区块链快速参考（一）

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原文：

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协议：CC BY-NC-SA 4.0

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这是 区块链快速参考，一本旨在全方位介绍新手进入区块链世界的书籍。它带你进入令人激动的区块链技术世界，旨在为那些希望完善其对区块链生态系统各支柱的现有知识的人提供帮助。

This is block chain quick reference xff0c > ; a book designed to provide a full view of newcomers entering the block chain world. It takes you into the exciting block chain technology world xff0c. It aims to help those who want to improve their existing knowledge of the pillars of the block chain ecosystem.

本书是你学习如何应用原则和理念以改善生活和业务的不二选择。在研究它们如何工作之前，你将涵盖架构、首次代币发行（ICO）、代币、智能合约和术语。开始学习区块链技术只需有一颗好奇心。一旦你掌握了基础知识，你将探索以太坊的组成部分，比如以太代币、交易和智能合约，以构建简单的 Dapp。接下来，你将学习为什么 Solidity 特别用于基于以太坊的项目，然后通过易学的例子探索不同类型的区块链。所有这些都将帮助你应对挑战和问题。此外，你还将学习区块链是如何在物联网和机器学习方面进行革新，以及它如何影响业务流程。

This book is about how you learn how to apply principles and concepts to improve life and business. Before you study how they work, ， you will cover architecture, & #xff08; ICO & #xff09;, tokens, smart contracts and terminology. Learning about block-chain technology requires only one curiosity. Once you have the basic knowledge & xff0c; you will explore the components of the talisman xff0c; xff0c ; xff0c ; building simple Dapps. xff0c; then you will learn why Solidity is specifically used for tele-project #xff0c; and then explore different types of district chains through easy-to-learning examples. All this will help you to address challenges and problems.

在本书的结尾，你不仅将解决与区块链技术相关的当前和未来的问题，而且还能够构建高效的去中心化应用程序。

At the end of this book xff0c; you will not only solve current and future problems related to block chain technology xff0c; you will also be able to build efficient decentralised applications.

本书是为那些对区块链感兴趣，但在这个领域的突然爆炸性增长所感到不知所措的人而写的。区块链技术不再仅限于比特币，已经渗透到许多领域和大量不同的技术中。这本书主要面向希望了解该技术、它是如何工作的、目前市面上的主要区块链类型以及在组织中使用它或计划发行 ICO 时能得到一些帮助的商务人士。

This book is written for those interested in the block chain xff0c; but this is an area in which the sudden explosive growth is felt. The block chain technology is no longer limited to bitcoin xff0c; it is already permeating in many fields and many different technologies. The book is aimed primarily at businessmen who want to know how the technology works, the type of main block chain on the market today, and who can get some help when the organization uses it or plans to issue ICO.

本书主要面向考虑使用基于区块链的项目的商务用户和开发人员。本书将帮助你对当前的区块链世界有所了解，介绍主要的软件项目和软件包，并介绍了当前影响该领域的一些法律背景。

The book is intended primarily for business users and developers considering projects based on block chains. It will help you to understand the current block chain world xff0c; introduce major software projects and packages xff0c; and present some of the current legal contexts that affect this area.

第一章, 区块链 101，解释了什么是区块链技术以及它们如何工作。我们还介绍了分布式分类账的概念。

Chapter I, block chain 101， explains what block chain technology is and how they work. We also describe the concept of distributed ledgers.

第二章, 区块链的组件和结构，深入了解了区块链的技术基础，并探究了一个区块是什么以及链是如何创建的。

Chapter II, The components and structure of the block chain & #xff0c; provides an in-depth understanding of the technical basis of the block chain xff0c; and explores what a block is and how the chain was created.

第三章, 去中心化与分布式系统，涵盖了不同类型的去中心化和分布式系统，并介绍了它们之间经常被忽视的区别。

Chapter III, decentralised and distributed systems & #xff0c; covered different types of decentralized and distributed systems xff0c; and described often overlooked differences between them.

第四章，加密学和区块链原理，探讨了对所有区块链正常运行至关重要的加密系统基础知识。

Chapter IV & #xff0c; encryption and block chain principles & #xff0c; explores the basics of encryption systems that are essential for the proper functioning of all block chains.

第五章，比特币，深入研究了比特币，第一个区块链，以及其具体的机制。

Chapter V xff0c; bitcoin xff0c; in-depth study of Bitcoinxff0c; first block chain xff0c; and its specific mechanisms.

第六章，山寨币，介绍了在过去几年中备受欢迎的主要非比特币加密货币项目。

Chapter VI & #xff0c; & #xff0c > describes the major non-bitcoin encrypted currency projects that have been popular over the past few years.

第七章，达成共识，探讨了区块链帮助实现共识的不同方式。这是区块链行为中最重要的方面之一。

Chapter 7 & #xff0c; reached consensus & #xff0c; explored different ways in which block chains can help achieve consensus. This is one of the most important aspects of block chain behaviour.

第八章，高级区块链概念，详述了区块链技术、隐私和匿名性之间的相互作用，以及区块链技术的一些法律副作用。

Chapter 8 & #xff0c; advanced block chain concept & #xff0c; details of interactions between block chain technology, privacy and anonymity & #xff0c; and some legal side effects of block chain technology.

第九章，加密货币钱包，介绍了用于保管加密货币安全的不同钱包解决方案。

Chapter IX xff0c; encrypt currency wallet xff0c; different wallet solutions to keep encrypted currency secure are presented.

第十章，备选区块链，检查了像 Tendermint 和 Graphene 等区块链创建技术，以及其他非货币类区块链技术。

Chapter X & #xff0c; optional block chain & #xff0c; examined block chain creation technology such as Tendermint and Graphene & #xff0c; and other non-monetary block chain technology.

第十一章，Hyperledger 和企业级区块链，检视了面向企业和公司使用的 Hyperledger 分布式账本技术系列。

Chapter XI xff0c; Hyperledger and enterprise block chains， reviewed the Hyperledger Distributed Books Technical Series for use by businesses and companies.

第十二章，以太坊 101，深入了解如今第二大主导区块链技术——以太坊。

Chapter XII xff0c; Etheria 101& #xff0c; in-depth knowledge of the second leading block chain technology today — Ether.

第十三章，Solidity 101，介绍了以太坊编程语言 Solidity 的基础知识。

Chapter XIII & #xff0c; Solidity 101 & #xff0c; presentation of basic knowledge in the user-programmed language of Solidity.

第十四章，智能合约，介绍了不同区块链技术不同方式实现的智能合约。

Chapter 14 & #xff0c; smart contracts & #xff0c > describes smart contracts that are realized in different ways by different block chain technologies.

第十五章，以太坊开发，介绍了为以太坊区块链编写应用程序。

Chapter XV & #xff0c; Etheria Development & #xff0c; presentation on the development of applications for Etheria block chains.

第十六章，以太坊账户和以太币代币，本章将探讨以太坊账户的机制，以及以太坊系统中的代币。

Chapter XVI & #xff0c; in the Taiwan account and & #xff0c in the Taiye account; this chapter will explore the mechanism of #xff0c in the Taiye account; and the currency in the Taiyepan system.

第十七章，去中心化应用，全面讨论了去中心化应用，包括那些独立于区块链操作或与区块链技术协同的应用。

Chapter XVII xff0c; decentralisation application xff0c; comprehensive discussion of decentralization application xff0c; including those applications that operate independently of or in synergy with block chain technology.

第十八章，挖矿，讲解了区块链挖矿以及如何用于保护区块链安全，挖矿中使用的不同类型硬件以及相关的不同协议。

Chapter XVIII & #xff0c; dig & #xff0c; explain how block chains are mined and how they are used to secure protected area blocks & #xff0c; different types of hardware used in mining and related different agreements.

第十九章，ICO 101，讲解了如何发行首次代币发售或首次代币提供的基础知识。

Chapter XIX & #xff0c; ICO 101 & #xff0c; explains the basic knowledge of how to issue the first currency for sale or the first for sale.

第二十章，创建你自己的货币，我们将介绍如何创建基于区块链的加密数字货币。

Chapter XX xff0c; creates your own currency xff0c; we will talk about how to create an encrypted digital currency based on block chains.

第二十一章，扩展性和其他挑战，涵盖了当前区块链技术所面临的困难和限制。

Chapter XXI xff0c; extensions and other challenges & #xff0c; covers the difficulties and constraints faced by current block chain technology.

