今天要推荐的文章来自前基金大佬、现万向控股副董事长兼执行董事、万向区块链实验室发起人——肖风。他去年11月在清华大学五道口金融学院互联网金融高级研修课程学员共同发起的互联网金融家沙龙系列活动上做了有关区块链的演讲。
The articles to be recommended today come from the former fund leader, the current Vice-President and Executive Director of the HQC, and the founder of the HQLL & mdash; & mdash; Xiao Feng. He gave a lecture on the chain at a series of Internet financiers’ Sharon courses co-sponsored by students at Qinghua University’s five-lant Institute of Finance Advanced Studies on Internet Finance last November.
以下为完整实录：
for full records:
区块链技术还在完善的过程当中，大概相当于1995年左右的互联网技术，但是也不能说现在才刚开始，因为2009年的1月25日，比特币的区块链就正式上线了，所以，不管怎么说，区块链技术正式运行也有七年的时间了，也不完全是一个新东西。
Block chain technology is still in the process of being refined, roughly equivalent to Internet technology in 1995 or so, but it cannot be said that it has only just begun, since on 25 January 2009 the block chain in Bitcoin was officially online, so that, in any case, the block chain technology has been in operation for seven years and is not entirely new.
区块链是一种互联网协议
但是区块链的技术还在发展当中，说到底，实际上它是互联网上的一个东西，类似于互联网上的一项应用协议。比如我们上网的时候，经常会输入一个网址HTTP，区块链是类似于HTTP这样的一个协议。我们要编自己的网站就一定要依据HTTP协议，否则你用你的协议，我用我的另外一套技术，我们两个网站就不能互相找到。
But the technology of block chains is still developing, and, in the end, it's actually a thing on the Internet, like an application protocol on the Internet. For example, when we're online, we often enter a web site HTTP, and the block chain is a protocol like HTTP. We have to build our own web sites on the basis of the HTTP protocol, otherwise you can use your protocol, and we can't find each other with my other technology.
还有一个SMTP协议，那是邮箱的协议，大概邮件系统都是依据这个协议来编的，如此，邮件才能够互相发到对方的邮箱里面，如果你靠的是SMTP协议，他依据的是另外一个邮箱协议，可能之间就会出问题了。
There is also an SMTP agreement, which is a postbox agreement, and presumably the mail system is based on this agreement, so that mail can be sent to each other in each other's mailboxes, and if you rely on the SMTP agreement, he is based on another postbox agreement, which could cause problems between them.
这个协议拿来干什么用呢？拿来做价值交换，价值传递。HTTP传的是信息。我们要在网上转账，就是要点对点、端对端、P2P的完成一笔资金的支付，那也得有一个协议，要不然你怎么知道这个钱就划过去了，区块链就是这样一个协议。
What's the deal for? It's worth in exchange for value, value transfer. HTTP's message is information. We're going to transfer it online, and we're going to have to make a payment on point, end-to-end, P2P, and there's also an agreement. How else would you know that the money's gone?
所以我的题目是新技术、新架构、新金融。后面我会讲到它，不仅仅是只有这么一点内涵，它是一个新的技术，会带来金融业基础设施的巨大的变化。基础的东西变了，金融应用层的东西就必然发生变化，所以在五年之后可能是颠覆性的。
So my title is new technologies, new architecture, new finance. And then I'll talk about it, not just a little bit more. It's a new technology that will change the infrastructure of the financial sector. The basics change, and the financial applications change, so it can be subversive in five years.
分布式互联网未来5到10年将产生非常大影响
我们不能够只站在类似于比特币等的数字货币角度去看区块链，区块链有它的巨大的价值和巨大的意义，首先要从互联网的角度来看它。
We cannot simply look at the block chain from a digital monetary perspective similar to that of bitcoin, which has its great value and significance, starting with the Internet.
我们要从技术层面看互联网，最早的PC时代，我们叫桌面互联网，或者是固定互联网，06、07年的时候，随着iphone的出现，我们进入了移动互联网时代，移动互联网时代是一个革命性的时代，没有移动互联网我们现在已经很难想象怎么样去生活了，现在每个人每天都有好几个小时花在智能手机上，这是一个巨大的技术变革，这个技术变革对人与人的关系，人与物质的关系都带来了巨大的变化。
We need to look at the Internet at the technical level, the earliest PC times, we call it the desktop Internet, or the fixed Internet, in 06, 07, with the advent of the iphone, we have entered the mobile Internet age, which is a revolutionary age, and it is difficult for us to imagine how to live without the mobile Internet, and now that every person spends hours on smart phones every day, it is a huge technological change that has brought about a huge change in human-to-human relations, and in human-material relations.
移动互联网使得每个人数字化生存的时间增加了好几个小时，我估计每天每个人都有三个小时花在上面。《数字化生存》这本书写在1996年，但是我们真正被“数字化”是靠的移动互联网。由于移动互联网的出现，人们变成了24小时在线，其实未来5到10年内，分布式的互联网将会对人与人、人与物、物和物，对整个社会、自然产生非常大的影响。
Mobile Internet allows everyone to live digitally for hours, and I estimate that each person spends three hours a day on it. The book Digital Survival was written in 1996, but we were actually “ digital & rdquo; and by mobile Internet. As a result of the advent of mobile Internet, people become online 24 hours a day. In fact, in the next 5 to 10 years, distributed Internet will have a very significant impact on people, people, things, things and things, on society as a whole and on nature.
分布式的互联网是必然趋势，和两个因素有关：
The distributed Internet is a necessary trend and is related to two factors:
因素一：物联网。预计到2050年，全世界内置传感器的智能设备会超过一千亿台，这一千亿台智能设备如何去传输和储存数据就会产生问题。
Factor one: Material networking. It is expected that by 2050 there will be more than 100 billion smart devices in built-in sensors around the world, and there will be problems with how this hundreds of billions of smart devices can transmit and store data.
《失控》的作者KK(凯文凯利)在中国的一次演讲就说到，未来有80%的数据通信，都只能在一公里范围内解决，因为人类社会无法承担大量数据的传输。不可能把一千亿台设备的数据传输到中央服务器，因为没有这么大的能力，也没有负担这么高的成本去建设数据中心——中心的云计算基地要传输、接收、存储、分析数据，最后还要把数据返还到一千亿台设备上，这个成本人们无法承担，我们没有这么多的带宽资源。
The author of Lost Control, KK (Kev Kelley), in a speech in China, said that 80% of future data communications could only be solved within a kilometre, because human society could not afford large amounts of data transfers. It was impossible to transmit 100 billion devices to central servers, because there was no such capacity and no such high cost to build a data centre & mdash; & mdash; the central cloud computing base was to transmit, receive, store, analyse data, and, finally, return the data to 100 billion devices, a cost that people could not afford, and we did not have so much bandwidth resources.
这个时候怎么解决这个问题呢？就要靠分布式互联网——如果两台智能设备之间发生通讯，就让他们之间处理，不再上传到中心服务器，也不再传到别的地方去，这就只有分布式互联网才能做得到。所以分布式互联网接下来在物联网时代，或者在万联网时代，它会是意义非常巨大的发展，分布式互联网技术实际上早在1999年就有了，但是那个时候大家把他用来做盗版，后来被美国政府封了。
How do we solve this at this point? It's the distributed Internet — — if two smart devices communicate between them, let them handle it, no more upload to the central server and no more to the other place, and only the distributed Internet can do it. So the distributed Internet is going to be a very significant development in the age of object networking, or in the age of Mandarin, where the distributed Internet technology actually existed as early as 1999, but at that time it was used as a pirate and later blocked by the U.S. government.
