1. Blockchain--区块链
1. Blockchain - Block Chain
区块链是一种分布式数据库。
The block chain is a distributed database.
传统的一次跨行转账，通常是A-银行1-银行2-B的交易路线。在此路线中，用户，银行都需要各自记账，这样不仅造成记账数据重复，而且中途可能出现错误甚至篡改。
Traditional cross-routine transfers, usually the A-Bank-1-Bank-2-B route, involve users, banks, not only double-counting, but also midway errors or even manipulations.
如图，白色框为每个机构的账单。箭头为记账数据传输方向。
As you can see, the white box is the bill for each agency. The arrow is in the direction of the recorded data transfer.
对账的简单模型?
A simple model of the reconciliation?
《区块链 从数字货币到信用社会》
The Block Chain From Digital Currency to Credit Society
随后，银行普遍采用了结算中心主导的交易体系，由结算中心负责所有交易的记录。这解决了记账数据冗余和记账过程中可能出现数据篡改等问题。
Subsequently, banks generally adopted the clearing centre-led trading system, with the clearing centre responsible for recording all transactions. This resolved problems such as redundancies in the recording of data and possible data manipulation in the recording process.
大约在结算中心体系普及的同时，跨行转账手续费开始退出历史舞台。
Around the same time as the clearing centre system became popular, cross-line transfer fees began to exit the historical stage.
目前，全世界跨国交易普遍采用美国建立起来的SWIFT结算中心。
Currently, the SWIFT clearing centre established by the United States is widely used for cross-border transactions worldwide.
中心化共享总账的结算模型?
Centralize the settlement model for shared ledgers?
《区块链 从数字货币到信用社会》
The Block Chain From Digital Currency to Credit Society
结算中心同样有一定的弊端，例如，由于当系统中的参与者达到一定的数量时，每增加很少的参与者，中心的工作量都将显著上升。此外，由于数据仅存在于结算中心，结算中心一旦被破坏，整个交易体系都将崩溃。
The clearing centre also has certain disadvantages, for example, because when the number of participants in the system reaches a certain level, there will be a significant increase in the workload of the centre for every small number of participants. Moreover, since the data is only available at the clearing centre, if the clearing centre is destroyed, the entire trading system will collapse.
于是进一步有了基于区块链的记账体系。系统中的账单被打包成区块，相连成区块链。区块链记账体系将中心的工作分散给参与者，规避了规模不经济的现象。同时，由于所有参与者都持有全部交易记录，系统的稳定性大大增强。
The system’s billings are packaged into blocks and linked to the chain of blocks. The system spreads the centre’s work to the participants, avoiding uneconomical scale. At the same time, the system’s stability is greatly enhanced by the fact that all participants hold full records of transactions.
区块链结算模型
Block Chain Settlement Model
《区块链 从数字货币到信用社会》
The Block Chain From Digital Currency to Credit Society
目前，中国基于区块链推出了数字人民币。数字人民币结算体系具有低成本、可追溯性、安全性等多个有点。对我国突破SWIFT结算体系限制，推荐人民币国际化具有重要意义。
The digital renminbi settlement system is low-cost, retroactive, and secure. It is important for the country to break through the SWIFT settlement system’s restrictions and recommend internationalization of the renminbi.
当前人民币结算无法脱离SWIFT
The current renminbi settlement cannot be separated from SWIFT
《人民币跨境支付系统业务操作指引》
Operational Guidelines for the RMB Cross-border Payment System
2. Ledger -- 账单
2. Ledger -- bills
指所有的交易记录，如上图区块链结算模型中方形框中的部分。在区块链中，所有的参与者可查看的账单是相同的。
refers to all transaction records, such as the parts of the square box in the block chain clearing model above. In the block chain, all participants have the same bills to view.
3. Bitcoin -- 比特币
Bitcoin - Bitcoin
首个基于区块链建设的结算体系。
The first settlement system based on block chain construction.
其交易原理是，系统每10分钟的交易记录被打包成一个区块。区块相连接形成区块链。
The trade principle is that the transaction records of the system are packaged into a block every 10 minutes. Blocks are connected to the chain of blocks.
在系统中，矿工将“上一个区块链的哈希值+10分钟内的交易记录+时间+随机数”，用sha256算法（即将信息转化为256位二进制数）加密两次后，通过不断调整随机数，使加密后的满足前n位为0。（n取决于系统总算力，系统总算力越大，系统会相应使n增大以使区块生成时间保持在10分钟），区块生成后提交给节点确认。最早生成区块并获得节点通过的矿工将获得50比特币奖励。（每4年奖励减半一次）。我们可以按照等比数列求和，计算出比特币供应总量为2100万个。
In the system, the miners use the sha256 algorithm (which converts information into 256-digit binary numbers) to encode the record of transactions + time + random numbers within 10 minutes of the previous block chain, so that the encoded number is zero by constantly adjusting the random number. (n depends on the system's total capacity, the system's overall strength increases n accordingly to keep the block generation time 10 minutes) and submit it to node for confirmation once the block is generated. The first-generation block and the miner through the node will receive a 50bit incentive (half-cent of the time every four years).
