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1. 捍卫国家货币主权，央行数字货币呼之欲出
1. Defence of national monetary sovereignty and the desire of central banks for digital currency
央行数字货币的适时推出，是为了捍卫在Libra冲击下国家货币的主权地位。Facebook推出 Libra之后，在全世界掀起轩然大波，各国都在积极讨论 Libra对于自身主权货币的影响，总体而言，对于美元、欧元、英镑等主流货币而言，Libra 的影响较为复杂，一方面，Libra将其纳入到一篮子货币进行进行资产配置，进一步增强其货币地位，另一方面，Libra 的出现，可能形成全球范围内超主权货币，从而对传统交易结算货币造成影响；对于部分高通胀国家而言，Libra 稳定币的吸引力将远远超过所在国主权货币，对于本土货币造成致命打击；对于我国而言，一方面，需要承受数字货币对传统货币的冲击，另一方面，由于人民币未纳入 Libra的一篮子货币中，因此会降低各国央行为人民币的储备需求，从而阻碍人民币的国际化进程。相较于其他国家，我国央行数字货币在研发推出进程中处于世界前列，目前正在进行最后的闭环测试，或将成为全球范围内首个正式发布数字货币的央行。
The timely introduction of the central bank’s digital currency was designed to safeguard the sovereign position of the country’s currency under Libra’s shock. After Facebook’s launch, the world was stunned by the impact of Libra’s influence on its own sovereign currency. In general, the impact of Libra on mainstream currencies such as the dollar, the euro, and the pound sterling was more complex for some high-inflation countries. On the one hand, Libra’s inclusion in a basket of currencies led to an asset allocation and further enhancement of its monetary position. On the other hand, the emergence of Libra could create a global over-sovereign currency that could have an impact on the traditional trade settlement currency.
闭环测试紧张进行，央行数字货币呼之欲出。自 2014年数字货币研究小组成立至今，我国 CBDC相关研发落地工作一直稳步推进；2016年 7 月，央行启动了基于区块链和数字货币的数字票据交易平台原型研发工作，决定使用数字票据作为法定数字货币的试点应用场景；2017年 5月，央行数字货币研究所正式挂牌；2018年 1 月，数字票据交易平台实验性生产系统成功上线试运行；2018年 9月，数字货币研究所在深圳成立"深圳金融科技有限公司"，并参与贸易金融区块链等项目的开发；2019年 8 月，中国人民银行支付结算司副司长穆长春在第三届中国金融四十人论坛上表示，央行数字货币或将呼之欲出；2019年 9月，据《中国日报》报道，央行数字货币闭环测试已经开始，测试中会模拟某些支付方案并涉及一些商业和非政府机构，或将涉及四大国有商业银行、以及金融科技巨头阿里巴巴、腾讯、银联等机构。
In July 2016, the Central Bank initiated research and development on the prototype of a digital instrument trading platform based on block chains and digital currencies, deciding to use digital instruments as a legal digital currency; in May 2017, the Central Bank's Digital Monetary Institute was officially inaugurated; in January 2018, the digital paper trading platform's experimental production system was successfully piloted; in September 2018, the Digital Monetary Institute set up quat in Shenzhen; Shenzhen Financial Science & Technology Ltd. quat; and in July 2016, the Central Bank initiated research and development work on the prototype of a digital instrument trading platform based on block chains and digital money, and decided to use digital instruments as a legal digital currency; in August 2017, the Deputy Director of the Payments Settlement Division of the People's Bank of China stated that the Central Bank's Digital Monetary Institute had been officially installed or was about to be launched; in September, according to the Chinese Daily News, the Central Bank's digital currency closing ring test had begun in Shenzhen; the testing involved the development of some payment programmes and involved commercial and non-governmental organizations, or involved the Bank of Four Power, Bancos, and the United Financial Bank, and the Bank, and the United Bank, and the United Bank, and others, in September 201919.
一方面，根据 Forex Bonuses 调查数据，我国非现金支付比例为 56%，排名全球第六，其中了解移动支付的人口比例为 77%，远超第二名俄罗斯（57%）和第三名德国（48%）；另一方面，区块链数字货币随着电子货币在商业交易中占有率不断上升，为什么我国又要推出央行数字货币呢？主要有以下三点原因：
On the one hand, according to the Forex Bonuses survey, 56 per cent of our non-cash payments are ranked sixth in the world, with 77 per cent of the population aware of mobile payments, well above the second Russian (57 per cent) and third German (48 per cent); on the other hand, why do we have to introduce central bank numbers as electronic currencies become more occupied in commercial transactions? There are three main reasons:
电子货币 KYC 和 AML 成本较高，而央行数字货币能有效降低反洗钱成本。由于 KYC和 AML的审查程序繁杂，目前平均成本为 50-60美元/人，且数据库需要定期更新。而央行数字货币在每次交易时，都将产生一个包含新的所有者信息的字符串，即便交易在用户层面是匿名性质的，也仍然可以找回单个 CBDC单位的完整转移记录。因此，中央机构持续追踪每一个 CBDC 的信息，用户身份也可以与对应的个人钱包绑定，从而使其完全失去匿名性。
Electronics KYC and AML are costly, while central banks can effectively reduce the cost of anti-money-laundering. Because of the complexity of the review procedures for KYC and AML, the average cost is now $50-60 per person/person, and the database needs to be updated regularly.
通过大数据分析和模拟，央行数字货币能实现货币精准投放，从而提高货币政策的有效性。一方面，第三方支付机构并未介入央行支付系统，对于其资金流向央行很难准备掌握和统计；另一方面，电子货币与纸币存在一定的替代关系，但是在进行政策研究和政策制定的过程中，很少将这部分因素考虑在内，两个因素综合作用，会在一定程度上弱化货币政策调控的力度，从而导致金融风险的累积。对于央行数字货币来说，由于可以实时精准定位其流通渠道，因此在货币发行时可以实现精准投放、实时传导、前瞻指引以及逆周期调控，提高货币政策传导的有效性。
While third-party payment agencies are not involved in the central bank’s payment system, it is difficult to prepare for and account for the flow of funds to central banks; and while there is an alternative relationship between e-money and paper currency, these factors are rarely taken into account in policy research and policy formulation, and the combination of these two factors may reduce monetary-policy regulation to some degree, leading to a build-up of financial risks. For central-bank digital currencies, the ability to accurately position their channels of circulation in real time makes it possible to improve the effectiveness of monetary-policy transmission through precision delivery, real-time transmission, forward-looking guidance, and countercyclical regulation.
2. 数字货币行业发展概览
2. Overview of developments in the digital currency sector
2.1 数字货币发展历程
2.1 The course of digital currency development
伴随着技术的发展，自原始部落狩猎和采集时期至今，货币已历经了 6个阶段：
With the development of technology, the currency has gone through six stages since the start-up tribal hunting and gathering period:
（1） 物物交换及一般等价物阶段：物物交换是货币的第一个历程，由于运输成本大、成交效率低等原因，贝壳等不易大量获取的物品逐渐抽离作为一般等价物进行交易，形成货币的原始形态；
(1) The material exchange and the general equivalent stage: the exchange of goods is the first stage of the currency and, owing to the high cost of transport and the inefficiency of the transaction, objects that are not readily available, such as shells, are gradually being traded as general equivalents in order to form the original form of the currency;
（2） 贵金属阶段：随着人类冶金技术的提升，货币形态自然而然向价值稳定的贵金属转换，这一历程在人类历史中占据了相当长的时期，受限于金属的质地不均、分割损耗等问题，在此基础上逐渐衍生出了由国家统一铸造和管理，以国家信誉为背书的金属铸币；
(ii) Precious metals phase: with the upgrading of human metallurgical technology, currency patterns naturally shift towards precious metals of stable value, a period that has taken place in human history over a considerable period of time, subject to problems such as the uneven quality and fragmentation of metals, which have gradually resulted in the creation and management of a unified national casting, backed by the credibility of the State;
（3） 纸币阶段：随着造纸术、印刷术的发展，易于携带的纸币迅速取代金属货币，并逐渐形成中心化现代金融体系，使得货币政策的实施成为可能；
(3) The paper currency phase: with the development of paper-making and printing, easy-to-carriage banknotes quickly replaced metal currencies and gradually developed into a centralized modern financial system, making it possible to implement monetary policy;
（4） 电子货币阶段：随着电子技术、移动互联网的发展，货币逐渐向虚拟化过度，一方面信用卡、借记卡快速发展，另一方面，移动支付也在生活中愈发普及，但其中心化的本质并未改变，只是传播媒介发生变化；
(4) The e-money phase: with the development of electronic technology and mobile Internet, the currency has gradually become over-virtual, with credit and debit cards on the one hand, and mobile payments on the other, which have become more widespread in life, but whose central nature has not changed, but only in the media;
（5） 数字货币阶段：近年来，纸币滥发导致通货膨胀加剧、第三方支付频频爆出安全危机、再加上区块链技术的逐渐成熟，比特币、以太坊、瑞波币等去中心化的数字货币应运而生，但是由于其币值波动大、监管等因素影响，目前只在小范围进行流通，更趋向于投资工具而非支付手段。针对此现状，各界纷纷布局中心化体系下的数字货币，如 Facebook发布 Libra白皮书，各国央行也在加速研发中心化数字货币。
(5) Digital currency phase: In recent years, the excessive use of paper currency has led to an increase in inflation, frequent third-party payments and a security crisis, coupled with the gradual maturity of block-chain technology, which has resulted in decentralized digital currencies such as Bitcoin, Ethio, Rippoon, but is now circulating only on a small scale and more towards investment instruments than payment instruments, owing to factors such as currency volatility and regulation. In response to this situation, digital currencies have become centralized in various circles, such as Facebook, which has published the Libra White Paper, and central banks are accelerating the development of centralized digital currencies.