现在还有一个案例就是中国的PPTV，大家去看，它采用的就是分布式互联网技术，你没有办法找到谁在盗版。我们知道要想让电影看起来很流畅，一秒钟就要播放24帧画面，在PPTV上，每秒的24帧图画是存在不同的电脑里面的，所以公安没有办法去查找谁在盗版，你根本不可能查得出来谁在盗版，当你在点播PPTV上的一个视频时，基于这一套算法，就把存在于不同电脑里的图片调出来，还要按照顺序在一秒钟之内帮你播出去，这就是分布式互联网。
There is also a case of China's PPTV, and you see it using distributed Internet technology, and you can't find anyone who's stealing. We know that to make a movie look smooth, we have to play 24 frames in a second, and 24 frames per second on a PPTV are in a different computer, so public security has no way of finding out who's stealing, you can't even find out who's stealing, and when you're on-demanding a video on a PPTV, based on this algorithm, we're going to put pictures in different computers, and we're going to show them in sequence within one second, which is the distributed Internet.
这是一个最简单的分布式互联网的案例，所以分布式互联网和北京的交通状况是反过来的，北京的交通状况是车越多，路越堵，分布式互联网是上网的设备越多，路越通畅。因为你想想看的东西存在于不同的电脑里面，如果要是上网的终端少，它就必须去更远的地方提取图片。
This is the simplest case of the distributed Internet, so the distributed Internet and the traffic situation in Beijing are the opposite. The traffic situation in Beijing is the more cars, the more traffic, the more the distributed Internet is connected to the Internet, the more the road is open. Because you think about what is in different computers, and if there are fewer endpoints to the Internet, it has to go further to extract pictures.
但如果上网终端越多，就能够从更近的地方提取图片，所以这就是反的，分布式互联网区块链是建在分布式互联网上的，它是一个完全去中心化的东西，这个技术的发展对区块链有很大的帮助。
But the more there are on-line terminals, the more images can be extracted from closer, so this is the opposite: the distributed Internet block chain is built on the distributed Internet, it is a completely decentralised thing, and the development of this technology is very helpful to the block chain.
因素二、互联网内涵的发展。从最初的信息互联网——用互联网来更高效率的传递信息，解决信息不对称的问题，到后来随着各行各业+互联网，或者互联网+，我们的网上生活时间越来越长后，自然就会产生新的需求。除了在网上传递信息之外，我们能不能在网上进行价值交换，因此价值互联网的技术就被发展出来了。如果要给价值互联网定义一个标志时间的话，我认为就是2009年比特币的诞生，比特币的诞生标志着价值互联网正式开始运行。
From the initial information Internet & mdash; & mdash; using the Internet to transmit information more efficiently and to address information asymmetries, we naturally generate new demands as industries + the Internet + or the Internet + grow longer online. In addition to transmitting information online, we can exchange value online, so value Internet technology is developed. If we want to define value Internet time, I think it was the birth of Bitcoin in 2009, and the birth of Bitcoin marks the official start of value Internet operations.
1999年，MIT媒体实验室的负责人写了一本名为《数字化生存》的书，预言了人们从现实世界逐步向数字世界迁徙。到现在为止，我问过的大部分人都表示，每天至少花三个小时在网上，有些人还不止，所以数字化的迁徙，导致了区块链技术的发展，另外就是数据被程序化、代码化、一切都变成算法驱动，这是它的第二个特点。
In 1999, the director of the MIT Media Laboratory wrote a book called Digital Survival, predicting the gradual migration of people from the real world to the digital world. So far, most of the people I have asked have said that it takes at least three hours a day to get online, and some more, so digital migration has led to the development of block chain technology, as well as to the fact that data are programmed, coded, everything turned to algorithms, which is its second feature.
数据可计算时代
说到采集数据的能力，可以把它分成三个阶段：
When it comes to the capacity to collect data, it can be divided into three stages:
阶段一、数据可测量的一个阶段。那个时候你要了解社会和自然的数据，必然进行人工测量，因为你不去测量，这个数据就永远不被知道。
Phase one, a phase where the data can be measured. When you have to understand social and natural data, you have to make manual measurements, because if you don't measure it, the data will never be known.
到了移动互联网时代，大量的数据被遗留在网上，已经不需要人工主动测量了，不管是阿里巴巴、腾讯还是百度，就自然的进入了数据可记录时代，但这还不是最高阶段，现在慢慢的开始进入到数据可计算阶段，有苗头但还没有真正的成熟。什么叫数据可计算阶段呢？就是随着植入式芯片，传感器、可穿戴设备的发展，它们不仅仅可以收集你的数据，实际上也可以处理了，在传感器上就已经处理和分析了你的数据，然后把很多结果直接记录下来。
By the age of mobile Internet, a large amount of data had been left on the Internet, and there was no need for manual probative measurements, whether Alibaba, Tseng or 100 degrees, to enter the data-recording era naturally, but that was not the highest stage, starting slowly to enter into the data-calculation phase, where there was a latent but not yet real maturity. What was the computational phase? As the implanted chip developed, the sensors, the wearing devices, they could not only collect your data, they could actually be processed, they had already processed and analysed your data on the sensors, and many of the results were recorded directly.
我看过一个台湾厂家的一个心血管监测设备，卖2万多块钱，可能有心血管病的人可以把这个设备带在身上，床头边还要放一个监控的设备，它可以监测你睡觉时的心跳，然后把结果反馈到处理器。介绍人员说，这个设备曾经挽救过好几个人的生命，到晚上发现有可能要心梗了，医生可以马上知晓并赶到。实际上，这个设备已经在本地完成了计算，而不是把数据记录下来，以后留着慢慢用，而是必须迅速的在本地收集数据时就已经进入计算了，等把结果告诉后台后，后台马上作出反应，这个时代，我们把它叫做数据可计算时代。
I've seen a Taiwan manufacturer's cardiovascular surveillance device, which sells more than $20,000, and people who may have cardiovascular disease can carry it on their bodies, with a surveillance device on the bedside, which monitors your heartbeat while you are sleeping, and then feeds the results back into the processor. The presenter says that the device has saved several lives, and by night it is likely that the doctor will know it and catch it. In fact, it has been done locally, rather than recording the data, and will have to be used slowly. Instead, it must quickly enter the calculation when local data is collected, and when the results are told backstage, the backstage reacts immediately.
随着植入芯片的传感器，可穿戴设备越来越多后，我们就不仅仅是收集、储存了，而是直接在本地进行计算，这个东西当然跟分布式互联网也有关系，实际上数据本身就附带代码了，我们把它叫做代码数据的阶段，那个时候整个经济活动的驱动因素就变成了算法驱动。什么叫算法驱动？举一个例子，就是很热的像Uber、滴滴打车这种公司。
As the sensors that are implanted in the chips become more and more equipped, we do not just collect, store, but calculate directly locally, and of course this thing has to do with the distributed Internet, and the data itself has to be coded, and we call it the phase of code data, when the drivers of the entire economic activity become algorithm-driven. What is algorithm-driven? For example, very hot companies like Uber, drop-drivers, etc.
Uber是一家大数据技术公司
你看Uber的管理层级，他比北京任何一个出租车公司都要简单，我去参观过Uber的总部，现在可能不止10个城市，一年前总共10个城市，10个城市互相不隶属，都是直接向旧金山总部汇报，各自单独汇报，拥有很大的权利，各个城市自己从事自己的市场营销策略，不需要向任何人汇报，有很大的制订策略的权利和运用资金的权利。
You see the Uber management level, he's simpler than any taxi company in Beijing, and I've visited the Uber headquarters in more than 10 cities, 10 cities out of 10 a year ago, reporting directly to the San Francisco headquarters, each with its own rights, each with its own marketing strategy, no need to report to anyone, and a lot of right to strategy and use money.
