区块链债权部署到联盟链上的作用是,区块链债券发行系统

请查看相关英文文档

⑴ Blockchain + supply chain finance

Supply chain finance is a way for banks to connect core enterprises and upstream and downstream enterprises to provide flexible financial products and services. a financing model. Financing services for upstream and downstream supply chain finance usually focus on core enterprises.

Since core enterprises usually have strict requirements on upstream and downstream suppliers and dealers in terms of pricing and account terms, small and medium-sized enterprises in the supply chain often experience financial constraints and liquidity difficulties. To solve the problem of capital circulation difficulties for small, medium and micro enterprises, risk control is the biggest problem for Internet supply chain financial platforms. This also leads to the fact that among the four financing types: accounts receivable, prepayment, inventory financing and credit loans, accounts receivable has the largest scale.

The core pain points of traditional supply chain finance:

The accounts payable assets of core enterprises cannot be transferred step by step, and the factoring business cannot run through the entire supply chain. The financial needs of second- and third-tier suppliers cannot be met, leading to product quality problems.

The use of commercial bills is subject to the credibility of the company, and it is difficult to control the arrival time of discounts; the settlement agreement between suppliers lacks a systematic automatic triggering mechanism; supply chain finance involves multiple links In business, there is a lack of credible technical means to guarantee payment.

Financial institutions have high operational and risk costs in terms of trade background verification, reliable pledge, and payment control, and it is difficult for enterprises or platforms in the trade chain to self-certify. Financial institutions carry out supply chain finance. The costs, risks and benefits of business are more difficult to balance.

According to iResearch's latest "2018 China Supply Chain Finance Industry Research Report": In my country, the accounts receivable of industrial enterprises have reached a certain size, laying the foundation for carrying out corresponding supply chain financing. foundation. However, the scale of supply chain financing is far smaller than that of basic accounts receivable financing.

According to surveys, the loan demand index of small and medium-sized enterprises continues to be greater than 50%, indicating that corporate financing needs continue to exist.

Blockchain technology is a distributed ledger technology with technical characteristics such as decentralization, non-tampering, high security and smart contracts. It ensures the integrity and reliability of information and can effectively solve the transaction process. issues of trust and security.

1) Core enterprises confirm the rights to assets on the blockchain, including verification and confirmation of the authenticity and validity of debt certificates. The non-tamperable nature of the blockchain ensures that the creditor's rights certificate itself cannot be forged, proving the true validity of the circulation of the creditor's rights certificate. It can be split and transferred step by step to achieve credit penetration of core enterprises, thus solving the problem of financing difficulties for supplier companies on the chain. .

2) All data on the chain can be traced back to the source, saving financial institutions a large amount of offline due diligence and manpower and material costs to verify the authenticity of transaction information, which provides a platform for banks or Internet financial institutions.Supplementary risk control system. Relying on the credit transfer of core enterprises, suppliers can enjoy faster and more efficient financing services, effectively solving the problem of difficult and expensive financing.

3) In this trustful ecosystem, the credit of core enterprises can be converted into online digital warrants, preventing performance risks through smart contracts, allowing credit to be effectively transmitted along the supply chain, reducing cooperation costs, and improving Performance efficiency. More importantly, when digital warrants can be anchored on the chain, smart contracts can also be used to split and transfer funds from upstream and downstream enterprises, greatly increasing the speed of funds and realizing automatic liquidation.

At present, many domestic companies have started using blockchain technology to lay out the supply chain financial market. We selected the following four competing products for analysis and research, and analyzed the solutions of blockchain + supply chain finance.

Product introduction:

Micro Enterprise Chain uses accounts receivable from core enterprises as the underlying assets, and uses Tencent blockchain technology to realize the transfer and split of debt certificates.

Among them, when the original assets are registered on the chain, the supplier's accounts receivable are reviewed and verified to confirm the authenticity and validity of the trade relationship to ensure the authenticity and credibility of the assets on the chain. Debt certificates can be split and transferred layer by layer based on the supply chain. Each layer of transfer can completely trace the original assets registered on the chain to achieve credit penetration of core enterprises to multi-level suppliers.