比特币记账模型?
Bitcoin billing model?
《比特币：一种点对点电子支付系统》
Bitcoin: A Point-to-Point Electronic Payment System
早期，比特币的主要参与者为参与挖矿的散户，对于比特币的估值逻辑主要来源于挖矿成本、比特币稀缺性两类逻辑。
At an early stage, the main participants in Bitcoin were scattered households involved in mining, and the valuation logic for Bitcoin was derived mainly from two types of logic: mining costs, and the scarcity of Bitcoin.
基于挖矿成本的定价模型 IOSG Ventures
Pricing model based on mining costs IOSGVentures
在按照稀缺性估值层面，最为知名的是”PlanB”基于S2F的估值模型。模型可以认为是一元回归，认为比特币的价格完全取决于稀缺性。
At the level of scarce valuation, the most well-known is the “PlanB” valuation model based on S2F. The model can be considered to be a one-size-fits-all regression, and the price of Bitcoin depends entirely on scarcity.
稀缺性SF的计算
The calculation of scarce SF
https://stats.buybitcoinworldwide.com/stock-to-flow/
价格对稀缺性SF的回归?
The return of prices to scarce SFs?
https://stats.buybitcoinworldwide.com/stock-to-flow/
本模型早期预测效果极佳。但随着比特币越来越被机构投资者接受，宏观经济等因素对比特币的影响逐渐增加。
The early predictions of this model are excellent. But as bitcoin becomes increasingly accepted by institutional investors, the impact of macroeconomic factors such as bitcoin increases.
3. Ethereum -- 以太坊
Etheeum - Ether
以太坊，首个支持智能合约的公链。
Ether, the first public chain to support smart contracts.
智能合约，可以被视为“数字化的自动售货机”。以2021年深圳推出的智能租房平台为例讲解原理。一份租房合同签订后，相关条款会被录入系统。随后，系统每个月将租金从房客账户划转至房东账户，同时，将开门密码发给房客。这种模式降低了交易执行成本（自动划拨租金和密码），同时较好预防了违约（只有扣款成功才会发送房门密码）。优化了租房相关行业的经济模型。
Smart contracts, which can be regarded as "digitized vending machines," are explained by the smart rental platform launched in Shenzhen in 2021. When a rental contract is signed, the relevant provisions are entered into the system. The system then transfers rents from the tenant account to the landlord's account every month, while the opening code is issued to the tenant. This model reduces transaction costs (automatic transfer of rents and passwords) and better prevents defaults (only when deductions are successful.
智能合约与传统合约的对比
Smart contracts versus traditional contracts
《区块链 从数字货币到信用社会》
The Block Chain From Digital Currency to Credit Society
这种智能合约在金融、存储、在线投票和去中心化自治组织等领域都有应用，后期会对相关应用进行详细介绍。
Such smart contracts are applied in areas such as finance, storage, online voting and decentralised self-government organizations, which will be described in detail at a later stage.
再来解读公链。公链是可以被视为实现智能合约基本原理的操作系统。在此操作系统之上，所有参与者都可以高效率开发出基于智能合约的应用。同时，所有使用公链和使用公链上应用进行交易的用户，都需要花费一定金额的gas fee（费用计算将出现在下一层）
The public chain can be seen as an operating system for realizing the principles underlying a smart contract. On this operating system, all participants can efficiently develop smart contract-based applications. At the same time, all users using a public chain and using a public chain application for a transaction will need to spend a certain amount of gas feed.
接下来进行以太坊的估值分析。目前普遍接受的估值逻辑是，将公链这种提供企业经营环境，并收取交易费用的项目，当作国家来估值。
This is followed by an ETA valuation analysis. The generally accepted rationale for valuation is that the public chain, which provides the business environment and collects transaction costs, is valued as a country.
因为对于企业来说，盈利能力越强，价值越高。而对于国家来说，国家的经济越活跃，GDP越高，国家实力将越强。显然，国家的实力不会通过税收金额进行评估，因税收是损害经济效率的。
For firms, the greater their profitability, the higher their value. For countries, the more dynamic their economies are, the higher their GDP, the stronger they will be.
以太坊上交易量与以太坊价格的相关性
https://twitter.com/TaschaLabs/status/1457060324939423745
于是，按照给国家货币估值的费雪公式，我们有：国内的商品总价值=货币总价值。
Thus, according to the formula for valuing the national currency, we have: the gross value of the domestic commodities = the total value of the currency.
进一步，有货币供应量 (M) × 货币流通速度 (V)=价格 (P) × 实际?GDP?(Y)
Further, there is a money supply (M) x currency circulation rate (V) = price (P) x real? GDP?(Y)
费雪公式
这个公式可用来做两国货币的汇率计算。如果我们将以太坊和美国都视为国家，并且将两种货币的价格进行对比，则得到：
This formula can be used to calculate the exchange rate of the two currencies. If we look at both Taipan and the United States as countries, and compare the prices of both currencies, then we get:
以上公式的含义是，ETH兑换美元的价格=（美元的供应量×美元的货币流速×以太坊生态的GDP）/（以太坊的供应量×以太坊货币流速×美国的GDP）。
The above formula means that the exchange price of ETH to the United States dollar = (the supply of US dollars x US dollars currency flow × GDP of the Taiyo ecology) / (the supply of the Taiyeon × GDP of the United States currency).
