数字货币Foglink项目_English详解(英文版)
value chain模型英文版
value chain模型英文版English:The value chain model is a strategic framework that outlines the key activities involved in a company's production process, from raw materials acquisition to the delivery of the final product or service to the end customer. Developed by Michael Porter in 1985, the value chain model helps businesses identify opportunities for cost reduction, differentiation, and competitive advantage. The value chain is typically divided into two main categories: primary activities and support activities. Primary activities are directly related to the production and delivery of the product, such as inbound logistics, operations, outbound logistics, marketing and sales, and service. Support activities, on the other hand, provide the infrastructure and resources necessary for the primary activities to function effectively, including procurement, human resource management, technology development, and infrastructure. By analyzing each activity within the value chain, companies can pinpoint areas of their operations where they can create the most value and improve overall efficiency. This strategic approach enables firms to increase profitability, enhancecustomer satisfaction, and gain a sustainable competitive advantage in the marketplace.Translated content:价值链模型是一个战略框架，详细说明了公司生产过程中的关键活动，从原材料采购到最终产品或服务交付给最终客户。
金融英语学习资料 中英文对照
Bitcoin has bounced back in China, helping to push the virtual currency back above $1,000 a unit, as exchanges devise workaround solutions to the regulatory crackdown last month.比特币在中国展开反弹，推动这种虚拟货币的单价重返1000美元上方。
针对监管机构上月出台的打击措施，各交易所拿出了变通办法。
When Chinese regulators banned financial institutions from doing business with Bitcoin exchanges last month, the move was thought by many to spell the end for the virtual currency in China. Would-be buyers were told they would no longer be able to transfer cash on to exchanges via digital payment platforms, in effect making it impossible tobuy Bitcoins.中国监管机构上月禁止金融机构经手比特币交易所的业务后，很多人以为此举标志着这种虚拟货币在中国的前途已被画上句号。
潜在买家被告知，他们将不再能够通过数字支付平台向交易所转移资金，这实际上使他们无法购买比特币。
“In the darkest hours we thought everything was going to come crashing down and the game was over,” said Bobby Lee, co-founder of BTC China, one of the country’s top exchanges.“在最黑暗的时刻，我们以为一切将要塌下来，游戏结束了，”中国最大的交易所之一“比特币中国”(BTC China)的联合创始人李启元(Bobby Lee)表示。
金融数学课件(英文版)第1讲
L1.11
Arbitrage
Prices which admit arbitrage are, in some sense, incorrect. Existence of arbitrage is a severe form of the inconsistency and mispricing that we want to avoid. Assume no arbitrage, unless otherwise indicated. Thus, when we try to price some security, we are looking for an arbitrage-free price. Some authors define arbitrage without “type 2”. The distinction between our definition and their definition is essentially harmless, because: If there exists an asset whose price is always nonnegative and not always zero, then type 1 arb exists whenever type 2 arb exists. Bj¨rk’s term for arbitrage is “arbitrage possibility.” o
Introduction General properties of arbitrage-free prices One-period binomial model
小贝壳冷钱包存储器产品中英文简介
随着全球区块链资产种类和价值的不断上涨，其被盗的恶性事件也愈发频繁，保护区块链数字资产是全球共同面临的课题。
目前市场上多见的热钱包，虽然操作便捷、有效降低了资产被黑客窃取的风险，但由于其基于网络平台的天然属性，仍有面临存储介质风险、木马植入、病毒攻击、运行环境漏洞、底层系统风险等问题。
对于大额数字资产，有必要寻求更加安全的资产存储和管理的解决方案。
而香港小贝壳数字资产管理有限公司出品的小贝壳数字资产存储器，则是一款完全隔绝网络、让资产被盗风险无所遁形的数字资产管理“神器”。
With the growing number of cryptocurrencies and their rising token values, digital assets security is becoming a prominent problem around the world. Hot wallet, which is easy to use and effectively lowers the risk of theft, is vulnerable to storage medium risks, Trojan, virus attacks, operating system bugs, and underlying system risks. A more secure solution is therefore needed to deposit and manage large amounts of money. Little Shell Digital Asset Management tool, designed by Hong Kong Little Shell Digital Asset Management Corp. Ltd, is a perfect solution that is completely offline and anti-theft.公司简介香港小贝壳数字资产管理有限公司，是专业的区块链数字资产安全存储解决方案提供商。
RSK (比特币侧链)白皮书 英文版
RSKBitcoin powered Smart Contracts White paperOverviewRevision: 9Date: November 19th, 2015By Sergio Demian LernerConfidentialIntroductionWhy Rootstock is important for the Bitcoin Ecosystem?Alignment of Bitcoin Stakeholders and protection of valueGovernance modelProtection of Bitcoin Miner's InvestmentSecuring the Bitcoin / Rootstock 2-way pegLower Bitcoin transactions fees and stable value asset issuing Bitcoin Security hardeningRootstock as a low-cost BTC payment networkRootstock Use CasesMicropayment channels and Hub-and-Spoke networksPeer-to-peer distributed exchangeRetail Payment SystemsEscrow ServicesCrypto-assets CreationAsset SecuritizationDecentralized remittancesIP Protection / RegistryVoting SystemMicro-lendingSupply Chain TraceabilityOnline Reputation & Digital IdentityIn-game Global CurrencyInternet-gambling and Prediction MarketsFair-playingTechnology OverviewTuring-Complete virtual MachineSidechainSemi-Trust-Free SidechainsDynamic Hybrid Merged mining/FederationFast payments and low-latency-networkRootstock Feature comparisonInstant Payments Technology previewDECOR+ ProtocolThe block propagation protocolTwo Stage Block Propagation (2SBP)Push Missing Transactions protocol (PMT)Delayed Transaction Inclusion heuristic (DTI)Immediate Block Header Propagation (IBHP)Two Prioritized Streams for each Connection protocol (2PSC) Mining on Unverified Blocks Heuristic (MUB)Local Route Optimization Protocol (LRO)Re-using the Bitcoin Mining NetworkThe real topology of the networkThe PoW function Verification TimeClient Networking StackThe Block OverheadSimulationsSafe Merged miningTransaction PrivacySecurityScalabilityProbabilistic Verification and Fraud Proofs ConclusionsIntroductionIn2008Satoshi Nakamoto revolutionized payments by creating Bitcoin.Bitcoin included a very limited implementation of the so-called“smart contracts”,a concept introduced back in 1993 by Nick Szabo.Since then,a lot of research has been dedicated to the creation of new cryptocurrencies that support full Turing complete distributed programs.Now there is a widespread confidence that useful,secure and deterministic virtual machines can be built to achieve this goal.We believe that new use cases are necessary in order for Bitcoin to become the leading global cryptocurrency,and that adding smart-contract capabilities is key to secure that future.With that in mind we created Rootstock(RSK),a smart-contract platform that incorporates a Turing Complete Virtual Machine to Bitcoin.It also provides other enhancement to the network such as faster transactions and better scalability,features that we also believe will enable new usage scenarios.RSK is an evolution of QixCoin,a turing-complete cryptocurrency created back in2013by the same development team.RSK provides an improved payment experience with near instant confirmations.It achieves currently300tps and confirms most payments in less than20seconds.And yet,is still based on the same security guarantees Bitcoin has, supporting SHA-256D merged mining.RSK works as a Bitcoin Sidechain.When Bitcoins are transferred into the Rootstock blockchain,they become“Rootcoins”(RTC).Rootcoins are equivalent to bitcoins living in the Rootstock blockchain,and they can be transferred back to Bitcoins at any time at no additional cost(except for standard Rootstock transaction fees).RTC is the base currency used on the RSK sidechain to pay miners for transaction and contract processing.There is no currency issuance:all RTC are created from Bitcoins coming from the Bitcoin blockchain.Rootstock enhances Bitcoin in the following areas:•Turing-complete Rootstock Virtual Machine (RVM) allowing smart-contracts•Average first confirmation of transactions in 10 seconds•Safe merged mining combining PoW with threshold-signature based federation •Embedded low-delay fast relay backbone into peer-to-peer gossip network.