2.2 电子货币、虚拟货币、数字货币的区别
2.2 Distinction between electronic, virtual and digital currencies
电子货币本质是法币的电子化，如银行卡、第三方支付平台等，其背靠政府信用，较纸质法币而言更为方便快捷，能在一定程度上增加货币的流动性。电子货币、特别是第三方支付的推出，对传统商业银行形成了巨大冲击，一方面，电子货币是通过电子网络发行并可在全球范围内流通的货币，这就使一国中央银行垄断货币发行的权力被打破，另一方面，电子货币的多样性会无形中削弱银行信贷的规模，也将使得银行赖以发展的基础发生动摇。
The introduction of e-money, especially third-party payments, has had a significant impact on traditional commercial banks. On the one hand, the power of central banks to monopolize monetary issuance has been broken, and on the other hand, the intangible diversity of e-money, which weakens the size of bank credit, will destabilize the basis on which banks rely for their development.
虚拟货币主要指网络运营商为了便于用户使用互联网服务而发行的，仅供网络企业内部使用的货币，如Q 币，盛大币等。其信用保障主要来自于发行企业的信用，只支持法币到虚拟币的单项流通，这一特性决定了虚拟货币无法充当法币作为真实世界的支付手段。
Virtual money is mainly issued by network operators to facilitate user access to Internet services, for use only within the network, such as Q-dollars, large currency, etc. Its credit security comes mainly from the credit of the issuing enterprise, supporting only the single flow of French currency to virtual currency, a feature that determines that virtual currency cannot be used as a means of payment for the real world.
数字货币包括加密数字货币和央行数字货币。加密数字货币是一种使用密码学原理来确保交易安全及控制交易单位创造的交易介质，可用于兑换法定货币，购买某些商品、服务或作为投资工具。以比特币和以太坊为代表的加密货币主要有以下特点：（1）交易成本低。与传统的银行转账、汇款等方式相比，数字货币交易不需要向第三方支付费用，因此适宜用作跨境支付;（2）交易速度快捷。数字货币并非由任何中心化机构发行，也不需要任何类似清算中心来处理数据，所以交易处理速度更快捷；（3）高度匿名性。交易双方可以在完全陌生的情况下完成交易，因此具有更高的匿名性；（4）货币数量固定。如比特币的总量为 2100万，因此在一定程度上杜绝了通货膨胀的风险。
Digital currency includes encrypted digital currency and central bank digital currency. Encrypted digital currency is a medium created using cryptography to ensure the security of transactions and control transaction units, which can be used to exchange legal currency, purchase certain goods, services, or as an investment tool. Encrypted currency, represented by bitcoin and the Tails, has the following main features: (1) transaction costs are low. Digital currency transactions do not require payment to third parties, as compared to traditional bank transfers, remittances, etc., and are therefore suitable for cross-border payments; (2) transactions are fast. Digital money is not issued by any centralized institution or any similar clearing centre is not required to process data, so transactions are processed faster; (3) it is highly anonymous.
随着技术的不断发展，各国央行也纷纷宣布将会推出基于国家信用、中心化的数字货币。2015年厄瓜多尔率先推出国家版数字货币，该举措不但能减少发行成本及增加便利性，还能让偏远地区无法拥有银行资源的民众也能通过数字化平台获得金融服务，包括中国在内的其他国家也在探讨发行数字货币的可行性，总体而言，发达国家出于金融稳定的考虑大多暂不考虑法定数字货币的发行，而发展中国家和落后国家为了金融普惠、突破制裁等原因，纷纷对法定数字货币持支持态度。
As technology continues, central banks have announced that they will introduce digital currencies based on national credit and centralization. In 2015, Ecuador took the lead in launching a national digital currency, an initiative that will not only reduce distribution costs and increase accessibility, but will also allow people in remote areas who do not have access to banking resources to access financial services through digital platforms. Other countries, including China, are also exploring the feasibility of issuing digital currencies.
2.3 数字货币的技术基础——区块链
2.3 The Technical Basis of Digital Currency - Block Chain
区块链是一种公共化、去中心化的账本技术，被认为是金融服务基础设施的未来，其应用领域涵盖金融、科技、经济、政治等领域。区块链中包含所有历史交易记录的清单，能够将账本主人和其历史及当前交易绑定在一起，具有集体维护、可编程和安全可信等特点，特别适用于构建可编程的货币系统、金融系统和宏观社会系统。
The block chain is a public, decentralised accounting technology that is considered to be the future of the financial services infrastructure. Its applications cover the areas of finance, technology, economics, and politics.
区块链要解决的核心问题，是在缺乏信任基础的商业环境下，各方如何来进行交易和协作的问题，区块链基于"区块+链"，一方面，每一个区块上记录了该区块创建之前的所有价值交换活动，实现数据的可追溯性，另一方面，区块链提供了数据库内每一笔数据的查找功能，分布式结构实现信息去中心化，全网的记录者都可在每一个区块中盖上时间戳完成记账，从而实现数据的不可篡改性。数字货币建立在区块链技术的基础上，从而有效保证货币使用中的安全性。
The central issue to be addressed in the block chain is how the parties deal and collaborate in a business environment that lacks a basis for trust. The block chain is based on &quat; block + chain & quot; on the one hand, each block records all value exchange activities prior to the creation of the block and achieves the traceability of data. On the other hand, the block chain provides a search function for every piece of data in the database, the distribution structure centralizes the information, and the web-wide recorder has time stamped in each block to complete the bookkeeping, thereby making the data immutable. The digital currency is based on the block chain technology, thereby effectively guaranteeing the security of currency use.
2.4 多因素共促数字货币发展
2.4 Multifactors for digital currency development
相较于纸币，数字货币能有效降低货币的发行和流通成本。据测算，日本目前每年花在现金流通和管理方面的成本约为 8万亿日元（约合 5113亿元人民币），使用数字货币可以大大提高社会运转效率。一方面，能减少纸币的印制、运输、管理成本，另一方面，数字货币基于区块链的共识机制，伪造的假币和双花问题不会得到网络其他节点的认可，可大幅降低防伪成本，从宏观角度上来看，数字货币还可以降低跨境交易的成本，增加资本流动速度，这在一定程度上可以促进全球跨境贸易的发展。
On the one hand, the cost of printing, transporting, and managing banknotes can be reduced, while on the other hand, the digital currency is based on a consensus mechanism of block chains, and counterfeit currency and double flower issues are not recognized by other nodes of the network. It can significantly reduce the cost of anti-false costs. On a macro level, digital currency can also reduce the cost of cross-border transactions and increase the speed of capital flows, which in part will facilitate the development of cross-border global trade.
第三方支付交易规模增长迅速，安全隐患不容忽视。据估算，至 2020年，我国移动第三方支付交易规模将达到 307万亿元，年均增长率超过 50%，第三方支付虽然方便，但也存在一系列安全隐患：（1）网络安全问题。第三方支付服务是基于开放的互联网为基础的,因此在系统运行方面面临着网络硬件安全、网络运行安全、数据传递安全等多方面的问题。（2）数据安全问题。由于第三方支付平台开设的是虚拟账户,也不像网上银行那样有"电子口令卡"、"U盾"等安全介质做保障。不法分子可能针对安全漏洞入侵中心系统盗取用户个人信息和储蓄资金。在银行卡盗刷渠道分布中，快捷支付占比 65%，其中 97%通过第三方支付盗刷。（3）破产风险。国内的第三方支付企业属于非金融机构，是有限责任公司的性质，一旦公司出现破产等情形，则可能引发剧烈的多米诺骨牌的效应，导致其他的企业资金链出现问题。
The scale of third-party payment transactions is growing rapidly and security risks are not negligible. It is estimated that, by 2020, the size of mobile third-party payment transactions in our country will be 307 trillion yuan, with average annual growth rates exceeding 50 per cent, and that third-party payments, while convenient, also have a number of security risks: (1) network security. Third-party payment services are based on an open Internet. Third-party payment services face multiple problems in the operation of the system, such as network hardware security, network operation security, data transmission security, etc. (2) data security issues. Since third-party payment platforms run virtual accounts and do not have the same size as online banks; electronic passwords & quot; & & & & quot; and security media such as security media.
数字货币带来更有效的货币政策传导力度。一方面，随着货币利率互换等金融创新工具的不断发展，使借贷双方越来越容易在世界范围内获得一系列信用替代形式，降低了货币供给量指标的可测性和相关性；另一方面，电子货币的广泛使用对货币供给量的影响存在不确定性，非现金支付中的票据贴现和信用卡涉及信用创造会增加货币供应量，非金融支付机构所开展的信用服务会减少企业和个人对金融机构信贷的需求。而数字货币的可追溯性可帮助货币当局获得真实的交易账簿，通过大数据分析后推行精准的货币政策。
Digital currency leads to more effective monetary policy transmission. On the one hand, as financial innovation instruments, such as currency interest rate swaps, continue to evolve, making it increasingly easy for both borrowers and borrowers to obtain a range of credit alternatives worldwide, reducing the detectability and relevance of monetary supply indicators; on the other hand, there is uncertainty about the impact of the widespread use of electronic currency on monetary supply, the discounting of instruments in non-cash payments and credit card creation in relation to credit creation increases the supply of money, and credit services provided by non-financial payers reduce the demand for credit from financial institutions on the part of businesses and individuals.
数字货币使用场景愈加丰富，用户接受度不断增长。据 Coinmap数据显示，全球共有 15355个商家接受比特币支付，这些商家大多位于北美、欧盟等较为发达国际和地区，受经济不稳定影响的阿根廷、委内瑞拉等国的商家数量也在增加，目前主要包括购物消费、工资支付、交通出行、旅游外出、外卖结算、学费支付等落地场景。虽然就总人口而言，数字货币的使用人群仍占小部分，但是其使用人数在不断增长，目前全球范围内已有 10个国家的使用率超过 10%。
According to Coinmap data, a total of 15355 businesses worldwide, mostly located in more advanced international and regional areas such as North America and the European Union, are receiving bitcoin payments, and the number of businesses affected by economic instability in Argentina, Venezuela and other countries is also increasing. They now include, inter alia, shopping consumption, payment of wages, travel, tourism, sales settlements, school fees, etc. While the population as a whole still accounts for a small proportion of the population, the number of users of digital currencies is increasing, with 10 countries now using more than 10 per cent.