过去我们几乎没有看见哪一个出租车公司能够管好出租车的，他们都是金字塔式的结构，从班组长一层一层的，每天也开很多会，写了厚厚的一本规章制度，告诉出租车司机这个能行，那个不能行，到最后还是管不好，为什么Uber这样的公司就管好了，我们任何一个专车司机的体验肯定要比出租车司机要好，靠两个算法：
In the past, we've seen hardly any taxi company that can handle taxis, they're pyramid-type structures, they've had a lot of meetings every day, they've written a thick rule that tells taxi drivers that they can do it, that they can't do it, that they can't do it, that they can't handle it. Why does a company like Uber take care of it?
算法一、动态调整价格的算法，确保了原来打车5分钟必到，如果呼叫5分钟发现有困难，那就开始调整价格，调整到周边的Uber司机觉得划算了，就缓解了打车困难的状况，当然，价格也不是随便调，还要照顾到乘客(用户)的感受，这是一个很强大的算法，依据这个算法来合理调度。
Algorithm I, the dynamic adjustment of prices, ensures that the original five-minute hit time, and if the five-minute call is difficult, then start adjusting the price, adjusting it to the nearby Uber driver's feeling that it is a cut, so as to ease the difficulty of taxiing. Of course, the price is not random, but also to take account of the passenger's (user's) feelings, which is a very powerful calculation, according to which the movement is reasonable.
算法二、位置匹配算法。Uber不像滴滴是抢单，滴滴现在也在改，滴滴现在也搞派单制，你在Uber上呼叫一个专车，它是指定给一个司机，由那个司机到你这儿来，指定给谁呢？并不是说离这个打车的人最近的这台车，一定是最先到达的，要是堵在长安街上，哪怕只有一公里，都可能花20多分钟才能到。北京Uber的位置匹配算法，就必须要有北京大街小巷24小时，春夏秋冬的通行数据，根据历史数据你才能知道，到底哪个方向的车能够最快到达目的地。
Algorithm two, and position matching algorithms. Uber is not a pick-up list, it is changing, and the droplets are now a monopolistic system. You call a special car on Uber, which is assigned to a driver, who comes to you, and to whom? Not to say that the nearest car from this hitter must be the first to arrive, but it could take more than 20 minutes to get in if it was blocked on Changan Street, even if it was only a kilometre. The Uber position matching algorithm in Beijing requires 24 hours of access to Beijing Street, spring and autumn, and you can only know, on the basis of historical data, which direction the car will reach its destination as quickly as possible.
我原来不明白一个事情，我去Uber总部的时候，我就问他们亚洲区管理层，知不知道很多人在刷单，事实上并没有载客，但是他赚了你们的补贴，他说知道，我说你们打算怎么治理？他们却回答，并没有打算治理，这是初进中国必须要付出的代价，这是很正常的事。
I didn't understand one thing. When I went to Uber headquarters, I asked their management in the Asia region if they knew that a lot of people were billing and actually didn't carry customers, but he earned your subsidy, and he said he knew that I said how you were going to govern. They replied that they were not going to govern, and that it was normal that it was the price that had to be paid when they first entered China.
我觉得奇怪，因为它是有办法的，至少在某种程度上可以遏制或者减少这方面的损失，大家都说每年刷车就干掉Uber7到8个亿，为什么Uber却不处理这个问题？其实我觉得它在花钱买数据，你可以不带客人，但是如果你在路上跑，我至少收集了北京的街道信息和通行数据，这些数据会让位置匹配算法越来越精确，提供很大的价值，所以你刷就刷吧，我花了8个亿买了中国10个城市更详细的数据，还是很便宜的。
I find it strange, because it has the means, at least to some extent, to contain or reduce the damage, and why does Uber not take care of Uber’s 700 to 800 million dollars a year, when everyone says it does? In fact, I think it's paying to buy data, and you can leave customers alone, but if you run on the road, I collect at least street information and access data from Beijing, which will make the location matching algorithms more accurate and of great value, so you brush it, and I spend $800 million on more detailed data in 10 cities in China, which is still cheap.
当然，有些工程师在家里弄一套软件刷单，这种刷单对Uber来说没有任何价值，但这些对Uber来说都是无所谓，我看到他们一脸轻松根本就不在乎。将来会有越来越多的企业，不再需要金字塔的组织结构，也不再需要规章制度。靠软件、算法，就能非常高效地运行一个全球化的组织。
Of course, there are engineers at home who do not have any value to Uber, but it doesn't matter to Uber, and I see that they don't care at all. There will be more and more businesses in the future, no longer need the pyramid structure, no more regulations. By software, no algorithms, you can run a globalized organization very efficiently.
最近有文章也说：重新定义公司，公司将来在互联网上要被重新定义，像Uber那样靠算法来运行的公司，我们会看到越来越多。
A recent article has also said that companies will be redefined in the future on the Internet and that we will see a growing number of companies that operate by algorithms like Uber.
价值互联网必须确保价值交换的唯一性
我们刚才说到了价值互联网。价值互联网有这么四个特点：
We just talked about value Internet. Value Internet has four characteristics:
特点一、我们要在互联网上点对点、P2P的进行价值交换。有一个问题是必须解决的——信息的传递，你在互联网上发邮件，可以零成本的复制，一封邮件发给一个人，和一万个人，几乎不会增加多少成本，但是如果在互联网上付钱，那一定要有一个办法，防止一个人把一块钱付给10个人，因为只能有一个人得到那一块钱，所以信息可以无限复制，但价值交换必须确保唯一。用什么办法来防止？用区块链来防止。你看比特币的交易和支付，你是哪国人不要紧，你在区块链上做这样一个东西，你一定知道这个钱是能到你这里的，后面我会讲它的一套机制，所以它能够确保这一点，必须用区块链技术来确保，没有这个，价值互联网就没有了。
Feature one, we're going to have a point-to-point, P2P value exchange on the Internet. There is one problem that must be addressed: — — information transfer, you send emails on the Internet, you can copy them at zero cost, one e-mail to one person, and 10,000 individuals, with little cost, but if you pay on the Internet, there must be a way to prevent a person from paying a dollar to 10 people, because only one person gets that dollar, so the information can be copied indefinitely, but the value exchange must ensure the only.
特点二、价值互联网必须建立一套在互联网上的规则。互联网上的价值交换去中介化了，没有银行做背书，怎么确保人们能够放心的付款，这就要依靠一套算法来建立信任关系，这也是区块链所带来的。
Feature two: Value Internet must have a set of rules on the Internet. Value exchanges on the Internet are de-intermediated, there is no bank endorsement, and how to ensure that people can be assured of payment depends on a set of algorithms to build trust relationships, which is also the result of block chains.
特点三、零边际成本。依靠一套算法确保建立信任关系，就没有中介来收手续费了，因为不需要依靠中介，那当然交易成本就为零了。
Characteristics three, zero marginal costs. With a set of algorithms to ensure confidence-building relationships, there are no intermediaries to charge fees, because there is no need to rely on intermediaries, and the transaction costs are, of course, zero.
特点四、价值交换。我们在互联网上付的是数字货币，比如说以比特币为例，比特币是代码货币，用比特币付款，或者用其他的数字货币付款，是一种代码与代码之间的交换，所以你可以对这一笔钱编上程序，好像在一个纸币的后面写上，这个钱是打酱油的，所有卖醋的商场就不能接受它。
Features IV. Values are exchanged. We pay digital money on the Internet, for example, in bitcoin, which is code currency, which is paid in bitcoin, or in other digital currency, which is a code-to-code exchange, so you can program this money, as if it were written on the back of a banknote, which is for soy sauce, which is unacceptable to all vinegar vendors.