•Two-way pegging using sidechains(currently a federated peg,fully automatic peg subject to Bitcoin improvements)Acronyms:“RSK”refers to the Rootstock(the platform),related terms are“RSK protocol”(the specification)and“RSK reference node”(the reference implementation),the native RSK currency is the“Rootcoin”,and“RTC”is the symbol of the Rootcoin currency,“BTC”refers to the Bitcoin currency and “Bitcoin” refers to the Bitcoin protocol.Why Rootstock is important for the Bitcoin Ecosystem?Alignment of Bitcoin Stakeholders and protection of valueRootstock governance's primary goal is to align the main stakeholders of Bitcoin by creating rewards that are fully aligned with their current activities.This philosophy is directly reflected in its core architecture where Bitcoin miners provide the hashing power required for the proof-of-work block validations,industry leaders (Exchanges,Wallets and Payment Processors)integrate the Federation that creates validation checkpoints and sign the redeem transactions of the 2-way peg.On top of that Rootstock decides improvements to its platform based on a voting system where Miners,Industry Leaders,Bitcoin/Rootstock holders and core developers take the final decision.In the following paragraphs we describe how this incentives play along.Governance modelEach player in the community has the know-how to serve best the community:exchanges and web-wallets know how to protect Bitcoin savings,miners know how to realize large scale mining operations to secure user’s transactions,Blockhain companies innovate in new use cases and makes dreams come true,core developers have the technical expertise to known how to tackle the technical challenges to come,node maintainers provide the infrastructure and network connectivity,and users are the heart of the system,providing trust and liquidity.Rootstock governance model aims to represent all actors of the community,by providing a board of governance consisting in5seats.Miners will be able to vote with hashing power (1vote),Bitcoin and Rootstock users will vote with proof-of-stake(1vote),Exchanges and web-wallets will vote though the Federation(1vote),Rootstock and Bitcoin Core developers will have a special threshold voting system(1vote),and the last vote will be offered to a non-profit established Bitcoin institution,such as the Bitcoin Foundation,that can represent the broader ecosystem.Also an institutional vote could be offered to the Ethereum Foundation, if it is representative of the Ethereum community.Protection of Bitcoin Miner's InvestmentIn August2016Bitcoin mining profitability margin will fall to less than50%due to the decreasing block reward from25BTC to12.5BTC.Hundreds of millions of mining hardware will become instantaneously obsolete.This probably includes all mining machines in the market today,since two generations of chips(faster and with lower power consumption)will be developed and sold before2017.Almost all current miners that have not replaced their hardware will see the end of their mining business.Rootstock,thanks to its merged mining capabilities,brings the opportunity to these miners to keep on businessat least four more years.Since Bitcoin merge-miners can mine both coins with zero marginal cost,miners will still be able to mine Bitcoin as long as the additional income provided by Rootstock mining compensates the profitability gap.Additionally the reduction in mining profitability by the Halving will create additional concentration in the low cost miners which will increase Bitcoin's network vulnerability. Hence,RSK could also play a key role in promoting a broad base of profitable miners increasing the security and value of Bitcoin.Also by starting today at a minimum cost,and creating applications for Rootstocks,Bitcoin miners may not only protect their investment,but develop a whole new business opportunity.Securing the Bitcoin / Rootstock 2-way pegLeading Bitcoin companies will integrate a Federation that will play the fundamental role of securing the transfer of funds between the Bitcoin and Rootstock blockchains.In exchange for that they will profit from the fees generated by the settlement between the inflow and outflow of funds.Lower Bitcoin transactions fees and stable value asset issuingCurrent Bitcoin holders and prospective users have seen their usage of the monetary system confined to certain use cases(i.e:investment,global payment network)mainly due to bitcoin price volatility but this constraint might worsen in the future due to a potential increase in transaction fees on the next Bitcoin halving.Rootstock brings a solution to this by offering almost instant transaction validation(20 seconds)and asset issuing with prices pegged to that of a fiat currency or other stable commodity.Lowering volatility exposure in transactions while keeping bitcoin as a reserve currency increases overall bitcoin value.Bitcoin Security hardeningOn the next Bitcoin reward halving,hundreds of millions on dollars in obsolete mining hardware will be sold cheaply privately or online.This will open a window of vulnerability giving an attacker the possibility to buy a huge amount of hashing power for very little money and execute a51%attack.Also the decrease in security may affect the perceived value of the coin.By increasing the profitability of Bitcoin mining with Rootstock merged mining, the Bitcoin network may prevent the hash rate to plummet.Rootstock as a lowcost BTC payment networkIf Bitcoin block size is not increased via a hard-fork,when the next Bitcoin reward halves, Bitcoin transaction fees may become prohibitively high for certain applications.As RSK blocks can hold many more transactions than Bitcoin blocks,Rootstock will naturally offer lower fees. See next section for an analysis of future scenarios regarding transaction fees. The future of Bitcoin and its transactions fees is unclear:currently,contentious proposals on changes in the maximum block size will have a high impact in future transaction fees.In the following table we attempt to predict future scenarios and compare RSK and Bitcoin under reasonable assumptions on growth and forks.Parameter