On August 22, 2018, the 2018 Academic Symposium on "Cryptocurrency, Tokens and Coinless Blockchains" was successfully concluded in Chongqing. Representatives from academia, technology, legal theory, economic theory, etc., focused on the circulation and supervision of cryptocurrency, the nature, function and boundary of tokens, and the nature and significance of the currencyless blockchain. Collision of ideas. This seminar was hosted by Zhimi University and Babbitt, and co-hosted by Bitmain, Bikan, NULS, and Meteorite Finance.
At this academic forum, Changzheng proposed for the first time that blockchain can inject credit into the token economy; Yan Zhijie, the former Dean of the School of Economics of Peking University, only started to contact the blockchain at the end of 2017, but creatively combined the blockchain with the market. Combining the economy, it is believed that the essence of the two is decentralization; although Zhu Jiaming, a leading economics figure, did not deliver a keynote speech, he highly summarized the results of this meeting in the subsequent closed-door meeting; Yan highly praised the conference as the highest level of all conferences on blockchain and token economy.
On the one hand, the truth becomes clearer the more debated; on the other hand, putting aside disputes and seeking common ground while reserving differences is not a kind of wisdom. 16 speeches, 330 minutes, 50,000 words, gathered a high-quality thought feast in the mountain city of Chongqing. This article reorganizes and sorts the views of the guests to find out the internal relevance, so that readers can better understand cryptocurrency, tokens and non-coin blockchain.
1. CryptocurrencyIs cryptocurrency a scam?
"When some people heard about Bitcoin, they said it was a scam, a liar."
Is this really the case? It is undeniable that some people do illegal activities using Bitcoin, but if there is an illegal activity in a tool or industry, it will be regarded as a scam across the board, I am afraid that the social order has long been chaotic.
"Bitcoin has been in existence for nearly 10 years and has experienced so many bear and bull markets. It still has such a tenacious vitality today, and it must have its inherent role and value." Austrian school of economics and liberalism popularizer Bourfemo pointedly pointed out for a while: the value of cryptocurrency comes from the demand of real transactions at the bottom, cryptocurrency releases the freedom of transaction, and the freedom of transaction promotes the prosperity of the market.
What is cryptocurrency?
"Cryptocurrency is the same as fiat currency. Both have no intrinsic value and no endorsement support. They are pure credit currencies."
Said Hong Shuning, Dean of Jinqiu Blockchain Research Institute.
Hong Shuning said that the core and most fundamental application of blockchain is cryptocurrency, and decentralization has laid the foundation for cryptocurrency. In addition to currency attributes, cryptocurrency also has three major attributes: assets, commodities, and securities.
Regarding legal digital currency, Hong Shuning believes that it should not be classified as a cryptocurrency, but an electronic currency, which is simply issued by the central bank. Since it is issued by a centralized organization, it will not be related to blockchain technology.
Will cryptocurrency replace fiat currency?
Hu Jie, who once worked at the Federal Reserve, made it clear that cryptocurrencies will not replace mainstream currencies. The reason is that the legal currency is the crystallization of the conclusion that mankind has paid a great price. "Cryptocurrency can be entered as a supplementary currency, mainly to clarify anti-money laundering. In fact, the country is more tolerant of Bitcoin as a currency, but if Bitcoin is too much like gold, it will eventually be forced to withdraw from the stage of history. "Why did gold withdraw from the stage of history? It is because there is no way to solve the problem of matching with economic growth.
Bourfemo, who believes in liberal economics, did not make a clear statement, but he believes that once a trend comes, we will never be able to go back to the past. "It hasn't been a few years since Alipay and WeChat appeared. Can we return to the world without Alipay and WeChat? Almost can't go back. When the day when cryptocurrency dominates the mainstream, we may never go back. "
How does cryptocurrency conduct community governance?
Why do we need community governance? BCH developer Jiang Jiazhi summarized two reasons. First, the number of users of cryptocurrency is small, accounting for 0.5% of the world's total population. Many improvements are needed to promote it to the mainstream population. Second: The technology itself has risks, and community members’ concerns about risks make it difficult to reach a consensus.
How to conduct community governance?
The first is the POW model. Bitcoin uses POW for community governance. The biggest beneficiaries of this mechanism are miners. However, the mining that miners care most about does not care about the development of the community. Because this design model lacks incentives for developers, it is easy to cause developers' interests to be inconsistent with the interests of the entire community.
The second is the POS model. This is the current governance model adopted by blockchain projects. POS is voting based on equity. Because the design will be very complicated, there are very few people who actually run voting. The emergence of proxy voting (POS mining pools) has further exacerbated the reduction in the participation of token holders, and most token holders will not vote by themselves in the end.
The third is the DPOS model. Coin holders can vote for more than one vote. The disadvantages are: First, the voter has no income and the willingness to vote is not strong. Second, the issue of binding the responsibilities and obligations of voters, and how can voting that is beneficial to the community receive corresponding benefits or rewards.
What is the best community governance model? Jiang Jiazhi believes that this question itself has no answer. But Jiang Jiazhi gave a reference plan: POW+POS parallel mode, which uses POS for community governance, and POW guarantees the safe operation of nodes. This may become a more general community governance model in the future.
