在这里我们要区分两种“比特币”：一个是通常理解的比特币，也就是在去中心化网络中流通的协议基础代币；另一个含义指的是比特币网络，也就是比特币区块链的运作机制。为了作出明确的区分，下文将后者称为“比特币网络”。
Here we draw a distinction between two kinds of “bitcoin”: bitcoin, which is commonly understood, i.e. the basic token of the agreement that circulates in the decentralized network; and bitcoin, which is the mechanism for the operation of the Bitcoin block chain. To make a clear distinction, the latter is referred to below as the “bitcoin network”.
比特币出现之后的一段时间内，加密货币社区的参与者就发现，除了用以发行和流通比特币，比特币网络还可以实现更多的功能。与互联网类似，我们可以将比特币当做底层协议，在它之上构建其他的协议。此时比特币网络仅仅作为一种“共识层”，它的区块链仅仅作为数据存储层。对于除了发行和交易的基本功能之外的应用的探索，在后来都被纳入到了“比特币2.0”这个概念内。
During the period following the advent of Bitcoin, participants in the encrypt currency community found that the Bitcoin network could do more than distribute and circulate bitcoin. Similar to the Internet, we could use bitcoin as a bottom protocol and build other protocols on it. At this point, the Bitcoin network is merely a “consensus layer” and its block chain is only a data storage layer.
“比特币2.0”意味着可以作为一种除了转账之外更为基础的协议层为其他应用服务。虽然金融应用在这个概念之下几乎是最重要的一个探索方向，但当时对于哪些应用是适合于比特币网络的，仍然没有一个明确的概念。由于此时将比特币网络看成一个用以记录共识数据的协议层，似乎许多领域都能在其上构建应用：资产所有权、知识产权、物流、合同、众筹、投票等。似乎只要利用比特币的区块链再加上一些其他功能——比如隐私保护和简单的交易功能——就可以发挥比特币网络更多大的潜力。
“bitcoin 2.0” means that it can serve as a layer of agreements that are more fundamental than transfers. While financial applications are almost the most important direction of exploration under this concept, there was still no clear idea of which applications were suitable for the Bitcoin network.
要注意这个时候离“DeFi”真正成为一个概念还有5到6年的时间。但这个历史阶段形成的概念为后来的DeFi的流行打下了基础。此时被大家所讨论的概念有：
It is five to six years before “DeFi” really becomes a concept. But the concepts that emerged from this historical phase have laid the foundation for the later deFi popularization.
1.?DApp。指的是去中心化应用（Decentralized Application），一种在区块链之上构建的应用。这是一个宽泛的概念，后来被称为DeFi的应用只是DApp的一类应用。
1. DApp. This is a decentralized application, an application built on a block chain. This is a broad concept, and the application later known as DeFi is only a DApp type of application.
2.?智能资产。当时的智能资产泛指在区块链上发行的代币，这种代币代表某种资产。这些资产既可以无形的，比如股票、债券，也可以是表示有形资产所有权的代币，比如房产、汽车等。甚至也可以表示某种待使用的权益，比如演唱会门票、酒店房间入住权等。它的概念几乎等同于“资产代币化”，强调的是通过资产的代币化使得资产的流动性大幅提升。由于这一特性经过数年已经被参与者熟知，目前已经不再被大家所讨论了。
2. Smart assets. Smart assets at the time refer generally to tokens issued on the block chain, which represent a certain asset. These assets can be intangible, such as shares, bonds, or tokens of ownership of tangible assets, such as real estate, cars, etc. They can even express some of the rights to be used, such as concert tickets, hotel room occupancy, etc. The concept is almost identical to “monetization of assets”, emphasizing that the liquidity of assets can be significantly enhanced through the monetization of assets.
这一阶段应用的创新主要集中在2013-2015年。这里简单介绍几个有代表性的项目。
Innovations applied during this phase are concentrated in 2013-2015.
Colored Coins（中文名为“彩色币”）指的是一种在比特币上用来表示现实世界资产的一种方式。实现方式是在比特币上通过附加的数据来进行代币的发行和流通。所谓的Colored（着色）的意思很简单，就是当发行新代币时以新的代币编号来表示，用来与其他代币作区分，那么不同的代币就已经被着上不同颜色了。Colored Coins的使用者除了获取比特币区块链数据之外还需要使用另一个客户端来读取Colored Coins的数据并按照数据格式要求发送交易。
Caroline Coins (Chinese called “colour currency”) refers to a way of expressing real world assets in bitcoins. This is achieved by using additional data on bitcoins for the distribution and circulation of tokens. So-called Colorado (colouring) means simply that, when issuing a new currency, it is expressed by a new currency number, which is used to distinguish it from other currencies, different ones have become different colours. Colorado Coins users need to use another client to read Colorado Coins data and send transactions according to the data format.