Bitcoin RootstockConfirmation time with comparablesecurity under Satoshi equivalence10 minutes 10 secondsMinimum confirmation time for areversal probability of 0.1%20 minutes (2 blocks) 30 seconds (3 blocks)Max. Transactions per second 3.3 tps(assuming an average size tx) 300 tps at launch Scalable to 1000 tpsCurrent average cost for users for a standard transaction 6 centsAssuming:1.5 tpsMarket price not availableCurrent cost for miners to include a standard transaction1 centAssuming:Using the fast relay networkUTXO in memory1 ms processing time per tx.25.2 BTC average block reward5 centAssuming:Using standard relay network<1 cent (estimated)Assuming:No RSK specific hardwareswitching.Almost no Rootstocktransactions1 cent (estimated)Interrupting a miner to load newheader loses 10 ms ofprocessing timeTransaction fees by end of 2016 1.6 USDAssuming:block size is not increasedBTC/USD rate unchangedSame level of security3 tps1 cent (estimated) Assuming:3 tpsIs important to note from the above chart that transaction fees estimations are based on the unproven fact that the BTC price will remain at approximately240BTC/USD during 2016.If the price increases ten-fold during this period,then also will the transaction fees, rendering Bitcoin Blockchain viable as an inter-banking clearing system,but not a payment network.Also is important to note that off-chain payment systems can emerge, providing cheaper payments,but at the same time centralizing the network,and changingits decentralized nature.The following table shows possible future scenarios by the end of2016,assuming that network hashing difficulty increases at the same ratio as BTC price:Scenario Bitcoin cost of tx to miners Rootstock cost of tx to miners Bitcoin price increases 10x 16 USD 2 centsTPS increases 10x via hardfork 11 cents 0.2 centsBTC price and TPS increase 10x 1.1 USD 2 centsAs the cost of including a Bitcoin transaction increases,users will switch to platforms with lower transaction costs, such as Rootstock.Rootstock Use CasesThe Rootstock platform provides Turing-complete smart contracts as proposed by Nick Szabo in1993.At the same time,RSK’s VM is backward compatible with Ethereum VM, hence Rootstock gives the opportunity to developers working on Ethereum to benefit from the robustness of the Bitcoin Blockchain.Below we present a list of potential smart contracts and use cases that can be developed over RSK.Micropayment channels and Hub-and-Spoke networksMicropayment channels allow two parties to make secure regular low valued payments without paying fees for each payment, but only one time when the channel is closed.Hub-and-Spoke networks allow mutually untrusted users to make low-cost one time payments indirectly using payment channels to and from a third party with minimal trust. The RSK allows Hub-and-spoke networks to be implemented directly with minimal hassle and interfacing natively with standard e-wallets.Peer-to-peer distributed exchangeUsing TierNolan's protocol RSK supports contracts that act as peer-to-peer exchanges. Automatic matching in an order book can also be easily created.This allows distributed markets over independent block-chains, exchanging crypto-assets without third parties. Retail Payment SystemsRSK allows BTC to be adopted globally for every-day retail transactions.One of Bitcoin main limitations for retail use is its confirmation time(from10minutes to1hour to ensure irreversibility).RSK allows consumers to benefit from Bitcoin security with confirmations in just a few seconds.Merchants will be able to accept payments instantaneously without requiring third party gateways.Another key element that any platform should have to succeed in the retail market is to be able to support a large amount of transaction per second(tps).The RSK network,using the DÉCOR+protocol,allows to process over the Bitcoin Blockchain up to 300 tps (twice as much as Paypal)Escrow ServicesRSK allows the creation of smart escrow services where oracles sign(or not)a transactions defining whether it should be executed(or not)without having any contact with the funds under escrow.Crypto-assets CreationRSK allows the creation of crypto-assets(or altcoins)secured by the Bitcoin network. Given RSK’s flexibility to price the contract’s fuel these application(as all others)could be used from students to banks and corporations.Asset SecuritizationRSK also allows the creation of digital tokens backed by real assets.This could be use to digitally commercialize REITs,shares,issue debt or any other asset(or future proceed). This particular use case will provide a unique solution to those small businesses in the developing countries where the traditional financial markets do now fulfill the demand for working capital or capital to grow.Decentralized remittancesThis particular use case is especially important in developing economies where the unbanked/undocumented population has to pay usury fees to send money to their families for food and shelter.IP Protection / RegistryRSK allows the development of contracts that can replicate what is known as Proof-of-Existence which allows individuals and companies alike to proof the existence of a certain document(or property right)at any given point in time with the security of the Bitcoin Blockchain.This use case could be particularly important in societies in Latin America, Africa and Asia with unreliable land registration mechanisms.Voting SystemAs a particular case of crypto-asset,RSK allows the creation of digital votes that allow extremely secure and transparent elections at a minimum cost.Micro-lendingOver50%of the global population does not have access to the traditional financial system. This lack of access to credit is a direct cause to the economic inequality that our global society faces nowadays.RSK allows the development of scalable digital micro-lending contracts that could provide access to credit to the3billion poorest inhabitants of the world.Supply Chain T raceabilityRSK also allows the creation of digital wallets to track and trace(digitally)the physical location of a certain product or batch.This type of contract could be particularly useful in the retail,food and healthcare industries among others.As all the other use cases,by using RSK this could be achieved with the security of the Bitcoin Blockchain at a minimum cost.Online Reputation & Digital IdentityOne of the main problems of the developing world is the lack of documentation and IDs for the poor.This prevents the poor from voting,accessing healthcare,reporting crimes/ abuses and accessing financial aid.RSK allows the creation of digital global registries as secure as the Bitcoin Blockchain at extremely low cost.In-game Global CurrencyMany multi-player games have in-game economies,including private currencies.As these games evolve,virtual currencies become as valuable to users as fiat money,and are often traded on secondary markets.Inflation,cheating,and online theft become user concerns. Also the game company may face