“OK说”是由OKCoin币行发起，面向数字货币爱好者的在线学习社群，我们邀请了国内最优秀的从事区块链及数字货币领域的大咖，为大家深度分析区块链及数字货币的故事和发展现状、数字货币交易流程中的技术难题。
Launched by the OKCoin Bank, an online learning community for digital money fans, we have invited the country's best performers in the area of block chains and digital money to analyse in depth the story and development of block chains and digital money, technical difficulties in the digital currency transaction process.
我们在前19期分别邀请了业内大咖分享比特币、莱特币、以太坊、区块链、挖矿、K线等方面的内容，这一期我们邀请到的是OKCoin高级产品顾问张博，张博先生有多年区块链从业经验，具有丰富的区块链专业知识储备，曾参与过多次金融机构+区块链的业务应用。
In the first 19 years, we invited Big Cafés to share bitcoin, Lightcoin, Etheria, block chains, mining, Kline, etc. We invited Zhang Bo, Senior Product Advisor at OKCoin, Mr. Zhang Bo's multi-year experience in block chains, a wealth of block chain expertise and his involvement in several financial institutions and the operational applications of block chains.
本次OK说主要包括以下内容：
The main part of this talk is the following:
1、以太经典的诞生过程及一些基本概念
2、以太经典和以太坊的区别及对比
3、以太经典ETC的投资价值
4、OKCoin为什么上线以太经典
2, the difference between the Ether Classical and Ether Chamber and the comparison of the investment value of the Ether Classic Etc.
在介绍以太经典之前，我们先来回顾一下什么是以太坊。以太坊是一个开源的具有智能合约功能的公共区块链平台，通过其内置原生代币以太币提供去中心化的平台来处理点对点合约。以太坊可以用来编程，分散，担保和交易任何事物：投票，域名，金融交易所，众筹，公司管理，合同和大部分的协议，知识产权，还有得益于硬件集成的智能资产。
Before we introduce the Etheric, let's look back at what is called Tai Tai. Ether is an open-source public block-chain platform with smart contracts that provides a decentralised platform for processing point-to-point contracts through its built-in original intergenerational currency. It can be used to program, spread, secure and trade anything: votes, domain names, financial transactions, crowds, company management, contracts and most agreements, intellectual property rights, and intellectual assets that benefit from hardware integration.
如果说比特币设想成为的是去中心化的支付系统的话，那么以太坊追求的就是成为一个去中心化且不受审查的应用程序的发布平台。简单地说，以太坊就是区块链技术加上智能合约。
If Bitcoin is supposed to be a decentralised payment system, it is a distribution platform for decentralised and uncensored applications. In short, it is a block chain technology plus smart contracts.
我们再来讲一讲以太币。以太币是以太坊唯一内置的原生代币，用来支持智能合约的运行。其实这个概念理解起来会比较简单，因为如果运行一个智能合约不需要花一些费用的话，在这条区块链上就会出现很多的垃圾合约或者垃圾运行，这个区块链会遭到攻击。所以每次运行智能合约的时候，需要支付以太币，来确保区块链的安全与稳定。
Let's talk about it as a talisman. The ether is the only native infusion in the Taiku to support the operation of a smart contract. The concept is easier to understand, because if a smart contract is run at no cost, there will be a lot of junk contracts or garbage on this block chain, and the sector chain will be attacked. So every time you run a smart contract, you have to pay it to ensure the security and stability of the chain.
好了，以太坊的基本知识就介绍到这里，下面我们来说一说ETC是如何诞生的。去年六月，以太坊最热项目TheDAO被黑客利用智能合约的漏洞，转移了市值五千万美元的以太币。为了挽回投资者资产，以太坊社区最终做出投票表决，大部分参与者同意更改以太坊代码，希望索回资金。为此，以太坊进行硬分叉，作出一个向后不兼容的改变，让所有的以太币——包括被黑客占有的——都回归原处。
All right, so let's get to this point with the basic knowledge of Tai Ho, where we're going to tell you how the ETC was born. Last June, The DAO, the hottest project in Tai Ho, was hacked by hackers, using the loopholes of smart contracts, and transferred the $50 million in NT. In order to save investors' assets, in the end, the Tai Ho community voted, most of the participants agreed to change the Ethio family code and hope to recover the funds. To that end, the Etherayats made a hard break and made a later incompatible change so that all the TTs – including those possessed by hackers – would return to their original places.
