and first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiongan, Chengdu and future Winter Olympics scenes , to continuously optimize and improve functions.

▲The development history of my country’s digital currency

Currently, my country’s legal digital currency is in the internal testing stage, and DC/EP adopts a binary investment system of “central bank-commercial bank” and an operating framework of “one currency, two databases, and three centers”

“ "One currency" refers to the DC/EP issued under the guarantee of the central bank, and "two treasury" refers to the issuance treasury of the central bank and the banking treasury of commercial banks: DC/EP is first transferred between the central bank and commercial banks, that is, the issuance of DC/EP and withdrawn, and then transferred from commercial banks to residents and businesses. The “Three Centers” are the technical guarantee for DC/EP issuance and circulation, including the registration center, certification center and big data analysis center.

Among them, the registration center is responsible for recording the registration of the entire process of issuance, transfer and withdrawal; the certification center is responsible for centralized management of the identity of DC/EP users, which is the key for DC/EP to ensure the anonymity of transactions; DC A key to /EP is to make major improvements in anti-money laundering, anti-tax evasion and anti-terrorist financing. The big data center achieves regulatory purposes through big data analysis of payment behavior and the use of indicator monitoring:

▲ "One currency, two repositories, three centers" operating framework

my country's central bank's choice to launch digital currency has important breakthrough significance. It can be said that the central bank's choice to launch digital currency is not only an inevitable necessity to comply with the laws of currency evolution. Choice is also an important measure to protect the sovereign status of the RMB. Specifically:

1. Comply with the development wave of the digital economy era. Since the issuance, transportation, storage and other processes of banknotes consume manpower and material resources, and with the advent of the mobile Internet era, paperless currency can save the cost of currency issuance and circulation, and bring convenience to people's production and lifestyle.

In addition, the anonymous nature of traditional banknotes makes it impossible for regulatory agencies to grasp the use and circulation of banknotes. The use of banknotes to commit tax evasion, money laundering and other economic crimes is an unavoidable black hole in reality. The central bank's digital currency can implement controllable anonymity. While ensuring that citizens' legal private property is not infringed, when illegal crimes occur, the source of the digital currency can be traced. Therefore, it can effectively combat illegal activities such as money laundering and tax evasion, and improve the transparency of economic transactions.

The rapid circulation, convenience, high security and other characteristics of digital currency are incomparable to traditional banknotes. Just as paper currency eventually replaced metal currency, paperless currency is also a general trend and an inevitable result of the continuous evolution of currency. At present, Alipay, WeChat, UnionPay, etc. have achieved paperless currency in the M2 category, and the central bank's introduction of digital currency to replace traditional banknotes can achieve paperless currency in the M0 category, conforming to the development wave of the digital economy era. Of course, the development of everything does not happen overnight, and paperless currency will also be a long process of gradual development. This is also an important reason why the central bank may only choose to launch some digital currencies at the beginning to replace some paper currencies.because.

2. Reduce the adverse impact of the global U.S. dollar monetary system. After the collapse of the Bretton Woods system in the 1970s, currency issuance was based on national credit. The United States relied on its strong military and economic capabilities to make the U.S. dollar the world's leading reserve currency. However, in the process of the U.S. dollar performing its functions as the world's currency, while the U.S. has gained many economic benefits, it may also have various negative impacts on the economies of other countries. The most obvious example is that the U.S. can levy an inflation tax on the world by issuing U.S. dollars.

Moreover, the three major financial systems in the world today, SWIFT, CHIPS, and Fedwire, are all dominated by the United States. Whether it is the U.S. dollar, euro, Japanese yen or RMB, the United States can obtain real-time financial transaction information of various currencies. It is not uncommon for the United States to use this financial system to impose sanctions on many countries and companies, and Europe and other countries have complained. Currently, in addition to China, the European Union, Japan, Russia and other countries are studying how to build digital currency payment networks to promote the "de-dollarization" process.

3. Protect monetary sovereignty and promote the internationalization of the RMB. In June 2019, Facebook released the Libra white paper in an attempt to create a super-sovereign “world currency.” Libra is based on blockchain technology and uses a basket of bank deposits and short-term government bonds as reserve assets to increase credit for the Libra stable currency and minimize the risk of currency fluctuations. Its mission is to "build a simple, borderless currencies and financial infrastructure that serve billions of people.” Among them, the US dollar accounts for 50% of the basket of currencies, the euro accounts for 18%, the Japanese yen, the British pound and the Singapore dollar account for 14%, 11% and 7% respectively, but there is no RMB.