legal and security hurdles having users virtual money in consignment.As the world becomes global,so will virtual games,and players will feel discomfort that money earned in one game cannot be easily spent in another game.RSK can solve these problems by allowing games to accept BTC(in equivalent RSK coins)for their in-game payments,or create a private digital asset that is protected by RSK.RSK payments can be as fast as closed-loop systems for low denominations,so game engines can use RSK as the in-game purchase system,for player-to-player trading and for company-to-player virtual offerings.By just clicking on an URL or scanning a QR code, trading can be triggered using the standard player's external e-wallet software,and also paying commissions to the gaming company.Internet-gambling and Prediction MarketsFast payments also means fast payouts.Bitcoin gambling sites such as SatoshiDice have managed to provide no-registration fast betting experience using0-confirmations and chained transactions,but at a security risk for the gambling site.RSK allows betting with near instant payouts having block confirmation.Fair-playingBy incorporating smart-contracts,and in conjunction with well-studied cryptographic protocols such as Mental Poker,RSK is able to provide an open and fair platform for card playing without the requirement for a trusted third party taking a rake.These are just a few examples among many others that could be developed and programmed over the RSK platform using the underlying Bitcoin technology.It is important to mention that the Bitcoin miners(via merge mining)are going to be the ones running these contracts and benefiting from the vast majority of the fuel consumed to run those contracts.Technology OverviewRSK platform is, at its core, the combination of:● A Turing-complete resource-accounted deterministic virtual machine (for smartcontracts)● A two-way pegged Bitcoin sidechain (for BTC denominated trade)● A dynamic hybrid merge-mining/federated consensus protocol (for consensussecurity), and a low-latency network (for fast payments).Turing-Complete virtual MachineRSK virtual machine(RVM)is the core of the Smart-contract platform.Smart-contracts are executed in parallel by a high-percentage of the network nodes.The result of the execution of a smart-contract can be the processing of inter-contract messages,creating monetary transactions and changing the state of contracts persistent memory.The RVM op-code level compatible with EVM,to allow Ethereum contracts to run flawlessly on RSK. In the first release,the VM is executed by interpretation.For the next release,it is planned to emulate EVM by dynamically retargeting EVM opcodes to a subset of Java-like bytecode,and a security-hardened and memory restricted Java-like VM will become the new VM(RVM2).This will bring RSK code execution to a performance close to native code.Main features:•Independent VM, but compatible with EVM at the opcode level.•Rootstock provides Ethereum users the possibility to run their projects with the security of the Bitcoin network.•New opcodes for fast int32arithmetic and better just-in-time compilation (planned), for greater performance.SidechainA sidechain is an independent blockchain whose native currency is pegged to the value of another blockchain currency automatically by using proofs of payment.There is a two-way peg when two currencies can be exchanged freely,automatically,and without incurring in a price negotiation.In RSK,the Rootcoin(RTC)is two-way pegged to the BTC(more precisely,a Rootoshi,the minimum unit of account in RSK,is pegged to a Satoshi,the minimum unit of account in Bitcoin).In practice,when BTC are exchanged for RTS,no currency is“transferred”between blockchains in a single transaction because Bitcoin cannot verify the authenticity of balances on another blockchain.When a transfer occurs,some BTC are locked in Bitcoin and the same amount of RTC is unlocked in RSK.When RTC needs to be converted back into BTC,the RTC get locked again in RSK and the same amount of BTC are unlocked inBitcoin.Semi-Trust-Free SidechainsFully trusted and third-party-free two-way pegs can be created using smart-contracts on both platforms.But since Bitcoin does not currently support smart-contracts nor native opcodes to validate external SPV proofs,part of the two-way pegging system in RSK requires trust on a set of a semi-trusted third-parties(STTP).No single STTP can control the locked BTCs,but only a majority of them has the ability to release BTC funds.The STTPs temporarily store the BTC that are locked,and unlocks BTC to pay Bitcoin users RTC are locked in RSK to be transferred back to Bitcoin.In RSK the STTPs that protect the locked funds are precisely the members of the Federation.This is because the Federation incentives are highly aligned with the STTPs: they must be well-respected community actors,such as universities,and they must also have the technical ability to maintain a secure network node.The locking and unlocking of funds is done by this secure network nodes without any human intervention.Therefore a requirement for being part of the Federation is the ability to audit the proper behaviour of the software that powers the node,specially regarding the correctness of the component that decides on releasing BTC funds.We plan to create tamper proof hardware that will enforce the Federated validation algorithm to further improve security.Once Bitcoin adds special opcodes or extensibility to validate SPV proofs as a hard-fork, and once the new system is proved secure and trust-free,the Federation role as STTPs will no longer be necessary,and the RSK team will implement the changes to adapt RSK to the trust-free system.Dynamic Hybrid Merged mining/FederationWe believe that PoW is the only consensus system that prevents the re-write of blockchain history at low cost.All other consensus systems that do not consume a valuable resource for mining have this drawback,and rely on reputation,and prevent anonymous participation in mining.All other consensus systems require new users to trust in a set of parties to find an authenticated checkpoint of the ledger.High rate PoW consensus based on periodic blocks with low orphan waste requires miners to stop their hardware miners and restart them to mine on new header mid-states each time a new block is solved by the network.This result in mining time gaps,or greater network latencies for mid-state switching,on average.These gaps reduce the efficiency of Bitcoin mining even if they consume a few milliseconds.Therefore RSK uses the DECOR+ block reward sharing scheme to reduce competition and allow miners late switch to the RSK best block.If miners switch their hardware each time a RSK block is found,they compete for a full RSK block reward.If they late switch,and keep mining past block tips, they create uncles and and earn a share of the block reward.In none of these cases they are fully orphaned,as DECOR+pays a reward to uncles and the GHOST rule counts uncles