Business process:

Risk control:

Product experience:

There is no specific operation interface to experience the Micro Enterprise Chain. The supplier registration portal is a mini program. The official website of Micro Enterprise Chain/Lianyirong only has a "Contact Us" entrance. It is speculated that the platform is not open to the outside world, and you need to be a target cooperation customer before you can cooperate.

The current operating model of Micro Enterprise Chain is mainly to cooperate with Lianyi Fusion to issue ABS/ABN, and suppliers issue assets and apply for financing on the platform. This model greatly reduces the financing costs of the entire industry chain.

Product introduction:

Yunxin is the corporate credit circulated on the China Enterprise Cloud Chain platform. It is an innovative financial information service that is transformed by large enterprise groups through the China Enterprise Cloud Chain platform into high-quality corporate credit that can be transferred, financed, and flexibly configured.

Business process:

Risk control:

Product experience:

Please refer to the public account tweet "Cloud Chain Finance-User Operations" Manual》

The promotion of China Enterprise Cloud Chain mainly focuses on the carrier of Yunxin, Yunxin = cash (split at will) +Commercial bills (absolutely free) + bank bills (high reliability) + easy traceability, the advantages of "Yunxin" as a new type of electronic settlement tool are well extracted. At the same time, the concept of blockchain is borrowed to prove the non-tamperability and traceability of data.

Judging from the dynamics of China Enterprise Cloud Chain’s WeChat public account, Yunxin is currently being promoted on a large scale across the country. According to Liu Jiang, chairman of China Enterprise Cloud Chain, there is currently a local promotion team of 200 people, and it will be deployed to 500 people next year. It is estimated that there are approximately 5,000 core enterprises in the country that are worthy of supply chain finance. If one person contacts ten enterprises and 500 people seize these 5,000 core enterprises, the entire supply chain finance in China can basically be covered. Details Click to view.

Product introduction:

After China Construction Group suppliers complete the bidding, signing, order and other procurement processes on the China Construction E-commerce "Yunzhu.com" platform, they can synchronize their supply and sales data Save the certificate to the collaboration platform.

When a supplier needs to finance accounts receivable, it submits a financing application to the bank on the collaboration platform, and the smart contract automatically links the certificate information to provide financing banks with complete and reliable loan review information. After the financing review is passed, the bank will reply to the supplier on the loan information chain. After the financing expires, the supplier completes the financing repayment process through the collaboration platform.

Business process:

Risk control:

Product experience:

Please refer to the article "Working together to "build" the blockchain architecture Industry New Model"

This product is different from the above-mentioned products. The core enterprises it cooperates with currently only target bureau companies and subsidiaries directly under China Construction Group, and its financing services only serve direct trade transactions with core enterprises. As a first-tier supplier, the business model uses on-chain data as evidence for financing materials. At the same time, the blockchain ensures that data is non-repudiable and difficult to tamper with, reducing financing risks.

Product introduction:

Apply blockchain technology to innovatively develop an accounts receivable chain platform to transform corporate accounts receivable into electronic payment settlement and financing tools.

Business process:

Risk control:

Product experience:

Zheshang Bank is based on Hyperchain, the underlying blockchain platform of Qulian Technology The developed “receivables chain platform” was launched. The platform is an innovative financial technology product that uses blockchain technology to convert corporate accounts receivable into online payment and financing tools to help companies deleverage and reduce costs. It is specially used to handle the issuance, acceptance, confirmation, payment, transfer, pledge and redemption of corporate accounts receivable.

Here,We use the business canvas to comprehensively analyze the commercialization models of competing products.

The business models and business processes of blockchain + supply chain finance products are actually very similar and easy to imitate.

In addition to the ones mentioned in this article, there are also Bubi Blockchain, Qulian Businessman/Ximei Chain, etc., but to become bigger and stronger, you need to fight for resources. This business model is destined to be led by the core enterprise with the highest bargaining power. So how many core enterprise resources you can introduce and whether the core enterprise is large enough depends on the business capabilities of your platform.