这里有必要介绍下什么是硬分叉。区块链也不是一成不变的程序，也会升级系统规则，改变一些代码。在系统升级的过程中，如果某些节点不接受升级则导致整个网络无法达成统一共识，这时就会出现两条区块链，这就是硬分叉。即将在8.1日发生的比特币硬分叉也是这样的情况，这里我们就不展开讲解了。
Here it is necessary to describe what is a hard fork. The block chain is not a static program, it also upgrades the rules of the system and changes some codes. In the process of upgrading the system, if certain nodes do not accept the upgrade, the entire network will not be able to reach a unified consensus, there will be two blocks, that is, a hard fork. The same will be true of the bitcoin hard fork that is about to take place on 8.1, and we will not discuss it.
对于硬分叉这件事，以太坊有一部分人不同意这个做法，他们认为区块链的本质是去中心化、开放性和不可更改，这是它的价值所在，因而拒绝修改交易记录。以太经典的网站上写道：“以太坊基金会回应的方式可能是最糟糕的一种，我们相信最初版本的以太坊，作为一个世界电脑，它不会说倒就倒，它运行着不可逆的智能合约。”通过留在未经变动的以太坊版本中继续挖矿，这些人用自己的方式保护着这些价值。听上去好像是跟情怀相关的事。
In the case of the hard fork, some members of the Taipan disagree with this approach, arguing that the essence of the block chain is decentralisation, openness and immutable, which is its value, and refusing to change the record of the transaction. It is written on the classic website: “The way that the Taiwan Foundation responded may be the worst, we believe that the original version of the Inta House, which, as a world computer, is not going down, runs an irreversible intellectual contract.” By remaining in the unchanged version of the Teepan, these people protect these values in their own way.
由于此次硬分叉是通过区块链公开进行的，因此虽然存在着反对的意见，但随着越来越多人对于硬分叉的支持，2016年7月21日，以太坊硬分叉成功。
As this hard fork was publicly conducted through the block chain, despite objections, it was successful on 21 July 2016 with increasing support for hard fork.
目前，以太坊的“官方”版本ETH，是由其原始开发者进行维护的;以太经典ETC则是由一个全新团队进行维护。这是第一次主流区块链为了补偿投资人而通过分叉来变更交易纪录。分叉以前就持有以太币的人在分叉后会同时持有ETH和ETC，存在交易所或在线钱包中的以太币也不例外。此次分叉衍生出来的两个市场，总价值达12亿美元以上。
Currently, the `official' version of ETH is maintained by its original developer; and the ETC is maintained by a completely new team. This is the first time that the mainstream block chain changes transaction records through a fork to compensate investors. Before the split, those who hold the ETH and the ETC hold both after the split, and there is an exchange or an online wallet. The two markets derived from the split have a total value of more than $1.2 billion.
目前，越来越多的以太坊矿工投入大量算力到这款经典区块链中，ETC交易量上涨，不仅仅是因为理念上的符合，更是因为他们看到了保护交易安全及赢得相关挖矿奖励的价值。以太经典面世后一两天的数据让人印象深刻，其网络的哈希率是544GH/s，占了以太坊网络哈希总量的13%。
Currently, more and more of the miners are investing heavily in this classic block chain, and the ETC trade has increased, not only because of conceptual consistency, but also because they see the value of protecting the security of the trade and winning the relevant incentive to dig. With the most impressive data for the next day or two, its network is 544 GH/s, accounting for 13% of Ether Harshi’s total.