as normal blocks and secures the best chain.The efficiency of BTC mining is therefore maximized.As we expect a period where RSK hashing power will be below50%of the total BTChashing power.This would leave the network vulnerable to a51%attack where the remaining hashing power outperforms the existing RSK hashing power to double-spend. To prevent such situation RSK includes federated checkpoints for PoW mined blocks. Federated checkpoints are signed by the Federation members and clients can use the the majority of the signatures to better decide which is the best chain.Also Rootstock has a last-resort protocol where if mining power goes below5%of Bitcoin hashing power,the Federation is able to create signed blocks.By default,clients stop using federated checkpoints when if Roostock hashing power is over66%of the maximum BTC hashing difficulty observed in the best chain and the fees paid in a block is higher or equal to the average reward of a bitcoin block.The RSK platform will be launched with a federation of well-known and community respected members.Each member is identified by a public key for the checkpoint signature scheme.The federation is be able to add or remove members using and embedding voting system, although these actions would require a high percentage of the member votes. The aim of RSK founders is that the RSK network will incentivize merge-mining.However RSK is robust to merge-mining shortage as the Federation is automatically brought to secure the network in the shortage case.Main features:•1-day maturity for mining reward.•Federated members checkpoints•Code embedded checkpoints during bootstrapping period.•No loss of efficiency in Bitcoin mining expected from merge mining(less than0.1% for immediate mid-state switching and 0% for late switching)Fast payments and low-latency-networkRSK aims to be a better payment network.To achieve fast payments,several solutions have been developed:-Use of competition-free block selection(e.g.Hyperledger,Ripple,closed-loop systems)-Use of hub-and-spoke networks (e.g. Bitcoin lightning network)-Use of high PoW block ratesHub-and-spoke networks add new centralization nodes,and require a complete adaptation of client wallets to a new,completely different payment model.Although so this alternative can be easily implemented on RSK,is not the native system for fast payments.RSK adopts the DECOR+and FastBlock5protocols,which allow reaching a10seconds average block rate that does not create incentives for mining centralization,is selfish-mining free and incentive compatible.Main features:•10 seconds block interval•Two stage block propagation (2SBP) protocol•Push Missing Transactions (PMT) protocol•Full network propagation of last competing blocks to prevent selfish mining and reduce stale block rate.•Delayed Transaction Inclusion heuristic(DTI).Transactions are delayed5seconds on each miner’s block transaction queue to allow the fastest possible block verification,because transactions are already present in the pools of every node of the network.•New network command to spread block headers with time critical priority.•New network command to spread block transactions hash list immediately after block header propagates.•Mining on Unverified Blocks Heuristic(MUB).Mining over block headers with unverified transactions with a 5 seconds fallback.•Block headers are flagged when they have no transactions (except for coinbase) •Two Prioritized Streams for each Connection protocol(2PSC).New message transport layer with message-slicing allowing two parallel sessions with distinct priority.This allows block headers to be sent over the high priority session and interrupt whatever message was being transmitted over the low priority session.•Local Route Optimization Protocol(LRO).Local optimal block routing based on peer priorities. Local optimal transaction routing based on peer priorities •DECOR+protocol for reward sharing between competing blocks.•GHOSTprotocol for chain weighting.。
LSEG World-Check One API 商品说明书
LSEG™ World-Check®One APIHarnessing the global power of LSEG™ World-Check® and the next generation of screening software, the LSEG™ World-Check® One API allows the integration of large volumes of information and advanced functionalities into existing workflows and internal systems – streamlining the screening process for onboarding, Know Y our Customer (KYC) and third-party risk due diligence.Why the World-Check One API?• Powered by World-Check• Saves time and effort, increasing efficiency in your KYC/AML processes• Uses World-Check One’s next-generation screening technology• Uses secondary identifiers to reduce false positivesKey features• Allows integration with existing third-party systems, such as a CRM system, in order to manage onboarding, KYCand third-party due diligence• Uses World-Check data, including our opt-in content sets such as Iran Economic Interest (IEI), U.S. SAM andMedia Check• Allows the saving or screening of a single name, including any secondary identifiers (e.g., date of birth)• Allows editing and rescreening of an existing case• Supports screening of names in different languages and scripts (using the World-Check One matching engine)• Option for ongoing screening• Screens across all or selected source types(e.g., sanctions only)• Designed with developers in mind to enable rapid integration development• Includes free access to the World-Check One user interface, where the authorized user can:– Set up groups, roles and users– Configure groups and associated settings(e.g., auto-resolution)– View full match information, match remediation andaudit trail– Delete and archive cases• Upload internal and third-party lists to screen against on the World-Check One platform using Watchlist Screening • Use either synchronous or asynchronous screening API requestsDeveloper communityA dedicated API developer portal provides all documentation, tutorials, quick start guides and FAQs necessary to help developers integrate the World-Check One API into an internal platform or CRM system. A Q&A forum is available during the testing and implementation phase, as well as post-go-live via the Developer Forum.LSEG World-Check One API 2 Interaction overviewLSEG is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community – driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.Visit /risk-intelligenceRE1024932/9-19。
英语数字货币经典语