第二十二章，区块链的未来，我们将从技术、法律和社会等方面探讨行业可能的未来发展。

Chapter XXII xff0c; The future of the block chain xff0c; we will explore possible future developments in the industry in terms of technical, legal and social aspects.

1. 摆脱炒作，真正试图理解区块链的功用和局限性。

   Get rid of #xff0c; real attempt to understand the utility and limitations of block chains.

2. 查看所提及的项目，并看看哪些适用于你的计划。你可能会省下很多工作。

   Look at the items mentioned & #xff0c; see what works for you. You might save a lot of work.

3. 思考去中心化如何可能帮助或阻碍你的目标。

   Thinking about how decentralizing might help or hinder your goal.

你可以从 www.packtpub.com 的账户下载本书的示例代码文件。如果你在其他地方购买了这本书，你可以访问 www.packtpub.com/support 并注册，文件将会直接通过邮件发送给你。

You can download an example code file for this book from www.packtpub.com. If you purchase this book somewhere else xff0c; you can visit www.packtpub.com/support and register xff0c; documents will be sent directly to you via e-mail.

1. 在 www.packtpub.com 登录或注册。

   Login or registration at www.packtpub.com.

2. 选择“支持”选项卡。

   Select the Support tab.

3. 点击“代码下载 & 补正”。

   Click on " Code Download & Correct ".

4. 在搜索框中输入书名，然后按照屏幕上的指示操作。

   Enter the name & #xff0c in the search box; and then follow the instructions on the screen.

文件下载完成后，请确保使用最新版本的解压软件解压文件夹：

xff0c after the file download has been completed; please ensure that the latest version of the decompression software is used to depress folder xff1a;

• WinRAR/7-Zip 适用于 Windows

  WinAR/7-Zip for Windows

• Zipeg/iZip/UnRarX 适用于 Mac

  Zipeg/iZip/UnRarX for Mac

• 7-Zip/PeaZip 适用于 Linux

  7-Zip/ PeaZip for Linux

本书的代码包也托管在 GitHub 上，链接为 。如果代码有更新，它将会在现有的 GitHub 仓库上进行更新。

The code package for this book is also hosted on GitHub & #xff0c; the link is . If the code is updated xff0c; it will be updated on the existing GitHub warehouse.

我们还有来自我们丰富书籍和视频目录的其他代码包可用，链接为****。快去看看吧！

We also have other code packages from our rich books and video catalogues available at xff0c; links to **. Go and see xff01;

在科技界，隐私问题被频繁讨论，特别是现在社交媒体高管不情愿地穿上西装，在美国参议院委员会面前作证。

In the scientific community & #xff0c; privacy issues are frequently discussed & #xff0c; especially now social media executives are reluctant to wear suits & #xff0c; testify before the United States Senate Committee.

同时，虽然区块链的支持者很高兴看到这项技术促进人类福利并分散资金转移，但考虑到所有交易都在链上公开，用户是否真正能够保持隐私是个值得关注的问题。

At the same time xff0c; while supporters of the block chain are pleased to see this technology contributing to human welfare and dispersing financial transfers xff0c; considering that all transactions are open on the chain xff0c; and whether users are truly able to maintain privacy is a matter of concern.

本章将涵盖以下主题：

This chapter will cover the following themes xff1a;

• 区块链作为公司治理工具

  Block chains as corporate governance tools

  • 未受银行监管的公司

    Companies not regulated by banks

  • 去中心化自治组织（DAO）

    Decentralizing Autonomous Organizations & #xff08; DAO& #xff09;

• 区块链的社会用途

  Social uses of block chains

• 在区块链的社会目的背景下的隐私问题

  Privacy in the context of the social purpose of the block chain

• 零知识加密系统作为解决隐私问题的方案

  Zero-knowledge encryption as a solution to privacy issues

在加密货币生态系统中，隐私迫切需要。加密货币可以帮助发展中国家的人们摆脱贫困，并通过增加资金转移来推动经济——或者它们也可能成为压迫性政权追踪每笔交易的工具，并提供更多机会指控无辜者犯错。

In an encrypted monetary ecosystem xff0c; privacy imperatives. Encrypted money can help people out of poverty xff0c; boost economies by increasing financial transfers — or they can become tools for oppressive regimes to track every transaction xff0c; and provide more opportunities to accuse innocent people of making mistakes.

区块链技术对具有反权威倾向的人们有明显的吸引力。美国许多人对银行系统心怀不满。30 年代，联邦住房管理局负责为抵押贷款提供保险，该机构绘制了它愿意开展业务的地区地图，排除了贫困和少数民族社区。这种做法持续了一代人，对许多美国城市的核心产生了毁灭性的影响，破坏了数千亿美元的财富。

Block chain technology has a clear appeal to people with anti-authoritarian tendencies. Many people in the United States are dissatisfied with the banking system. 30s & #xff0c; Federal Housing Authority, which is responsible for providing insurance for mortgages & #xff0c; the agency, which has created a regional map of its willingness to operate & #xff0c; and the exclusion of poor and minority communities. This practice continues for a generation & #xff0c; has a devastating impact on the core of many American cities & #xff0c; and has destroyed hundreds of billions of dollars of wealth.

最近，2008 年全球金融危机源于对未来衍生品和不正当借贷行为的投机，导致房地产价格暴涨（然后暴跌）。

Most recently xff0c; the 2008 global financial crisis stemmed from speculation about future derivatives and illegitimate lending xff0c; led to a surge in real estate prices xff08; and then a sharp drop xff09;

一些法规是针对这些不当行为而制定的，但与 20 世纪 80 年代的储蓄和贷款危机不同，几乎没有人因此面临刑事处罚。从那时起，许多竞选公职的候选人都批评了银行家（获得了政府救助）相对于被指控对社会犯罪的其他人的待遇不公，例如低级毒品犯罪者。

A number of regulations have been developed to address these malpractices; but unlike the savings and loan crisis of the 1980s xff0c; almost no one has faced criminal punishment as a result. Since then xff0c; many candidates running for public office have criticized bankers xff08; received government aid xff09; treated unfairly against others accused of crimes against society xff0c; for example, low-level drug offenders.

从不那么政治化的角度来看，广泛存在对银行和支付解决方案的不满。任何在国外居住一段时间的人都会发现很难获取他们的钱。任何旅行的人都会遇到信用卡或借记卡因欺诈警告而被冻结。要为没有国内办事处的新企业开设银行账户？祝你好运。为了增加难度，试试从这个新公司银行账户发国际电汇。

From a less politicized perspective, xff0c; there is widespread dissatisfaction with banks and payment solutions. Any person who has lived abroad for some time will find it difficult to obtain their money. Any person travelling will have a credit card or debit card frozen for a fraud warning. Good luck with opening a bank account for a new enterprise without a domestic office xff1f. To make it more difficult xff0c; try to send an international wire transfer from this new company's bank account.

虽然很容易说银行业还没有赶上时代，但这并不完全正确。建立一家商业银行账户比以往更加困难。因此，一些初创公司选择不办理银行业务，包括本书几位作者合作的一些公司。这种方法在管理费用方面具有一些优势（没有银行费用、没有无休止的声明和披露、没有因欺诈警报而封锁支付卡用户），但也存在风险，正如我们将在随后的章节中看到，不办理银行业务将需要一些发展才能成为可行的替代方案。

It is easy to say that the banking sector has not yet caught up with the times xff0c; this is not entirely correct. It is more difficult than ever to build a commercial bank account. So xff0c; some start-up companies choose not to do banking xff0c; some companies, including several authors of this book. This approach has some advantages in running costs xff08; there are no bank charges, no endless statements and disclosures, no blocking of paying card users for fraud alarms xff09; xff0c; there are also risks xff0c; as we will see in subsequent chapters xff0c; non-run banking will require some development to be a viable alternative.

把一个纯加密公司视为银行业问题的解决方案似乎是自然的 - 为什么不只运行一个完全由比特币或以太坊组成的实体？正如我们将看到的，大多数解决方案涉及无法接受的不确定性水平。

It seems natural to think of a pure encryption company as a solution to the banking problem - why not just run an entity composed entirely of Bitcoin or Ethio?#xff1f; as we will see xff0c; most solutions involve unacceptable levels of uncertainty.