P网是第一家接受ETC币种的交易所，随后大部分支持ETH的交易所也开始陆续支持ETC。OKCoin币行在7月15日开启ETC充值，并在17日正式上线ETC现货交易。
The network is the first exchange to receive the ETC currency, and most of the exchanges that support ETC have since begun to support ETC.
以太经典的投资价值
with too classic investment value
那以太经典的投资价值到底如何呢？别着急，下面我们从三个方面一起来观察ETC的基本面。
So what's the value of the classic investment? Don't worry, let's look at the basics of the ETC together in three ways.
首先是价值观。
The first is values.
第一，去中心化还是中心化
这是ETC和ETH的本质区别，也是价值观上最大的分歧所在。正是由于对中心化体系的质疑，才有了“代码即法律”这样的创举，从此人们无需依赖信任即可完成价值转移。比特币超过三千亿人民币的市值以及稳定无差错运行8年的事实，已经证明纯技术方案解决去中心化信任的可行性。ETC通过拒绝从DAO攻击者手中取回资金将自身打造成了一个真正交易不可逆的区块链。正是由于其主导意识的纯洁性才为ETC持续发展提供源源不断的动力。ETC的兴起也证明了去中心化、不受监管的区块链系统的力量，交易者和其他主要的区块链参与者都被ETC的这一特质吸引。如果区块链是可以任意改动的，那么它和一个私有数据库还有什么区别？尽管私有链和联盟链在一定场景和领域可以发挥推动业务创新等作用，但相比之下公有链展现出的社会价值是难以想象的。去中心化是一种信仰。
This is the essence of the difference between ETC and ETH, and the biggest difference in values. It was the challenge to the centralization system that led to the creation of a “code, the law” that people did not need to rely on trust for value transfer. The market value of more than 300 billion yuan in bitcoins and the fact of eight years of steady and seamless operation have proven to be a purely technical solution to the feasibility of decentralizing trust. The ETC, by refusing to take back funds from the DAO attackers, created a genuinely unreversible chain of transactions. It was precisely because of the purity of its dominant ideology that provided a dynamic for the continuous development of ETC. The rise of ETC also demonstrated the power of the decentralized, unsupervised sector chain system, and the fact that traders and other major sector chain participants were attracted by the feature of ETC.
第二，廉洁还是腐败
在加密数字货币领域，矿工和矿池是去中心化的，钱包服务是去中心化的，智能合约的编写和运用是去中心化的，但是偏偏核心代码的运营和维护目前是中心化的。权力导致腐败，绝对权力导致绝对腐败，这里我并不是说腐败一定产生，而是中心化机制是滋养腐败的土壤。所以坚持去中心化的ETC，可以让腐败无处遁形。
In the area of encrypted digital money, miners and ponds are decentralized, wallet services are decentralized, and smart contracts are decentralized, but the operation and maintenance of core codes are now centralized. Power leads to corruption, absolute power leads to absolute corruption, and here I do not mean corruption, but rather that the centralization mechanism is the soil that feeds corruption. Therefore, adherence to centralized ETCs can make corruption invisible.
第三，稀缺还是无限
硬分叉发生后，ETH和ETC的货币政策也走到了岔路口。ETH目前没有上限，处于持续增发阶段。而ETC已经回归了奥地利经济学派的传统，按照比特币的方式进行了减产规划，最后的发行总量不会超过2.3亿。如果没有稀缺性，那么数字货币和现实世界的法币有什么区别呢？顶多是把矿工和现实中的央行对调了。所以目前来看，ETC有着清晰的货币政策，其有限产量也符合人们对于其投资的预期。
The monetary policy of ETH and ETC has also reached a fork in the road since the hard fork occurred. The ETH has no upper limit and is in a sustained build-up. The ETC has returned to the tradition of the Austrian economics, where production cuts have been planned in the way of bitcoins, with no final distribution of more than 230 million. If there is no scarcity, what is the difference between the digital currency and the French currency of the real world?