英语数字货币经典语1. Cryptocurrency is a digital or virtual currency that uses cryptography for security.2. Bitcoin was the first decentralized cryptocurrency, created in 2009 by an unknown person using the name Satoshi Nakamoto.3. Ethereum is a blockchain-based platform that enables the creation of decentralized applications and smart contracts.4. Ripple is a payment protocol and a digital currency that allows for fast, low-cost, and secure cross-border transactions.5. Litecoin is a peer-to-peer cryptocurrency that is based on the Bitcoin protocol but with some key differences, such as faster transaction times and lower fees.6. Blockchain technology is the backbone of cryptocurrencies, allowing for secure and transparent transactions without the need for a central authority.7. Mining is the process by which new cryptocurrencies are created and transactions are verified on the blockchain.8. Cryptocurrencies are highly volatile and their prices can fluctuate rapidly, making them a risky investment.9. Many countries are still working out how to regulatecryptocurrencies, with some banning them altogether while others are embracing them as a legitimate form of currency.10. The future of cryptocurrencies is uncertain, but they have already disrupted traditional financial systems and are likely to continue to do so in the coming years.。
数字货币名词解释金融学
数字货币是指基于节点网络和数字加密算法的非实物货币，数字货币相比传统物理货币具有不可造伪、点对点快捷交易、流动方便的特点。
根据其是否由各国央行发行，数字货币可分为以央行数字货币为代表的法定数字货币，和以比特币、Libra币为代表的非法定加密数字货币。
而非法定数字货币又可进一步分为普通加密数字货币和稳定币。
法定数字货币即是指央行数字货币（CBDC），它是由世界各国中央银行发行的法定数字货币，是基于清算方式的改进而出现的现钞之外的“记账货币”。
我国发行的央行数字货币（DC/EP）是数字化的人民币，是经国务院批准计划发行的法定数字货币。
非法定的加密货币可分为普通加密货币和稳定币，代表性的普通加密货币包括比特币（BTC）、以太币（ETH）等，代表性稳定币包括天秤币（Libra）、泰达币（USDT）等。
加密数字货币是基于某种加密算法创建的数字货币。
数字货币的发行和运行框架，包括数字货币的采矿机制、发行流通体系、交易运行机制等。
此外，数字货币的交易支付、账户管理和清结算等也与传统的金融体系大不相同。
法定数字货币（CBDC）是由各国央行发行的数字货币，其价值由国家信用支撑，具有法定地位和稳定价值。
与传统的货币相比，CBDC具有更高的安全性、便利性和创新性。
CBDC的采矿机制主要是通过公开密钥算法和密码学技术实现，以确保货币的唯一性和不可篡改性。
其发行流通体系通常采用分布式账本技术，实现去中心化的发行和流通。
普通加密货币是一种去中心化的数字货币，其价值由市场供需和密码学技术共同决定。
比特币是最早的加密货币之一，它采用区块链技术，通过采矿机制发行并流通。
以太币则采用了不同的区块链技术，实现了智能合约和去中心化应用的功能。
稳定币是一种与某种法定货币或商品价值相挂钩的数字货币，其价值相对稳定。
Libra是Facebook推出的稳定币，它与多种法定货币和实物资产挂钩，旨在成为全球性的数字货币。
USDT是由Tether公司发行的稳定币，其价值与美元挂钩，被广泛用于加密货币市场的交易和结算。
数字货币知识培训课件模板
Bitcoin
未来已来
• 日媒分析发展数字货币仍面临不少难题。一是如何确保消费者个人 隐私，因为一些民众不希望暴露自己的资金流向和消费履历，但如 果完全匿名化，将不利于防控金融犯罪，甚至会加剧国际洗钱等问 题。二是如何保护金融体制稳定性，防范个别银行经营困难时被储 户挤兑。三是数字货币普及后银行柜台、自动存取款机势必减少， 可能影响现金用户的便利性。有专家建议，设定数字货币的个人持 有额度和提取限额，但也有评论担心，此举将影响金融便利性。
• 2018年，欧盟颁布《第五版反洗钱令》，认识到发展数字货币是必然趋势。 开始规范并监督私人数字货币的使用。2月至7月，欧盟密集出台了《人工智 能白皮书》《欧洲数据战略》《欧洲新产业战略》等政策文件，以绿色新政 和数字基础设施建设为具体途径，重点支持人工智能、量子通信、机器人制 造、5G通信网络、数字信息服务平台、绿色交通和能源一体化等领域的研 发工作，构建欧盟自主掌控的先进数字信息平台和高端制造业体系。去年底， 欧委会进一步提出《数字市场法》和《数字服务法》草案，旨在推动建立一 个更具韧性、更绿色、更数字化的欧盟，促进经济复苏。
• 尽管体会到区块链技术对简化金融交易的便利性，但南非央行依旧 保持审慎态度。南非央行强调，在正式发行数字货币前，将推动现 有结算系统与上述分布式账本系统集成试验。
欧洲
• 欧洲央行行长日前表示，希望在5年内使数字欧元成为现实。这一表态相当 于欧洲央行的“政策宣示”，数字欧元的推出已经是箭在弦上，不得不发了。 多年来，欧洲一直在使用和推广电子支付方面犹豫不决，对于数字化货币更 是慎之又慎。
02
全球发展近况
日本
• 日本央行计划于2021年春季开始数字货币的实证实验。设想分为3 个阶段。其中，第一阶段的主要工作是建立基本功能。第二阶段是 开展更加复杂条件下的功能测试。第三阶段是在实际操作中发现问 题，弥补漏洞，不断完善。日本研究报告提出的数字货币是个人、 企业可以广泛使用的普通型电子货币，其发行方式是央行发行，通 过民间银行渠道普及到消费者，属于间接性发行方式。
数字货币技术指标详解
数字货币技术指标详解
数字货币技术指标是衡量加密货币技术发展水平的重要指标，它们提供了对加密货币市场价格动态进行分析的方法。
以下是一些常见的数字货币技术指标：
1. 均线(MA)：用于显示一段时间内的平均价格趋势，常用的均线包括简单移动平均线(SMA)、指数移动平均线(EMA)等。
2. 相对强弱指数(RSI)：用于衡量市场供需力量的指标，RSI指标范围从0到100，数值越高表示市场趋势越强劲。
3. 布林带指标(Bollinger Bands)：用于衡量市场的波动性和价格变化情况，由三条带状线组成，中间的线为移动平均线，上下两条线分别为移动平均线加减标准差。
4. 随机指标(Stochastic Oscillator)：用于衡量市场的超买超卖情况，当指标值高于80时，市场处于超买状态，指标值低于20时，市场处于超卖状态。
5. 线性回归趋势线(Linear Regression)：用于衡量市场价格趋势的变化程度，通过拟合一条直线来显示市场的价格趋势。
数字货币技术指标可以帮助加密货币交易者更好地理解市场价格动态和趋势，从而做出更好的交易决策。
- 1 -。
mti笔译翻译基础
澳新紧密经济关系协定ANZCERTA：Australia New Zealand Closer Economic Relations Trade Agreement摆脱亚洲金融危机的影响shake off the impact of the financial crisis帮助人才脱颖而出help excellent talents find way to distinction备件spare parts部长级会议ministerial meeting采取积极财政政策proactive fiscal policy出口创汇型/外向型产业export-oriented industry垂直兼并vertical merger倒爷profiteer抵免offset东盟自由贸易区AFTA：ASEAN Free Trade Area东南亚国家联盟ASEAN：Association of South-East Asian Nations对外项目承包foreign project contracting反倾销措施anti-dumping meas ures against ……防伪标志anti-fake label放松银根ease monetary policy非配额产品quota-free products非生产性投资investment in non-productive projects风险管理/评估risk management/ assessment风险基金venture capital风险准备金loan loss provision/ provisions of risk岗位培训on-the-job training港元的联系汇率制the linkage system between the US dollar and the HK dollar搞活国有大中型企业revitalize large and medium-sized state owned enterprises工程项目engineering project工业增加值industrial added value公正合理equitable and rational固定资产投资investment in the fixed assets广开就业门路increase employment opportunities; create jobs in every possible way; open up more channels of employment规模经济scale economy/ economies of scale国合企业（即国有合作社）state-owned cooperatives国际清算international settlement国际收支平衡balance of international payments/ balance of payment国际收支不平衡disequilibrium of balance of payment国家补贴public subsidies国家鼓励项目projects listed as encouraged by the state国家科技创新体系State Scientific and Technological Innovation System国家现汇结存state foreign exchange reserves合理引导消费guide rational consumption横向兼并horizontal merger坏帐、呆帐、死帐bad account/ dead account/ uncollectible account/bad debt/ bad loan货币市场money market机构臃肿overstaffing in (government) organizations机构重叠organizational overlapping技工贸结合的科技型企业scientific and technological enterprises that integrate scientific and technological development with industrial and trade development季节性调价seasonal price adjustments既成事实established/accomplished facts减免债务reduce and cancel debts建材building materials进口环节税import linkage tax经常项目current account经常性的财政收入regular revenues竟价投标competitive bidding就业前培训pre-job training控股公司holding company垃圾融资junk financing劳动密集性企业labor-intensive enterprises劳务合作labor service cooperation累计实现顺差143.4美元accumulatively realizing trade surplus利改税substitution of tax payment for profit delivery流动人口floating population龙头产品lagship product乱集资、乱摊派、乱收费unwarranted pooling of funds, arbitrary requisition of donations and exaction of fees from enterprises/ unauthorized pooling of funds, compulsory donations and random levies on enterprises慢性萧条chronic depression农业技术合作ATC：Agricultural Technical Cooperation盘活存量资产revitalize stock assets配件accessories皮包公司flying-by-night company; bogus company平等互利、讲求实效、形式多样、共同发展的方针pursuing practical results, adopting various waysand seeking common development/ the principle of equality, mutual benefit, efficiency, diversity and mutual development瓶颈制约“bottleneck” restrictions企业的自我约束机制self-regulating mechanism of enterprises企业技术改造technological updating of enterprises企业亏损补贴subsidies to cover enterprise losses企业所得税corporate income tax千年问题、千年虫millennium bug抢得先机take the preemptive opportunities清理、修订screen and modify求同存异overcome differences and seek common ground商住和公益设施建设commercial, residential and public utility construction申报制度reporting system; income declaration system实行股份制enforce stockholding system实行国民待遇grant the national treatment to, treat foreign investors as quals to the Chinese counterparts市场准人的行政管理措施AAMA Administrative Aspects of Market Access适销对路的产品readily marketable products双重轨制two-tier system / double-track system水利water conservation所有制形式forms of ownership贪图安逸crave comfort and pleasure通货紧缩deflation通货膨胀inflation同步增长increase in the same pace外援方式modality of foreign aid无氟冰箱freon-free refrigerator无纸交易paperless transaction现代企业制度modern corporate system消费膨胀inflated consumption协议投标negotiated bidding信息化informationize形成统一、开放和竞争有序的市场establish an unified, open market with orderly competition 亚欧会议ASEM：Asia-Europe Meeting亚太法定计量论坛APLMF：Asia Pacific Legal Metrology Forum亚太工商咨询理事会ABAC：APEC Business Advisory Council亚太计量程序APMP：Asia Pacific Metrology Program亚太经合组织部长级会议AMM：APEC MinisteriaI Meeting亚太经合组织经济领导人会议AELM：APEC Economic Leaders Meeting亚太经济合作组织APEC：Asia-Pacific Economic Cooperation亚太能源研究中心APERC：Asia Pacific Energy Research Center亚太商业论坛ABF：APEC Business Forum亚太商业网络APB-Net：Asia-Pacific Business Network亚太实验室认可合作APLAC：Asia Pacific Laboratory Accreditation Cooperation亚太通讯与数据系统ACDS：APEC Communications and Database System亚太信息基础设施APII：Asia-Pacific Information Infrastructure亚太中小企业技术交流与培训中心ACTETSME：APEC Center for Technology Exchange and Training for Small and Medium Enterprises亚洲开发银行ADB: Asian Development Bank以试点的形式实行外贸权自动登记制度implement an automatic registration system of foreign trading rights on a trial basis营业税turnover tax在巩固公有制主体地位的同时,促进多种所有制经济共同发展alongside fortifying the status of the public ownership as the mainstay, it is also encouraged to witness common development of different systems of ownership债转股debt-to-equity swap中华人民共和国保护台湾同胞投资实施条例Implementation Rules of the on the Protection of Investments by Compatriots from Taiwan。