支付某些费用所需的法定货币是重要的 - 企业最终的大部分支出不会基于比特币或以太坊的价格，而是基于这两种货币其中一种或两种兑美元或欧元的价格。在你能够用加密货币支付电力和食物之前，加密货币对美元或欧元的价格变得无关紧要几乎是不可能的。

The legal currency required to pay some of the costs is important - the bulk of the enterprise’s eventual expenditure will not be based on bitcoin or on taupuleg prices xff0c; it will be based on one or both of these currencies to the United States dollar or the euro. xff0c will be virtually impossible until you can pay for electricity and food in an encrypted currency; it will become irrelevant to the price of the dollar or the euro.

有些人认为发展所谓的稳定币可以解决这个问题。可以使用各种机制来确保资产的买入或售出压力，例如后盾在价值低于承诺价值时回购代币。然而，一个更简单一些的解决方案可能是以主权政府发行的货币为基准的代币。

Some argue that the development of the so-called `strong' stable currency

固定汇率是一种特定类型的固定汇率制度，发行国断言其货币价值取决于另一种货币，理想情况下愿意用其货币兑换另一种货币。

A fixed exchange rate is a specific type of fixed exchange rate regime xff0c; the issuing country asserts that its monetary value depends on another currency xff0c; ideally, it is willing to exchange its currency for another currency.

经济学家往往不赞成谈论固定汇率。1994 年墨西哥的所谓龙舌兰危机就是一个货币被高估的著名例子。墨西哥政府发行的以墨西哥比索计价的债券可兑换成美元，汇率约为 1 美元兑换 3 比索。很少有人相信墨西哥比索价值那么高。最终，做空（借比索抛售以获取美元）和资本外逃（投资者抛售其比索资产）导致比索价值急剧下跌，随后造成了严重的衰退。

Mexico’s so-called ‘strong’ Tequila crisis of 1994 was a well-known example of overvalued currencies. The Mexican government issued bonds denominated in Mexican pesos convertible to US dollars xff0c; the exchange rate was about US$ 1.00 to 3. Few people believed that the value of Mexican pesos was so high. Eventually xff0c; empty xff08; sold the peso to get US dollars xff09; and capital flight xff08; investors sold their peso assets xff09; led to a sharp drop in the value of the peso xff0c; and subsequently to a severe recession.

墨西哥央行试图通过提高利率控制通货膨胀。与美国和欧洲大陆不同，墨西哥许多抵押贷款是浮动利率的，这意味着房主付款中的利息占比大幅上升，从而导致许多情况下违约和被收回。

The Central Bank of Mexico is trying to contain inflation by raising interest rates. Unlike the US and the European continent, many mortgages in Mexico are xff0c with floating interest rates; this means that the interest share of homeowners’ payments has risen significantly xff0c; this has led to defaults and recoveries in many cases.

一些国家，例如柬埔寨，尽管存在这些缺点，仍然继续使用固定汇率，但难以找到其他被广泛认为是一个糟糕主意的事情。

Some countries xff0c; e.g. Cambodia xff0c; despite these shortcomings xff0c; continue to use fixed exchange rates xff0c; but it is difficult to find other things that are widely considered to be a bad idea.

尝试将加密货币与美元挂钩的努力不可避免地在加密货币中筹集资金，然后使用它来购买主权债务。断言是，代币的一个单位等于一美元，或一美元的某个分数。代币由发行者持有的债务支持，在理论上，发行者能够通过漂浮赚钱。

Attempts to peg cryptographic currency to the dollar inevitably raise funds in encrypted currency xff0c; then use it to purchase sovereign debt. The assertion is xff0c; a unit of a token is equal to a dollar xff0c; or a fraction of a dollar. The intergenerational currency is held by the issuer to support xff0c; in theory xff0c; the issuer is able to make money by floating.

如果发行者试图最小化风险，仅购买 1-3%的国债，嗯，数十亿美元的 1-3%可能足以支付你的员工。商业模式非常简单。PayPal 著名地也试图免费，并用浮动资金支付所有开支，但并未成功。

If the issuer tries to minimize the risks & #xff0c; buys only 1-3% of the national debt & #xff0c; xff0c; xff0c; billions of dollars 1-3% may be enough to pay your employees. The business model is simple. PayPal also famously tries to pay free of charge xff0c; and uses floating funds to cover all expenses xff0c; but it does not succeed.

最著名的稳定币尝试是泰达币（代码：USDT），其价格围绕 1 美元左右。泰达币聘请了纽约会计事务所 Friedman LLP，并承诺进行定期审计。这些审计没有出现，而 Friedman（可能是出于对委托方利益的尊重）没有发表任何关于泰达币每个单位是否由现金或等值现金支持的声明。

The most famous attempt to stabilize the currency is the Thai currency & #xff08; code & #xff1a; USDT） & #xff0c; the price is around US$ 1. Tedan hired a New York accounting firm, Friedman LLP， and committed to a regular audit. These audits did not appear xff0c; Friedman（ possibly out of respect for the interests of the client & #xff09; no statement was made as to whether each unit of Thai currency was supported by cash or its equivalent.

这种性质的固定汇率在加密空间中有点奇怪；最终，这种交易的基础是信任。这几乎与无信任、去中心化生态系统的概念相对立；但存在替代方案。

The fixed exchange rate of this nature is somewhat strange in encryption space xff1b; ultimately xff0c; the basis for this transaction is trust. This is almost against the concept of untrustworthy decentralized ecosystems xff1b; but there are alternatives.

未来，相对于美元或欧元的汇率风险可能将由金融期权而不是稳定币来管理——这些是为用户提供购买或出售资产的权利，但不是义务。希望管理风险的用户将支付略微溢价来购买针对他们的加密货币头寸的保护性 put。

Future xff0c; exchange rate risks against the United States dollar or the euro may be managed by financial options rather than stable currencies - these are rights that provide users with the right to buy or sell assets xff0c; they are not obligations. Users wishing to manage risks will pay a small premium to purchase protective positions for their encrypted currency position.

Put 是以特定价格出售资产的权利。保护性 put 是针对你已经拥有的资产购买的 put，价格低于现在的价值。如果资产的价格跌破行权价格（即期权可以执行的价格），则该期权可用于为基础资产获得更高的价格。

Put is the right to sell the asset at a given price. Protective put is a put， for assets you already own; the price is lower than the current value. If the price of the asset falls below the right price & #xff08; the right to an immediate option is enforceable xff09; xff0c; the right can be used to obtain a higher price for the underlying asset.

现有交易所的问题在于，在发生问题时没有强制执行期权的机制。传统上，大宗商品被认为是最具风险的投资形式。你可以以 20:1 的杠杆交易，并且如果市场走向相反方向，你只有 5%的保证金要求！要么投入更多资金，要么全部损失。

The problem with the existing exchange is xff0c; there is no mechanism to enforce options in the event of problems. Traditionally xff0c; bulk commodities are considered the most risky form of investment. You can use 20:1 leverage xff0c; and if the market goes in the opposite direction xff0c; you have only 5% bond requirement xff01; either more money is invested xff0c; or all is lost.

至少就商品而言，如果生产者未能交付其小麦、大豆或石油的合同，交易所将承担责任。期权将需要通过托管（交易所持有写有期权的加密货币）或其他机制强制执行。购买针对其他人本地钱包中持有的以太币的期权将具有所谓的对手方风险，即市场朝相反方向走时，其他一方无法达到预期的风险。

At least in the case of commodities xff0c; where the producer fails to deliver its wheat, soybeans or oil xff0c; where the exchange takes responsibility. The options will need to be enforced through the hosting xff08; where the exchange holds an encrypted currency with options xff09; or other mechanisms. The purchase of options in xff0c for other people’s local wallets will have so-called counterparty risks xff0c; that is, when the market moves in the opposite direction xff0c; where the other party is unable to meet the expected risks.

其他合同，比如期货和期货协议，也存在交易对手风险，可能未来，与其依赖 Tether 或 bit USD 来处理我们的法币对冲，我们会有受监管的交易所，其中有加密货币或现金托管准备支付，如果事情进展不如人意。

Other contracts xff0c; e.g. futures and futures agreements xff0c; counterparty risk xff0c; possible future xff0c; treating our French currency hedges xff0c instead of relying on Teth or bit USD; we have a regulated exchange xff0c; there are encoded currency or cash trustees ready to pay xff0c; and if things progress less than expected.