举一个形象的案例，如果在座的有谁的小孩在国外读书，他给你来一封信说要交学费5万美元，如果用数字货币在区块链上去支付这笔钱，那么你在付钱的同时，就可以编上一段小小的程序，把这个学校的收款帐号写进去，一起寄给他，那么你的小孩如果不往那个帐户去付这笔钱，这笔钱就永远得不到，也汇不出去，这就是可编程，你付的不是钱，是一段代码。
In a case of image, if there are any children in this room who study abroad, he sends you a letter of $50,000 for tuition, and if you pay the money in a digital currency on the block chain, you can, at the same time, put together a small program to write in the school's collection account and send it to him together, and if your child does not pay the money in that account, the money will never be received, nor will it be transferred, which is programmed, which is not the money you pay, which is a code.
两个星期前，汇丰银行出了一篇很严肃的研究报告说，中央银行应该用区块链技术，来实现自己货币政策的精准投放。比如说比特币区块链，比特币的任何一个支付都是可以被追踪的，任何一次支付都是可以被追踪的，如果这笔钱你编上一段程序，比如这个钱不准投房地产，那这些钱永远进不了房地产公司的帐上。所以汇丰银行的建议，依据的就是数字货币的区块链可编程的技术。在流转过程当中，每一次流转都可以被追踪。
Two weeks ago, HSBC wrote a very serious study that the central bank should use block-chain technology to achieve its own monetary policy’s precise delivery. For example, the Bitcoin block chain, where any payment by bitcoin is traceable, any payment can be traceable, and if you compile a procedure, for example, that money is not allowed to invest in real estate, it will never enter into the real estate company’s accounts. So HSBC’s proposal is based on the technology of programmed block chains of digital currency.
从比特币的交易来理解区块链
understands the block chain from Bitcoin's deal
区块链大概就是这样的一个结构，我们简单的解释一下，以比特币的区块链作为案例（区块链不是只有比特币区块链）。比特币公有链是全世界的一本帐，全世界唯一的，比特币只有一个区块链那就是在全球拥有的，后来发展到了有一些金融机构，它要用区块链来做东西，它不能够搞一个没有国界控制的区块链上面来做事情，比特币区块链是全球的，没有任何主权国家去管理它，也没有任何中心 机构可以管理它，而且几乎没有哪个国家能够伤害它，不仅黑客无法伤害比特币区块链，政府也无法伤害比特币区块链。
The block chain is probably one of those structures, and we can simply explain that the bitcoin block chain is a case in point (the bitcoin chain is not just a bitcoin block chain). The bitcoin public chain is a book in the world, the only one in the world, the bitcoin chain is owned globally, and it has developed into financial institutions that have to do something with blocks chain, that can't do anything with a sector chain that has no borders, that is global, that has no sovereign State to manage it, that has no central agency to manage it, and that few countries can harm it, not only the hackers can't harm the Bitcoin sector chain, but the government can't harm the Bitcote sector chain.
当前比特币交易的一次确认时间大约平均是10分钟，这个特点跟现有银行体系和企业的结算方法有很大的差别。银行下午5点钟必定关门，不可能24小时营业，因为每天要结算，而且大部分的金融欺诈就在这个当中，就是在净额交收当中，因为你事情已经记了，但是钱还在途，每家银行第二天一定要对头一天的帐进行修正，没有一家银行能够在下午5点钟截止之后，把事情和帐做平的，一定有钱在途你还没有收到，但是那个帐你得先记，钱是没来的。第二天也许钱来了，你就要对头一天的帐重新平衡，也许这个帐就没收到，出现差错，这是必然的现象，但是比特币的区块链是24小时的，它怎么结算呢？每10分钟结一次帐，比特币区块链上，10分钟的比特币交易变成一个区块，结一次帐一个区块就形成了，10分钟一个区块，任何一个区块，任何这10分钟的区块结帐的时候，基本上有三方面的内容：
The current confirmation time for Bitcoin transactions is approximately 10 minutes on average. This is a very different feature from that of the existing banking system and the way businesses are settled. Banks must close at 5 p.m. and cannot be open 24 hours a day, because the settlement is done every day, and most of the financial fraud is in the middle of the net collection, because you're writing it down, but the money's still on the way, and every bank has to fix the first day's accounts the next day.
内容一、上一个10分钟的所有比特币交易的摘要。
Content I, last 10-minute summary of all bitcoin transactions.
内容二、10分钟内比特币区块链上所有比特币交易的详细记录。
Detailed records of all bitcoin transactions on the Bitcoin block chain in content two to ten minutes.
内容三、网络上盖一个时间戳，表现是这一段时间所有的帐。
Component three, a time stamp on the web, is represented by all the accounts for this period.
那么这个区块就完成了，接着再进行下一个区块。简单地说，如果你在区块链上，把比特币从A帐户付到B帐户，每个帐户有一把公钥、私钥，采用非对称的加密方法，所以你公钥是可以解码的，但是私钥到现在为止，没有人有这个能力，不管是政府还是黑客，目前没有人看见过把私钥解开了的，你只需要向全网广 播，我要从这个帐户汇一笔钱到B帐户去，你把B帐户的公钥也公布了，这事情就结束了，跟你没有关系了，由在网络上其他的人去抢，抢到这个把你这笔交易记帐的权利。
So this block is finished, then the next block. Simply put, if you pay bitcoin from account A to account B on the block chain, each account has a public key, a private key, and an asymmetric encryption method, so your public key can be decoded, but until now, no one has the ability, whether government or hacker, to open the private key, and you just have to broadcast it to the whole network, and I'm going to transfer money from this account to account B, and you publish the key to account B, and that's over.
怎么抢呢？开始对你公布的这两个公钥进行解密，所以需要拥有很大的计算能力，才能够把它解开，对公钥解密，确认A帐户里面确实有100个比特币，你再把B帐户的公钥解开，你把钱寄到他那里去，这就是我们俗称的挖矿，你把这个事情做了，每个区块会产生25个新的比特币，你就可以得到这个奖励，所以挖矿是一个很赚钱的生意。
How? Start deciphering the two public keys that you have published, so you need to have a lot of computing power to decipher them, to decipher the keys, to confirm that there are 100 bitcoins in account A, and then to send the keys to account B. That's what we call mining. You do this, and each block produces 25 new bitcoins, and you get the reward, so mining is a very profitable business.
基本上现在应该是成本大概是在1000到1300之间波动，随着挖矿的能力，就是那个难度的升降，反正差不多。当然在比特币只有1200人民币的时候，它的挖矿成本也就降到800，所以挖矿是一个很好玩的东西，利润也很高，随着你的价格上涨，大家都上来挖，难度就增加了，所以成本就会上升，一直会有钱赚。
Basically, the cost should fluctuate between 1,000 and 1300, and with the ability to dig, the difficulty rises and falls is similar. Of course, when Bitcoin has only 1,200 yuan, the cost of digging falls to 800 yuan, so mining is a fun thing and profits are high, and as you increase your prices, it increases the difficulty, so the cost will rise, and it will always be profitable.
大概就是这么一个架构，所以它作为一个底层技术，对整个的登记结算、支付清算、制度会有很大的改变，整个基础设施会有非常大的改变。
It's probably this structure, so as a bottom-up technology, it's going to change the entire registry settlement, the settlement of payments, the system, and the infrastructure as a whole.
区块链实际是一个记帐系统
说到底，区块链是一个记帐系统，是数字世界里面，在互联网上端对端、点对点、P2P的经济活动进行精确记帐的方法。
At the end of the day, the block chain is an accounting system, a method of accurate accounting of the economic activities of end, point and P2P at the top of the Internet in the digital world.