数字货币详细介绍ppt课件
14
交易与支付
下面说一下在这样一个体系下如何完成支付。以老张付给老李10个比特币为例。
15
付款人签署交易单
16
收款人确认单据签署人
老李拿到这个单子后，需要确认这个单子确实是来自“HIJKLMN”这个人（也就是老 张）签署的，这个并不困难。因为单子上必须有保密章，老李拿出 印章扫描器，扫 一下章，如果液晶屏显示出的字符和付款人字符是一致的（这里是“HIJKLMN”）， 就可以确认单子确实是付款人签署的。这是因为根据保密 印章的机制，没有其他人
这个体系完全依赖于账本持有人的个人信用，如果这个人不守规矩，随意篡改账本，那么 整个货币系统就会崩溃
如果这个人家里失火或者账本失窃，同样也会为整个体系带来毁灭性的打击
11
目录
前数字货币时代 数字货币时代 数字货币工作机制
12
数字货币时代
13
基础设施
账簿公开机制 身份与签名机制（公钥加密系统） 成立虚拟矿工组织（挖矿群体） 建立初始账簿（创世块）
可以伪造印章，任何一个人只要扫描一下印章，都可以确认单子的付款人和盖章人 是否一致。
17
收款人确认付款人余额
这个系统到目前还是很有问题。通过保密印章，收款人虽然可以确认付款人确实签 署了这份单子，但是无法自行确认付款人是否有足够的余额支付。之前的中 央虚拟 货币系统中，二狗子负责检查付款人的余额，并通知收款人交易是否有效，现在把 二狗子开了，谁来负责记账和确认每笔交易的有效性呢？
31
虽然每个人的代号是匿名的，但如果泄露了某个
人的代号，账簿又是公开的，岂不是他的所有账
目都查出来了
确实是这样的。例如你要和某人交易，必然要要到他的代号才能填写交易单。因为 收款人一栏要填入那人的代号。不过中本聪说可以提供无限制的保密印章，建议每 一次交易用不同的保密印章，这样查账簿就追查不到同一个人的所有账目了。
数字货币及ICO介绍PPT课件
数字货币及
ICO
讲述人：xxx 时间：xx.xx.xx
数字货币及ICO的起源与现
2
状
3
数字货币及ICO在发展中产生的问题
数字货币及ICO的启
4
示
Part 1. 数字货币的发展历 程
Part 2. ICO的发展历 程
Part 3. 数字货币发展的动因
（1）现代科学技术是发行数字货币的必要条件。 （2）市场需求是发行法定数字货币的重要条件。
Q：为什么现在数字货币的骗局如此多，许多地区仍然要发行法定数字 货币？
最后，数字货币的安全性还有待完善。例如，英国《卫报》就曾报道， 一名男子因为勿扔其存有比特币的硬盘而损失了7500个比特币，此外， 日本最大的比特币交易平台Mt.Gox于2014年3月宣称受到黑客攻击，损 失了超过75万枚比特币，但是市值3,65亿美元。
数字货币的监管现状
为了防范金融风险很多国家都加强了对以比特币为代表的数字货币的监管力度，但各国监管差异很大。
数字货币与虚拟货币互不包含，将数字货币与虚拟货币完全隔裂 没有论证数字货币与虚拟货币的根本区别，说服力不强
数字货币是价值的数字表现形式，与实物货币相对应，泛指所有以 数字形式存在、可以作为支付手段的法定货币和替代货币，是电子货 币、虚拟货币、加密货币的统称。数字货币及 ICO的起源与发展 Nhomakorabea1
数字货币及ICO的发展动因
• 从金融系统的角度来看，依据当前经济运行情况来确定相应的货币供应量，数字货币由本国发 行机构进行适量发行可以有效规避货币供给对金融体系不稳定因素的积聚，实现金融系统的稳健 运行。
• 数字货币可以使没有在金融机构开户的人也能进行非现金支付并且速度快，成本低，因此数字 货币的发展有利于普惠金融，特别是对那些银行业尚不发达的国家来说更是如此。
区块链专业术语中英文对照表
崛起币
encoding/decoding from Base58Check 依据 Base58Check 编码/解码
encrypted
加密
encrypted private keys
加密私钥
Equity Token
权益代币
Ethereum
以太坊
External owned account（EOA）
外有账户
中文 比特币地址与 比特币核心引擎或网络 比特币账目 比特币网络 比特币网络赤字 比特币矿工 混币服务 比特币源码 数字货币许可 比特币改进提议 比特大陆 比特信 币联网 比特股 文件分享 Blake 算法 区块链应用 出块速度 区块散列值 区块头散列值
English
中文
block headers
数字公正服务
digital currency
数字货币
distributed hash table
分布式哈希表
Distributed Autonomous Corporations 自治系统运行环境
Runtime System（DACRS）
Distributed Ledger Technology（DLT） 分布式账簿技术
FEC
向前纠错
field programma blegatearray(FPGA) 现场可编程门阵列(FPGA)
Financial disintermediation
金融脱媒
fintech
金融技术
fork attack
分叉攻击
forks
分叉
fraud proofs
欺诈证明
full nodes
完整节点;全节点
G
generating
数字货币BEC蝴蝶效应项目详解PPT
BEC-去中心化蝴蝶效应动态感知交易平台
Decentralized Butterfly effect dynamic perceived trading platform
历史上最贵的披萨
BEC蝴蝶效 应
-Thebutterflyeffect -
故事还要回到2010 年的5月18 号，我们的主人公Laszlo Hanyecz在比 特币论坛Bitcoin Talk上发帖声称：“ 我可以付一万比特币来购买几个披萨， 大概两个大的就够了，这样我可以吃一个然后留一个明天吃。 你可以自己做 披萨也可以在外面订外卖然后送到我的住址。”他甚至对自己的口味偏好做 了要求：“ 我喜欢洋葱，胡椒，香肠，蘑菇等，不需要奇怪的鱼肉披萨。”
BEC蝴蝶效 应
-Thebutterflyeffect -
什么是蝴蝶效应？
“一只南美洲亚马逊河流域热带雨林中的蝴蝶， 偶尔扇动几下翅膀， 可以在两周以后引起美国得克 萨斯州的一场龙卷风。” 其原因就是蝴蝶扇动翅膀的运动， 导致其身边的空气系统发生变化， 并产生微弱 的气流，而微弱的气流的产生又会引起四周空气或其他系统产生相应的变化，由此引起一个连锁反应，最 终导致其他系统的极大变化。
柯西不等式是由大数学家柯西( Cauchy) 在研究数学分析中的“ 流数”问题时得到的。但从历史 的角度讲，该不等式应当称为Cauchy- Buniakowsky- Schwarz不等式，因为，正是后两位数学家彼 此独立地在积分学中推而广之， 才将这一不等式应用到近乎完善的地步。该不等式有多种形式。
帖子发出之后，有几个感兴趣的论坛朋友确实陆续有一些回复， 除了有 人问地址之外，还有人表示自己在欧洲不知道如何帮Laszlo Hanyecz订美国 的外卖。Laszlo附上了自己在佛罗里达州的地址，并且还有人提示按当时价 格10000 BTC可以换到41 美金，两个披萨可能不划算。经过几天之后，在5 月22 号Laszlo发出了交易成功的炫耀贴，表示已经和一个叫Jercos的哥们完 成了交易，还附上了披萨的图片。
区块链技术在供应链金融中的应用(英文中文双语版优质文档)
区块链技术在供应链金融中的应用（英文中文双语版优质文档）Supply chain finance refers to financial services that provide financial support for enterprises through financing and other means based on the supply chain. In traditional supply chain finance, financing is difficult due to lack of transparency and high intermediary fees. With the development of blockchain technology, it is widely used in supply chain finance, providing new solutions to the problems existing in traditional supply chain finance.1. Status1. Problems of traditional supply chain financeIn traditional supply chain finance, due to problems such as information asymmetry and high credit risk, it is difficult for financial institutions to obtain financing, and it also leads to high financing costs. In addition, there are still problems such as high intermediary fees and complicated operations in traditional supply chain finance.2. Application of blockchain technology in supply chain financeBlockchain technology provides a new solution to the problems existing in traditional supply chain finance through decentralization, openness and transparency. Blockchain technology can make information open, transparent and traceable by establishing a decentralized data exchange platform, and at the same time reduce the credit risk caused by information asymmetry. In addition, blockchain technology can also realize automated credit evaluation and asset transfer through smart contracts, thereby reducing intermediary costs and operational complexity.Two, the future1. Popularization of blockchain technologyIn the future, with the continuous development and popularization of blockchain technology, it will be adopted by more financial institutions and enterprises and become an important technical means of supply chain finance. At the same time, the application of blockchain technology will be further improved and upgraded to make it more applicable to all aspects of supply chain finance.2. Compliance and SecurityIn the future, with the widespread application of blockchain technology in supply chain finance, its compliance and security will also become an important issue. While applying blockchain technology, it is necessary to comply with laws, regulations and regulatory requirements to ensure the compliance and security of transactions.3. Integration with traditional financeIn the future, blockchain technology will be more closely integrated with traditional finance, bringing new changes and opportunities to the financial industry. At the same time, it is also necessary to pay attention to the interoperability and synergy between blockchain technology and traditional finance to ensure the stability and security of the financial system.3. ConclusionIn short, the application of blockchain technology in supply chain finance has brought new changes and opportunities to the financial industry. Through the characteristics of decentralization, openness and transparency, blockchain technology solves the problems existing in traditional supply chain finance, and at the same time reduces financing costs, intermediary fees and operational complexity. In the future, with the continuous development and popularization of blockchain technology, it will become an important technical means of supply chain finance and will be more closely integrated with traditional finance, bringing new opportunities and challenges to the financial industry. We look forward to the future application of blockchain technology to create more value and benefits for the financial industry and enterprises.供应链金融是指以供应链为基础，通过融资等方式，为企业提供资金支持的金融服务。