3. 主流加密数字货币介绍
3. Introduction to mainstream encrypted digital currencies
3.1 加密数字货币蓬勃发展
3.1 The boom in crypto-digital currencies
加密货币的诞生源于对电子支付行业的革新，旨在搭建去中心化、个人对个人的电子货币体系。2008年 11月，一份署名中本聪的论文被发表在网络上，其标题为《比特币：对等网络电子现金系统》，论文中详细描述了如何使用对等网络来创造一种"不需依赖信任的电子交易系统"；2009年 1月，比特币网络上线，推出了第一个开源的比特币客户端软件，中本聪使用该软件对第一个比特币"区块"进行"采矿"，并获得了第一批的 50个比特币；其后，加密货币体系实现飞速发展，一方面，加密货币的市值不断增长，2017年 12月，比特币交易价格首次突破 15000美元，市值达 2561亿美元；另一方面，加密货币的应用场景不断拓展，以太坊、瑞波币、稳定币 USDT、Libra等数字货币也接连发布。
The birth of an encrypted currency stems from an innovation in the electronic payment industry aimed at centralizing an individual-to-person electronic monetary system. In November 2008, an undersigned paper entitled Bitcoin: E-cash System for Reciprocal Networks was published on the Internet, detailing the use of peer-to-peer networks to create a &quat; an electronic trading system &quat without reliance on trust; in January 2009, the first open-source Bitcoin client software was launched, using it for the first bitcoin & &quat; block & & quot; &quat; mining & & quot; and the first batch of 50 bitcoins was acquired; the crypto-currency system was developed at a rapid rate, on the one hand, and the price of crypto-currency transactions rose for the first time by $15,000 in December 2017, with a market value of $2561 million; and, on the other hand, the application of crypto-currency was continuously expanded for the benefit of the neighborhood, Rippony, USDT, Libra, etc.
比特币地位仍稳居第一，市占率超过 70%，以太坊和瑞波币市值均突破百亿美元。自 2009年第一枚比特币诞生至今，伴随着区块链技术的不断成熟，加密货币行业也经历了飞速发展。据 CoinMarketCap统计，目前已有超过 2650种加密货币，截至 2019年 9月 8日，加密货币总市值为 2678.7亿美元，市场总交易额为 526.3亿美元。其中比特币市值占比 70.4%，市值为 1885 亿美元，而 ETH（以太坊）和 XRP（瑞波币）市值分别为 192和 112亿元。
Since the birth of the first bitcoin in 2009, the encrypt currency industry has also experienced rapid growth. According to CoinmarketCap, there are now more than 2650 encrypted currencies, with a total market value of $267.87 billion as at 8 September 2019 and a total market value of $52.63 billion.
从加密数字货币承载的业务和应用场景来看，其大致可以分为三大类：（1）为支持自由交易而搭建的虚拟货币网络。以比特币为代表的 P2P 电子现金系统，如 Bitcoin Cash（BCH），Litecoin（LTC），Dash（DASH），Monero（XMR）等；（2）去中心化应用平台。以 Ethereum 为代表的"去中心化"的互联网基础服务运行平台，如 Ethereum（ETH），Cardano（ADA），NEO（NEO），EOS（EOS）等；（3）为特定业务、应用场景设计的垂直领域的去中心化网络。以 Ripple 为代表的为了在垂直业务领域应用而做了某些特殊设计实现的、专用的去中心化网络，如 Ripple（XRP），IOTA（IOT），NEM（XEM）等。
From the business and application scenarios carried by encrypted digital currencies, it can be broadly divided into three broad categories: (1) a virtual monetary network to support free trade. P2P electronic cash systems, represented by Bitcoin (BCH), Litecoin (LTC), Dash (DASH), Monero (XMR), etc.; (2) decentralized application platforms, represented by Etherum; decentralized & quot; Internet basic services operating platforms, such as Etherum (ETH), Cardano (ADA), NEO (NEO), EOS (EOS), etc.; (3) decentralized networks for vertical areas of specific operations, application designs.
3.2 比特币——从支付手段到投资工具演变
3.2 Bitcoin - Evolution from means of payment to investment instruments
为了对抗央行信用失信和银行信贷泡沫，2009年去中心化货币比特币横空出世。比特币最初源于其设计者中本聪的一篇名为"比特币——一种对等电子现金系统"的论文，在论文中针对第三方平台的不透明、不可控、花费高的缺点，中本聪提出了比特币的构想，即一种基于 P2P技术的无记名资产，允许支付款项通过网络直接转让到目标账户，而不必经由第三方金融机构操作。
In order to counter central bank credit failures and bank credit bubbles, the decentralized currency bitcoin emerged in 2009. Bitcoin originated initially from a book by its designers called &quat; Bitcoin, a peer-to-peer electronic cash system &quat; and the paper, addressing the opacity, uncontrollable and costly shortcomings of third-party platforms, proposed a Bitcoin concept of an anonymous asset based on P2P technology, allowing payments to be transferred directly through the network to target accounts without having to be operated by third-party financial institutions.
比特币从网络数字代码逐渐发展成如今可以与法币交易的加密货币，总共经历了三次大跃变：
Bitcoin has evolved from a network of digital codes to an encrypted currency that can now be traded with French, and has undergone three major leaps in total:
第一次共识：不具备购买能力的新兴技术。2010年，中本聪在世界级电脑发烧友的网站，发布了比特币计划，而后某位程序员改进了比特币源代码，并在网络上使用了自已的真实身份发起了一次大赠送的活动，让更多人接触到了比特币；
First consensus: Emerging technologies that do not have purchasing power. In 2010, China’s world-class computer fever friend’s website released the Bitcoin plan, while a later programmer improved the bitcoin source code and launched a large grant on the web using his own true identity, bringing more people into reach of the bitcoin.
第二次共识：具有一定购买力，不受制于各国政府的监管，可以在全球自由流通的数字货币，甚至可以避免税收，进行黑色交易的支付手段，但还不到"黄金"的地步。在这一阶段，比特币被越来越多得用于线下交易，2012年 10 月，BitPay发布报告说，全球超过 1000家商户通过他们的支付系统来接收比特币的付款，同时期，匿名毒品网站丝绸之路的兴起、委内瑞拉等通胀严重国家的居民通过比特币进行资产保值的举措、硅谷大佬对于比特币的资产配置都为比特币的迅速普及推波助澜；
In October 2012, Bitpay released a report that more than 1,000 businesses worldwide received Bitcoin payments through their payment systems, while at the same time, the emergence of an anonymous drug web site, the Silk Road, residents of high-inflation countries, such as Venezuela, protected their assets through bitcoin, and that Silicon Valley's asset allocation to bitcoins was facilitated by the rapid spread of bitcoins;
第三次共识：被封为数字黄金，逐渐成为一种投资工具。一方面，比特币的应用场景进一步扩大，2017年，日本有 20 多万家商户开始接收比特币作为一种合法的支付手段；另一方面，由于"无涨跌幅限制，可以 24 小时交易"等特点，比特币很适合用作投机炒作，2017年 3月，一枚比特币的价格首次超过一盎司的黄金，截至 2017年底，比特币交易价格首次突破 15000美元，市值达 2561亿美元。
On the one hand, by 2017, more than 200,000 businesses in Japan began to receive bitcoin as a legal means of payment; on the other hand, because of &quat; because of no upward and drop limit, 24 hours &quat could be traded; and, on the other hand, bitcoin was well suited for speculation, and in March 2017, the price of a bitcoin exceeded one ounce of gold for the first time, and by the end of 2017, Bitcoin traded $15,000, with a market value of $2561 million.
2018 年，随着投机热情的减退，比特币呈现大幅下跌态势，低谷时市值较历史最高点下跌 80%以上。2019年以来，受多重利好因素推动，比特币价值逐渐回归理性：（1）各大玩家纷纷进入加密货币市场，推动投资者对加密货币的信心，如 Facebook推出 Libra白皮书，各国央行纷纷致力于推出 CBDC；（2）比特币避险功能助推价格回升。比特币与黄金的相关性变得日益紧密，同时在 2019年表现优于贵金属、传统股票等传统投资工具，受美联储降息、人民币贬值等宏观经济因素影响，比特币逐渐成为投资者对冲传统市场风险的一种手段。
In 2018, with the decline in speculative enthusiasm, Bitcoins showed a sharp decline, with market values falling by more than 80 per cent over historical peaks in the valley. Since 2019, the value of Bitcoin has gradually returned to rationality, driven by multiple factors of profitability: (1) major players have entered the encrypted currency market, promoting investor confidence in encrypted currencies, such as Facebook's Libra White Paper, and central banks have been working to launch CBDCs; (2) Bitcoins'survivability functions have contributed to price recovery. Bitcoins have become increasingly relevant to gold, while performing better than traditional investment instruments such as precious metals, traditional stocks, etc., in 2019, influenced by macroeconomic factors such as interest reduction by the United States Federal Reserve and devaluation of the renminbi, and Bitcoins have gradually become a means for investors to hedge against traditional market risks.