The main purpose of doing this competitive product analysis is to study the business model and commercial operations. In fact, the water is still very deep. It is not just a flow chart + capital flow or something to copy others. business model.

⑵ Is the abs public chain legal?

The abs public chain is legal.
From the perspective of the characteristics and practical application of blockchain, debt assets are the most suitable ABS field for blockchain: first, it lies in credit. Consumer finance is small, dispersed and has stable cash flow, so it is naturally suitable as the underlying asset of asset securitization. However, the credit problem in Internet consumer finance has become an important obstacle to its financing, and blockchain can truly present the credit history of both parties to the transaction without resorting to a third party, which can effectively solve the credit problem in consumer finance. Similarly, credit problems caused by information asymmetry are common in accounts receivable ABS, such as bills, letters of credit, corporate accounts receivable, factoring claims, etc., and the introduction of blockchain technology can make the supply chain Every transaction is logged and open to all participants. The second is decentralization. ABS’s preference for risk dispersion of underlying assets coincides with the decentralized nature of the blockchain.

⑶ Is it true that Juaicai’s recent payment has been returned

No. Juaicai’s latest exit news: Affected by the macroeconomic environment and industry environment, Juaicai’s company flow has become tense in stages. This tension is only temporary and does not affect the intensity of payment collection. At present, under the guidance of the China Banking and Insurance Regulatory Bureau and the Financial Bureau, the company has accessed the digital field of third-party platforms, and blockchain exchanges are injecting claims. At the same time, debt committees of financial institutions are also actively coordinating work and formulating relevant comprehensive solutions to provide lenders with the necessary recovery time.
Extended information:
1. Juaicai
1. Juaicai is a service platform developed by Beijing Juaicai Technology Co., Ltd. to provide online lending information intermediary services to qualified investors and qualified borrowers. . The headquarters is located in Xicheng District, Beijing.
2. Security:
1. Selection of high-quality assets: Juaicai strictly selects projects and eliminates projects with potential risks.
2. Strong cooperative institutions: The cooperative financial institutions chosen by Juaicai need to ensure that they have sufficient ability to protect themselves and are the first choice.Cooperate with institutions with strong shareholder backgrounds, and then choose institutions that have been followed up by venture capital. The financial institutions currently cooperating with Juaicai are institutions with more than 8 years of experience in the industry, and some of them have more than 10 years of experience in the industry.
3. The third party takes care of the situation: There is a complete cooperation agreement between Juaicai and the cooperative financial institution, which stipulates the full mortgage, full repurchase and full guarantee responsibilities of the cooperative institution.
4. Collection and storage of pledges: The borrower needs to provide sufficient collateral to Juaicai. The collaterals chosen by Juaicai are all cars, houses, and works of art with strong liquidity, and the realizable value is enough to cover the value of the creditor's rights. As for credit loans, they are mostly distributed in small amounts, and Juaicai will only choose institutions with sufficient repurchase capabilities to cooperate.
5. Independent risk control department: Juaicai has an independent asset preservation department responsible for post-loan inspection and tracking, keeping abreast of the capital’s principal and interest repayments, updating the system’s repayment information in real time, and granting credit lines to cooperative institutions. Total control and management.
3. Juaicai was founded by a team that has been working in the finance and Internet industries for many years. The members all graduated from universities such as Stanford, Tsinghua, and the Chinese Academy of Sciences. Project and risk control executives came from Citibank, Hua Xia Bank, Minsheng Bank, and Ping An Banks and other financial institutions; the technical and operational teams are composed of members who have worked in Internet companies such as Microsoft, Google, Oracle, and the Internet for many years. Former PP Wallet Product Technology Vice President, former China Asset Management Vice President of Risk Management, former Silicon Valley investor, and former iQiyi product manager.