宇宙趋向于最大的讽刺——人们想要宣称d 操烂正规d 并摆脱主权货币，但多数人同意政府有合法权益来保护人们免受欺诈和暴力。

The universe turns to the greatest irony -- people want to claim that d fucks the formal d and escapes from the sovereign currency #xff0c; but most people agree that governments have a legitimate right to protect people from fraud and violence.

加密货币的无信任性质在交易点失败。如果你想将一种加密货币兑换为另一种，这笔交易经常需要你信任交易所。同样，如果你希望另一方执行一项可能让他们损失金钱的交易，那么另一方要么需要你熟悉他们，这样你就可以在法庭上寻求补救，要么法律需要交易所承担支付索赔的责任。

The untrustworthy nature of encrypted money fails at the point of transaction. If you want to convert an encrypted currency into another xff0c; this transaction often requires you to trust the exchange. The same goes for xff0c; if you want the other side to execute a transaction that could cost them money xff0c; then the other side either needs you to be familiar with them xff0c; then you can seek redress in court xff0c; or the law requires the exchange to assume responsibility for paying the claim.

最有可能的结果是，在美国，证券交易委员会或商品期货交易委员会将开始批准交易所，并且交易所将有一定的流动性要求。这将使无银行公司成为一个较不太风险的选择。

The most likely outcomes are xff0c; xff0c in the United States; the Securities and Exchange Commission or the Commodity Futures Committee will begin to approve the exchange xff0c; and the exchange will have certain liquidity requirements. This will make no-banking a less risky option.

我们已经确立了一个没有银行账户的公司是可能的（而且也是合法的——在许多司法管辖区没有具体要求法律实体必须拥有银行账户）。但是没有法律结构的组织，或者拥有高度非传统的法律结构又该如何？

We have established that a company without a bank account is possible xff08; it is also legal — in many jurisdictions there is no specific requirement that legal entities must own a bank account xff09; but there is no legal structure xff0c; or how to have a highly non-traditional legal structure xff1f;

任何考虑投资于没有法律实体的组织或资产的人都应该非常谨慎，因为假设是你的个人资产处于危险之中。一般来说，人们使用实体来保护他们的个人资产并获得某种组织或税收优惠。

Anyone who considers investing in organizations or assets without legal entities should be very careful xff0c; because it assumes that your personal assets are in danger. xff0c in general; people use entities to protect their personal assets and receive some sort of organizational or tax benefit.

没有实体，组织可能没有有限责任，法律可能选择将所有者视为合伙人。就责任而言，没有实体的合伙关系可能是你能要求的最糟糕的对待方式。这在普通法司法管辖区（拥有有限责任公司、合伙有限公司、公司、信托、基金会和其他形式）和民法司法管辖区（拥有类似形式，如卢森堡的 SARL，德国的 GmbH 和法国的 SA 等）都成立。

No entity xff0c; the organization may not have limited liability xff0c; the law may choose to consider the owner as a partner. xff0c in terms of liability; no entity partnership may be the worst way of treatment you can ask for. This is found in common law jurisdictions xff08; with limited liability companies, partnerships, corporations, trusts, foundations and other forms xff09; and civil law jurisdictions xff08; with similar forms xff0c; for example, in Luxembourg SARLxff0c; in Germany GmbH and in France SA xff09;

根据美国法律，合伙人的成员可对合伙关系的违法行为承担连带和有分别责任。参与加密实体的人，即使只是一点点，也没有公司或其他实体可以承受损失并陷入困境，如果其他人对它提出索赔。

Under US law xff0c; a member of a partnership may be jointly and severally liable for a partnership violation. xff0c; even a little xff0c; no company or other entity can bear the loss and be in trouble xff0c; if others claim against it.

有限责任就是这样的——你的责任仅限于你的投资，组织通常区分被动参与实体的人（有限合伙人或股东）和积极参与的人（普通合伙人或官员）。

This is the case with limited liability — your responsibility is limited to your investment xff0c; the organization usually distinguishes between persons who are passive participants in the entity xff08; limited partners or shareholders xff09; and active participants xff08; ordinary partners or officials xff09;

有限责任不会保护组织成员免受刑事责任的追究。如果一家公司的高管对股东或公众实施欺诈行为，有限责任也不能保护他们。

Limited liability does not protect the organization’s members from criminal liability.

需要极度谨慎地考虑任何加密项目的运作是否合法，到目前为止，监管行动主要关注的是欺诈性筹资活动，而不是投资者参与一家欺诈公众的组织。这并不意味着投资者是安全的。

Consider with great care the legality of the operation of any encryption project xff0c; xff0c to date; regulatory action focused mainly on fraudulent financing xff0c; not on the involvement of investors in a fraudulent public organization. This does not mean that investors are safe.

考虑是否能确定管理团队的身份（例如，你是否至少能查看某人的领英资料并确认他们的存在？），以及实体是否可辨认（你能找到公司声称注册的司法管辖区吗，以便我可以核实其是否真实存在？）。

Consider whether it is possible to determine the identity of the management team xff08; e.g. xff0c; whether you can at least check someone's profile and confirm their existence xff1f; xff09; xff0c; and whether the entity can identify xff08; can you find the jurisdiction where the company claims to be registered xff0c; so that I can verify whether it exists xff1f; xff09;

去中心化自治组织（DAO）是一种试图建立的非银行实体，尽管没有组成公司。它组织为瑞士 SARL，筹集了大约 1150 万以太币。DAO 应该是一个基于智能合约运行的基金，并且将向以生产性方式使用资金的实体提供贷款。

To centralize the autonomous organization xff08; DAOxff09; a non-banking entity xff0c; although it does not form a company. It is organized for Switzerland SARL， raised approximately 11.5 million NT. DAO should be a fund based on smart contracts xff0c; and will provide loans to entities that use funds in a productive manner.

DAO 的理念是投资者将对所有决策进行投票，并且完全使用智能合约进行治理，以造福投资者，这样可以消除任何董事或经理可能存在的不正当激励。所有决策都将符合投资者的利益。

DAO’s idea is that investors will vote on all decisions xff0c; that smart contracts will govern xff0c; that they will benefit investors xff0c; and that this will eliminate the perverse incentives that any director or manager may have. All decisions will be in the investor’s interest.

DAO 的一个智能合约中的一系列漏洞使恶意黑客窃取了价值 5000 万美元的以太币，相当于 DAO 资金的三分之一。

A series of loopholes in a DAO smart contract has enabled malignant hackers to steal $50 million in Ether & #xff0c; equivalent to one third of DAO funds.

DAO 在 2016 年底被主要交易所下市，这也就是它的结束。为了取回资金，以太坊区块链经历了一次备受争议的硬分叉。

DAO was under the main exchange at the end of 2016 xff0c; this is the end of it. In order to recover the money xff0c; the Etheria block chain experienced a controversial hard split.

以太坊社区的一派人士反对对 DAO 的资金进行退款，声称硬分叉违反了不可变性原则和“法律即代码”的概念，即用户应该遵守的原则。这导致了以太坊经典的诞生。

A faction of the community opposed refunds of DAO funds xff0c; claimed that hard splits violated the principle of non-transformation and the concept of “law is code” xff0c; i.e. the principle that users should follow. This led to the birth of the Etherian classic.

下市约一年后，美国证券交易委员会表示，筹资行为很可能违反了美国证券法，尽管它拒绝对 DAO 采取行动。没有人受到刑事处罚。

About a year later, xff0c; US Securities and Exchange Commission says xff0c; fund-raising is likely to violate US Securities Act xff0c; despite its refusal to take action against DAO. No one has been criminally punished.

这很可能是专业管理人员被移除出组织运营流程的第一个实例。消除企业董事会和董事的中间层，并允许利益相关者直接发言似乎是个好主意，至少在表面上是这样的。区块链提供了各种共识机制，如股权证明和委托股权证明（在上一章中更详细地讨论），这些机制非常适合解决这类问题，而且智能合约提供了无限的可能性。

This is likely to be the first example of professional managers being removed from the organization’s business processes. Eliminating the middle & #xff0c of corporate boards and directors; and allowing stakeholders to speak directly seems a good idea & #xff0c; at least on the face of it. Block chains provide various consensus mechanisms & #xff0c; e.g. certificates of equity and trust & #xff08; discussing xff09 in more detail in the previous chapter; xff0c; these mechanisms are well suited to address such issues xff0c; and smart contracts offer unlimited possibilities.