3.3 以太坊（ETH）——下一代智能合约和去中心化应用平台
3.3 Etheria (ETH) - Next Generation Smart Contract and Decentralized Application Platform
在传统商业社会的价值交换环节中，往往对律师、公证员等专业人士有着大量需求，需要支付昂贵的合约订立、执行和维护费用，针对这一现状，2013年，19岁的 VitalikButerin 在一本主题为"以太坊白皮书：下一代智能连接与去中心化应用平台"的书中首次提到了以太坊的构想，即通过数字化手段搭建透明、去中介化智能合约。2014年 7月 24日，以太坊对其项目开发进行众筹，在 42天内就筹到了 31591个比特币，预售了超过 6000万枚以太币，筹资约 1800万美元。众筹结束后，项目发展非常快，半年多时间就发布了 5个版本的概念验证，2015 年 7月，以太坊发布了 Frontier 阶段，虽然只是测试版，但也证明了它在区块链技术上的领先，因此以太网迅速扩展，在全世界范围流行起来，以太币也开始暴涨；2016年 3月，以太坊开发进入 Homestead 阶段，标志以太坊开始平稳运行；2017年 10月，以太坊发布了 Metropolis的拜占庭版本，使得以太坊的智能合约适合于商业交易；预计最终版本 Serenity将于 2020年发布，通过此次升级，以太坊将从 POW 机制彻底转变为 POS 机制，能在一定程度上缩短共识的达成时间，同时减少挖矿的能源消耗。
In the value exchange of traditional commercial societies, professionals such as lawyers, notaries and others are often in great demand. In response to the current situation, 19-year-old VitalikButterin was raised in 2013 on the theme & Quot; In the paper, the next generation of smart connections with decentralised application platforms & quot; for the first time, the concept of Etheria was referred to as a transparent, de-intermediated smart contract by digital means. On July 24, 2014, a crowd-sourcing campaign for its project development was launched in Taihu, with 31591 bits raised in 42 days, more than 60 million pieces sold in Taits and about $18 million raised in advance. After the preparation, the project was developed very quickly, more than half a year ago, five versions of the conceptual validation were released, and in July 2015, the phase of Frontier was published in Taikwan, which, although only a test version, proved that it would be a technological advance in the chain of time, and was rapidly expanded by the network, with the aim of becoming popular worldwide, with the aim to boost the new version of Technology 20 in March 2016;
以智能合约为例，作为以太坊虚拟机上运行的应用程序，合约上的所有条款都是由计算机代码评估和执行的，这使得它无需任何信用背书，而智能合约的任何计算能力都是通过 ETH作为资源进行支付，由以太坊上的节点进行提供。以房屋租赁合同为例，A需要向 B支付房租以获得房屋使用权，在智能合约中，若 A 拖欠房租，智能合约会直接将没有按时付款的 A锁在房子外面。
In the case of smart contracts, all the terms of the contracts are evaluated and implemented by computer codes as applications run on Taiyo virtual machines, so that it does not need any credit endorsement, and any computing power of the smart contracts is paid through ETH as a resource and is provided by nodes on Taiye. In the case of rental contracts, A needs to pay B rent to get access to the house, and in the case of smart contracts, if A defaults rent, the smart contracts lock A, which is not paid on time, outside the house.
以太坊不仅是一个开发平台，还逐渐成为一个应用市场，在以太坊平台上，第三方开发者为普通用户开发的去中心化应用逐渐增多，开发者和用户都是不可或缺的部分。目前在以太坊主要部署了三类应用，一类是金融应用，如管理代币和合约；一类是半金融应用，如为解决计算问题而设的自我强制悬赏；还有一类是非金融类应用，如在线投票。在未来，任何重视信任、安全、永恒的环境都可能会涉及以太坊的技术，因此具有十分广阔的应用场景。
It is not only a development platform, but it is also becoming an application market, where decentralized applications developed by third-party developers for ordinary users are increasing, and developers and users are an essential part of it. Three main types of applications are currently deployed in Ether, such as financial applications, such as the management of tokens and contracts; semi-financial applications, such as self-enforcing rewards to solve computational problems; and non-financial applications, such as online voting.
3.4 瑞波币（XRP）——搭建高效的全球支付体系
3.4 Ribbon (XRP) - establishing an efficient global payment system
全球支付交易中往往存在手续繁琐、速度缓慢、费用高昂等问题，目前在跨境支付中最常用的是 1974年推出的 SWIFT银行结算系统，但是其仍需要 3-5个工作日的审核流程以及高额的手续费用。针对这一现状，2012 年，Chris Larsen 和 Jed McCaleb 联合成立了 OpenCoin公司，推出瑞波（Ripple）项目，以瑞波币（XRP）作为中间桥接货币以构建便捷、低廉的全球支付网络。
In response to the current situation, Chris Larsen and Jed McCaleb jointly established OpenCoin in 2012 to launch the Ripple project, which uses the XRP as an intermediate bridge to build an easy and cheap global payment network.
瑞波币具有以下三点核心特征：
Ribocot has three core characteristics:
（1） 交易效率大幅提升，手续费趋近于 0。全新的共识算法 Ripple Consensus Algorithm 允许 Ripple网络中的所有计算机在几秒钟内自动接受对总账信息的更新，而无需经由中央数据交换中心。基于此算法，瑞波每秒可以处理 1500多笔交易，确认时间只需要 4 秒，每笔手续费不到 1 美分。
(1) The efficiency of the transaction has increased significantly, and the fees are approaching zero. The new consensus algorithm Ripple Consensus Algorithm allows all computers in the Ripple network to be automatically updated for a few seconds without having to go through the Central Data Exchange. Based on this algorithm, Ribo can handle more than 1,500 transactions per second, with a confirmation time of less than 4 seconds at less than 1 cent per transaction.
（2） 总量固定，通过损毁的通缩模型稳定币值。上线之初，总量为 1000 亿个的瑞波币（XRP）就已经全部产出。其中，创始人保留了 200 亿个，剩下的 800亿个全部归公司运营出售。使用瑞波（Ripple）网络交易需要支付一定的手续费（每笔交易最低 0.00001XRP），这些手续费不是奖励给验证交易的节点或是返回到系统账户，而是直接销毁。所以，使用瑞波（Ripple）网络交易的人越多，销毁的瑞波币（XRP）也越多，通过这种销毁的通缩模型，让瑞波币（XRP）升值。
(2) The sum is fixed, and the value of the currency is stabilized by the damaged deflation model. At the beginning of the line, the sum of 100 billion rips (XRPs) was fully produced. Of these, the founders retained 20 billion, and the remaining 80 billion were sold to the company. Using the Ripble network, a certain amount of fees (the lowest of 0.00001 XRP per transaction) is required, not to reward the node of the transaction or to return to the system account, but to destroy it directly.
（3） 允许跨支付系统使用，目前已有超过 200个机构用户。与比特币截然不同，瑞波币允许在不同货币甚至不同支付系统之间的结算付款，它实质上是一个全球结算网络，为美元、比特币、欧元、英镑或任何其他价值单位（比如飞行里程、大宗商品）提供服务。桑坦德银行(Santander)、美国银行美林(Bank of America Merrill Lynch)、瑞银(UBS)和加拿大皇家银行(RBC)等银行已经在使用这种技术。
(3) Inter-payment systems are allowed to be used by more than 200 institutional users. Unlike Bitcoin, Ripocot allows settlement payments between different currencies and even between payment systems, it is essentially a global clearing network that provides services in United States dollars, bitcoins, euros, pounds sterling, or any other value unit (e.g. flying miles, large commodities). Banks like Santander, Bank of America Merrill Lynch, UBS, and the Royal Bank of Canada (RBC) already use this technology.
3.5 现有加密数字货币的缺陷
3.5 Deficiencies in existing encrypted digital currencies
虽然加密数字货币体系正在迅速发展，但是受制于种种缺陷，未能对传统货币体系造成较大冲击。
Although crypto-digital monetary systems are developing rapidly, they are subject to deficiencies that do not have a significant impact on traditional monetary systems.
现有的数字货币币值不稳定，趋向于投机工具而非支付手段。最初一个比特币的价值不足 14美分，2013年底交易价格突破 1000美元，2017 年底交易价格突破 10000 美元，以太坊也从 16 年的 10 美元左右的交易价格上升至突破 1000美元，由于价值波动过大，数字货币虽然具有货币价值储藏的职能，但却不能很好地履行交换媒介以及支付手段的职能。
The value of the available digital currency is unstable and tends to be a speculative tool rather than a means of payment. The value of an initial bitcoin was less than 14 cents, the transaction price was over $1,000 at the end of 2013, the transaction price was over $10000 at the end of 2017, and the price of transactions in Etheria rose from around $10 in 16 years to $1,000. Given the excessive volatility of values, digital currencies, while having the function of storing monetary value, do not perform their role as a medium of exchange and a means of payment.
为了克服比特币等货币币值波动大的特点，USDT 等稳定币应运而生，但仍具有诸多缺陷。USDT 自诞生时即严格遵守 1:1的保证金制度，每发行一枚 USDT币，其账户就会增加 1美元的资金储备，并且 USDT可以随时兑换美元，这种锚定美元的发行机制奠定了其在数字货币稳定币领域的头把交椅。但是由于USDT 母公司 Tether 的美元储备账户并不透明，且 Tether 与全球大型比特币交易平台 Bitfinex 具有关联方关系，或致使 USDT具有超发以及价格操纵风险，稳定币自身信任危机不断。
In order to overcome the high volatility of currencies such as bitcoins, USDT and other stable currencies have been created, but still have many shortcomings. The USDT has strictly adhered to the 1:1 bond system since its inception, with its accounts increasing by $1 per USDT issue, and the USDT is ready to convert to the United States dollar, an anchored distribution mechanism that provides its head-locking chair in the area of digital currency stability. But since the USDT parent, Tether, is not transparent in its dollar reserve account and has links to Bitfinex, a large global bitcoin trading platform, or causes USDT to have excess hair and price manipulation risks, stabilizing the currency’s own crisis of trust.
共识机制是区块链的核心技术，目前主流的三种机制（POS、POW、DPOS）由于能耗高或公平性差等问题，均存在改进空间。POW机制最早由比特币使用，比较简单粗暴，最终获得比特币的数量与算力完全相关，导致了能耗高、效率低下的问题；为了弥补 POW机制的不足，以太坊提出了 POS机制，在这种分配机制下，最终挖币的概率与持币数和持币时间正相关，最终会强者恒强的局面，使去中心化演变成多中心化；而 DPOS 机制则是一种投票选举的共识算法，其效率更高，但是社区选举不能及时有效的阻止一些破坏节点的出现，会给网络造成一定的安全隐患。
The consensus mechanism is the core technology of the block chain, and there is room for improvement in the three mechanisms that are currently in the mainstream (POS, POW, DPOS) because of such problems as high energy consumption or poor equity. The POW mechanism was first used by Bitcoin, which was relatively simple and rough, and ultimately obtained the amount of bitcoin fully related to arithmetic, leading to energy consumption and inefficiency; in order to compensate for the shortcomings of the POW mechanism, the POS mechanism was proposed by Etheria, under which the probability of eventual currency mining is directly linked to the number and timing of currency holdings, which eventually leads to a strong and powerful situation, leading to decentralization; while the DPOS mechanism is a consensus-based method for voting, which is more efficient, but where community elections are not timely and effective in preventing the emergence of certain destructive points, it creates a certain security risk for the network.