⑷ What changes will blockchain bring to the electronicization of bills

First, it can identify the authenticity of electronic vouchers without worrying about malicious tampering or forgery.
Second, the third-party hosting model can effectively reduce the cost of enterprise system construction and operation and maintenance, and the method of querying and obtaining electronic vouchers from a credible third party provides a safe and reliable acquisition channel for enterprise users.
Third, solving the trust bottleneck faced by the data storage industry will help business development.
Fourth, electronic vouchers can be traced by recording electronic voucher summaries and circulation records to meet the needs of business supervision and review.
Deepin Bill Network and Xingye Digital Finance launched the bill witness system, which provides solutions to possible risks in electronic bill transaction scenarios. The ticket payment witness is the DVP of the ticket transaction between enterprises, which adopts the transaction model of "pay first and then endorse", that is, the buyer first transfers the money to the Industrial Bank's special fund custody account, the seller confirms that the funds have been received, and then endorses, and the Industrial Bank system verifies the electricity. Funds will be released after the ticket is successfully signed. During the entire transaction process, Deepin Bill Network only provides safe, efficient and convenient services and does not touch funds and electronic tickets to ensure the safety of funds and electronic tickets.

⑸ What are the illegal fund-raising behaviors carried out in the name of blockchain?

“The situation of financial crimes committed in the name of Internet finance is becoming increasingly serious.” Director of the Economic Crime Prosecution Department of the Beijing Municipal Procuratorate, Prosecutor Official Jiang Shuzhen told reporters that in recent years, self-financing platforms have been built under the guise of P2P.Cases of issuing false claims transfer projects to raise funds for oneself are increasing year by year, and the harm is getting bigger and bigger. In addition, illegal fund-raising in the name of virtual currency and blockchain has also begun to occur.

Jiang Shuzhen analyzed that financial crime cases currently still have problems such as difficulty in investigation and evidence collection and many disputes over the application of law. For example, in illegal fund-raising cases, the amount of evidence collected is large, cross-regional evidence collection is difficult, and there are disputes between crime and non-crime, individual crime and unit crime, etc.

In addition, financial laws and regulations lag behind the regulation of new financial industries such as Internet finance. Jiang Shuzhen gave an example. For example, there have been illegal and criminal activities using virtual currencies as gimmicks such as "Huaqiang Coin" and "Five Elements Coin" recently. On September 4, 2017, the central bank and other seven ministries and commissions jointly issued the "Guidelines on Preventing Token Issuance and Financing Risks". Announcement", which timely reminds the public to be wary of the risks and hazards of token issuance, financing and trading, which has a good effect. But what is the meaning of tokens? What kind of illegal activities such as illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes, etc. are specifically regulated? , there is still a lack of law enforcement regulations. In view of the problems exposed in new business formats such as Internet finance and blockchain, relevant laws and regulations should be improved as soon as possible to promote the effective connection between administrative law enforcement and criminal justice.

Content source Red Star News

⑹ What is blockchain

What is blockchain? What changes will it bring to your future life?

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.

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

In fact, the original English version of the Bitcoin white paper does not appear in the word blockchain, but uses chain of blocks. In the earliest Chinese translation of the Bitcoin white paper, chain of blocks was translated into blockchain. This is the earliest time when the Chinese word "blockchain" appeared.

The Cyberspace Administration of China issued the "Blockchain Information Service Management Regulations" on January 10, 2019, which will come into effect on February 15, 2019.

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

So in conclusion, this is undoubtedly a new technology that changes life. In the future, the production activities of the entire society will be carried out with blockchain as the underlying logic. Many things We all have it at our fingertips, and with the integration of artificial intelligence and big data, we canLet us easily handle things that seem complicated now, such as some securities market transactions and intelligent matching of financial management activities.

To put it simply, blockchain is a network computing center that integrates people, property, machines, and goods, and packages them into a whole; putting it on an infrastructure to run.