Colored Coins相关的项目并没有获得成功，但是它表示了一种智能资产的最小化的功能：资产发送和转让。
The Colorado Coins-related project did not succeed, but it expressed a minimalist function of smart assets: asset dispatch and transfer.
实现去中心化金融功能的一个方向是直接基于比特币网络开发，另一个方向就是单独开启一个新的去中心化网络来实现。前者的代表项目是MasterCoin，后者是Bitshares。
One direction for achieving decentralised financial functions is directly based on the development of the Bitcoin network, while the other direction is to open a new decentralized network alone. The former’s representative project is MasterCoin, and the latter is Bitshares.
先来说说Bitshares。Bitshares开发的初衷是实现一个“资产交易系统”。它的创始人是争议人物Dan “Bytemaster”?Larimer。另一个知名公链的Cardano的创始人Charles Hoskinson在此项目的历史中也扮演了重要角色。
First of all, Bitshares. Bitshares was developed to achieve an “asset trading system.” Its founder was the controversial figure Dan “Bytemaster”?Larimer.
BitShares最重要的创新是BitAsset。通过由协议代币BTS的1.5倍或更高的资产作抵押，可发行相应的其他资产。比如要发行BitUSD，可以抵押价值200美元的BTS后获取100BitUSD。当抵押物价值低于设定的阈值，比如BTS价格下跌导致抵押物价值跌到150美元以下，低于设定的150%的抵押物比例时，矿工将发起强制平仓，将抵押物卖出换回100BitUSD，并将多余的部分返回给抵押者。
BitShares’ most important innovation is BitAsset. By encumbering assets at 1.5 times or more of BTS, the corresponding other assets can be issued. For example, by issuing BitUSD, which can be obtained 100 BitUSD with a mortgage value of $200. When the value of the collateral falls below the set threshold, such as when the BTS price drops, causing the value of the collateral to fall below $150, and below the established 150% collateral ratio, the miners will launch a forced silo to sell the collateral back to 100 BitUSD and return the excess to the mortgager.
这种与美元绑定的代币被称作“软钉住”美元代币。与它相对可以称作是“硬钉住”美元代币，如Tether发行的USDT。“软钉住”相对于“硬钉住”而言具有更大的波动，因为如果BitUSD要起作用需要以下3个条件：
This currency, which is tied to the dollar, is referred to as the “soft nailing” of the dollar. It can be described as the “hard nailing” of the dollar, such as the USDT issued by Tether. The “soft nailing” is more volatile than the “hard nailing” because the following three conditions are required if BitUSD is to function:
1.?市场需要“相信”1个BitUSD等于1美元。事实上BitUSD只规定了强制平仓触发的条件并且触发后将回购和销毁BitUSD，并非对BitUSD和美元的绑定关系有其他的强制。市场的信念是重要的环节，即市场相信BitUSD这个符号对应的代币和美元有相同的价值。
Markets need to “be convinced” that a BitUSD is equal to US$ 1. In fact, BitUSD only sets out the conditions for mandatory silo triggering and triggers the repurchase and destruction of BitUSD, not other bindings on BitUSD’s tie to the dollar. Market belief is an important link, i.e. the market believes that BitUSD’s symbol has the same value as the dollar.
2.?需要市场的套利者来生成和销毁BitUSD。当1BitUSD小于1美元时，抵押者只要使用更少的美元来买入BitUSD并赎回抵押物，通过这个过程实现了套利。例如发行100BitUSD，此时汇率为1：1，卖出后获得100USD；当BitUSD跌到0.9美元时，只要使用90美元就可以买回100BitUSD并赎回抵押物。如果不计算利息，此时净赚10美元。如果BitUSD价格高于美元，那么就只要反向操作释放更多的BitUSD等待价格下跌后套利即可。通过这样的机制来让套利者调节BitUSD的总量，进而动态调节BitUSD的价格以达到与美元绑定的效果。
2. The market arbitrator is needed to generate and destroy BitUSD. When 1 BitUSD is less than $1, the mortgager achieves arbitrage through this process by using less dollars to buy BitUSD and redeem it. For example, when 100 BitUSD is issued, the exchange rate is 1:1 when the sale takes place; when BitUSD falls to 0.9, it buys back 100 BitUSD and redeems the collateral with only $90. If interest is not calculated, 10 dollars is earned. If BitUSD prices are higher than the dollar, then it is possible to reverse operations by releasing more BitUSD waiting for the price to fall.