4. Libra——"Globalcoin"即将来袭
Libra - &quat; Globalcoin&quat; impending attack
4.1 Libra 驱动力——契合 Facebook 业务转型需求
4.1 Libra Driver - Alignment Facebook Business Transformation Needs
2019 年 6 月 18 日，Facebook重磅推出 Libra白皮书。在白皮书中，Libra 被定义为一种稳定的数字货币，拥有包括一篮子银行存款和短期政府债券在内的真实资产作为储备，正式的 Libra区块链将于 2020年推出。Libra 的发布，对 Facebook 而言有以下两点重要意义：
On June 18, 2019, Facebook launched the Libra White Paper. In the White Paper, Libra was defined as a stable digital currency with real assets including a basket of bank deposits and short-term government bonds as reserves, and the official Libra block chain will be launched in 2020. The publication of Libra is important for Facebook in two ways:
（1）Libra 通过对区块链技术的使用，有利于 Facebook解决一直以来面临的数据泄露问题。
(1) Libra, through the use of block chain technology, helps Facebook to solve the data leaks that have been facing.
由于隐私泄露和数据滥用的问题，Facebook 面临来自公众和监管的双重压力。2016年 CambridgeAnalytica 数据泄露事件中受影响的用户数有 8700万，该数据分析公司与特朗普大选、英国脱欧的竞选团队均有合作，事件发生以后，Facebook 的股价大跌，市值蒸发超过 700 亿美元，事后又面临 50 亿美元的监管罚款。随着监管趋严以及公众对隐私的日益看重，Facebook传统的用户数据保护手段或难以为继，而区块链技术拥有去中心化，不可篡改，透明开放等特点，能够解决信息安全管理以及数据确权问题。
Faced with problems of privacy disclosure and data abuse, Facebook faced double pressure from the public and regulation. In 2016, there were 87 million users affected by the Cambridge Analytica data leak, a data analysis company that collaborated with the Trump general election, the British de-European campaign team, and after the incident, Facebook stock prices fell sharply, the market value evaporated in excess of $70 billion, and subsequently faced a $5 billion regulatory fine. As regulation became tighter and the public’s perception of privacy increased, Facebook’s traditional user data protection tools or were difficult to sustain, while block technology became centralized, unalterable, transparent and open, addressing issues of information security management and data validation.
（2）Libra 是 Facebook 业务转型的重要布局，通过建立生态的方式为 Facebook 带来更多业务可能性。
(2) Libra is an important layout for the business transformation of Facebook, creating more business possibilities for Facebook by creating an ecological approach.
Facebook 一直在积极寻求业务转型，但却接连受挫，至今仍然没有打开新兴战略业务通道。
Facebook has been actively seeking business transformation but has suffered successive setbacks and has not yet opened the emerging strategic business path.
早在 2007 年，Facebook 就曾与商务平台 Oodle 联合推出了名为 Marketplace 的应用程序，着重于熟人间的二手业务开展，但是由于业务迟迟无法顺利开展，2009年，Marketplace 的控制权被全权转移至Oodle，2014年，这一应用被关闭，2016年，Facebook重新推出此项目，但提供交易平台，并不支持收付款以及物流服务；
As early as 2007, Facebook launched jointly with the commercial platform Oodle, a Marketplace application focusing on second-hand operations among acquaintances, but owing to delays in the smooth running of operations, Marketplace's control was transferred to Oodle, which was closed down in 2014 and re-launched in 2016, but which provides a trading platform that does not support the receipt of payments and logistics services;
2009-2012 年，Facebook 着重于虚拟货币 Credits相关业务布局。最初，Credits 仅用于虚拟商店中礼物购买，而后 Facebook逐渐推出 Credits实体购买卡，并强制游戏开放商使用 Credits作为交易结算工具，Facebook 在其中收取 30%手续费，自 2012年起，由于 Credits在国际支付中存在很多麻烦，渐渐被淘汰掉；
In 2009-2012, Facebook focused on the virtual currency Credits-related business layout. Initially, Credits was used only for gift purchases in virtual shops, then Facebook gradually rolled out the Credits entity to buy cards and forced the game opener to use Credits as a transaction settlement tool, with a 30% fee charged for it, which has been phased out since 2012 due to problems with Credits in international payments;
2014-2017 年，业务转型重心转向支付业务。2014年，Facebook 聘请前 PayPal 总裁负责 Messenger 业务，而后 Facebook在 Messenger中添加支付功能，并通过与 Uber等大型互联网公司合作，拓展 Messenger支付范围；2017 年，Facebook与 PayPal、Visa、MasterCard和 Stripe等公司达成合作，进一步拓展支付业务边界，但截至 2018年 9月，在 Facebook的收入构成中，广告收入长期占比超过 98%，而支付
In 2014, Facebook hired the former President of PayPal to be in charge of Messenger's business, after which Facebook added a payment function to Messenger and expanded Messenger's payment coverage by working with large Internet companies such as Uber; in 2017, Facebook worked with PayPal, Visa, MasterCard and Stripe to further expand the payment boundary, but as of September 2018, advertising income had been paid for more than 98 per cent of Facebook's income composition over a long period of time.
2018 年至今，Facebook致力于数字货币业务转型，并在 2019年正式推出 Libra白皮书。
From 2018 to the present, Facebook was dedicated to the transformation of the digital currency business and officially launched the Libra White Paper in 2019.
Libra 的发布，一方面，有利于 Facebook拓展业务边界。据统计，全球仍有 17 亿成年人未接触到金融系统，无法享受传统银行提供的金融服务，Libra 的推出，有助于激活非洲、拉美等发展中和不发达国家组成的长尾市场，Facebook也将从此占据另一个更大规模、更高频使用的平台；另一方面，Libra 组建协会的管理模式，纳入了众多行业的头部企业，能进一步丰富 Facebook 的业务生态。
The release of Libra, on the one hand, has helped Facebook to expand its operational boundaries. According to statistics, 1.7 billion adults worldwide still do not have access to the financial system and access to financial services provided by traditional banks, and the launch of Libra has helped to activate long-tail markets in developing and underdeveloped countries such as Africa and Latin America, from which Facebook will also occupy another larger and more frequently used platform. On the other hand, the management model of Libra’s association formation, which incorporates leading businesses in a wide range of industries, can further enrich Facebook’s business ecology.
4.2 Libra 的概况
4.2 Overview of Libra
Libra 的使命是建立一套简单的、无国界的货币和为数十亿人服务的金融基础设施。具体而言，其由三部分组成：
Libra’s mission is to create a simple, borderless currency and financial infrastructure for billions of people. Specifically, it consists of three components:
（1） 建立在安全、可扩展和可靠的区块链基础上。
(1) Based on a secure, scalable and reliable chain of blocks.
首先，Libra 采用独特的 Move 编程语言实现自定义交易逻辑和"智能合约"，以确保操作过程中的安全性和可靠性。Move语言中每个资源只有唯一的所有者，资源只能花费一次，并限制创建新资源，从而规避数字资产被复制的可能性；可自动验证交易是否满足特定属性，确保区块链的安全性；通过减轻关键交易代码开发难度，从而可靠地执行 Libra 生态系统的管理政策，例如对 Libra 货币和验证者节点网络的管理。
First, Libra uses a unique Move programming language to achieve custom transaction logic and &quat; smart contracts & quot; to ensure security and reliability in the operation. Each resource in the Move language has only one owner and resources are spent once, and limits the creation of new resources, thus avoiding the possibility of duplication of digital assets; can automatically verify whether a transaction meets a particular attribute to ensure the security of the block chain; and can reliably implement the Libra ecosystem management policy by reducing the difficulty of developing key transaction codes, such as the Libra Currency and Certifier Node network.
其次，采用拜占庭容错 (BFT) 共识机制，防止节点破坏导致整体网络瘫痪的可能性。在 BFT 机制下，因为即使某些验证者节点（最多三分之一的网络）被破坏或发生故障，BFT 共识协议的设计也能够确保网络正常运行。相较于 POW等共识机制，BFT 共识协议还可实现高交易处理量、低延迟和更高能效的共识方法。
Second, a Byzantine (BFT) consensus mechanism is used to prevent node destruction from causing the possibility of a breakdown of the network as a whole. Under the BFT mechanism, the BFT consensus agreement can be designed to ensure that the network functions properly, even if some of the certification nodes (up to one third of the network) are damaged or malfunctioned.
最后，采用和迭代改善已广泛采用的梅克尔树数据结构，保证数据的安全性和完整性。不同于以往的区块链都将区块链视为交易区块的集合，Libra 区块链是一种单一的数据结构，可长期记录交易历史和状态。 这种实现方式简化了访问区块链的应用程序的工作量，允许它们从任何时间点读取任何数据，并使用统一框架验证该数据的完整性。
Finally, the Mekel tree data structure, which has been widely used, has been improved to ensure the security and integrity of the data. Unlike the previous block chains, which treated the block chain as a pool of trading blocks, the Libra block chain is a single data structure that allows for long-term recording of the history and state of the transaction.
（2） 以赋予其内在价值的资产储备为后盾。
(2) A reserve of assets that confers an intrinsic value on it is backed up by a reserve of assets.