⑺ What are the regulatory policies for blockchain network-enabled notarization business

Recently, the Jiangsu Provincial Notary Association issued the "Interim Provisional Notarization of Blockchain + Online Enforcement of Financial Claims Documents" Specification" (hereinafter referred to as the "Specification"), which is the country's first business specification on blockchain network empowerment notarization, and is also a summary of the experience of Jiangsu Province's implementation of network empowerment notarization.
The "Specifications" not only clarifies the scope of financial institutions, but also puts forward specific requirements for information systems, certification procedures, software construction and file management, which will help Jiangsu Province's "blockchain + financial claims documents to be enforced online" Notarization" professional activities are standardized.
The "Standards" clarify that the scope of financial institutions includes financial institutions or their branches established with the approval of the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the competent commerce department, and the financial management department of the local people's government.

⑻ How to use blockchain technology to promote the integration of green finance and industry? What is its prospect and significance

A core function of blockchain is cross-validation and risk control, which can Reduce capital risks and improve financial efficiency.
The integration of industry and finance is mainly to promote the return of finance to the real service economy. Blockchain can help funders find better projects, so that good industries will develop better with financial support.
Data on corporate accounts receivable can often directly reflect the company's production and sales scale, corporate efficiency, financial status and other information, and are closely related to the development and survival of the company. In recent years, accounts receivable in various industries across the country have remained high, which has seriously affected the capital turnover of enterprises, making it impossible for enterprises in the debt chain to operate normally, struggle, and even go bankrupt. Therefore, the management of accounts receivable has become a very important issue in business activities. How to monitor the occurrence of accounts receivable and how to deal with the company's bad debts? From a legal perspective, attention needs to be paid to preventing accounts receivable risks, collecting accounts by legal means, and collecting evidence. In the course of business operations, a company may generate a lot of accounts receivable, or even have debt disputes, and the company may suffer losses as a result. Yuntu Supply Chain Finance has been deeply involved in the field of supply chain finance for many years and has helped many small and medium-sized enterprises achieve supply chain financing. Based on practical experience, it will analyze in detail the legal issues that companies may encounter in debt collection, hoping to prevent problems before they happen. Helps. Yuntu@Supply Chain Finance% is pretty good. Follow "Yuntu Finance" to get useful information on supply chain finance every day.

⑼ Blockchain "token" will subvert "capital"

What blockchain brings is an opportunity that comes only once in 500 years. Because what it changes is not productivity, but production relations.

A person works for a company 8 hours a day. Does he have to work for a company in the future? Is it possible to be self-centered rather than company-centered? This is what blockchain technology brings us to think about.

Most people think of blockchain as a new technology, some say it is a new generation of the Internet, and some call it the digitization of currency or assets. The author believes that what blockchain is facing is to subvert the entire social relationship and social organizational form. It is a manifestation of the development of productivity to a certain stage. The Internet has brought about a great development of productivity. The previous production relations have no longer adapted to the development of productivity levels, and have even hindered the development of productivity. The exchange of new productive forces and the birth of new production relations are the token economy brought about by blockchain technology. Its impact is much more profound than the blockchain technology itself.

Previous capitalist reforms all focused on capital, and tokens will subvert the economy and even capital. The original modern company organization method of capital structure with raised funds as the core will be subverted by the future economic organization method of token structure with contribution incentives as the core. The capital economy will be subverted by the token economy, and capitalism may be subverted by tokenism.

Reshaping human organizational forms, business organizations, and corporate systems can be regarded as the greatest invention of capitalist society in the past few hundred years. It can be said that without the company, there would be no history of Britain becoming an empire on which the sun never sets, and there would be no strong rise of the United States. But as the company has developed over the years, problems have also emerged.

Labor creates value, but workers do not enjoy value, that is, those who create value do not enjoy value, and those who enjoy value do not create value. For example, in Taobao, value is created by executives, employees, consumers, distributors, and suppliers, but those who truly enjoy value are those who invest in the capital market.

The author believes that it is time for humankind’s organizational and economic forms to be reshaped. In the past, when running a company, as long as it raised funds, it could hire more people, buy more production materials, and expand reproduction. In this era of fragmentation, entrepreneurs no longer need to rely on a lot of capital to start a business. They can also crowdfund to start a business. Even if you don’t invest any money, as long as your people contribute to the company, they can enjoy the value of the company. The organization of resources has changed: funds are no longer the most important, resources are the most important.