我们以比特币区块链来说，所有全球的比特币活动只有一本帐。开户、登记、交易、结算、支付、所有的行为都在一个区块链上完成，没有任何中介机构帮助，而且运行七年没有发现过差错。未来很多中介化的机构面临灭顶之灾，股份登记结算不需要了，资金结算也不需要了，全部在区块链上点对点、端到端就完成了。
As far as the Bitcoin block chain is concerned, there is only one account for all of the world’s bitcoin activities. Opening accounts, registrations, transactions, settlements, payments, all of them are done on a block chain, without any intermediary help, and no error has been noted for seven years.
所以区块链一定是未来金融体系当中非常重要的基础设施建设，类似于像高速公路对汽车也一样，一定会对现有的金融体系带来很大的变化，就是总帐本。
So the block chain must be a very important infrastructure in the future financial system, like highways and automobiles, and it must make a big difference to the existing financial system, which is the ledger.
区块链是透明共享的总帐本，这帐本在全网公开，你拿到它的公钥，你就知道它帐里面到底是有多少钱，所以任何一次的价值转换，全世界有兴趣的人都能在旁边看着你，转换是由矿工来帮你确认的，所以它是一个互联网共识机制。这个帐本是没有办法篡改的，因为你的行为不是由你来记录，不是由你来说是还是不是，是由这个网络上其他的人来决定这是不是这么一回事。
The block chain is a transparent and shared ledger, which is publicly available on the Internet, and you have the public key to it, and you know how much it has in it, so any time the value is converted, and the people interested in the world can look next to you, and the conversion is confirmed by the miners, so it is an Internet consensus mechanism. There is no way to tamper with it, because it is not for you to record what you are doing, whether you are doing it or not, and it is not for the rest of the network to decide that that is not the case.
有一个会计师事务所，在全球对区块链技术做了很大的推动，我问过他们，2015年他们提供了区块链服务已经有1亿美元的收入了。如果所有的企业的帐都记在区块链上，那他做审慎调查的时候就简单多了，不需要写那么厚的工作底稿，所有的东西都不可能更改，你只要记上去了不可能更改，所以德勤是最积极推动的，因为他们觉得这会省下很大的时间。
There's an accounting firm that's done a lot of work around the world on block chain technology, and I asked them that in 2015 they already had $100 million in revenue to provide block chain services. If all businesses had their accounts on block chains, it would be much simpler for him to do a careful investigation, he didn't have to write a hard working draft, everything couldn't be changed, you just remember it, so Deloitte was the most active, because they thought it would save a lot of time.
区块链同时也是去中心化组织结构的基础架构，同时也是互联网治理机制的一个底层协议。什么叫互联网治理机制？这是我自己发明的一个词汇。前一段时间大家在讨论专车的时候，有一篇文章，我觉得很好玩，内容记不住，但是标题记住了：为什么专车司机会长着一张跟出租车司机截然不同的脸？
The block chain is also the foundation of a decentralised organizational structure and a bottom-of-the-line protocol for Internet governance mechanisms. What's the Internet governance mechanism? This is a vocabulary that I invented.
如果你打专车不管是Uber还是滴滴，大部分司机会给你准备了水，给你准备了充电器，当你在车上接电话的时候，他会把音量调小，而且笑脸相迎， 但凡迟到了一小会儿，他一定下来帮你开门，会给你道歉，希望你不要给我评差分。出租车司机会不会这么做？不会的，为什么一个人一开上专车就变得这样了呢？
If you hit a car, Uber or drop, most of the drivers get you water and charge you, and when you answer the phone in the car, he turns it down and smiles at each other, but if you're a little late, he'll come down and help you open the door, and he'll apologize. I hope you don't give me a score. Will the taxi driver do that? No.
一切都是因为互联网治理机制，所以你不需要一个金字塔的组织结构来联系那些司机，你也不需要制订八大本、七大本的管理制度来约束那些司机，你也不需要开班会，也不需要开支部会，也不需要开党组会，这些司机个个都像活雷锋。很简单的道理，如果你是打出租车，在茫茫人海中，在长安街上，你随手一招招来一辆出租车，他心里头很清楚，你们这辈子再重逢的机会是零，我跟你笑有用吗？我给你准备了一瓶水有用吗？但是如果是专车司机，就不一样了，你的一个微 笑，你给他一个好评，如果收留了他的地址，他会获得更多的生意的机会，如果你收留了他的地址，你用同样的平台来打车，他就获得优先的推荐权，所以他的任何一次微笑，在第二天就能换钱，所以他值得为你微笑，这就是互联网治理机制。所以公司要被重新定义，如果你这个公司的业务，如果你觉得互联网的这些治理机制可以改进它，那你赶紧要用。
It's all because of the Internet governance mechanism, so you don't need a pyramid structure to contact the drivers, and you don't need eight and seven management systems to bind the drivers. You don't need a class meeting, you don't need a party, and you don't need a party, and these drivers are all like live thunder. It's easy to say, if you're a taxi, in the middle of nowhere, on the streets of Changan, you're looking for a taxi, and he's got the right of priority, so he's gonna smile at you for any smile, and that's the Internet governance mechanism. So the company needs to be re-defined, and if you take his address, he'll get more business, and if you take his address, he's gonna use the same platform, he's got the right of recommendation, so he's gonna smile at you for a second day, and that's the Internet governance mechanism.
区块链上的很多东西，比特币区块链上很多东西，比如说互联网共识机制、智能合约、互联网的透明机制、还有共享的帐本，包括密码学给公钥加密的密码学机制，都是成本极低，边际成本为零的管理机制。
Much on the block chain, much on the bitcoin block chain, such as the Internet Consensus mechanism, smart contracts, the Internet transparency mechanism, and shared accounts, including cryptographic mechanisms for cryptography of public keys, are very low-cost, marginal-cost management mechanisms.
计划经济是经济活动的最高境界
The planned economy is the highest level of economic activity
网络自治下的金融服务才是互联网金融，那个时候的互联网金融，你就必然是代码与代码之间的交换，程序和程序之间的交换，已经不再是数字和数字之间的交换，是可编程货币。
Financial services under Internet autonomy are Internet finance, and at that time Internet finance, you are necessarily a code-to-code exchange, a process-to-procedure exchange, no longer a digital-to-digit exchange, a programmable currency.
然后我们就进入到了人类社会的经济活动的最高境界，可编程经济，可编程经济要翻译成一种俗语，就是老祖宗讲的计划经济。真的我们记录到了可编程经济阶段，一切都可以被计划，以前我们没有这些手段，所以计划经济是一个非常不具效率的，被证明不行的东西，但是如果我们完整的可以把经济带入到可编程阶段，计划经济真的会有它的威力所在。只是我们学马克思学太早了一点，晚学70、80年就好了，可编程经济的基础在哪里？就在人与人、人与物、物与物和设备完全互联互通，完全被数字化。
Then we reached the highest level of economic activity in human society, the programmable economy, the programmed economy translated into a popular word, the ancient one. Indeed, we recorded the stage of the programmable economy, where everything could be planned. We did not have those tools before, so the planned economy was a very inefficient and proven impossible thing, but if we were complete enough to bring the economy into the programmable phase, the planned economy would really have its power. It was just a little too early for us to learn Marx, 70 or 80 years later, and where the programmed economy was based.