第四，POW还是POS
区块链的核心是共识机制，POW基于工作量证明的机制目前已经被市场证明是最优秀的制度，数字加密货币总市值排名前十有八都是基于POW机制。最早提出POS机制的点点币，已经几乎消亡。拥有币本身会产生更多币这个设置会导致严重的马太效应，令富者越富，穷者越穷。如果我们做不到结果公平，我们至少可以做到机制公平。对于POW来说，矿工随时可以选择挖或者不挖某种矿，而对于POS来说，后入者则完全失去了参与机会。另外热钱包在线挖矿还会导致严重的安全性问题，容易导致黑客攻击，这一点在点点币上已经发生了。ETC开发者社区已经明确表示不会类似ETH改用POS，ETC采用POW共识算法，让任何动态组网接入的节点都有利可图。
At the heart of the
block chain is the consensus mechanism, the Pow-based mechanism has now proved to be the best in the market, and the top 10 eight of the total market value of digital crypto-currency is based on the Pow mechanism. The point money that was first proposed for the POS mechanism has almost disappeared. The money-owning set-up itself has the effect of causing a serious Matthew effect, making the rich richer and the poor poorer poorer. If we fail to achieve a fair outcome, we can at least be fair. For Pow, the miners can choose to dig or not to dig some kind of mine, while for POS, the late entrants simply lose the opportunity to participate.
第五，匿名还是公开
Fifth, anonymous or public
匿名对于加密数字货币用户非常重要，但目前几乎没有任何主流的加密数字货币提供匿名功能。最近ETC社区的ECIP-1025提案，希望ETC加入zk-SNARK验证。一旦提案被激活，ETC用户将享受交易记录匿名服务。毕竟增强交易的隐私性和匿名性并不是件坏事。目前ETC开发者社区对此提案非常感兴趣，可预见在不久的将来，ETC会成为BTC、ETH及ZCash的结合体，只是少了发行代币ICO的功能。ETC的未来有着无限可能的想象空间。
Anonymous is very important for encrypted digital money users, but there is currently very little mainstream encryption digital money to provide anonymity. The recent ETC community ECIP-1025 proposal, hoping that ETC will join the zk-SNARK validation. Once the proposal is activated, ETC users will benefit from the transaction log anonymity service. After all, enhancing the privacy and anonymity of the transaction is not a bad thing. The current ETC developers community is very interested in this proposal. foresees that in the near future the ETC will become a combination of BTC, ETH, and Zash.
以上的五点就是从价值观层面解读ETC，下面我们来看一看经济面。
The five points above are a value-based reading of ETC, and then we look at the economics.
以太经典经济面
第一，同代码不同价
first, price different from code
目前ETC和ETH代码几乎完全相同，但是价格却相去甚远，这是一个奇特的现象，难怪不少以太坊社区的人喊出卖掉ETH买入ETC的口号。对于以太坊社区来说，当硬分叉发生时，每个人都同时拥有了等量的ETC和ETH，那么一旦行情展开，筹码是等同的。
Current ETC and ETH codes are almost identical, but prices are far apart, which is a peculiar phenomenon, and it is no wonder that a lot of people in the Ether community shouted to sell the Ether to buy the EtC slogans. For the Etheraya community, when a hard split happens, everyone has the same amount of EtC and Eth, and the chips are equal once it unfolds.
单纯从技术角度讲，目前ETC甚至风险更低，ETH最近遭遇了反复的代码修改和分叉，甚至出现系统设计问题导致提币困难等现象，上线ETH的交易所充币/提币的业务频繁受阻。如果ETC能够达到ETH的市值，那么就代表ETC至少还有7倍的市场空间。对于投资者来说，存在着一个以极低价格获取高额收益的可能性。
Technically speaking, at present, ETC is even less risky, ETH has recently experienced repeated code modifications and splits, and even system design problems have led to difficulties in drawing coins, and the up-line ETH exchanges are often blocked.