This organizational method is fully expressed by the blockchain. Wu Xiaobo mentioned a term called "entrepreneur": entrepreneur and investor. It is unimaginable that investors and entrepreneurs can be separated. All valuable things in a company are reflected on the balance sheet. Equipment, factories, and land are the most valuable assets. Now data and users are the most valuable assets in the future, and they are not reflected in the balance sheet.

What has always been the case is that employees in the company get paid and doExecutives receive incentives plus some options, channel dealers earn product price differences, and partners earn service fees. Now this logic has changed, and the source of value has been changed. In the past, the surplus value of labor was deprived of capital. In the future, everyone should be a contributor and everyone will enjoy it. A person has a variety of resources: human resources, knowledge resources, and governance resources. Everything is centered on the individual, not around the product or the company.

Blockchain has subverted the company's core value - maximizing shareholders' interests, and also subverted the company itself.

Blockchain’s transformation of traditional companies is reflected in its fragmentation of production processes and data, which is exactly the opposite of many social organizations. In the past, in industrialized societies, business could only be done on a large scale because transaction costs were very high. Blockchain makes granular transactions possible, miniaturized and trustworthy. In the original exchange of capital flows, there must be a process of fund payment when signing a contract. After digital assetization, it can be automatically processed through smart contracts, and the company system faces various challenges.

In the future token economic structure, things that were originally considered valuable may become worthless, such as investors who form the basis of a company’s capital structure. and managers, company equity, assets, claims, capital, funds; the corporate governance structure that constitutes the company's organizational structure - shareholders' meeting, board of directors, management and employees; the accounting statements that constitute the basis of the company's financial system - costs, assets, liabilities , profit, income, depreciation, etc.

What the blockchain changes is not productivity, it changes production relations. The token system is a great invention. It is not a technology or a financing token, but a new organizational form and operation method that integrates all resources and value sharing. It is the next economic era. The "certification circle" will become a more sustainable circle with the influx of more traditional companies after the "Token circle", "chain circle" and "mining circle".

Token system reform: Token reform, chain reform, certificate reform

The chain is the skeleton, and the token is the soul. It can make a person and a community come alive. Everyone is a creator and value contributor, and everyone is an owner and enjoyer. This is the real meaning. However, the current token reform and chain reform claim to be decentralized and cannot be tampered with, but they still remain at the technical level. Technology will develop very fast in the future. This is not a problem that needs to be worried about. The biggest problem is whether the production relations have been adjusted. Just like as long as the company is established, financing and share reform are not problems.

The upper layer of the pass is Token reform, financing, ICO, and white paper, which has the function of financing and financial attributes; the lower layer is chain reform, blockchain technology, distributed accounting, encryption authorization, and consensus mechanism , smart contracts, etc. have technical attributes. They are interrelated and form a business logic, which is the core of the certificate. But now the upper and lower parts are separated. People in the chain say chain and Token.People say Token.

Certificate reform is the operating mechanism of a community. It is the sum of investment, production, distribution, exchange, consumption and other relationships, and has social attributes. It is not determined by the value of the chain, nor by how high the currency is speculated, but by the value of its own operation. The scope of tokens is larger than digital currency and blockchain itself. It is an adjustment of production relations when productivity has developed to a certain stage. Therefore, the future society may enter a token community organization, a token economy, or even a tokenism society.

The token economy is very important. It is the most important target tool for the future market. The economy undergoes fission, and the joint-stock economy turns to the token economy. Blockchain gives everyone a distributed account to manage and calculate people's value, thereby realizing the democratization of the economic system. Stocks are a certificate that distributes dividends based on equity. However, in the context of the digital economy, everyone's data has value. When participating in the distribution, a human value certificate - Token - appears, which is a human value certificate. Calculate using blockchain. This transformation changed the human distribution system so that everyone has the right to participate in distribution. Each person's big data is scientifically measured and essentially reflects a person's ability to create value. The token economy will take a big step forward in the civilization of human society, fully discover human value, better manage human value, and create more human value. Under this system, everyone has the right to freedom based on personal value, and there is no more exploitation and inequality.