数字资产Foglink项目_English(英文版)
ChargeSimplicityLow LatencyModulizationEqualityProcess Chronologically Cross chain StructurePrincipleDEFI Collateral Value-Preservation InsuranceChain mallPlatformOptionTradingGameEcosystemCross chainTransactionShoppingGameCasinoRecoveryDigitalCurrencyFNK Game DAPP FNK Casino DAPP FNK Chain Mall2%increase per month in monthly offering2020.8--2021.1（6 Months）2022.2--2024.2（2Years ）2024.2--2027.2（3 Years ）2021.2--2022.1（1 Year ）3%5%2027.2—2031.2（About 4 Years ）1 billion timelines and offering rate, are as follow ：2%10%8%Daily Offering of the 1st Month50% of daily offering are used for coin-holding hash rate, which leaves 16,666 coins will be usedfor referral hash rate.Reverse Multiple Algorithm,H ol di n g s 100100100100100100100100101101999,0009millionRank 11111111991112Maximized Dividend SectionLow Yield SectionIt is a common sense among investors that moreholdings lead to higher yield. Deviated from this common sense, FNK has Low Yield, against holdings, Section and Maximized Dividend Section in which a coin-holder with only 101 FNKs maximizes their dividends. How come this happens?100 coins Rank 1340 FNKs 101 coins Rank 93060 FNKs 999,000 coins Rank 113740 FNKs 9 million coins Rank 124080 FNKsAs a result a person with FNK holdings of 101 reaps 9 times moredividends than a person with FNK holdings of 100 would. In other wordsone more coin in holdings makes a significant difference in yield.4080FNKs 3060 FNKs . 1.3Maximized Dividend Section: Ideal yieldLow Yield Section : High level of holdings, yet relatively Low rank and Low yieldMost Holdings Section : Low holdings, Low rank That is because that Reverse Multiple Algorithm is the best way to promote symbiotic environment and prevent FNK from being controlled by a small number of high net worth individuals or financial capitals.Incentives for Coin-holding AntitrustDisperseHigh NetWorth investors Clear TargetFixed PositioningMinimize entry barrier to increase holdingsOnly with small amounts of holdings, the holder can enter MaximizedAi：hash rate，W：total daily offerings of FNK，m a x:m a x i m u m h o l i d n g ss e c t i o n，P:holdings of othersectionsA BCDE1million100,00015,00080006000Graph Exhibit ofUser A’s referral )FA’s Referral Hash RateC’s Referral Hash Rate∴ C’s dividends are more than double A’sMore than 1 million TPS processedUser USDTRefund and Burn FNK FNKApplied DemandRental Mining Referral DividendIncrease scarcityIncrease FNKvalueCasino Chain MallPayGameAdsVideo Increase FNKvalueSuper nodeSupport top 3 capitalsAltaIR CapitalAllianceBernsteinHendersonMember User SellerIncrease the value management of coinApplicatio ns (cases)Foglink Chain N e x t G e n e r a t i o nB l o c k c h a i n-A p p l i e dP l a t f o r m。
数字货币Crowd1制度详细解读版
Crowd1 奖励制度详解一、套组销售特点：根据自身条件，选择不同身份进入，未来可随时补差额升级。
一次缴费，终身会员，没有后续月费、年费特别提示：以下各项奖金获得需左右区各直接销售一个任意套组二、快速奖（Fear Of Loss Bonus）注册14 天内，销售4 个及以上套组，14 天结束时，公司会发放快速奖，具体如下表：注：如果销售 4 个不同的套组，以最低套组计算奖励特点：人人可以快速回本，甚至快速获利三、双轨奖励（Binary Bonus）奖金计算：以积分新增边与积分留存边的积分比例关系确定奖金，系统自动按照1:1、1:2、1:3 的比例进行匹配，并计算奖励。
举例：假如某会员左侧有留存积分，而右侧没有留存积分，此时右侧新增一个白卡会员（计算90 积分），则：特点：积分永不清零、无惧左右区发展进度的不平衡四、匹配奖（Matching Bonus）根据本人身份、销售套组数量，决定可获得匹配奖的代数。
匹配奖等级本人身份销售套组数量可获匹配奖代数各代奖金比例M1 白卡 4 1 10% M2 黑卡8 2 10%+10% M3 黑卡12 3 10%+10%+10% M4 金卡16 4 10%+10%+10%+10% M5 钛金卡20 5 10%+10%+10%+10%+10% 举例如下（其中，A 推荐B、B 推荐C、C 推荐D、D 推荐E）：特点：快速奖、双轨奖、匹配奖，80%进入收入账户，秒结秒提；10%以现价折算成AffilGO 公司股权，10%以现价折算成Miggster 公司股权。
钛金卡会员双轨奖、匹配奖合计最高周封顶€75,000。
五、职级（Network Levels）公司设立六级十八档的职级晋升体系，如下表：特点：职级只升不降，持续努力即可达成最高级别六、赠送所有者权益三种方式获得所有者权益：1.购买套组或升级套组，获得所有者权益（参见“套组销售表”）；2.取得快速奖、双轨奖和匹配奖时，奖励的20%折算成A 公司和M 公司的所有者权益；3.根据对公司贡献（本人身份、销售套组数量和加入后公司新增全球会员人数）每周四获赠所有者权益（Steamline Bonus），以现价折算为A 公司和M 公司的所有者权益数，具体金额如下表（单位：€）：注：M 公司计划在2020 年年底前上线，届时，公司将不再赠送A 公司的所有者权益。
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FNK, an abbreviation for Foglink Chain, is a next generation distribution Blockchain system. FNK adopted sharding, sidechain, and State channel mechanism, which were strengths of Bitcoin and Ethereum, to have addressed the existing challenges MainNet faces such as none-scalability, congested transactions, and expensive mining cost. FNK provides a transparent and open environment which allows users to enjoy its service free of charge and it built a Blockchain system to process 1 million TPS. In addition, diverse kinds of services are provided to users, which include coin offering, payment, game, casino, DAPP, IoT, streaming media, AI. FNK has a lot of promises with a rarity to embody the ecological value of Foglink Chain. Users and investors who contribute to MainNet ecosystem will be rewarded with FNK’s incentives.
3 Ma jor Core Technologies (Architect ure)
Sharding Technology ( sharding )
Parallel computing boosts efficiency, which reduces record data in all nodes.
Applications of Foglink Chain’s Eco System
DEFI Collateral
ValuePreservatio n Insurance
Chain mall Platform
Option Trading
Game Ecosystem
Cross chain Transaction
Introduction of Tech Team
Foglink’s Tech team consists of tech experts from Singaporean companies such as Money Taker, Carbank, and Cobalt. Foglink was launched through the federation of different foundations. We, Foglink, will use modern science to build an advanced egalitarian civilization which would ensure free and secured flow of wealth. With new flow of wealth, we will share the benefits with many people.
FNK’s Eco Principles
Free of Charge
Simplicity
Modulization
Common-Sense Principle
Low Latency
Cross chain Structure
Equality
Multi-User Support
Process Chronologically
Issuance period：10 year Issuance Schedule：Initial Phase – 10 million coins in offering
The remaining 900.009 million(900,009,000) coins – In offering for the following 5 rounds Later Phase- 2% increase per month in monthly offering ∴ A total of 1 billion coins will be issued for the span
Shopping mall
Game
Digital Currency
Recovery
Media Casino
FNK Game DAPP
FNK Casino DAPP
FNK Chain Mall
Coin Name：FNK Consensus Algorithm：DPOS Total offerings：1 billion coins
Plasma
Computation occurs on Branch Chain and only final results get recorded onto MainNet, which increte Channel Mechanism
State channel mechanism has the same principle as Bitcoin’s lightening network, which improves transaction speed by a large margin. It offloads and scales up Blockchain simultaneously.