How to supervise cryptocurrency?
"If cryptocurrency is made illegal, people will go to the black market to trade, and the harm will be even greater. It is better to mention it for strong supervision."
Liu Yang, chairman of Bikan, pointed out that he believes that the supervision of cryptocurrencies should be sparse and not blocked. China can learn from the regulatory attitudes of the United States and Japan towards cryptocurrencies. The United States is a developed country, and has a very deep understanding of economic research, and their supervision is relatively complete. Japan's supervision of digital currency exchanges is very standardized, and financial reforms have already begun.
Hong Shuning gave a more specific supervisory idea: the majority of cryptocurrencies are regulated as foreign currencies; a small number of equity-type cryptocurrencies are regulated by the China Securities Regulatory Commission as securities. The advantages of this are: first, it will not impact the renminbi system; second, the existing accounting system does not need to be adjusted; third, the taxation problem can be resolved; fourth, it will help maintain financial stability.
2. PassToken VS cryptocurrency
"Some people imagined that launching a sub-currency on the Bitcoin platform would be known as Token later on."
Teacher Chang Yong believes that Token is different from cryptocurrency. First of all, Token is an implementation of smart contracts. Smart contracts and cryptocurrencies are based on cryptographic consensus. Secondly, Token is a centralized credit mechanism, and cryptocurrency is a distributed consensus mechanism.
However, there is still a correlation between Token and cryptocurrency. First of all, cryptocurrency provides a security guarantee and an intrinsic value transmission medium for smart contracts. Secondly, the issuance and circulation of Token requires the consumption of cryptocurrency. For example, the issuance of Token on Ethereum will consume Ether. Finally, a very important reason why tokens have such a big impact is that they can circulate freely in the currency system established by Bitcoin and Ethereum.
What is the token economy?
Hu Jie uses the three legacy of Bitcoin (distributed trusted ledger, smart contract and equity token) to elaborate. Any business activity consists of three parts: division of labor and collaboration, work performance and incentive rewards. Use smart contracts to achieve division of labor and collaboration, use credible ledger to record work performance, and use equity tokens to redeem incentives and rewards. A business model with the above characteristics can be called a token business model. If an economy such a business model accounts for a considerable proportion , We call it the token economy.
The advantages of the token economy?
In Hu Jie's view, the advantages of the pass business model compared to the traditional company model are reflected in three points: first, the scope of collaboration can be greatly extended to break the corporate system; second, the cost of trust is reduced in terms of governance; third, The incentive mechanism is more transparent and diverse.
What kind of application is suitable for the token business model? One is to confirm rights and keep governance, the second is the exchange of rights and interests, and the third is multi-party cooperation.
Meng Yan believes that token economies have certain advantages over traditional economies in competition. The current competition of Internet companies is more like competition in a low-dimensional space. The methods used include corporate strategy, positioning, marketing, and With capital, once they have a pass, these companies can bypass some of the traditional restrictions and achieve a competitive means of upgrading.
Changzheng believes that blockchain can inject credit into the token economy. For the first time, it was proposed in public that a blockchain-based currency circle can build a credit system that cannot be cheated. The most essential difference between blockchain transactions and traditional transactions is the introduction of Bitian Destruction. If Bitian Destruction is introduced into the credit evaluation model, the traditional credit brushing behavior will be completely eliminated.
However, the token economy is not perfect. Hu Jie pointed out that the token economy also has many shortcomings. The first is the rationality of community governance and how to arbitrate disputes. The second is the agility of the contingency mechanism. There are many factors of change in business activities. Finally, it is to make a strategic choice. The economic model of the token is more convenient for a well-appointed game, but it is not very bright when it faces creative activities out of nothing.
How to design the token economy system?
To make the token economy work, the premise is that the token economy system must be well designed.
In a token economy, we are faced with how tokens are produced, distributed, exchanged, and consumed, as well as the exchange, distribution, and distribution of a series of physical products and services that accompany the production, distribution, exchange, and consumption of tokens. How to solve the problem of consumption.
The current mainstream token is a single currency structure, which serves as both equity currency and circulation currency. The problem faced by this kind of token is: Circulating currency pursues maximum liquidity, that is, the currency value is relatively stable. But the actual situation is that it is impossible for this currency to maintain a stable currency value. In addition, depreciation and appreciation will in turn affect liquidity.
The solution is dual tokens: equity tokens continue to appreciate, and circulation tokens continue to stabilize. There are already many projects using the dual-token mechanism. However, the difficulty lies in the design of stablecoins. There are currently three ideas: centralized debt issuance, mortgage asset issuance, and algorithmic central bank.
In addition to dual tokens, Meng Yan also mentioned a multi-token structure: on a basis, everyone and all organizations are allowed to issue tokens on it, allowing these tokens to operate freely in the market, and finally determine the most important or The free exchange market decides which tokens will win. "In practice, we found that many practical application projects can finally be solved through multi-tokens. At the same time, we found that multi-tokens is a recursive structure, which can make many problems localized. Recursive and recursive through a simple structure Structure, we can construct a very complex and very grand system."