3.?抵押物不能大幅下跌。一旦抵押物出现短时间大幅下跌，导致整个抵押物的美元价值小于所有BitUSD的发行量，那么整个机制就失败了，每1个BitUSD的持有者最终换回的资产将小于1美元。
3. Mortgage cannot fall significantly. Once the collateral falls significantly over a short period of time, resulting in the dollar value of the entire collateral being less than the distribution of all BitUSD, the whole mechanism will fail, and the assets will eventually be replaced by less than $1 per BitUSD holder.
Bitshares可以说开创了一种新的稳定币的发行方式：以代币作为抵押物，发行绑定美元的代币。可以说是当然也可以根据此原理发行绑定其他资产的代币，比如绑定黄金的BitGOLD。在此后的Maker，Synthetix等项目中也沿袭了这样的机制。此外还可以BitShares还提供资产发行、交易（包括衍生品，如期权交易）。可以说BitShares是最早一批实现去中心化交易所（DEX）的区块链之一。
Bitshares can be said to have created a new way of issuing stable currencies: using tokens as collateral to issue coins tied to the United States dollar. It can also be said that, on the basis of this principle, it is possible to issue tokens that bind other assets, such as BitGOLD, which binds gold. This mechanism has also been followed in subsequent projects such as Maker, Synthetix.
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MasterCoin的愿景和Bitshares类似，只不过它的方式是在比特币网络上再附着一层协议。在这一点上，可以把它看成是高级版本的Colored Coins——除了资产发行之外，也实现了稳定币发行、去中心化交易、期货合约交易、预言机的功能。当然，此协议也有它自己的协议代币MSC，初始发行方式为通过比特币众筹。
MasterCoin’s vision is similar to that of Bitshares, except that it is done by attaching a further layer of protocol to the Bitcoin network. In this regard, it can be seen as an advanced version of the Colorado Coins – which, in addition to asset issuance, has achieved the function of stabilizing currency issuance, decentralizing transactions, futures contract transactions, and prophecies. Of course, the agreement also has its own protocol token MSC, which was initially issued through Bitcoin.
MasterCoin实现稳定币的方式和Bitshares有所不同。MasterCoin使用了一种程序化的机制来操作抵押资产对发行资产的买卖来使得发行资产绑定标的资产。比如要发行绑定黄金价格的GoldCoins，发行者需要将一定数量的MSC存入作为“代管基金”，这个基金就是一种“智能合约”，根据一系列参数对抵押物进行操作，同时需要指定“注册数据流”，以获取黄金兑MSC的价格。“注册数据流”是一种在比特币交易中发布某资产交易价格的机制，也就是后来被称作“预言机（Oracle）”的机制。
MasterCoin uses a procedural mechanism to operate the purchase and sale of mortgage assets to issue the asset to bind the asset. To issue GoldCoins, for example, which binds gold prices, the issuer needs to deposit a certain amount of MSC as an “administrate fund”, which is a “intellectual contract” to operate the collateral according to a range of parameters and requires the designation of a “regist data stream” to obtain the price of gold against MSC. “Registration data stream” is a mechanism to publish the price of an asset transaction in a Bitcoin transaction, which is later known as the “Oracle”.
代管基金的基本运作方式是这样的：比较预言机的价格和链上交易的价格，如果GoldCoins的价格低于预言机的报价，那么GoldCoins的价格被低估了，代管基金将会使用基金内的MSC购买GoldCoins以提升其价格，使其回归到黄金的实际价格。抹平差价的激进程度和频率都通过生成代管基金的参数来控制。由于该机制是确定的，所以当GoldCoins价格过低时，市场套利者预期代管基金将会出手购买GoldCoins，所以它们会在代管基金出手前就买入GoldCoins，等待其价格提升到与黄金一致后卖出获利。如果GoldCoins高于黄金价格，那么代管基金则会进行反向操作，直接铸造GoldCoins卖出，换取MSC存入代管基金。
The basic mode of operation of the escrow fund is as follows: comparing the price of the foreword machine and the price of the chain transactions. If GoldCoins price is lower than the price of the foreword machine, GoldCoins price is underestimated, and the escrow fund will use MSC within the fund to buy GoldCoins to raise its price and return it to the real price of gold. The level and frequency of the price to level the price difference are controlled by the parameters of the generation of the escrow fund. Because the mechanism is certain, when GoldCoins price is too low, market arbitragers expect GoldCoins to buy GoldCoins, so they will buy GoldCoins before the funds go out, waiting for their price to rise to a profit in line with gold.