当它完全被数字化之后，我们在互联网上人和人之间的关系建立，大家要明白，我们已经不再是依靠现实生活当中的这些规则，来构建我们人跟人之间的关系。在现实生活当中我们是校友，你是老乡，是公司里面的同事，是亲戚，你依据的是这些规则，在规定着人与人之间的关系，但是在互联网上，你被数字化之后，我们有一个数字化的关系，数字化的关系的建立，不再是依靠这些。那么依据什么建立起来的呢？
When it is completely digitized, we build relationships between people on the Internet, and it is clear to everyone that we no longer rely on these rules in real life to build relationships between us. In real life, we are alumni, you're from home, you're colleagues in the company, you're relatives, you're based on these rules, and you're setting up relationships between people, but on the Internet, when you're digitized, we have a digitized relationship, and the digitized relationship is no longer built on them. So on what basis?
依据互联网协议再构建我们的关系。数字化的关系是依据互联网协议建立起来的，比特币或者是说数字货币协议是其中的一环，我不全部解释那些协议了，我前面刚开始说过，数字货币协议，这种区块链协议，是互联网协议之一，类似于SMTP、HTTP这样的协议，类似于邮件传输协议和网站传输协议。我们依据邮件传输协议，建立了我们之间的那个邮件通讯关系，我们依据网站协议构建了我们的网站，我们依据DNA，就是域名管理协议，互相能找到，我们依据TCpip，构建的整个互联网，同时我们也依据数字货币协议，确立了我们网上的价值交换的基本规则。
Digital relationships are built on Internet protocols. Bitcoin, or digital monetary agreements, is one of them. I don't explain them all. As I said earlier, digital monetary agreements, block chain protocols, are one of the Internet protocols, like SMTPs, HTTPs, and web transport protocols. We built the mail communication relationship between us under mail transmission protocols. We built our web site on DNA, the domain name management protocol, and we found each other. We built the entire Internet based on TCip, and we established the basic rules for value exchange on our Internet, based on digital currency agreements.
机器设备都会拥有户口 物与物自主交易
我们的数字化关系构建的规则就发生很大的变化，在万物的互联互通的情况下，我们所有的物质设备、物质资产，因为被数字化了，我们知道数字是高流动性的东西，数据是流动性的东西，所以所有的物质资产按照IBM的物联网白皮书的说法叫做被液化，就是流动性的，它的数字化，它有数字身份，它有传感器之后，机器就有自己的IP地址，就有了ID身份，而且机器将来会用自己的银行户口，机器可以自动的和另外一台机器之间互相完成一笔金融交易。
The rules for the construction of our digital relationship have changed considerably. In the context of the connectivity of everything, all our material equipment and assets, because they are digitally digitized, we know that numbers are highly liquid and data are liquid, so all material assets are called liquefied, or liquid, according to the IBM's " white paper ", and it has digital identity, it has a sensor, it has an IP address, it has ID identity, and the machine will be able to carry out a financial transaction between itself and another machine in the future with its own bank account.
这个模型不是没有，已经有了，三星就开发出来一个洗衣机。如果没有洗衣粉，它就会自动的通过传感器、点对点的加密通讯协议，把洗衣粉自动给你送过来加上。
The model is not missing, it's already developed a washing machine. If it doesn't have laundry powder, it automatically sends it to you through sensors, point-to-point encryption protocols.
这个机器可能会有一个数字钱包，洗衣粉送来之后，洗衣机就自动把钱付给对方，所以机器与机器之间通过数字钱包就可以做金融交易。那个时候整个金融体系也受到很大的挑战。
The machine may have a digital wallet, and when the powder is delivered, the washing machine will automatically pay each other, so the machine and the machine can make financial transactions through digital wallets. The financial system as a whole was also challenged at that time.
因为开户口的不仅仅是人，也包括狗、冰箱、洗衣机，也包括电视机，包括你们家的电表、水表，都会拥有户口。反洗钱就出来新问题了，你怎么辨别这个冰箱没有被黑客所劫持，这个冰箱的金融交易是符合反洗钱规则的，你怎么去检验这个IP身份是真实的。这些东西IBM物联网白皮书上说叫做设备民主，就是设备获得了自主的、自由的信息传输和价值交换的权利，不再需要依靠中介机构，也不再需要人，自己就可以完成。
Because the accounts are opened not only by people, but also by dogs, refrigerators, washing machines, and televisions, including electricity and water meters in your homes. A new problem arises with money-laundering. How do you know that the refrigerator is not hijacked by hackers, that the financial transactions in the fridge are in accordance with anti-money-laundering rules, and that the IP identity is real?
这些被液化、被数字化的资产，我们把它叫做智能资产，我们说资产证券化、以后没有资产证券化这一词，直接就是资产货币化，它被货币化了，比资产证券化更高一个层级。
These assets, which are liquefied and digitized, we call smart assets, and we say that securitization of assets, without subsequent securitization of assets, is directly monetization of assets, which is monetized and has a higher level of securitization than securitization of assets.
它是一个数字货币化，不能货币化为人民币或者美元，因为人民币美元不是代码货币，你不可以对人民币去编一段程序，我送你人民币要附带条件，没有办法自动地去完成。
It is a digital monetization that cannot be monetized into the renminbi or the United States dollar, because the renminbi dollar is not a code currency and you cannot make a procedure for the renminbi. I give you the renminbi with conditions and no way of doing it automatically.
当它被数字货币化之后，实际上这些资产就得到了被交易、被流通的属性，像通货一样的权利，而且这个权利，我告诉你，他的信用等级，可能比某个主权货币还要高，因为它是一个全球化的。如果它在公有链上，被货币化，被比特币化，比特币是全球交易的，你没有办法说这个比特币不能流出中国，这个比特币不能流出美国做不到，但是你可以在私有链上把它货币化，人民银行建立自己的一个区块链，这个区块链是私有链，不允许其他，只能它认可的人才能参与，比如说中国的所有银行能够成为矿工，成为其中的节点，一个私有区块链是不能跨出中国的，这是可以做得到的，但是如果你是在公有区块链上，那基本上它就是一个全球通货。
When it is digitally monetized, in fact, these assets have acquired the attributes of being traded, in circulation, the rights of a transhipment, and that right, I tell you, his credit rating may be higher than that of a sovereign currency, because it is global. If it is in a public chain, monetized, bitcoinized, bitcoin traded globally, you can't say that bitcoin cannot flow out of China, that bitcoin cannot flow out of the United States, but you can monetize it on a private chain, that the People's Bank has its own block chain, that it is private, that it does not allow, but only those it recognizes, for example, that all banks in China can become miners, that it can's no point, that a private block chain cannot cross China, that it can do, but if you are in a public sector chain, it is basically a global commodity.
这个时候可编程货币，所有资产被货币化，这些货币就促成了人与人、人与物、物与物之间的自主交易，我们自然就进入到了可编程经济的这个阶段，这 个阶段也许十年以后，不可能是现在，因为它需要有一套法律确定那个被登记在区块链上的资产是合法的，否则的话就没有办法做到这一点。
This is a time when money can be programmed and all assets monetized, which leads to autonomous transactions between people, people, goods and things. Naturally, we have reached this stage of the programmable economy, which, perhaps 10 years later, cannot be the present, because it requires a law to make the assets registered in the chain of blocks legal, otherwise there is no way to do so.
区块链的应用前景
Outlook for the application of the
区块链的应用前景，前面从不同的维度，不同的角度去介绍了区块链，它可能带来的价值和意义。那么区块链有什么应用前景？有人把区块链分成了1.0、2.0、3.0。
The application prospects of the block chain, which are described from different dimensions and different angles, are likely to be of value and significance. What are the applications of the block chain? Some people divide the block chains into 1.0, 2.0, 3.0.