不同于稳定币 USDT，Libra通过挂钩一系列低波动性资产，包括由稳定且信誉良好的法币和政府货币证券，以规避单一货币变动造成币值不稳定的现象，根据最新 Libra听证会显示，一篮子货币最初可能包括美元，欧元，日元，英镑和新加坡元，其中一半储备金将会是美元。
Unlike a stable currency, USDT, Libra, by pegging a series of low-volatile assets, including stable and reputable French and government currency securities, to avoid currency instability caused by a single currency change, according to the latest Libra hearing, a basket of currencies could initially include the United States dollar, the euro, the Japanese yen, the pound sterling and the Singapore dollar, half of which would be in United States dollars.
（3） 由独立的 Libra 协会治理，该协会的任务是促进此金融生态系统的发展。
(3) It is governed by the independent Libra Association, whose mission is to promote the development of this financial ecosystem.
Libra 协会是一个独立的非营利性成员制组织，总部设在瑞士日内瓦。协会主要有三项职能：1）促进Libra 区块链的运营；2）协调各个利益相关方（网络的验证者节点）在推广、发展和扩张网络的过程中达成一致；3）管理储备资产。
The Libra Association is an independent non-profit membership organization based in Geneva, Switzerland. The Association has three main functions: 1) to facilitate the operation of the Libra block chain; 2) to coordinate agreement among various stakeholders (the network's certifier nodes) in the process of promoting, developing and expanding the network; and 3) to manage reserve assets.
目前共有 28名初始成员，包括支付、电信、区块链等多个行业龙头企业，后续将会持续增长，预计到2020 年，Libra 协会的创始人数量将达到 100 个左右。
There are currently 28 initial members, including multiple industry leaders such as payments, telecommunications and block chains, which will continue to grow, and the number of founders of the Libra association is expected to reach around 100 by 2020.
Facebook 将保有领导角色至 2019 年结束，而后将创立子公司 Calibra 代表其在 Libra 网络中运行相关角色职能，Calibra 将受到监管制约，以确保社交数据与金融数据相互分离。
Facebook will retain the leadership role until 2019, and then create a subsidiary, Calibra, to run the role function on its behalf in the Libra network, and Calibra will be subject to regulatory constraints to ensure that social and financial data are separated.
协会的成员系统由运作 Libra区块链的验证者节点网络构成，每名创始成员需购买至少 1000万美元Libra 以获得一定的投票权，为避免权力过度化集中，单个创始成员只能代表理事会中的 1 票或总票数的 1%（以较大者为准），任何成员不得通过并购其他企业加大投票份额，所有重大决策都需要三分之二的成员投票表决通过。
The Association's membership system consists of a network of certifying points operating the Libra block chain, each founding member having to purchase at least $10 million Libra to obtain a certain voting right. To avoid excessive concentration of power, individual founding members can only represent 1 vote or 1 per cent of the total votes in the Council, whichever is greater, no member may increase its voting share through mergers or acquisitions of other enterprises, and all major decisions require a two-thirds vote of the members.
4.3 Libra 具有多方面优良特性
4.3 Libra has multiple qualities of excellence
相较于电子货币、虚拟货币、加密货币，Libra 有如下特性：
Compared to electronic currency, virtual currency, encrypted currency, Libra has the following characteristics:
就发行主体方面，Libra 通过中心化的协会进行治理。电子货币和虚拟货币均存在单一的发行主体，可能会导致权利滥用的问题，而加密货币则完全无发行主体，是非中心化的货币。
As far as the subject matter is concerned, Libra is governed by a centralized association. There is a single issuer for both electronic and virtual currencies, which may lead to abuse of rights, whereas encrypted currencies are completely unincorporated and decentralized.
就使用范围方面，Libra=加密货币>电子货币>虚拟货币。与加密货币类似，Libra是面临全球发行的无国界数字货币，其以 Facebook数十亿人的用户数为基础，逐步扩大使用范围，而电子货币的使用范围通过局限于一国之内，虚拟货币则仅限于网络企业内部。
As far as use is concerned, Libra = encrypted currency > electronic currency & gt; virtual currency. Similar to encrypted currency, Libra is a digital currency without borders that faces global circulation, based on the number of Facebook users of billions of people, gradually expanding its use, while electronic currency is used only within a country, and virtual currency is limited to cyber-enterprises.
就发行数量方面，Libra 数量无上限。电子货币和虚拟货币的发行数量由发行主体决定，一般不限，而加密货币则通常有一定数量限制，如比特币上限为 2100万枚。
There is no limit to the amount of circulation of Libra. The number of distributions of electronic and virtual currency is determined by the issuer and is generally unlimited, while encrypted currency is usually limited by a certain amount, such as the Bitcoin ceiling of 21 million.
就信用保障方面，电子货币>Libra>虚拟货币>加密货币（除稳定币以外）。Libra的信用保障与稳定币 USDT 类似，通过 100%挂钩一篮子银行存款和短期政府债券等资产，提供强有力的信用背书。相较而言，电子货币基于国家信用，虚拟货币基于公司信用，而加密货币完全无信用背书。
In terms of credit security, e-money & gt; Libra> Virtual currency & gt; Encrypted currency (except for stable currency). Libra’s credit security is similar to the stable currency USDT, providing a strong credit endorsement through a 100% linkage to assets such as a basket of bank deposits and short-term government bonds. By contrast, e-money is based on national credit, virtual currency is based on corporate credit, and encrypted currency is completely without credit endorsement.
就交易安全方面，Libra>加密货币>电子货币>虚拟货币。电子货币和虚拟货币由于存在中心化的系统，因此存在数据泄露的风险，而 Libra在加密货币的基础上进行技术改进，更有效地保障了交易的安全性。
On the security side of the transaction, Libra> Encrypted Currency > Electronic Currency & gt; Virtual Currency. Electronic and Virtual Currency have a risk of data leakage as a result of a centralized system, and Libra has been technically improved on the basis of encrypted money to more effectively safeguard the security of the transaction.
4.4 Libra 应用场景
4.4 Libra application scene
Libra 将在全球范围内提供广泛的应用场景，除了提供方便低廉的跨境转账服务以外，还包括生态内众多消费巨头的快捷支付服务，以及新金融生态的搭建。
Libra will provide a wide range of applications on a global scale, including, in addition to easy and low-cost cross-border transfer services, rapid payment services for a large number of eco-consumption giants, as well as the construction of new financial ecosystems.
应用场景一——跨境转账
Application scene one — cross-border transfers
随着移民和留学生数量稳定增长，跨境电商规模持续加大，全球跨境转账需求也不断增加，根据麦肯锡数据显示，2017 年全球跨境营收规模为 2063 亿美元，占总支付市场的 10.6%。目前银行电汇普遍采用SWIFT 公司作为中介，其优点在于手续费有上限，适合大额汇款，且收款人只需持身份证明和汇款密码即可完成收款，但是存在手续费高昂且转账流程缓慢的问题，更不适用于非洲等基础设施落后的国家。Libra 继承了加密货币快速跨境转账、手续费低廉等特性，且 Facebook在全球庞大的用户基础有利于其个人跨境支付业务领域的顺利展开，未来具有很大发展空间。
As the number of migrants and students continues to grow steadily and the number of cross-border electricity suppliers continues to grow, as does the global demand for cross-border transfers. According to McKinsey, global cross-border receipts in 2017 amounted to $206.3 billion, or 10.6 per cent of the total payment market.
应用场景二——境内支付
Application scene two — internal payments
Libra 的创始成员中，涵盖电商、旅游出行、网约车、音乐等多个消费场景巨头，未来可以预期创始成员生态中会优先支持 Libra对相关服务进行支付，据 Libra白皮书预测，至 2020年，将会有 100个大型企业加入生态中来，预计未来支付场景会更为丰富。Libra 协会还将设计和实施激励计划，以便推动Libra 被广泛采用，预计会以"低费率+补贴"的方式争取更多中小型商家加入生态。
Libra’s founding members, including a number of consumer scene giants such as electricians, tourist travels, Internet subscriptions, music, etc., can be expected to give priority in the future to Libra’s ecological support for the payment of services. By 2020, according to the Libra White Paper, 100 large enterprises are expected to join the ecology, and future payment scenarios are expected to be enriched. Libra Association will also design and implement incentive schemes to promote the widespread adoption of Libra, which is expected to be &quat; low rates + subsidies & quot; and more small and medium-sized businesses to join the ecology.
应用场景三——新金融生态
Application Scenario III - New Financial Ecology
普通用户虽然无法获得 Libra资产储备所带来的投资收益，但是却基于所持的 Libra获得相关的借贷服务，甚至于衍生品服务，比如基于 Libra的资产管理服务，或者以 Libra为信用的投融资服务，而这些业务又会催生出相关的托管、资管以及投融资机构，这些机构通过网站、APP和 DAPP（去中心化应用）就可以全球范围内开展业务，从而创建出新的金融生态。
While ordinary users do not have access to the investment returns generated by the Libra asset reserve, they do so on the basis of the relevant lending and even derivatives services, such as the Libra-based asset management service, or the Libra-based financing of credit investments, which in turn result in the creation of hosting, capital management and investment finance institutions that can operate globally through websites, APPs and DAPs (decentralized applications), thus creating a new financial ecology.
4.5 Libra 的潜在缺陷
4.5 Potential defects in Libra
Libra 的设计框架决定了其面临包括监管、超发、外汇等多方面风险，甚至可能给全球金融体系带来系统性风险。
Libra's design framework determines that it is exposed to multiple risks, including regulation, overhang and foreign exchange, and may even pose systemic risks to the global financial system.
监管限制或导致 Libra 无法达成预期效果。由于社交巨头 Facebook广泛的影响力，Libra一经推出就受到各界的广泛关注。出于对 Libra可能导致的种种不良后果的考虑，如形成超主权货币冲击当局现有货币体系、减少货币政策的实施效果、增大外汇管制难度等，大部分国家对该数字货币均持中性或否定态度。目前，法国和德国均已同意抵制 Libra、美财政部认为 Libra 必须满足最高反洗钱标准、G7 财政部部长和央行行长也表示 Libra 将受到严格的监管制约，种种政策限制可能致使Libra 的推迟上线，甚至在应用场景和使用范围都存在一定程度的缩水。
Most countries have a neutral or negative attitude toward the digital currency, given the broad influence of the social giant Facebook, and the fact that Libra has received widespread attention as soon as it is launched. Given the adverse consequences that Libra may have, such as the creation of an existing monetary system for ultra-sovereign currency shocks, a reduction in the effectiveness of monetary policy and increased difficulties in foreign-exchange controls, most countries have agreed to boycott Libra, the United States Treasury and Germany have agreed that Libra must meet the highest anti-money-laundering standards, and the G7 Finance Minister and the Governor of the Central Bank have indicated that Libra will be subject to strict regulatory constraints.