Since Facebook has 2.3 billion users around the world, if Libra is successfully used widely, Libra's cross-border capital flows will not be restricted, which also means that Libra can be used for payments in non-reserve countries. Then , the monetary sovereignty status of non-reserve currency countries is bound to be affected. For China, both the RMB and foreign exchange management will be impacted, and the process of RMB internationalization will also be hindered. Therefore, China must prepare for a rainy day, and the issuance of digital currency by the Chinese central bank is an important measure to deal with Libra.

8. An article explains: What is NFT and why digital collages sell for tens of millions of dollars

Author: Professor Michael Mai

A few days ago, A piece of news shocked the currency, financial, literary and art circles and the collection circle - a digital collage was auctioned for a sky-high price of US$69.3 million (approximately RMB 450 million). NFT has also entered the public's field of vision, attracting many people. interest of. This article has compiled and summarized some of the more important events and knowledge points related to NFT. I believe it can answer your questions.If you have more questions about NFT, please continue reading below.

The full name of NFT is Non-Fungible Token, which is translated as "non-fungible token". It is a digital cryptocurrency based on blockchain technology, such as the familiar Bitcoin (BTC) and Ethereum. Coin (ETH), etc. However, NFT is different from cryptocurrencies such as BTC and ETH. There are two major types of cryptocurrencies on the blockchain, namely native currency (coin) and token (token). The former (such as BTC) has its own main chain. It is a "coin" based on the native public chain; the latter (such as NFT) is attached to the existing blockchain and uses smart contracts for ledger recording, which is essentially a proof of rights and interests. Tokens can be divided into two types: Fungible Token and Non-Fungible Token (NFT).

Fungible tokens refer to tokens that can be substituted for each other and can be split almost infinitely. For example, there is essentially no difference between one Bitcoin and another Bitcoin, or two RMB of the same version with the same face value. One Bitcoin can be subdivided to 8 decimal places, 0.00000001 Bitcoin, or 1 Satoshi. Non-fungible tokens have the following characteristics:

Non-interchangeable: One NFT is not equal to another NFT, and their values ​​are also different. There will be no two identical NFTs, each NFTs are all unique.

Indivisible: NFT cannot be divided into smaller denominations like Bitcoin. They can only exist as a whole project.

Verifiable: The benefit of storing historical ownership data on the blockchain is that items such as digital artwork can be traced back to the original creator, which allows the work to be authenticated without the need for a third party verify.

Currently, the main application scenarios of NFT include games, digital assets, identity authentication, decentralized finance (DeFi) and collectible souvenirs.

Gaming: NFT is popular in the gaming industry because it solves some inherent problems. For example, some games prohibit the sale of rare features and accessories, such as weapons and skins. However, with NFTs, these features can be easily transferred and used in different games. Therefore, NFT can help promote the development of the gaming economy.

Digital assets: For example, Decentraland, a decentralized virtual reality platform based on the Ethereum blockchain, allows users to create, experience and monetize content and applications.

Identity authentication: Due to the uniqueness of NFT,It can be used as a certificate to verify identity, including identity qualifications, medical reports, etc. Digital creators can also turn products into NFTs for copyright marking to avoid theft and counterfeiting.

Decentralized Finance (DeFi): NFT has huge application potential in the rapidly developing world of Decentralized Finance (DeFi). For example, they can be used to secure fine art, real estate, or other valuable assets as collateral for a loan, or as financial contracts for insurance, stock options, or bonds, which can be traded as products on the secondary market. While NFTs have been around for a few years, it is likely that the growth of DeFi has made them more attractive as digital assets with a range of applications.

Collecting souvenirs: NFT has brought new ways of playing to the collection world, and traditional professionals are now beginning to pay attention to digital assets. NFTs are like other cryptocurrencies in that the record of who owns what is stored on the blockchain’s shared ledger. These records cannot be forged because the ledger is maintained by thousands of computers around the world. Therefore, in addition to scarcity, NFTs also add a layer of security to collected assets. NFTs can also contain smart contracts that provide artists with a cut of future sales.