1.0已经过去了，1.0就是09年的时候比特币在区块链上发行的货币，比特币没有别的，它就是一个数字货币，它不附着于任何东西，所以区块链1.0就是可编程货币的一个阶段，今年开始区块链2.0，就是我说过随着以太坊智能合约区块链被发明、设计出来， 我们就进入了区块2.0时代，叫智能合约时代，我们智能合约起来之后，我觉得我们就进入了可编程经济的这样一个阶段，这个阶段刚开始，往后还有很长的路。
1.0 is the currency that Bitcoin issued on the block chain in '09. Bitcoin is nothing else. It is a digital currency. It is not attached to anything. So the block chain 1.0 is a stage of programmable money. This year, the block chain 2.0 began, and I said that with the invention and design of the block chain of the Etherm Smart Contract, we entered the Zone 2.0 era, called the Smart Contract Age, and when we came up with the Smart Contract, I felt that we had entered such a stage in the programmable economy, which was just beginning and still a long way to go.
第三个阶段，社会治理，我觉得进入到一个可编程社会的阶段，很多东西你可以用区块链来做，不再需要政府，不再需要政府管理，不是我们完全不需要政府，现在政府做起来很多很高成本并且做不好的事情，用区块链就会很好地解决它，关于这个我不多讲。有一本书专门写区块链1.0、2.0、3.0，我们万向区块链实验室的丛书第一本《区块链新经济蓝图》，这本书翻译完了，现在在新兴出版社， 还有一个月时间的出版，大家看这本书1.0、2.0、3.0介绍的特别详细。
The third stage, social governance, I think, is the stage of a programmed society, where you can do a lot of things with a block chain, no more government, no more government, no more government, not a government. Now the government has a lot of expensive and bad things to do, and it's easy to solve them with a block chain. I don't care about that. There's a book dedicated to strip chains 1.0, 2.0, 3.0, the first of our series of serial labs, " New Economic Blueprints for Block Chains ", which has been translated and is now being published in the new publishers, and one month later, and you can see the special details of the books 1.0, 2.0, and 3.0.
区块链到底是什么东西？我不从技术角度，我从社会或者经济学的角度，做一个我自己的分析，大家都谈到数字货币的时候，谈到比特币，谈到区块链的时候，往往会接触到一个词汇叫去中心化。
What the hell is a block chain? I don't technically, I do my own analysis from a social or economic point of view, and when you talk about digital money, when you talk about bitcoin, when you talk about a block chain, you often get a word called decentralizing.
去中心化也被各个国家的政府最不待见，好像你要颠覆政府似的，其实这是一个很大的误解，大家简单的去中心化，不是反中心化，因为很多东西不可能去掉中心，你哪怕把所有的中心去掉，把主权政府都去掉了，最后还有一个上帝，西方人最后都得接受道德审判，还得有人说你是好人还是坏人，不可能是去中心的，去中心化不是反中心，去中心化实际上是分中心。
Decentralization is also the worst thing the Governments of various countries have to do, as if you were going to overthrow the government. It is a big misunderstanding. It is simply decentralized, not counter-centralized, because there are many things that cannot be removed from the centre, even if you remove all the centres, remove the sovereign government, and finally, there is a God, and the Westerns end up being judged by morality. There are people who say that you are good or bad, that you are not going to the centre, that you are not going to the centre, that you are going to the centre, that you are going to be decentralized, that is actually the sub-centre.
原来我们一个中心机构，垄断所有，或者垄断一片，或者垄断某一个环节，最后把它变成了很多的中心来做这个事情，最彻底的分中心，就是我们每个人成为自己的中心。所以我们说的点对点、端到端、P2P也不是没有中心。端到端的两个端，点对点的两个点，你就是中心，只是你通过分中心、分完了以后，这些中介没有了，不是没有中心的。
It turns out that one of our central agencies has a monopoly on ownership, or a monopoly on one or another, and eventually turns it into a lot of centres to do this, and the most complete subcentre is that each of us has become its own. So the point to point, end, P2P is not without centre. At the end, the point to point, the two point to point, you are the center, but when you're through the subcentre and you're done, these intermediaries are gone, not the center.
去中心这个进程一直是存在的，不是现在才有的，我们总是随着技术的发展，把一些不具备成本效率的这样一些中心，因为某些技术大幅度的降低了成本、提高了效率，最后把其中一部分中心给去掉了，一直是发生着的。
The process of going to the Centre has always existed, not only now, but always with the development of technology, we have put in place centres that are not cost-effective because certain technologies have significantly reduced costs, improved efficiency and, ultimately, removed some of them.
如果就金融领域来说，我们所说的金融脱媒就是一个去中心的过程，从间接金融到直接金融，最后到自金融，有人也说叫做人人金融。这个本身就是一个去中心，去中心就是一个金融脱媒的深化。
In the financial sphere, what we call financial intermediation is a process that goes to the centre, from indirect finance to direct finance, and finally from finance to finance, as some say, finance for all. This is a centre in itself, a centre in which financial intermediation deepens.
智能合约，如果有一句话去总结它的话，它就是基于区块链的，能够自动执行合约条款的计算机程序，它是一个计算机程序，但是它可以做的很傻瓜化操作。我们基于这个智能合约的浏览器，我们自己把我们的条件敲进去，再把你的钱写上，一个摁键，连钱带合同就付给对方了，当然这个条款得双方商定好了。这个智能合约要执行，首先资产必须数字化，变成智能资产，变成智能资产之后，它能把它货币化，这样的话你才做这个资产的交换的时候，你交换的是数据，是货币，你不可能把机器搬到人家家去。
Smart contracts, if there is a sentence to sum it up, are computer programs based on a block chain that automatically executes the terms of the contract, which is a computer program, but it can be stupid. On the basis of the browser of this smart contract, we knock our terms in, write your money, a key, and pay each other, of course, with the money. This smart contract is going to be executed, first it has to be digitized, turned into a smart asset, and then, when it becomes an intelligent asset, it can be monetized, so that when you exchange this asset, you exchange data, money, you can't move the machine to your home.
有了智能合约，我们不需要依靠中介机构来帮助我们建立信任，我们靠一段代码，靠一个算法来解决信任问题，它具有自知型的机制。
With a smart contract, we do not need to rely on intermediaries to help us build trust. We rely on a code, an algorithm to solve trust problems, a self-informed mechanism.
如何理解智能资产？我们要从智能手机开始说起，移动互联网起来以后，我们有了智能手机，后来又有了众多装了传感器的智能设备，什么叫智能资产呢？智能设备装了传感器之后，如果它能够被货币化，那它就变成了一个资产类别，它就已经不仅仅是设备，是一个工具，是一个生产工具了。
How to understand smart assets? Let's start with smart phones, when we move the Internet, we have smart phones, and then we have a lot of smart devices with sensors. What's smart assets? When smart devices are wired, if they can be monetized, it becomes an asset class, and it's not just equipment, it's a tool, it's a production tool.
发行数字货币的三种模式
issues three modes of digital currency
发行数字货币有三种方法。方法一、黄金模式。典型代表就是比特币，比特币是一个算法货币，事先建立一套算法，确定到2140年的时候，整个的比特币区块链一共可以产生 2100万个比特币，这是事先一套算法，所有人都可以去验证这是一个科学，每个人拿这个算法去验证，按照这个算法到2140年，总共能够2100万个比特币，只能这么多，不可能多，也不会少。但是这2100万个货币并没有被发行出来，不像央行，敲一串数字事先就出去了，它是像黄金一样藏在矿山里面，要通过挖矿的程序，才能每10分钟，每一个区块里面能够被挖出来25个比特币，不断地被挖出来，所以它是一个算法货币，但是又靠挖矿来发行，所以把它叫做黄金模式。
There are three ways of issuing a digital currency. Method one, the gold model. The typical representative is Bitcoin. Bitcoin. Bitcoin is an arithmetic currency.