虽然 Libra 延续了加密货币的匿名优势，允许用户在不同的交易中使用不同的账户地址，但是用户匿名性仍然不能得到保证。一方面，由于反洗钱、制裁等监管和政治因素限制，所有交易都将被永久记录和跟踪，可以通过查找交易路径找到 Libra 的最终持有者；另一方面，Calibra 钱包要求对每个用户进行 KYC（了解客户，Know Your Customer） 与 AML （Anti-moneyLaundering）验证，因而存在黑客攻击而导致数据泄露的可能性，如近期大型交易所币安 KYC数据泄露事件引发了多方关注。
While Libra perpetuates the anonymity of encrypted currencies and allows users to use different account addresses in different transactions, user anonymity is not guaranteed. On the one hand, due to regulatory and political constraints such as anti-money-laundering, sanctions, all transactions will be permanently recorded and tracked, and Libra’s ultimate holder can be found by searching the transaction path; on the other hand, Calibra’s wallet requires KYC (know-your-customer, Know-your-Customer) and AML to verify that there is a potential for data leakage as a result of hacking, such as the recent major exchange currency KYC data leak.
Libra 可能给全球金融体系带来系统性风险。由于 Libra背靠企业信用而非国家信用，一旦某一节点企业或托管机构出现破产情况，可能会对相关金融机构都造成挤兑压力，从而引发全球范围内的金融危机。
Libra may pose systemic risks to the global financial system. Since Libra relies on corporate credit rather than on national credit, the collapse of a nodal enterprise or trustee may put pressure on the relevant financial institution to run, thereby triggering a global financial crisis.
用户需要承受外汇风险而不享受资产收益。在 Libra 白皮书中提到："随着标的资产的价值波动，以任何当地货币计价的 Libra 价值也可能会随之波动，"因此随着一篮子货币浮动利率的变动，用户所持 Libra价值也会相应发生变化，但同时，由于 Libra采用双代币机制，LIT持有者仅为 Libra协会成员，因此用户无法获得 Libra资产储备所带来的投资收益。
Users need to be exposed to foreign exchange risks without benefiting from assets. As mentioned in the Libra White Paper: &quat; the value of Libra denominated in any local currency may fluctuate as the value of the targeted asset fluctuates; thus, the value of Libra held by users changes as the interest rate of a basket of currencies floats, but at the same time, because Libra uses a double-currency mechanism, the LIT holder is only a member of the Libra Association, so that users do not have access to the return on investment from the Libra asset reserve.
5. 数字票据平台将成为央行数字货币首个试验场
5. The digital paper platform will be the first test site for central bank digital currencies
5.1 央行数字货币的特性
5.1 Characteristics of central banks' digital currencies
我国央行 CBDC，是建立在"一币两库三中心"的基础上，通过可控匿名的原则和 100%的准备金机制，实现对于 M0的逐渐替代，最终保证政策有效执行的数字货币。
The country’s central bank, the CBDC, is built on the basis of &quat; three-bureau centres & Quot; and the gradual replacement of M0 through the principle of controlled anonymity and a 100% reserve mechanism, which ultimately guarantees the effective implementation of the policy.
（1） 坚持中心化管理模式。不同于由分散的委员会管理的 Libra 或者大多数加密货币，央行对 CBDC拥有绝对的控制权。通过这种中心化的管理模式，第一，使得 CBDC拥有与法币一样的最终法偿性；第二，中心化管理模式能维持币值的相对稳定，以便于数字货币更好地行使货币的支付职能；另一方面，中心化管理模式能保证并加强央行的宏观审慎和货币调控职能。
In contrast to Libra, which is managed by a decentralized committee, or most encrypted currencies, the central bank has absolute control over the CBDC. Through this centralized management model, first, the CBDC is given the same final legal equivalency as the French currency; second, the centralized management model maintains the relative stability of the value of the currency so that digital currencies can better perform their payment functions; and, second, the centralized management model ensures and strengthens the central bank’s macroprudential and monetary regulatory functions.
（2） 采用二元运营体系。央行发行 CBDC的模式与纸币发行模式一样，都是"中央银行-商业银行"二元模式，也就是说，央行通过商业银行向公众发行 CBDC，商业银行将向公众提供存取等服务，并与央行一同维护数字货币发行、流通体系的正常运行。
(2) A dual system of operations. The model for central bank issuance of CBCs is &quat; central bank-commercial banks & & quot; and the binary model, i.e. the central bank issues CBCs to the public through commercial banks, which will provide the public with access services, etc., and will work with the central bank to maintain the normal functioning of the digital money issuance and circulation system.
采用双层运营体系，有以下三个优点：第一，可以充分发挥商业机构的资源、人才和技术优势，促进创新。商业银行 IT基础设施和服务体系成熟，系统的处理能力较强，在金融科技运用方面积累了一定的经验，在此基础上，中央银行和商业银行等机构可以进行密切合作，不预设技术路线，充分调动市场力量，通过竞争实现系统优化，共同开发共同运行；第二，双层运营体系有助于化解风险，避免风险过度集中。人民银行已开发运营的很多支付清算体系、支付系统都是面对金融机构的。但是发行央行数字货币，要直接面对公众，如此大体量的客户需求可能会造成商业风险和操作风险过度集中；第三，使用单层运营架构可能会导致"金融脱媒"的现象。央行数字货币和商业银行存款货币相比，前者在央行信用背书情况下，竞争力优于商业银行存款货币，会对商业银行存款产生挤出效应，影响商业银行贷款投放能力，增加商业银行对同业市场的依赖。这种情况下会抬高资金价格，增加社会融资成本，损害实体经济。
There are three advantages to adopting a two-tier operating system: first, it can take full advantage of the resources, talent and technological advantages of commercial institutions and promote innovation. Commercial banks have matured IT infrastructure and service systems, have a strong handling capacity, and have accumulated some experience in the use of financial science and technology. On this basis, institutions such as central banks and commercial banks can work closely together, without pre-empting technical routes, fully mobilizing market forces, optimizing the system through competition, and jointly developing joint operations; second, it can help to mitigate risks and avoid excessive concentration of risks.
（3） 建立在"一币两库三中心"的基础上。除了央行为唯一发布机构以外，两库指的是中央银行发行库与商业银行的银行库，包括流通市场上的 CBDC用户数字货币钱包；三中心是指认证中心、登记中心和大数据分析中心。认证中心主要负责央行对法定数字货币机构及用户身份信息进行集中管理，是系统安全的基础组件，同时也是可控匿名设计的重要环节；登记中心主要负责记录法定数字货币及对应用户身份，完成权属登记，并记录流水，完成法定数字货币产生、流通、清点核对及消亡全过程登记；大数据分析中心主要负责主要运用大数据、云计算等技术分析客户交易行为，保障数字货币交易安全、规避风险，防范黑市洗钱、恐怖融资、欺诈交易等违法行为。
(c) On the basis of " two banks & three centres & quot. In addition to the central bank as the sole issuer, the two banks refer to the central bank's issuing bank and the bank's bank bank, including the CBDC user's digital wallet in the circulation market; the three centres refer to the certification centre, the registration centre, and the Large Data Analysis Centre. The Accreditation Centre is primarily responsible for centralizing the central bank's legal digital monetary institutions and user identification information, which is a basic component of the system's security and an important component of its controlled anonymous design; the Registration Centre is primarily responsible for recording the legal digital currency and the identity of the corresponding user, completing the proprietary register and recording the flow of water, completing the entire process of generating, circulating, checking and eliminating the legal digital currency; and the Large Data Analysis Centre is primarily responsible for analysing customer transactions using technology such as big data, cloud computing, safeguarding the security of digital money transactions, avoiding risks, and preventing offences such as money-laundering in the black market, terrorist financing, fraudulent transactions, etc.
（4） 数字货币属于 M0 的范畴。由于第三方支付的广泛运用，M1和 M2的流转效率已经很高，相较之下，M0 容易匿名伪造，存在用于洗钱、恐怖融资的风险，且现有的电子货币与银行账户存在紧耦合的关系，不能满足公众对匿名支付的需求，所以现有的电子支付其实并不能完全取代 M0。
(4) Digital currency falls within the category of M0. Due to the widespread use of third-party payments, M1 and M2 flow efficiency is already high. By contrast, M0 is easy to forge anonymously, there is a risk of being used for money-laundering, terrorist financing, and there is a strong correlation between the existing electronic currency and the bank account, which does not meet the public demand for anonymous payments, the existing electronic payments are not a complete substitute for M0.
（5） 100%准备金系统。与传统银行系统采用的"部分准备金"体系不同，CBDC将要求金融机构保持100%的准备金率。因此，CBDC 将不会有任何衍生存款或者货币乘数效应。
(5) A 100% reserve system. Unlike the &quat; Part & quot; used in the traditional banking system, CBDC will require financial institutions to maintain a 100% reserve rate. Therefore, CBDC will not have any derivative deposit or currency multiplier effect.
（6） 采用"松耦合" 设计，实现可控匿名。在央行数字货币的第一层运营体系中，实名制机构将需要注册；在第二层运营体系中，用户层面的转让将匿名。通过在法律许可范围内进行追溯数字货币，在维护公民的合法私有财产不受侵犯的同时，也能降低违法犯罪事件发生的概率。
(6) Using & quot; pine coupling & quot; Designing to achieve controlled anonymity. In the first tier of the central bank's digital currency system, real-name institutions will need to be registered; in the second tier of the system, transfers at the user level will be anonymous.