第二，数量逆差
目前ETC总量定格为2.1亿，最多不超过2.3亿。而ETH数量总额未定，如果共识机制转POS失败，那么ETH将会没有上限，最终总量会是ETC的十倍以上。这时就出现了另一个有趣的事情，ETC和ETH的数量和价格发生了双倍的倒挂。这代表什么意思呢？
/strang> is currently set at 210 million, up to a maximum of 230 million. And the total number of ETHs remains undetermined, and if the consensus mechanism fails to move to POS, the ETH will not have a ceiling, and the total will ultimately be more than ten times that of ETC. Then another interesting thing happens, when the numbers and prices of ETCs and ETHs double. What does that mean?
假设ETC的总市值=ETH的总市值，那么单个ETC的价格理论上应该是ETH的10倍，这才是一个合理的市场价。如果算上ETC和ETH目前价格的倒挂，那么ETC本身可能蕴含着70倍的上涨空间！而这一点会被市场所捕捉并反应在基本盘面上。
Assuming that the total market value of ETC = the total market value of ETH, the price of a single ETC should theoretically be 10 times the price of ETH , which is a reasonable market price. If the current price of ETC and ETH are rounded up, the ETC itself could contain 70 times the price of .
第三点，信托基金参与
来自信托基金的支持比特币目前的涨势有很大因素是来源于大型信托基金的参与，最早的一支比特币信托基金由DCG的BarrySilbert成立，目前该信托基金已经在纳斯达克上市，代码为GBTC，同时该基金拥有超过20万比特币的持仓。到了2016年，越来越多的数字加密货币信托基金成立，而这些信托基金形成了持续的买入现金流。BarrySilbert已经在Twitter上明确表示，DCG支持ETC，并且在ETC价格反超ETH之前，不会卖出ETC。
The current increase in support of Bitcoin from the Trust Fund is largely due to the involvement of large trust funds, the first of which was established by Barry Silbert of DCG. The Trust Fund is now on the market in NASDAQ, coded as GBTC, and the Fund has more than 200,000 bitcoins in storage. By 2016, a growing number of digital encrypted currency trust funds have been established, and these trust funds constitute a continuous cash flow for purchases. BarrySilbert has made it clear on Twitter that DCG supports ETC and will not sell ETC until ETC prices counter-ETH prices.
另外，BarrySilbert在ETC的Slack群中也表示，当ETC的货币政策锁定之后，会设立一支和GBTC类似的ETC信托基金，DCG作为目前行业的排头兵，这无疑是对目前的ETC市场注入了一剂强心针。
In addition, Barry Silbert, in the ETC Slack Group, indicated that when ETC’s monetary policy was locked in, an ETC-like trust fund would be established, with DCG as the leader of the current industry, which would undoubtedly inject a strong needle into the current ETC market.
以太经典的生产力
with too classic productivity
首先是，国外社区的逆袭
is, first and foremost, the backlash of the foreign community .
经过了最初的蛮荒时期，ETC的核心代码建设正在快马加鞭进行中。目前具有提交ETC代码权限的开发者已经达到34名，要知道最初只有1名开发者。ETC最近还诞生了一个新的开发团队，该团队leader为ETH项目前CEO Charlie。不同于ETH的非主流语言，新开发团队选择了Java作为开发语言。目前整个程序员社区使用Java的人超过了80%，此举将会带来人才库的一个质的飞跃。同时ETC社区的各项指标和关注人数均持续上升。最近，ETC成为登录彭博终端的首个数字加密货币，已经载入史册。
After the initial barbarous period, ETC core code construction is under way. The number of developers with access to the ETC code has reached 34, knowing that there was only one developer at first. ETC has recently given birth to a new development team, Leader for the former CEO Charlie of the ETH project. Unlike the non-mainstream language of ETH, the new development team has chosen Java as a development language. More than 80% of the people in the entire programmer community are currently using Java, which will lead to a qualitative leap in the talent pool. At the same time, the indicators and the number of people of concern in the ETC community continue to rise.