The value of NFTs: As with all assets, supply and demand are key market factors that drive prices. Due to the scarcity of NFTs and their high demand among gamers, collectors, and investors, there will always be people in the market willing to spend a lot of money for them. If an item is very popular, its value will rise. And the smaller the quantity of the item, the more exclusivity it has and is likely to drive up its value.

Traditional works of art such as paintings are valuable because they are unique. You can take a photo of a painting or buy a copy, but there will always be only one original.

But digital files can be easily and endlessly copied. There is an embarrassing aspect of virtual digital artwork. Since it can be a picture or a video, it may be downloaded, copied and shared unlimited times to countless people. And for digital artworks, there is no difference between the replica and the original, so how to ensure its value and scarcity? What's the point of people buying it?

Then NFT appeared. NFT is a "unique" asset in the digital world. With NFT, artwork can be "marked" to create a digital ownership certificate that can be bought and sold. Therefore, NFT can be considered as a certificate of ownership of a virtual asset.

NFTs are designed to provide something that cannot be copied: ownership of the work (although artHomes can still retain copyright and reproduction rights, just like physical artwork). From a physical art collecting perspective: Anyone can buy a Monet print. But only one person can own the original.

Therefore, the meaning of purchasing NFT art depends on its target audience. There are three main types: artist, pure buyer and collector.

As an artist, you are likely to be interested in NFT works, and NFT can also provide artists with a way to sell their works, and when NFT works are sold or changed hands, NFT creators also have Opportunity to earn royalties from it. And if the work is popular, the creator, buyers and collectors will all benefit from the inflated value.

For a simple buyer or collector, NFT can be a financial investment, a sentimental purchase, a collectible, or a way for the buyer to feel connected to the NFT’s creator (such as an artist or a brand) and represents a unique and scarce status symbol.

In addition, some artists will let buyers enter the private channel of the chat platform, and only buyers of the artist's NFT can enter, thus forming a private and exclusive club.

Would anyone really spend millions of dollars to buy NFT art?

Yes, and the price is more than a few million dollars. While it’s not uncommon for art to sell for sky-high prices, so can a GIF, image, video, or even a tweet that anyone can easily view, download, screenshot, share, and retweet online. To tens, hundreds or even tens of millions of dollars has really refreshed many people’s perceptions.

On February 19, Nyan Cat’s animated Gif, a flying rainbow kitten emoticon, sold for more than $500,000.

Musician Grimes subsequently sold some of her digital artwork for more than $6 million.

Twitter founder Jack Dorsey also auctioned an NFT’s first tweet, with a bid of $2.5 million.

But even after the auction, the post will remain public on Twitter. Buyers will receive a certificate digitally signed and verified by Dorsey, along with metadata of the original tweet. The data will include information such as the time and text content of the tweet.

The most shocking thing was the digital collage auctioned at Christie’s on March 11. It was finally sold for US$69.3 million, the most ever sold.The most expensive NFT artwork is $15.3 million higher than the price of Monet's painting "Nymphéas" in 2014.

NFT artwork sold for sky-high prices

On March 11, a mysterious buyer bought a digital collage for $69.3 million. This auction It has been called a historic moment in the art world and the third-highest price ever paid for a work by a living artist. The artwork being auctioned is a digital collage created by artist Mike Winkelmann (better known as Beeple), which contains 5,000 digital illustrations from his Everydays series - Beeple has created a painting every day for the past 13 years.

It is worth noting that before October last year, Beeple’s works rarely sold for more than 100 US dollars, but now the works can be sold for sky-high prices. As soon as this news came out, it immediately detonated the art collecting circle and Financial technology circle. Collector Pablo Rodriguez-Fraile bought Beeple's work for $66,666.60 in November last year. It was resold for $6.6 million at the end of February this year, and its value increased 100 times in just a few months.

Beeple is a digital artist and graphic designer who was looking for a better way to sell his work since digital art can be infinitely copied, making the work worthless. When a friend told him there was a way to change that and mark his illustrations as unique, singular works of art, Beeple listened and started researching NFTs. Because of this, more and more artists are flocking to the NFT market as they seek greater success outside of the traditional art world.