（7） 区块链技术是可选项之一，可能通过多种技术的混合架构保障高效的交易性能。央行官员希望第二层网络支持 CBDC实现达到"每秒至少 300,000笔交易"交易性能的目标。截止目前，并无任何区块链达到和目标要求一样高的性能。但是，这一交易速度有可能会通过"链下撮合、链上清算"的机制或者其它升级改进措施，如分片或者侧链得到实现。
(7) Block chain technology is one of the options that can guarantee efficient trading performance through a mix of technologies. Central bank officials want a second-tier network to support the goal of &quat; at least 300,000 transactions & quot; trade performance per second. To date, no block chain has achieved and targeted as high a performance as required.
5.2 实际应用——数字票据平台
5.2 Practical applications — digital paper platform
票据市场是我国货币市场的重要组成部分，一方面，在流动性不足时，企业可通过签发商业票据创造信用流通工具，提升资金的利用效率，目前，我国的银行承兑汇票中大约有 2/3为中小企业签发，票据市场已经成为中小企业融资的重要渠道；另一方面，票据是货币政策工具的一种，中央银行在此基础上开展再贴现业务，并通过调整再贴现率进行金融市场的宏观调控。
The paper market is an important part of our currency market. On the one hand, in cases of insufficient liquidity, enterprises can create instruments of credit flow through the issuance of commercial instruments to increase the efficiency of the use of funds. Currently, about two thirds of our bank notes are issued for SMEs, and the paper market has become an important channel for SME financing. On the other hand, instruments are an instrument of monetary policy, on the basis of which the Central Bank conducts rediscounting operations and macro-regulation of financial markets by adjusting the rediscount rate.
目前，市场上普遍存在纸质票据和电子票据两种形式。纸质票据依托于票据本身，必须在票据上加盖印章后才能进行流通，但是存在一票两押、伪造清单和瑕疵票据的套现等问题；电子票据是纸质票据的电子化，依托于央行的电子商业汇票系统产生效用，相较于纸质票据，电子票据更加方便快捷，但是也存在着中心化总分重复记账、流通局限性、安全监管等一系列问题。相较于纸质票据和电子票据，数字票据主要有以下几点优势：
Paper-based instruments depend on the instrument itself and must be stamped before they can be negotiable, but there are problems with a two-barrel, forged lists, and the availability of defective instruments; electronic instruments are electronic paper-based instruments that depend on the effectiveness of the central bank's electronic commercial billing system, which is easier and faster than paper-based instruments, but there are a number of problems associated with centralized aggregate double-counting, limitations in circulation, and security regulation. Digital instruments have the following main advantages than paper-based instruments and electronic instruments:
（1） 系统的搭建和数据存储将越过中心服务器，达到去中心化的效果。这样一方面，可以实现成本优化，降低了系统的开发、维护和优化的成本；另一方面，可以减少中心化系统导致的风险，比如服务器崩溃或黑客入侵等。
(1) The system will be built and stored over the central server, with decentralised effects. This will, on the one hand, optimize costs and reduce the costs of developing, maintaining and optimizing the system; and, on the other hand, reduce the risks associated with centralized systems, such as server crashes or hacking.
（2） 在屏蔽商业机密保护隐私的同时，实现交易的溯源性和可追踪性。由于数字票据的数据具备完整透明，以及可追溯的特点，使得任何交易都可以实现追踪和查询，通过相关的技术对其中的商业机密进行脱敏处理，使得所有参与方都能了解整体数据概况。这样不仅有利于商业信任的建立，还能实现对风险的有效把控，降低以往重复质押或团伙作案风险的可能性。
(2) While shielding business secrets from privacy, achieves the traceability and traceability of transactions. The complete transparency of data on digital instruments and their traceability make it possible for any transaction to be traceable and searchable, and for the business secrets to be de-sensitive through relevant technologies, and for all participants to have access to the overall data profile. This not only facilitates the building of commercial trust, but also allows for effective risk containment and reduces the risk of past repeated pledges or gang activity.
（3） 智能合约的存在使得数字票据的具备了限制性和可控性。在实际交易过程中，在交易一开始，就可以把数字票据预先的到期赎回等机制以代码的形式写入智能合约，使得交易流程自动运作，也可以防止违约风险的存在。
(3) The existence of an intelligent contract makes digital instruments restrictive and manageable. In the course of an actual transaction, at the outset of the transaction, mechanisms such as foreclosure of an advance digital instrument can be coded into an intelligent contract, allowing the transaction process to operate automatically and preventing the risk of default.
基于数字票据的种种优势，2016年 7月，央行启动了基于区块链和数字货币的数字票据交易平台原型研发工作，决定使用数字票据作为法定数字货币的试点应用场景；2018年 1月，数字票据交易平台实验性生产系统成功上线试运行，工商银行、中国银行、浦发银行和杭州银行在数字票据交易平台实验性生产系统顺利完成基于区块链技术的数字票据签发、承兑、贴现和转贴现业务。实验性生产系统的成功上线试运行实现了数字票据的突破性进展，对于票据市场发展具有里程碑意义。
Based on the advantages of digital instruments, in July 2016, the Central Bank launched the prototype development of a digital instrument trading platform based on block chains and digital currencies, deciding to use digital instruments as a pilot application of statutory digital currencies; in January 2018, the pilot production system of the digital instrument trading platform was successfully piloted, and business banks, Chinese banks, Pouphu Bank and Hangzhou Bank successfully completed digital instrument issuance, acceptance, discount, and discounting operations based on block-chain technology in their experimental production system. The successful on-line operation of the pilot production system resulted in a breakthrough in digital instruments, which was a milestone in the development of the paper market.
该项目集合了诸多前沿科技亮点，包括数字货币、区块链、数字票据、智能合约等，自主创新研发了符合数字票据和数字货币等金融业务场景特点的底层联盟链，并在传统区块链技术基础上，对隐私保护、安全加密等设计了创新机制。在吸收区块链和智能合约等分布式技术优点的基础上，也针对其缺点和不适用性进行了特殊改造，解决了传统区块链智能合约不易升级，以及升级后繁重的历史数据迁移等问题。
The project brings together a number of cutting-edge scientific and technological bright spots, including digital money, block chains, digital paper, smart contracts, etc., autonomous innovation in the development of bottom-level alliances that meet the characteristics of financial business scenes, such as digital paper and digital money, and the design of innovative mechanisms for privacy protection, secure encryption, and so on, based on traditional block chain technologies. Based on the benefits of distributed technologies, such as absorbing block chains and smart contracts, special modifications have been made to address their shortcomings and non-applications, resolving the problem of traditional block chain smart contracts that are not easily upgraded, and increasing the weight of historical data migration.
未来，数字票据的应用场景主要在于搭建中小企业的信任平台，加强其贸易合作。通过构造托管于智能合约的票据池，实现实时支付、融资和清算等，不仅可以降低中小企业的融资成本，而且由于业务上的透明性和自动交易机制，可大大降低交易风险。
In the future, digital paper applications will focus on building a trust platform for SMEs and enhancing their trade cooperation. Real-time payments, financing, and liquidation, through the construction of a pool of instruments hosted by smart contracts, will not only reduce the financing costs for SMEs, but will also significantly reduce transaction risks due to transparency in operations and automated trading mechanisms.
6. 央行法定数字货币相关产业链部分公司
6. The Central Bank's Statutory Digital Currency-Related Industrial Chain Sections
央行数字货币的推出将推动国内相关产业的迅速发展。产业链上游主要包括基础芯片和应用技术相关行业，包括安全芯片、安全加密和数据安全领域；中游是货币发行行业，包括数字货币发行机构和银行核心系统领域；下游是支付流通行业，包括支付结算领域。
The introduction of the central bank’s digital currency will contribute to the rapid development of domestic related industries. The industrial chain comprises mainly the basic chip and technology-related industries, including safe chips, secure encryption, and data security; the midstream is the currency distribution industry, including digital money issuers and the core banking system; and the downstream is the payment flow industry, including payment settlements.
6.1 产业链上游——安全加密
6.1 Upstream of the industrial chain — secure encryption
产业链上端主要集聚于安全加密技术的研发。央行数字货币驱动了安全加密、数据安全等需求的升级。产业链上游相关企业如 360、飞天诚信、启明星辰等头部企业都将由此收益。
Central banks’ digital money drives the upgrading of demand for secure encryption, data security, etc.
6.2 产业链中游——货币发行
6.2 Traveling through the industrial chain — currency distribution
对于货币发行端，一方面，作为发行机构的商业银行、银联、阿里巴巴、腾讯等巨头或将共同参与数字货币的业务生态搭建，其中巨大的商业机遇孕育待发；另一方面，也将驱动银行 IT架构的重塑，特别是核心系统的重构和升级需求，建议关注头部企业如润和软件、神州信息等。
For money distribution ends, on the one hand, large commercial banks, as issuers, silver unions, Alibaba, tungsten and other giants, or those involved in the development of the business ecology of digital money, have great business opportunities to develop; on the other hand, they will also drive the re-engineering of the banking architecture of IT, especially the re-engineering and upgrading needs of the core system, suggesting that attention be given to head enterprises, such as Yuon and software, and the State Information.
6.3 产业链下游——支付流通
6.3 Downstream of the industrial chain - payment flows
央行数字货币的大规模使用将为第三方支付公司扩展新的收入来源。在央行数字货币采用现有的支付结算体系的情况下，支付服务提供商或将从货币交易、清算及其他创新业务中收取手续费，目前主要看好拥有良好客户资源的头部收单机构，如新国都、新大陆、海联金汇等企业。
The large-scale use of central bank digital currencies will expand new sources of revenue for third-party payers. With central bank digital currencies using the existing payment settlement system, paying service providers or charging fees for currency transactions, liquidations, and other innovative operations, it is now mainly seen as front-loading agencies with good customer resources, such as New Territories, New Mainlands, and GCCs.
（报告来源：东兴证券）
(Source: East Hing Securities)
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(Inspection of future think tanks if reports are required)
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