通过智能合约来管理一个组织的可能性仍然存在。该组织很可能仍需要一个或多个董事来执行用户的指示，并承担运营组织的职责。DAO 声称零员工，这在某种程度上可能是真的。考虑到它实际上已经消失了，现在确实是零。

The possibility of managing an organization through smart contracts still exists. The organization will probably still need one or more directors to execute user instructions xff0c; and assume the responsibility of running the organization. DAO claims zero employees xff0c; this may be true to some extent. Considering that it has actually disappeared xff0c; it is now zero.

要使一个去中心化资产组织合法，一个好的起点是让它拥有一个法律实体，正如先前建议的那样——为投资者提供有限责任。为了筹集资金，它最好承认自己是一个证券发行，而不是声称自己是一个实用令牌。然后，该发行需要向适当的监管机构注册为证券，或者申请豁免。

To make a decentralized asset organization xff0c legal; a good starting point is to give it a legal entity xff0c; as previously suggested xff0c; provide limited liability to investors. To raise funds xff0c; it is better to admit that it is a securities issue xff0c; rather than claim that it is a practical token. xff0c; the issuance requires registration as a security xff0c; or an exemption.

像 DAO 这样的发行的许多法律问题也许可以通过遵守形式来避免——一个代币作为证券并没有固有的问题，除了要开始，我们可能应该承认，大多数人在投机性购买的代币实际上是证券。

Many legal issues of issuance such as DAO may be avoided through compliance — there is no inherent problem with a token as a security xff0c; apart from starting xff0c; we may have to recognize xff0c; and the currency that most people purchase speculatively is actually a security.

在美国进行 506? 规则下的发行允许在认可投资者之间进行无限筹款，并且允许一般征求意见——你可以宣传你的发行。如果你想在除认可投资者之外的投资者中筹集资金，你可以通过另一种豁免方式，即 Reg A+，尽管存在某些限制和大量的成本。

The rules allow unlimited fund-raising between recognized investors xff0c; and allow general consultation – you can promote your distribution. If you want to raise funds among investors other than recognized investors xff0c; you can use another exemption xff0c; i.e. Reg A#43; xff0c; despite certain limitations and substantial costs.

用户在公司治理上进行投票的核心概念是一个好主意。像 DAO 这样的组织形成法律实体只是为了与现实生活兼容，这表明了加密社区某些成员的巨大傲慢。

The core concept of user voting on corporate governance is a good idea. Organizations like DAO form legal entities only to be compatible with real life #xff0c; this demonstrates the great arrogance of some members of the encryption community.

公司存在是为了股东的利益。在实践中，层层管理和普遍的寻租使组织失去了大量的生产力。然而，认为消除组织中的人就能解决问题的想法基本上是错误的。

The company exists for the benefit of shareholders. In practice & #xff0c; layer management and general rent-seeking have lost much of the organization’s productivity. xff0c, however, the idea that eliminating people in the organization can solve problems is largely wrong.

算法是由人编写的。智能合约是由人编写的。的确，一个零员工的组织没有工资支出，但是如果它被 5000 万美元的失窃费用所取代，很难说这是一个进步。

Algorithms are written by people. Smart contracts are written by people. It's true that xff0c; a zero-staff organization has no salary expense xff0c; but if it is replaced by $50 million in stolen expenses xff0c; it's hardly a step forward.

不过，一个真正由利益相关者管理的组织的基本概念，在这种情况下，每一笔交易都经过那些资本应该被增长和保护的人的审查，这可能在某些情况下确实有效。关于流行智慧的大量著作平均起来确实很好。

But xff0c; the basic concept of a truly stakeholder-managed organization xff0c; in this case xff0c; each transaction is reviewed by those whose capital should be grown and protected xff0c; this may be effective in some cases. The large number of works on popular wisdom is, on average, very good.

就像主动管理的共同基金在扣除所有费用后往往表现不佳一样，投资于特定资产的基金的专业经理可能无法赚取自己的工资。一家加密房地产基金，其投资者主要是经验丰富的房地产投资者，他们以前曾参与过联合交易等，可能会产生良好的结果。

Just as proactively managed mutual funds often perform poorly after deducting all costs xff0c; professional managers of funds that invest in specific assets may not be able to earn their own wages. An encrypted real estate fund xff0c; its investors are mainly experienced real estate investors xff0c; they have previously been involved in joint transactions xff0c, etc.; there may be good results.

在这种情况下，区块链的价值在于利益相关者可以通过运行专门的软件或点击网页界面，以一种快速、一致、可验证的方式参与董事选举或自己运行整个组织。

In this case xff0c; the value of the block chain lies in the fact that stakeholders can participate in the election of directors or run the organization themselves in a fast, consistent and verifiable manner by running specialized software or clicking on the web interface xff0c.

我们已经讨论了区块链作为利益相关者更好控制企业治理的一种机制。股东能控制什么？

We have discussed block chains as a mechanism for stakeholders to better control corporate governance. Shareholders can control what #xff1f;

像本杰明·格雷厄姆这样的人喜欢接管表现不佳的公司，并迫使它们支付股息。这是股东激活的一个例子。公司的存在是为了你的利益 - 如果它对你没有效果，让它为你工作。

People like Benjamin Graham like to take over underperforming companies xff0c; and force them to pay dividends. This is an example of shareholder activation. The company exists for your benefit if it doesn't work for you xff0c; let it work for you.

运行大额现金盈余？让它支付现金股息。

Runs a large cash surplus xff1f; allows it to pay cash dividends.

高管薪酬失控？削减薪酬，重新谈判并解雇，依法允许。

High-level salaries are out of control xff1f; salary cuts xff0c; renegotiation and dismissal xff0c; permitted by law.

你的公司是一家 Radio Shack 或一家 Blockbuster，明显缺乏竞争力？清算它。将它转换为以太币。

Your company is a Radio Shack or a Blockbuster & #xff0c; obviously uncompetitive #xff1f; clears it. Convert it into a talisman.

拥有激活股东的公司往往表现比没有这些股东的公司更出色。如果通用电气公司拥有对公司财务有良好透明度的激活股东，那么首席执行官就不会有机会让一架额外的专机跟随他的私人飞机以防他的私人飞机出故障（是的，很严肃）。

Companies with active shareholders tend to perform better than companies without them. If General Electric has active shareholders with good transparency in the company’s finances & #xff0c; then the CEO will not have the opportunity to have an additional jet follow his private aircraft to prevent his private aircraft from malfunctioning & #xff08; xff0c; xff09; very serious xff09;

机构惯性和资本的缓慢消亡在这样一个环境中似乎不太可能，在这个环境中，股东有选择随时将实体从生命支持中脱离的选项。

The slow demise of institutional inertia and capital seems unlikely in such an environment; in this environment xff0c; and shareholders have the option to readily separate the entity from life support.

普遍认为股东激活会提高回报率，也有一些证据支持这一点 - 但是如果你有一个非常技术性的商业模式，不指望你的投资者能理解呢？

It is widely believed that shareholder activation will increase returns xff0c; there is also some evidence to support this - but if you have a very technical business model xff0c; xff1f does not expect your investors to understand;

假设你的业务涉及抵押支持证券、不良债务、互换交易或其他权宜之计？其中一些涉及到非常复杂的金融模型，有真正的风险是股东（或代币持有者）不会理解。在这样一个迅速、残酷的环境中会是怎样的情况？利益相关者会过早地终止实体吗？

Assuming that your business involves collateral support securities, bad debt, swaps or other expedient xff1f; some involve very complex financial models xff0c; there is a real risk of shareholders xff08; or token holders xff09; there is no understanding of what would happen in such a rapid and cruel environment xff1f; will stakeholders terminate the entity prematurely xff1f;

幸运的是，代币不一定是股份。没有任何技术障碍会阻止这些代币成为其他证券。

Fortunately, xff0c; the tokens are not necessarily shares. There are no technical barriers that prevent them from becoming other securities.

代币可以是 revshare（一种债务形式，代表实体收入的一部分，直到偿还本金的多倍），票据、债券或其他具有利息的工具。利息可以基于法定价格或以太或其他普遍可替代的加密货币的固定利率支付。

Currency may be revshare（ a form of debt xff0c; a portion of the entity’s income xff0c; until the principal is repaid multiple times xff09; xff0c; notes, bonds or other instruments with interest. Interest may be paid on the basis of statutory prices or fixed interest rates in too or other generally interchangeable encrypted currencies.