There is actually a lot of controversy about whether Beeple's sky-high price work has an artistic value that matches its price. Apart from the value of NFT itself, its artistic value is a matter of opinion, as in " The sentence in "The Story of Art" "There is no such thing as art in the world, only artists."

Let’s mention Beep’s works by the way. His works have a rough and straightforward appeal, and are full of “wonders” and metaphors of various absurd realities. Many famous politicians are the protagonists in his works (often naked and with mutated robot bodies). The images of classic cartoon characters such as Buzz Lightyear, Mickey Mouse and Pikachu in his works are also very "shocking" ", to some people it can be said to be like "ruining childhood".

The explosion of sky-high price NFT artwork has attracted more and more people to discuss or participate in it.middle. Data from CryptoArt, an analysis platform focusing on cryptocurrency art, shows that in the last month of 2020, the total transaction volume of NFT-based artworks reached US$8.2 million. Compared with the previous month’s transaction volume of only 2.6 million U.S. dollars, this is a significant increase. The current market size of the entire collectibles market is worth more than 130 billion U.S. dollars. With the growing market value and people's deepening understanding of NFT, people's view of collectibles as a pure hobby has turned into a large-scale financial investment behavior.

Many well-known artists have begun to pay attention to NFT and use it in their works, indicating that NFT is entering the mainstream. Of course, some people think that these are all hype and gimmicks, and have spawned some puzzling "artistic expressions." In early March, after an original work by the famous British street graffiti artist Banksy was sold as an NFT, the original work was burned on a live broadcast by a group of people claiming to be crypto fans.

"Burning paintings is also "burning money""

This piece of art is called "Morons" and is a 2006 work that satirizes Van Gogh's "Sunflowers" Sales record set in 1987; work reads:

"I can't believe you morons actually buy this. shit.)"

"Idiot," valued at $95,000, was originally purchased from New York's Taglialatella gallery, but that value is now up in the air.

"Banksy's "Morons""

Before burning the art, crypto fans used blockchain technology on SuperFarm to digitize the work and save it in digital form . One said they specifically chose the Banksy piece because he had previously shredded one of his artworks at auction. They regard this burning event as an expression of art itself and are producing a new form of art work by creating this unique NFT.

Ossian Ward, author of "How to See: How to Experience Contemporary Art," thinks this is a complete gimmick. He said: "You can say that anything is a work of art, but if you burn To me, buying a Banksy work and then spending money on it is a very low-level artistic act.”

Everything can be NFT, so is NFT a bubble?

The current series of events about NFTs definitely contain an element of hype, but the hype is showing signs of fading soon because most of them are artificially priced. In addition, some people worry about the existence of wash trading (wash trading).trading), for example, a virtual cat from CryptoKitties can be sold for 600 ETH, but there is no reason why it is worth that much.

"Virtual cats for sale on CryptoKitties"

Still, even if you are not interested in NFTs right now, don't ignore it completely, because the ecosystem is changing, just like DeFi, NFTs may also become the next big thing in crypto.

What is the future prospect of NFT?

Although NFT is or will soon bring disruptive changes to all walks of life, it is not without shortcomings. The problem stems from the blockchain on which it relies. Decentralized networks are not 100% user-friendly, and verifying authenticity, selling, purchasing, and storing NFTs all require at least a basic understanding of blockchain technology. Problems arise when most of the target audience is only interested in the product rather than the underlying technology, and consumption of the product must rely on knowledge of the underlying technology.

In other words, the hope is that blockchain can become as mainstream as smartphones or the Internet. While most people have no idea how these two technically work, billions of people use them every day. And if NFT can do this, it may create more and greater value.

Past selections

An article explains: the female version of Buffett and her ARK Fund

Why is this painting the most mysterious painting in history? ?