依照这种模式，在黄金兑MSC价格波动不大的情况下，代管基金的操作都是低买高卖的，理论上会使得代管基金的储备增多，增加抵押物的数量。这种方式是不是和各国央行的操作很像——通过货币政策给市场释放预期，使市场参与者来平滑价格波动？
Under this model, the operation of the Escrow Fund is low-cost and high-priced in cases where there is little volatility in the price of gold against MSC, which theoretically increases the reserves of the Escrow Fund and increases the amount of collateral. Does this approach resemble the operation of central banks – by freeing markets with expectations through monetary policy – to smooth price fluctuations among market participants?
但是这种机制能实现的依旧只能是在抵押物充足的情况下来保障发行资产和标的物的价格一致。当抵押物价值不足以支撑发行资产时，即使动用所有代管基金内的代币仍然无法完全回购和销毁所有的发行资产，此时该机制失败。在这种情况下，以GoldCoins为例，代管基金会根据设定的阈值将代管基金内的MSC按各地址GoldCoins的持有数量按比例分发给他们。具体来说，比如阈值设定为98%，当代管基金内MSC总价值只有发行的GoldCoins的98%时，代管基金将自动把基金内所有的MSC按比例发到各个GoldCoins的持有者，并回收所有的GoldCoins。此时所有的GoldCoins会有2%的净损失。
But this mechanism can be achieved only if there is sufficient collateral to guarantee that the price of the issuing assets and the subject matter is the same. When the value of the collateral is insufficient to support the issuance of the assets, the mechanism fails even if the use of the tokens in all the escrow funds is not sufficient to fully buy back and destroy all issued assets. In this case, GoldCoins, for example, the escrow fund distributes MSCs to GoldCoins on a pro rata basis, based on the set thresholds, to them the amount held in the escrow fund at GoldCoins. Specifically, when the threshold is set at 98%, the total value of MSC in the contemporary administration fund is only 98% of GoldCoins issued, the escrow fund will automatically issue all MSCs in the fund to GoldCoins holders, and recover all GoldCoins at 2% of the net loss.
MasterCoin的预言机、期货交易、去中心化交易在此就不在赘述，有兴趣的可以查看MasterCoin的白皮书。同ColoredCoins一样，MasterCoin也需要使用特殊的客户端来读取附加的区块数据以及发送交易。MasterCoin最终也未成功，它后来改名为Omni Layer，功能简化为资产发行。2017年-2020年期间最为广泛使用的美元代币——Tether发行的USDT——最初是发行在比特币上的，所使用的就是Omni Layer。这里讽刺的地方就在于，最初被设计为用一种去中心化的抵押资产发行稳定币的协议，最终却成为了中心化发行的稳定币所使用的协议。
MasterCoin's foreword machine, futures transaction, decentralized transaction are not repeated here, and interested parties can view the White Paper of MasterCoin. Like Colorado Coins, MasterCoin also needs to use a special client to read the additional block data and send the transaction. MasterCoin did not succeed either. MasterCoin was later renamed Omni Layer, whose function was simplified to issue the asset. The most widely used United States dollar in the period 2017-2020 — the USDT issued by Tether — was originally published in Bitcoin, using Omni Layer. The irony here is that the agreement originally designed to issue a stable currency with a decentralized asset became the agreement used to centralize the issuing of the stable currency.
虽然以现在的眼光来看，Bitshares和MasterCoin这两个项目实现的各种机制还处于较为粗糙的阶段，但是DeFi所需要的各类基础功能——或者以法律的术语来说，“构成要件”——已经初具雏形：稳定币、预言机、去中心化交易所、资产发行。
While the mechanisms achieved by the Bitshares and MasterCoin projects are still at a relatively rough stage from the present perspective, the basic functions required by DeFi — or, in legal terms, the “constituent elements” — are beginning to take shape: currency stability, prophecies, decentralized exchanges, asset distribution.
就在同一个阶段，另一部分人正在思考和尝试另一种路径。有一些参与者认为，比特币网络被设计为一种主要用来发送比特币的去中心化网络，并不那么适合开发去中心化应用。或许我们应该回过头去，先开发一种更好的用以开发去中心化应用的平台。这显然是一个野心更大，但失败风险更大的路径。好在历史已经证明，这一种方法非但是正确的，并且使得加密货币的历史以更为戏剧化的方式展开。
At the same stage, another part of the population is thinking about and trying another path. Some participants argue that the Bitcoin network is designed as a decentralized network used primarily to send bitcoin, and that it is not well suited to develop decentralized applications.
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