甚至可以代表某项特定资产的收入或利润的一部分，代表着基于加密货币组合的未来衍生品的回报，硬资产组合、租金或特许权。在撰写时，一家名为Swarmsales的公司正在准备创建一个资产，从数千个软件销售单位的销售收入中获取一部分收益，这些销售业绩来自一个大型且不断增长的去中心化自由销售团队。预期使用这种工具支付销售专业人员将为他们提供一个新的收入来源，取代他们的基本薪水，并提供超出雇佣期限的收入来源。Swarmsales 期望能够利用这种方法打造全球最大的 B2B 销售团队。

Even xff0c, which represents the return on future derivatives based on a combination of encrypted currencies, xff0c; hard asset combinations, rents or concessions. At the time of writing xff0c; a company called Swarmsales is preparing to create an asset xff0c; a share of the proceeds from sales of thousands of software sales units xff0c; these sales performances come from a large and growing decentralised free sales team. It is expected that the use of this tool to pay sales professionals will provide them with a new source of income xff0c; replace their basic salary xff0c; and provide a source of income beyond the employment period.

区块链让这成为了可能。原本需要证券转让代理、无数次会议以及非常专业昂贵的员工的集资，如今可以在互联网上通过少量的技术和法律工作以及在华尔街可能荒谬的营销预算下完成。

Block chains make this possible. Securities transfer agents, numerous meetings, and a pool of very professional and expensive employees xff0c are required; they can now be done on the Internet through a small amount of technical and legal work and under potentially absurd marketing budgets on Wall Street.

有一种看法认为首次代币发行（ICO），以及越来越多的证券代币发行（STO），是一种简单、低成本的筹款方式。对于合适的团队可能是真的，但预算已大幅增长。一个名为Financecoin的项目直接从 BitcoinTalk 上的 DogeCoin 的 README 文件中复制粘贴，成功筹集了 400 万美元。作者不清楚他们用这笔资金做了什么有用的事情，这再次引出了该领域的另一个问题。

The view was expressed that the first issue of was a simple, low-cost way of raising funds. For the right team, it may be true xff0c; but the budget has grown considerably. A project called Securitiescoin issue a copy of the README document xff08; Stong&#ff09; xff0c; xff0c; the author did not know what they had done usefully with the funds. xff0c; this again raised another problem in this area.

那些日子已经过去了，在这个竞争日益激烈和受到监管的领域中，进行 ICO 或 STO 的成本已经广泛认可为 20 万到 50 万美元之间。不过，好项目可能本来也不会有资金筹集的问题。

Those days have passed xff0c; in this increasingly competitive and regulated area xff0c; the cost of carrying out ICO or STOs has been widely recognized as between $200,000 and $500,000. But xff0c; there may not have been a fund-raising problem for good projects.

非常多的代币销售用于支持非常时尚的科技项目，其中一些项目同样适合于传统募资。要进行首次公开发行（IPO）或经 reg A+ 公开募股，离不开投资银行或证券公司的帮助，而这些公司主要涉趋向科技和医疗保健。可以断言区块链并没有改善对于具有强大团队、良好概念和前期创业经验的项目这方面的资金获取。

A large number of token sales are used to support very-fashion technology projects xff0c; some of these projects are also suitable for traditional fund-raising. The first public release of and #xff08; IPO） or reg A#43; public fund-raising xff0c; help from investment banks or securities companies xff0c; these companies are mainly involved in technology and health care. It can be asserted that the chain does not improve access to funds for projects with strong team, good concepts and prior entrepreneurial experience.

当然，对于投资银行来说，DAO（去中心化自治组织）很大程度上不感兴趣；这些仍然仅限于进行 ICO 或 STO 的分布式团队的范围。

Of course xff0c; for investment banks xff0c; DAO（ decentralised self-government organization xff09; largely uninterested xff1b; these are still limited to the range of distributed teams that carry out ICO or STO.

一些具有社会目的的项目通过传统渠道成功筹集资金，例如 Lemonade，作为纽约 B Corp 组织的非传统保险公司，去年完成了一次非常成功的 C 轮融资。专门公司似乎是主流风险资本公司（比如 Andreessen Horowitz 和 Founders Fund）的新宠。

Some socially motivated projects have successfully raised funds through traditional channels xff0c; e.g. Lemonade， non-traditional insurance company as B Corp. New York xff0c; and a very successful C round of finance last year. Specialized companies appear to be mainstream venture capital companies xff08; for example, Andrewsen Horowitz and Founders Fund） new pets.

这似乎也适用于区块链——受益公司和慈善机构同样需要现金，但可能不适合进行多轮筹款和最终退出，这是风险投资所要求的。2017 年，Fidelity Charitable 收取了价值 2200 万美元的比特币和其他加密货币，预计慈善捐款的这一部分将继续增长。

This also seems to apply to block chains — beneficiary companies and charities alike need cash xff0c; but may not be suitable for multiple rounds of fund-raising and eventual withdrawal xff0c; this is required for venture investments. 2017 xff0c; Field Security collects $22 million in bitcoin and other encrypted currency xff0c; this portion of charitable contributions is expected to continue to grow.

作为筹集资本的手段，区块链有可能改善环境影响和长期存在的贫富差距。一家名为非洲棕榈公司的澳大利亚公司正在努力推出一种加密货币，每单位以一吨可持续来源的棕榈油作为支撑。

As a means of capital mobilization xff0c; the block chain has the potential to improve environmental impacts and the long-standing gap between rich and poor. An Australian company called African Palm Company is working to introduce an encrypted currency xff0c; each unit is supported by a ton of palm oil from a sustainable source.

当本书出版时，欧盟正准备禁止进口印度尼西亚和马来西亚的棕榈油——目前供应的 85%。种植棕榈油的方式造成了大规模的栖息地破坏。相反，这项 STO 旨在购买已经种植棕榈树的四百万公顷土地，有望在四个西非国家大规模减少失业率。

When the book was published, xff0c; the EU was about to ban the import of palm oil from Indonesia and Malaysia — 85% of the current supply. The way palm oil was grown caused massive habitat damage. On the contrary, xff0c; this STO is designed to buy 4 million hectares of land xff0c, which has grown palm trees; it is expected to reduce unemployment significantly in four West African countries.

海地孤儿院创始人领导的另一个项目有可能改善税收征收并为大量弱势群体提供物质安全保障。加勒比加密委员会是一个旨在创建一种由某种加密实体使用的硬币的项目；政府将允许形成一个加密公司，以大幅降低税率来换取该实体拥有公开财务报表。将该业务的交易公开记录在区块链上将使公司能够创建可验证的资产负债表和损益表。受 15%税率约束的实体将优于名义上有 40%税率的实体（在实践中不支付任何税款）。

Another project led by the founder of the Haitian orphanage has the potential to improve tax collection and provide material security for a large number of vulnerable groups. The Caribbean Encryption Commission is a project designed to create a coin used by a certain cryptographic entity xff1b; the Government will allow the formation of an encryption company xff0c; the tax rate will be significantly reduced in exchange for the entity’s public financial statements. Public recording of the transaction on the block chain will enable companies to create verifiable balance sheets and profit-and-loss statements.

这个概念还为生活在地震频发的海地临时住房中的人们提供了物质安全保障，在那里银行很昂贵，现金被存放在帐篷和房屋中——使居住者面临被抢劫的危险。另一种选择？在您的智能手机上的短信钱包。通过网关，您手机上的一个程序可以发送和接收文本消息，可以为离线钱包记账，甚至没有移动数据也可以。

This concept also provides material security for people living in earthquake-prone temporary shelters in Haiti xff0c; where banks are expensive xff0c; where cash is stored in tents and houses xff0c; where residents are exposed to the risk of robbery. Another option is xff1f; a SMS wallet on your smartphone. Through a gateway xff0c; a program on your mobile phone can send and receive text messages xff0c; you can book off-line wallets xff0c; you can even move data without it.

缺乏融资和银行服务的获取使人们不得不使用高利贷。发薪日贷款承诺提供资金解决迫切需要关注的问题——被扣押的车辆，释放出狱的保释金，即将被银行取消的抵押贷款。

The lack of access to finance and banking services has forced people to use usury.