4. Alt l1's?
--采用替代方法的第一层解决方案
- First tier of alternative solutions
以太坊是世界上第一个支持智能合约的公链。但是由于以太坊性能极慢，每秒只能处理30-40笔交易，而VISA系统每秒可以处理24000笔交易，这使以太坊及相关应用无法大规模进入现实社会。
Ether is the first public chain in the world to support smart contracts. But, because of the slow performance of Ether, only 30-40 transactions per second can be processed, while the VISA system can handle 24,000 transactions per second, making it impossible for Ether and related applications to enter the real world on a large scale.
为了提升公链的性能，让区块链应用可以进入现实社会，区块链相关人员提出了很多与当前以太坊不同的公链建设模式。
In order to enhance the performance of the public chain and allow the application of the block chain to enter the real society, the people associated with the block chain have proposed a number of different models of public chain-building from the current Etherm.
但值得注意的是，公链的建设存在不可能三角。即可扩展性，安全性，去中心化无法同时存在。
But it is worth noting that there can be no triangle in the construction of the public chain. It can be expanded, secure, and decentralised.
可扩展性指性能好，每秒处理大量数据；去中心化指有足够多节点负责整个区块链交易记账体系，安全性指单个节点想要掌控整个体系几乎不可能。
Extendable means good performance, processing large amounts of data per second; decentralized means that there are enough multiple nodes to handle the entire block chain transaction accounting system, and security means that it is almost impossible for a single node to take control of the system.
区块链不可能三角?Vitalik Buterin
There's no triangle in the block chain? Vitalik Buterin.
目前，以太坊采用与比特币相同的机制，即众多节点共同参与区块生成，最先生成区块且获得其他节点认可的区块生产者可以获得奖励。这在保证去中心化和安全性的同时，由于算力虚耗（未生产有效区块的参与者），显著降低了性能。
At present, Etheria uses the same mechanism as Bitcoin, where numerous nodes are involved in block generation, and where producers of blocks who are best organized and recognized by other nodes are rewarded. This, while ensuring decentralization and safety, has significantly reduced their performance due to a lack of numeracy (participants who do not produce effective blocks).
第一层解决方案，指直接更改公链的基本制度来优化不可能三角。目前，最为常见的方式为分片（Sharding），即将一个大型区块拆成若干个小区块，从而提升效率。
The first level of solution refers to a direct change in the basic system of the public chain to optimize the impossibility of a triangle. The most common way to do this is to break up a large block into a number of small blocks, thereby increasing efficiency.
假设目前以太坊上有8,000 个节点（矿工），全网待确认的交易是15,000 笔。以太坊每秒能处理7-15 笔交易，正常情况下至少需要1,000 秒才能处理完这些待确认的交易，当然处理的过程中又会有新的待确认交易产生。
Assuming that at present there are 8,000 nodes (miners) in Etheria, 15,000 transactions are to be confirmed across the net. At the same time, at least 1,000 seconds would normally be required for the processing of transactions to be confirmed, and there would be new transactions to be confirmed during the processing process.
如果采用分片技术，将8,000 个节点分成100 组，每组80 个节点，这15,000 笔待确认交易分成100 个分区，每个分区150 笔，那么，每组节点（80 个）可以并行处理各自分区里的待确认交易（150 笔），这样最快10 秒钟就可以全部处理完那15,000 笔待确认交易。
If the piece technique is used to divide 8,000 nodes into 100 groups, each grouping 80 nodes, the 15,000 pending confirmation transactions are divided into 100 subsectors, each with 150 subsectors, each group of nodes (80) can handle the pending confirmation transactions (150) in their respective subsectors in parallel, so that all 15,000 pending confirmation transactions can be processed as soon as 10 seconds.
当然，理论上分片后安全性会下降，因为每个细分后的区块被单个节点控制的概率上升，因此，这种方案通常会采用随机分组等方式避免安全性过多降低。
Of course, security will decline in theory as each segment is more likely to be controlled by a single node and, as a result, such programmes usually use random grouping to avoid excessive loss of security.
第一层解决方案，指直接更改公链的基本制度来优化不可能三角。目前，最为常见的方式为分层（Sharding）
The first level of solution refers to a direct change in the basic system of the public chain to optimize the impossibility of triangulation. The most common way to do this is at present stratification.
5. Memecoin -- 模因币
Memecoin - Monet
Dogecoin & Elon Musk
由于区块链领域暂无监管机构，市场上很容易出现各种毫无价值的项目。
Because of the absence of regulatory bodies in the area of block chains, the market is prone to the emergence of worthless items.
与比特币、以太坊等实现技术性突破并逐步走向现实应用不同，以狗狗币为代表的模因币往往没有实际价值，只是与讽刺、玩笑、热点等相关。
Unlike technical breakthroughs, such as Bitcoin, Etheria and others, and their progressive application to reality, meme coins, represented by dog coins, often have no real value but are related to irony, jokes, hot spots, etc.
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