Supervision of the Token Economy
"If the name is not correct, then the words will not go well, and if the words are not good, then things will not be done. Failure to do things means weak supervision."
Yang Dong, deputy dean of the School of Law of Renmin University of China, has been involved in China's Internet financial technology-related legislative and policy supervision for many years. In the process of dealing with Chinese government regulators many times, the biggest problem is that the government can't distinguish the quality of the platform. Therefore, Yang Dong believes that there is a need for a conceptual theory or system to enable the supervisory authorities to effectively supervise. Based on this, Yang Dong proposed the concept of co-voting.
Hu Jie believes that the reason why the token economy faces regulatory challenges is that blockchain technology has been used in the financial industry from the very beginning. The financial industry is a particularly sensitive industry and has touched the sensitive points of the financial industry: the first is the issuance and trading of securities, the second is the raising of funds, and the third is the issuance of currency.
Hu Jie suggested that the above three areas should be supervised separately, because people in these three industries can not know each other in the financial industry. The past laws are the summary of human experience and must be respected. In the face of new phenomena, whether the past rules are used or not, there must be a logic of supervision. When blockchain technology enters the financial sub-field, it should be treated the same as traditional financial services.
3. No-coin blockchainXia Zhuhai is one of the few on-site guests to explore the currencyless blockchain. After long-term practice, in his opinion, the blockchain does not need to be completely decentralized, but can also be polycentric. "Under the current conditions, because people have social attributes, the network, technical conditions, and other technical conditions of the blockchain itself have not yet reached the situation where complete decentralization can solve the problem."
Is the currencyless blockchain useful? Xia Zhuhai shared the application of blockchain in the Foshan Chancheng government affairs system at the scene. On June 22, 2017, Chancheng launched the country's first blockchain innovation application platform "Zhixin Chancheng", taking the lead in applying blockchain technology in government affairs, public services, and convenience.
In the field of government affairs, Zhixin Chancheng relies on blockchain technology to build a digital identity authentication platform for natural and legal person information based on trusted space. The platform uses the information that is issued by a formal institution and recognized by the state, such as each person's ID card, academic certificate, etc., to make a digital identity in the digital space through smart contracts, so that citizens can do "zero errands".
How to improve the efficiency of information query? According to Xia Zhuhai, the original business model was that a natural person or a legal person went to a store to search and query through a big data center to verify their identity. Through the digital identity authentication platform, this process is omitted. "The identity is your own, and the certificate is valid. You can directly authorize it to the corresponding business department through the blockchain authorization method. The system uses smart contracts to standardize business processing. In this way, you can bypass the original step-by-step method of using big data, complete all the tasks directly, and return to the original database to record the data for query."
Perhaps at this point, many people still don't feel deeply about the role of the currencyless blockchain. Xia Zhuhai gave an example. Take pension payment as an example. The original pension payment requires a person to go to a designated institution on a regular basis to prove that the person is still alive. Now, it can be issued through blockchain + live detection.
4. SummaryWhat is the internal connection between cryptocurrency, pass and non-coin blockchain?
Teacher Chang Yong, the founder of Zhimi University, believes that the first problem is that everyone has inconsistent understanding of the blockchain. In the view of Teacher Chang Yong, the core of blockchain is distributed consensus. Distributed consensus is derived from centralization. Cryptography is the prerequisite for distributed consensus to be applied to large-scale economic activities.
Blockchain is just one of a series of technologies implemented by distributed consensus, rather than the most important technology. There are distributed ledgers, proof of work, cryptographic technology, and so on. "Using this small technology to replace the entire grand system will naturally cause people a series of troubles.
In order to solve the above problems, Changyong proposed a cryptographic consensus mechanism, the premise is still distributed consensus. Based on the cryptographic consensus mechanism, cryptographic consensus platforms have been created, such as Bitcoin and Ethereum. Cryptocurrency is built on the crypto consensus platform. Based on the cryptographic consensus platform, a smart contract agreement is derived, and the token is issued through a smart contract.
The currencyless blockchain does not necessarily need to be decentralized. It uses local technologies, especially cryptography, to intercept some things from distributed consensus.
The cryptographic consensus mechanism, tokens and non-coin blockchain constitute cryptoeconomics.
Cryptocurrency, development platforms and decentralized storage systems are the infrastructure of the entire large-scale economic activity.
Token is a new product formed on the basis of a cryptographic consensus development platform. This product does not necessarily need to be centralized.
The non-coin blockchain has nothing to do with the pass, but has some relationship with the cryptographic consensus mechanism.
Whether it is a pass or a non-coin blockchain, cryptographic consensus technology must be used.
From the perspective of whether it is decentralized, the underlying cryptographic consensus is a completely decentralized system, and neither the token nor the currency-free blockchain does not necessarily have to be decentralized, and can even be completely centralized.
"The world constructed in this way can be called a crypto economy or a crypto world. Tokens and non-coin blockchains must follow their own principles and cannot be confused. There is no need to oppose the non-coin blockchain too much. In fact, we hope it can When used, it will have an impact on tokens and cryptographic consensus facilities in the future.
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