对借款人和放款人来说，贷款成本很高——据说有 25%的本金损失到期违约。然后，对这些违约贷款的收回权被出售给了收款机构，这些机构享有恶名昭著的恶劣和滥用行为。

xff0c for borrowers and lenders; high loan costs — 25 per cent of the principal loss is said to have expired in default. xff0c; the right to recover these default loans was sold to the receiving agency xff0c; these institutions enjoyed notoriously poor and abusive behaviour.

按时偿还的贷款同样也不受到公平或合理对待的待遇。利率范围从 50%到 3000%以上年化，一些放贷人把每笔还款都视为再融资并写入新贷款，让他们再次收取最高利率。

Loans repaid on time are also not treated fairly or reasonably. Interest rates range from 50% to more than 3000% annualized xff0c; some lenders treat each repayment as refinancing and include new loans xff0c; and allow them to charge the maximum interest rate again.

据说有些人完全没有银行账户——除了贷款之外，银行的部分准备金模型为贷款人提供了一种避免对一些服务收费的选择。因为之前透支、地理隔离或成本高等原因没有支票账户的人被切断了这个系统的联系，通常不得不使用支票兑现服务和预付借记卡。这是另一种不便宜的产品，服务费率在 1%到 4%之间——如果一个工人被迫以这种方式兑现工资，这是一笔可观的费用。对于最贫困的人来说，尽管同样的人可能反对税收，但在所有抵免之后，支付支票兑现费用比支付所得税更不寻常。

Some people are said to have no bank account at all — except for loans xff0c; a partial reserve model for banks provides lenders with an option to avoid charging fees for some services. Because those who previously had no cheque account for overdrafts, geographical isolation or high costs were cut off from the system xff0c; usually had to use cheque cashing services and pre-paid debit cards. This is another not cheap product xff0c; service rates ranged from 1 to 4 per cent — if a worker was forced to cash wages xff0c in this way; this is a significant cost. For the poorest people xff0c; although the same people may object to taxes xff0c; after all credits xff0c; payment of cheque cashing costs is more unusual than the payment of income tax.

一些公司已经开始使用替代传统银行业务的方式，不管是好是坏。现在，令人遗憾的是，企业向员工提供预付借记卡作为银行业务的便利替代方案已经不是不寻常的事情了，尽管其服务更差，成本却大大增加。

Some companies have started to use alternatives to traditional banking xff0c; whether good or bad. Now xff0c; xff0c, unfortunately; it is no longer unusual for an enterprise to provide prepaid debit cards to its employees as a convenient alternative to banking xff0c; although its services are worse xff0c; the costs have increased considerably.

然而，另一种选择是各种电子招标。DHL 现在用 Safaricom、M-PESA 支付其肯尼亚承包商，这是一种与肯尼亚先令挂钩的手机钱包。对于那些最近的银行可能在 50 或 60 英里之外的人来说，这代表着一个巨大的进步。

However, xff0c; the other option is electronic tendering. DHL now uses Safaricom, M-PESA to pay its Kenyan contractor xff0c; this is a mobile wallet linked to Kenyan shillings. xff0c for those closest banks who may be 50 or 60 miles away; this represents a huge advance.

这比拥有加密货币的安全性更低——加密货币的属性，特别是去中心化，确保没有一个中央机构能够轻易地夺取或撤销资金的所有权。这在本质上只能通过应用程序使用的银行账户上并不适用。

This is lower than having the security of an encrypted currency — the properties of an encrypted currency xff0c; in particular, decentralizing xff0c; and ensuring that no central agency can easily seize or revoke ownership of funds. This does not apply to bank accounts that are essentially used only through applications.

同样，加密货币的一个很大的优势是现金不受像资产没收这样的幽灵所困扰，法律执法机构可能会在所谓的rem 程序中没收财产，在此程序中，财产的所有权归财产所有者证明。区块链不仅提供了所有权可以被证明的手段，还提供了财产的产权链——在大多数情况下，可以追溯到资产创建的日期。

Similarly, xff0c; a great advantage of encrypted currency is that cash is not haunted by ghosts such as asset forfeiture xff0c; legal enforcement agencies may confiscate property xff0c in the so-called rem process ; in this process xff0c; ownership of property is proved by the owner of the property. Block chains not only provide the means by which ownership can be proved xff0c; they also provide the chain of property rights — in most cases xff0c; they can be traced back to the date of the creation of the asset.

新兴技术的一个奇怪的矛盾是，它同时被赞扬和谴责。好坏的可能性被考虑和衡量。

One of the strange contradictions of emerging technologies is xff0c; it is also praised and condemned. The possibilities of good and bad are considered and measured.

可能我们对道德主义有些偏向太多了——几乎每个对区块链感兴趣的人都被告知它只用于毒品。这有一定道理：许多人最初听说比特币是在暗网市场上使用的，比如丝绸之路，而这种比特币的使用可以说是加密货币流行的原因。然后同样的人可能会惊讶地发现，事实上，你已经用比特币领到了工资有六七个月的时间了。

Maybe we have too much moral bias – almost every person interested in the block chain is told that it is used only for drugs. That makes sense; many people have first heard that bitcoin is used in the dark market & #xff0c; for example, the Silk Road & #xff0c; and that this bitcoin use can be described as the reason for an encrypted currency epidemic. Then the same people may wonder #xff0c; xff0c; in fact, xff0c; you've been paid bitcoin for six or seven months.

每个狂热者都必须真诚地考虑其不足之处——比如，在比特币中，隐私仍然是一个大问题。截至本文撰写时，这似乎很不可能改变。拿出一个能为透明度做出如此多努力的想法——比如，一个加密公司，其交易，或者至少其资产负债表，都是公开的，供所有人查看。这个想法在概念上是合理的，并且它将改善税收的收集和合规性问题。

Every fanatic must consider its shortcomings in good faith — for example xff0c; in bitcoin xff0c; privacy xff0c; privacy xff0c; this seems unlikely to change at the time of writing. An idea that can do so much for transparency xff0c; an encryption company xff0c; its transactions xff0c; or at least its balance sheet xff0c; xff0c; for everyone to see. This idea is conceptually reasonable xff0c; and it will improve tax collection and compliance.

之前没有记录的员工可能享受社会保障积分。可能会实现不同种族和民族群体之间的工资平等。用于洗钱的组织将受到更严格的监管。财务报表欺诈将容易被发现。保险费率将会大幅下降——或者至少我的差错和遗漏保险会变得更便宜。

Employees who have not previously been recorded may benefit from social security credits. Wage equality between ethnic and national groups may be achieved. Organizations that use money-laundering will be more closely regulated. Financial statement fraud will be easy to detect. Insurance rates will fall dramatically – or at least my errors and omissions will become cheaper.

所有这些听起来都很不错，直到你考虑到每个人都干涉到其他人生活的明显不足之处，人们希望建立和传播任何技术，不仅仅是区块链的人，停下来仔细考虑隐私的价值。

All of this sounds good xff0c; until you take into account the obvious shortcomings of everyone's interference in the lives of others xff0c; the desire to build and disseminate any technology xff0c; not just the people in the chain of blocks xff0c; and stop thinking carefully about the value of privacy.

再举一个例子：电动智能表能够提高公共事业公司的效率。它消除了大量的人力劳动。而不是每个房子定期派人来读表，表定期传输用电数据。从理论上讲，这对消费者也是有好处的：把冰箱拔掉插座 20 分钟，看看它用了多少电。不那么直接地（也许是出于天真），我们还会假设，公用事业公司的节约会以更低的电费形式传递给消费者。

One more example: xff1a; electric intelligence tables can improve the efficiency of public utility companies. It eliminates a lot of human labour. Instead of regularly sending people to every house to read tables xff0c; regular transmission of electricity data. In theory, xff0c; xff1a, which is also good for consumers; unplug the refrigerator for 20 minutes xff0c; see how much electricity it uses. xff08; perhaps due to naiveness xff09; xff0c; we also assume that xff0c; savings from utility companies will be passed to consumers in the form of lower electricity charges.

那么，哪里是问题呢？这些最不复杂的表能够识别到，比如，微波炉的使用。举个例子，突然功率使用量提高了大约 1000 瓦，持续一分钟。假设你发现某个家庭在斋月期间每天日落前使用了 1000 瓦，你很可能识别出了一个遵循古老斋戒传统的穆斯林家庭。如果你发现从周五晚上到周六晚上根本没有用电，也许你已经识别出了一个虔诚的正统犹太人。

So xff0c; what's the problem xff1f; these least complex tables can identify xff0c; e.g. xff0c; use of microwaves. For example, xff0c; sudden power use has increased by about 1,000 watts xff0c; lasting for a minute. Assuming that you find a family using 1000 xff0c before sundown every day during Ramadan; you probably identify a Muslim family that follows the ancient fast tradition. If you find that electricity is not used at all from Friday night to Saturday evening, maybe you have identified a true Jewish.