To create value, tokens need to be issued through the blockchain. Only when the value of Token is stable can the certificate appreciate. Therefore, the transformation of the token system is a precise distribution and transaction model. Investors get certificates, producers get certificates, distributors get certificates, traders get certificates, and consumers get certificates. Balancing these five relationships requires accurate big data analysis to achieve a balanced and stable growth. mechanism. Therefore, certificate reform is not that simple. Chain reform is the participation of technology, Token reform is the preparation of white papers, and certificate reform can create core value. After centralization, the company is at the core, and decentralization is at the core of the token. A completely decentralized company has no value. Is the value of a fully centralized token zero? Does issuing Token mean the embodiment of real pass?

Many company forms will change in the future. Public companies, private companies, credit companies, market capitalization companies, and market capitalization management price-to-earnings ratios are actually issues we need to think about during the transformation of the token system. In the past, opportunities were once in 10 years, 30 years, and 100 years. Now they are once in 500 years. The author believes that blockchain is a very big opportunity. Instead of participating in the Token circle and the chain circle, it is better to create it. Enterprises that truly have the value of blockchain tokens.

⑽ The essence of blockchain mining

Investment products are usually divided into debt products and equity products based on the certainty and uncertainty of returns and risks.Creditor's rights pursue absolute returns, while equity investors are willing to take risks and obtain floating returns. Usually these two are completely different products. However, the emergence of blockchain technology has made it possible to integrate these two types of products.

Take Bitcoin, the first concrete application of blockchain, as an example. BTC is released in mining mode. Every ten minutes, the mining machine that grabs the accounting rights is rewarded with 6.25 Bitcoins. Based on the current computing power difficulty, the output of a mining machine can be expected. Therefore, the income from short-term investment in mining machines is relatively certain, but due to the huge volatility and growth space of Bitcoin itself. The life cycle of a mining machine is more than one year. Investment in mining machines essentially requires a judgment on the future BTC capital value and risks. Bitcoin mining provides a new model of short-term deterministic returns and long-term floating returns.

The reason why this model was established is that first of all, everyone formed an initial consensus on the value of BTC and there was a secondary market for free transactions. The mined BTC can be traded and sold at any time to obtain deterministic returns, or it can be held as an asset for a long time to obtain long-term investment returns.

Equity investment fully embodies the capital spirit of sharing risks and sharing profits.

A sign of the maturity of the capital market is the richness of equity products and tools.

Chinese society is generally dominated by the creditor's rights mentality, and investment capital preservation is the basic expectation of most investors. On the one hand, this mode of thinking is due to historical factors. Traditionally, business risks and returns have been viewed in isolation. It is believed that business must be profitable, and risks are only a matter of the integrity of the businessman, so the requirement to maintain capital is a constraint on the personal credit of the businessman. Another aspect is that China has not developed a more mature capital market. Lack of market tools. Pricing, trading and risk management of equity.

It has been more than 20 years since China's securities capital market started in the early 1990s. Although it has begun to take shape, its influence on the entire social economy is still very limited. First of all, the threshold is high, and various claims and Market instruments for equity are limited to thousands of listed companies. China's stock market itself lacks a money-making effect, making ordinary people's perception of equity investment even more negative.

As a tool for credit management, blockchain technology can build innovative trading models at low cost and automatically form a secondary trading market. It provides new opportunities to promote equity investment.

Bitcoin’s POW mining mode is a pure computing power game. If mining can be combined with business incubation, real capital functions can be achieved.

This is also the charm of the token economy. Through deterministic algorithms, ecological rights and interests are distributed, and at the same time, value is tempered through free market transactions. Convert future uncertainty into capital value. Form consensus on new wealth.