彭博终端是一套让专业人士访问“彭博专业服务”的计算机系统。用户通过“彭博专业服务”可以查阅和分析实时的金融市场数据以及进行金融交易。
The Bloomberg terminal is a computer system that allows professionals to access the Bloomberg Professional Service.
二，国内社区的崛起
不同于ETH主要由国外社区参与，ETC的第一个ICO项目就是在中国诞生的。中国社区最大的单体矿工发起了ETCWIN的众筹，并成功募集到了超过100万枚ETC。中国首届FinTechConnect黑客马拉松Etcathon，则使用了ETC区块链作为开发工具。中国ETC社区成立了ETC促进会，几乎所有的ETC相关产业链的企业都加入其中。著名天使投资人，中国最大的矿工之一郭宏才更是计划未来投资至少100个ETC的ICO项目。
/strang> is different from the involvement of the ETH community, where the first ETC ICO project was born in China. The largest single-body miners in the Chinese community launched the ETCWIN campaign and successfully collected more than 1 million ETCs. China’s first FinTechConnect hacker, Etcathon, used the ETC block chain as a tool for development.
三，大型矿工的支持
由于代码的稳定，货币政策的明晰，ETC获得了越来越多的矿工支持。矿工作为区块链网络的实际维护者，都不愿意自己被当做一个暂时的垫脚石来用。正如BitcoinCore对于矿工社区的傲慢，最终伤害的是他们自己的信誉一样。据悉，大部分矿工都没有持有ETH的计划，并且以91pool矿池为代表的中国矿工正在不断地增加ETC全网的算力来表示他们对ETC的持续看好。
/strang> is increasingly supported by miners because of the stability of the code and the clarity of monetary policy. Miners are the actual defenders of the block chain network and do not want to be used as temporary stepping stones. Just as BitcoinCore is arrogant of the miners’ community, it is ultimately their own credibility.
综合以上三个方向的分析，ETC的价格未来有很大预期超过ETH，ETC目前价格存在很大的增值空间。作为投资者，最重要就是做好趋势判断，并且坚持价值实现。
OKCoin币行自成立以来，一直不断进行技术和产品创新，以专业态度服务广大用户。过去几年里，有很多人推荐OKCoin上线多种数字资产。OKCoin作为一家服务全球几百万用户的综合性数字资产交易平台，出于对每位用户负责的态度，我们一直对增加新币种持谨慎的态度，不轻易把任何一种未经市场考验的数字资产推荐给我们的用户。
Since its inception, the OKCoin Bank has been engaged in continuous technological and product innovation to serve a wide range of users with a professional attitude. Over the past few years, many people have recommended multiple digital assets for the OKCoin Upline. As a comprehensive digital asset trading platform that serves millions of users around the world, and out of a sense of accountability to each user, we have been cautious about adding new currencies and not easily recommending any kind of untested digital asset to our users.
从上线ETH服务以来，我们发现越来越多的用户正在关注以太经典的动态，也期待着OKCoin可以上线ETC交易。基于我们近2年来对ETH、ETC的跟踪，从技术成熟、开发团队持续创新、市场流动性、合规等多方面考虑，我们于7月15日在OKCoin币行正式上线ETC交易。我在此代表OKCoin承诺，我们将持续不断地为您提供更优秀的产品和更优质的服务。
Since the online ETH service, we have found that more and more users are following the Ether Classic dynamic, and look forward to seeing OKCoin go online for ETC transactions. Based on our tracking of ETH, EtC over the last two years, we are officially going online on July 15 at OKCoin, considering technological maturity, continuous innovation in the development team, market liquidity, compliance, etc. I promise that we will continue to provide you with better products and better services.
非常感谢张博先生带来的精彩分享，感谢币友们的热情参与，下期我们再见！
Thank you very much for Mr. Zhang Bo's wonderful sharing. Thank you all for your enthusiasm. I'll see you next time!
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