方法二、石油模式。石油模式也是算法货币，也是事先依靠算法确定，它最终只能被挖出来多少，这个是固定的，所有人可以检验公开的，但是它的发行是众筹发行，就是不断地挖矿，这个系统一设立的时候，就通过众筹把货币一大部分发行出去了。发行出去之后，这个系统开始运转的时候，这些发出去的货币，类似于像燃料，这个系统运转的时候，会燃烧掉它的货币，所以最后你会发现在 100年或者200年之后，这个货币会被烧完，这个会越烧越少，那么这个货币肯定是越来越值钱的，因为你每运行一次这个系统，比如说以太坊、以太币就是一个典型的代表，以太币、智能合约，如果大家都用它的智能合约在网上签合同，每签一次合同就会燃烧，当然是忽略不计的一点点，对你使用合同的人来说，你的成本是忽略不计的，那你请律师不知道便宜多少倍。
Method II, oil model. The oil model is also an algorithmic currency. It can only be excavated by algorithms. It is fixed, and it can be tested publicly by everyone, but it is distributed publicly, and it is a continuous mining operation. Once it has been established, a large part of the money has been distributed by the public. When the system has been released, the money that has been sent, like fuel, is burned when the system is working, so you can finally find that 100 or 200 years later, the money will burn, and it will burn less and less, because you ask the lawyer not to know how much less expensive it is if you run the system, for example, it's a typical representative, it's too coins, smart contracts, and if you all sign contracts online with its smart contracts, it will burn every time it's signed online, and it's a little, of course, to ignore the cost to those who use it, and you ask the lawyer to know how much cheaper it is.
但是它会烧掉一点点，一百年之后这个货币可能就烧完了，这个时候一种新的众筹方式就出来了，我把它叫做货币众筹。
But it's going to burn a little bit, and in a hundred years, the currency will probably burn, and a new way of raising money will come out, which I call it.
互联网真正的免费经济模式，只能是这个。我们现在所有的互联网免费经济，全是骗人的，只是VC的钱，拿来以后免费补贴给了用户，不是不花钱。但是这个是不要钱的，既没有所有权，也没有使用权，就是真正的整个商业模式被开源了，不再是封闭的，你可以不需要它的使用权，也不需要所有权，但是你仍然能够得到很丰厚的回报。
The real free economic model of the Internet is this. All the free Internet economy we have now is a lie, just VC's money, and it's a free subsidy to users, not a free subsidy. But it's free, without ownership or access, or the whole business model is opened up, no longer closed, you don't need it, you don't need it, you don't need it, you don't need ownership, but you still get a good return.
方法三、我叫做锚定资产模式。就是在区块链上，我们把五道口金融学院的所有房产，如果登记在区块链上，不管你是登记在比特币的区块链上，我们就说它登记在比特币的区块链上，五道口金融学院就获得一个什么权利？获得了像美元一样的地位，你可以向全球发行你的货币，你可以叫道口币，因为区块链上发的所有货币是没有国籍的，那么你就拥有了五道口金融学院的房产，就拥有了全球通货的性质。
Method III, I call it the moored asset model. That is, on the block chain, we keep all the property of the five-porter Institute of Finance, and if you register it on the block chain, whether you are registered on the block chain in Bitcoin, we say that it is registered on the block chain in Bitcoin, so what is the right of the five-point Institute of Finance? Having the same status as the dollar, you can distribute your currency to the world, and you can call it a dent, because all the money in the block chain is stateless, you own the property of the five-point Institute of Finance, and you have the nature of a global translator.
所以最近英国财政部和英国央行在拼命地推数字货币，大家设想一下，如果英国政府立法，把英国的土地和房屋全部登记在区块链上，那些房屋和土地的使用者，它就得到了发行以英国的土地和房产作为锚定物的全球货币的权利，这也就意味着英国每一寸土地，都可以重新获得它当年英镑那样的辉煌，可以作为全球通货。在数字货币上，我想这也是英国为什么最近大半年以来，全球游说，我认识几个在美国做区块链技术的公司，都被英国财政部去游说，希望他们到英国去发展。这个就锚定资产模式。
So, recently, the British Treasury and the British Central Bank are working hard to push digital money, and imagine that if the British government legislated to keep all British land and houses on the block chain, the users of the house and land would have the right to issue the global currency of the United Kingdom’s land and property as anchors, which means that every inch of the land in the United Kingdom would be able to regain its £ pound of that year, and that it could be global. In digital currency, I think that is why Britain has been lobbying globally for most of the last six months, and I know that several companies in the United States that do block-chain technology have been lobbied by the British Treasury to develop their assets in the United Kingdom.
你想想看，英国政府如果真干了这个事，不等大家去发行数字货币，它的资产就被全球人哄抢，大量的钱就流到英国去了，真有这事，我肯定先去买，以备真有什么事的时候。这就是锚定资产这种模式：重新定义价值创造了模式，商业开源去所有权，去使用权，重新定义了货币发行，任何的可信资产，都有可能成为全球通货，因为它不是主权国家发行的。
If the British government does this, until people issue digital money, its assets are taken away from the world, and a lot of money goes to the UK. This is what I'm sure to buy in case something happens. This is the model of anchoring assets: redefining values creates models, opening up business ownership, moving to use rights, redefining money distribution, and any credible asset could become a global commodity, because it is not issued by a sovereign country.
实际上如果人民银行发行数字人民币，或者叫做熊猫币，实际上它也就突破了TPP，突破了IMF，去它的SDR，根本没有必要加入SDR，如果你觉得你的货币会有吸引力，你就发行数字货币，在区块链上发，全世界人用，用就用了，你跟美国政府也不用打招呼，也不用遵守它的协议。
In fact, if the People's Bank issues a digital renminbi, or panda coin, it actually breaks the TPP, breaks the IMF and goes to its SDR, there is no need to join the SDR. If you think your currency will be attractive, you issue a digital currency, in the chain of blocks, for use by people around the world, use it, and you don't have to say hello to the United States Government or abide by its agreement.
我就告诉大家，前面我讲到的区块链，它是互联网当中的一环，它并不是脱离了互联网，因为我们在谈数字化的时候，实际上我们谈的是互联网化，所以区块链、比特币是互联网中的一环，只是它是互联网的数据层和应用层的东西。
So I tell you, the block chain that I mentioned earlier is part of the Internet, and it's not out of the Internet, because when we talk about digitization, we actually talk about Internetization, so the block chain, bitcoin, is part of the Internet, it's just the data layer and the application layer of the Internet.
区块链本身有五个层：底层、共享数据层、网络层、协议层、应用层。现在，比特币确实处在早期，像互联网1994、1995年那个时候一样，但是不同的是时代变了，现在正处在摩尔定律指数级增长的这样一个阶段， 所以我们不需要再等25年，才能看到当年互联网被发明出来，或者被民用化之后，它带给世界翻天覆地的变化。区块链不再需要等20多年，10年足以，或者说15年就足以带来这种翻天覆地的变化，所以我们应该了解它，应该去研究它，应该做好这种心理准备，迎接这个时代。
The block chain itself has five layers: the bottom, the shared data layer, the network layer, the protocol layer, and the application layer. Now that Bitcoin is in the early stages, like the Internet in 1994 and 1995, but the difference is that the times have changed, and it is now at a stage of growth at the level of the Moore Law Index, so we don't have to wait another 25 years to see the Internet invented or, when it is civilized, to bring about a change in the world. The block chain is no longer needed for more than 20 years, 10 years, or 15 years to bring about such a change, so we should understand it, study it, prepare it, prepare for this era.
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