9. What is digital currency blockchain

1. Blockchain is a ledger that records digital currency transactions
Take Bitcoin as an example. It has no physical form. Instead, it exists in a dedicated ledger. All Bitcoin transactions are recorded in the ledger. Through the transaction records, we can calculate the number of Bitcoins owned by each user. If a person owns Bitcoin, it means that transaction records related to him can be found in the ledger.
The ledger mentioned here is a piece of software, which we can download from the official Bitcoin website, and the underlying technology used in this software is the blockchain. To facilitate understanding, we usually say that the blockchain is the ledger.
The reason why blockchain is used as the underlying technology of the ledger is to achieve the decentralization of digital currency. It can be said that the starting point for a series of problems encountered by digital currencies and the solutions provided comes from decentralization.
2. Blockchain is a technology that ensures the safe use of digital currencies. Everyone knows that blockchain technology has two major characteristics: encryption and non-tamperability, which can reduce the probability of errors during the use of digital currencies. reduced to 0. Since digital currencies have higher requirements for encryption, blockchain technology must be used to support them. At present, not only many industries in our countryAll are using blockchain technology, and even many foreign countries are actively using blockchain technology.
[Extended information]
Blockchain is the underlying technology of digital currency, and Bitcoin is the first successful application of blockchain.. To understand this problem, we must first recognize the facts: not all blockchains require Issuing digital currency, currently our country strongly supports "coinless blockchain". Generally speaking, public blockchain, that is, public chain, needs to issue tokens as "rewards" to motivate users and maintain system operation, while ordinary blockchain , often called a consortium chain, can or cannot be issued. Private blockchains are mostly used for company internal audits and generally do not need to issue coins. The following is a detailed explanation of the differences between the three blockchains:
1. Public block Chain: A blockchain in which anyone in the world can read and send transactions for validity confirmation, and anyone can participate in its consensus process. Bitcoin and Ethereum are typical applications of public blockchains. Public blockchains are a global Distributed blockchain, blockchain data is open, user participation is high, and it is easy to produce network effects, easy to apply and promote. Therefore, this kind of blockchain operation relies heavily on the incentive mechanism, Bitcoin Tokens such as Ethereum and Ethereum are used as "rewards" for incentives, so public chains need to issue tokens to maintain their own development and ecology.
2. Community Blockchain (Alliance Chain): It means that the participation of nodes in the blockchain is selected in advance. There are usually good network connections and other cooperative relationships between nodes. The data on the blockchain can be open It can also be internal. For partial distribution, we can regard it as "partial decentralization". Each alliance in the chain has its own centralized management. For example, R3CEV of more than 40 banks is a typical alliance chain. Chains usually don’t require a lot of money, but there are also individual alliance chains that choose to send money to motivate members within the alliance to contribute, so there are no restrictions on the chain.
3. Private blockchain: refers to a node with a limited scope of participation, such as a specific organization’s own users, strict permission management for data access and use.. Write permissions in a completely private blockchain It is only in the hands of the participants, and the read permission can be open to the outside world or restricted to any extent. It is currently mainly used for internal audit work of the company. Therefore, the private chain does not need to issue currency, and it does not have the characteristics of decentralization. It is a kind of centralization management mechanism.

10. Blockchain and Digital Currency

The public’s current enthusiasm for blockchain and digital currency is a process of wanting to die and going crazy first.

Yes Personally speaking, whether you make a profit or a loss, the money you make must be money lost by others. This is not a market where entities create value. The secondary market is zero, plus handling fees, it is a negative market.

Blockchain Just like Pandora's box, it is inappropriate to open it. If everything is grafted reluctantly, it will definitely bring about a lot of problems. To solve it, maybe there will be new entrepreneurs who should work hard to speculate, and finally get the chicken feathers of the entire industry. This is what I think is the biggest in the blockchain industry right now.The problem - the bubble is too big.

Although many investors choose to speculate in this blockchain bubble, value investing does apply. Human nature will never change, fear of greed, risk, human nature and The law of economic growth applies to any industry and will not change due to the emergence of new things.

I think investment is related to speculation, with both similarities and conflicts. Speculation can be said to be the details of investment. Different fields, so the success of some speculators cannot reduce the value of value investment.

Speculation and value investment belong to different fields. Because different strategies are used in different markets, there are many bubbles in a certain market. In this stage, smart investors choose speculation, and the bubble gradually breaks through. When choosing projects, they will return to value investment and look at the long-term value.

For myself, if it does not conform to my values ​​​​and value investment philosophy If you miss it, you will miss it. Life often does not necessarily require multiple mistakes, but in fact, making multiple mistakes at critical moments is also an effective method. This is my choice. If you are not interested in the commotion of this high-level jump, you can Choose not to participate. There are many opportunities for other routes, so you don’t have to focus on this route.