无论当局看起来多么仁慈，信息都有粘性，对有不良意图的人极具威慑力。考虑一下，虽然在荷兰，大屠杀特别严重，但只在阿尔巴尼亚杀死了一个家庭。前者国家擅长保留记录。后者则相反。

No matter how kind the authorities look xff0c; the information is sticky xff0c; it is extremely deterrent to people with bad intentions. Consider xff0c; although in the Netherlands xff0c; the massacre was particularly serious xff0c; but only one family was killed in Albania. The former country is good at keeping records. The latter is the opposite.

区块链作为解决社会问题的解决方案具有潜力。从防止血钻进入流通到保证最低收入，都可以通过区块链实现。任何工具都有被滥用的潜力，这也不例外。

Block chains have the potential as solutions to social problems. They can be achieved through block chains, from preventing blood drilling from entering circulation to guaranteeing minimum income xff0c. Any tool has the potential to be misused xff0c; this is no exception.

考虑销售——在每颗钻石上放置一个微小的芯片。它有一个带有可撤销私钥的小芯片，类似于信用卡上的 EMV 芯片。理论上，这可以用来确保你戒指上的每颗钻石都不是所谓的冲突钻石，即用于资助战争的钻石之一。

Consider selling -- put a tiny chip on each diamond. It has a small chip with a private key that can be revoked xff0c; an EMV chip similar to that on a credit card. Theoretically xff0c; this can be used to ensure that every diamond on your ring is not the so-called strong xff0c; that is, one of the diamonds used to finance war.

还可能会导致其他人无法进入市场。通过诸如美国宝石学院（GIA）之类的组织认证宝石的珠宝商现在必须签署一份声明，声明他们不知情地出售血钻，并提交与反洗钱法规相关的个人信息。

It may also prevent other people from entering the market. Jewellers who authenticate stones through organizations such as the American Gemstone Institute & #xff08; GIA） must now sign a statement & #xff0c; declare that they sell blood diamonds & #xff0c unwittingly; and submit personal information related to anti-money-laundering legislation.

不愿意遵守这一方案的钻石供应商在很大程度上并不需要这样做，代价是被淘汰出局——专门销售未经记录的钻石意味着提供较低质量产品的业主。无论代价多大，企业都会竭尽全力展现自己的合法性，即使是最精明的消费者也不太可能对业主的隐私过多在意。

Diamond suppliers who do not want to comply with this programme do not need to do so to a large extent xff0c; the price is to be lost – the owner who specializes in the sale of unrecorded diamonds means providing lower-quality products. Whatever the cost xff0c; the firm will do its best to demonstrate its legitimacy xff0c; even the most sophisticated consumers are unlikely to care too much about the privacy of the owner.

尊重人类的局限性，无论是知识还是道德品质，都比那种挥手一切都会好起来的态度更加道德、更加强大。承认，尽管有些人会滥用匿名性，但现金和物物交换已经存在了数千年，没有任何一种中央机构对其进行监管，人们往往有合法的隐私甚至匿名性要求。

Respect for human limitations xff0c; knowledge and moral qualities xff0c; are all more ethical and powerful than that attitude of wavering all the better. Recognition xff0c; while some abuse anonymity xff0c; cash and material exchanges have existed for thousands of years xff0c; no central agency has regulated them xff0c; people often have legitimate privacy or even anonymity requirements.

零知识密码系统可能在某些使用情况下提供解决方案——诸如 Zcash 和 Monero 等加密货币更像现金。比特币和（目前的）以太坊并不提供批评者所认为的匿名性和隐私性。

Zero-knowledge cryptography systems may provide solutions in some cases – such as Zcash and Monero – that encrypt money more like cash. Bitcoin and xff08; current xff09; Etheria does not provide what critics consider anonymity and privacy.

区块链本质上具有许多对于寻求隐私和匿名性的人来说非常理想的特性，其中分散化是最重要的特性之一。更广泛地说，在区块链之外，作者怀疑用户是否愿意为确保短暂性、暂时性、甚至可被遗忘性的技术支付一些额外费用。

Block chains are essentially many of the most desirable features for people seeking privacy and anonymity xff0c; decentralization is one of the most important. More broadly xff0c; outside the block chain xff0c; authors doubt that users are willing to pay some additional costs to ensure transient, temporary, or even forgotten technologies.

我们把最私密的个人生活细节托付给了由可犯错的人类设计的机制，尽管不断发生数据泄露和偶发事件，公众仍然大多信任诸如 Facebook 聊天和始终开启的麦克风等设备。然而，无论区块链的狂热传道者看起来多么狂热，对于那些拥有集中式物联网和移动设备的公司的信任依然是最显著的傲慢。

We entrust the most intimate details of personal life to mechanisms designed by humans to make mistakes & #xff0c; despite constant data leaks and occasional events & #xff0c; and public trust in devices such as Facebook chats and always-opened microphones. However, xff0c; no matter how fanatical the vectors of the block chain look #xff0c; and trust in companies with centralized object networking and mobile devices remains the most prominent arrogance.

零知识证明（和零知识论证）允许网络验证某些计算（如代币所有权）而不了解任何关于它的信息。除了我们使用区块链的特性（区块链是一致的、不可改变的和去中心化的）之外，零知识的具体实现也可以是可否认的，并且避免记录可能危及用户隐私的信息在区块链上。

Zero-knowledge & #xff08; and zero-knowledge argument & #xff09; allow web-based validation of certain calculations （ e.g. token title & #xff09; and do not know any information about it. Except we use the characteristics of block chains & #xff08; block chains are consistent, irreversible and decentralised #xff09; xff0c; zero-knowledge realization can also be rebuttable xff0c; and avoid recording information that could endanger user privacy on the block chain.

从概念上讲，零知识证明类似于随机响应研究。研究人员可以理解地担心，人们是否会诚实地回答有关禁忌行为的问题——比如吸毒或与性工作者的交往。

Conceptually, xff0c; zero knowledge proves similar to random response research. Researchers understandably worry about xff0c; whether people can honestly answer questions about taboo behaviour, such as drug use or dealing with sex workers.

为了消除偏见，统计学家提出了一种方法，通过在个体回答中引入随机性，同时保持整体结果的含义。想象一下，你正在试图通过采访妇女来确定堕胎的患病率，在一个堕胎是非法的地区。让受访者抛一枚硬币。如果是正面，诚实回答问题。如果是反面，就说是。

In order to eliminate prejudice xff0c; statisticians propose a method xff0c; by introducing random xff0c in individual responses; while maintaining the meaning of the overall result. Imagine xff0c; you are trying to determine the incidence of abortion by interviewing a woman xff0c; in an area where abortion is illegal. Let the interviewee throw a coin. If it's positive xff0c; answer the question honestly. If it's negative xff0c; say yes.

研究人员不需要知道硬币抛出的结果，或者每个人的真实回答，他们只需要知道，通过足够的样本量，将超过 50%的边际翻倍可以得到实际的实践患病率。这种方法既保护了个体受访者的隐私，又不损害数据质量。

Researchers do not need to know the results of coins thrown xff0c; or the true answers of each person xff0c; they need only know xff0c; they need to know xff0c; they can get actual incidences by multiplying the margin by more than 50%. This approach both protects the privacy of individual respondents xff0c; and does not compromise data quality.

零知识证明（和论证）是非常技术性的，其细枝末节超出了本出版物的范围，但它们在概念上类似于我们正在讨论的内容。根据具体的实现方式，零知识可能允许用户在不让网络上的其他用户知道钱包中的内容的情况下花费其钱包的内容。这是加密货币可以真正类似于现金的一个方面：除了强盗抢走你的钱包之外，没有其他人知道你拥有什么，直到你公开它。这种方法成功地解决了比特币和以太坊等加密货币中的最大问题之一。

Zero-knowledge proofs xff08; and argument xff09; very technical xff0c; it's xff0c; it's xff0c; it's xff0c; it's conceptually similar to what we're discussing. Depending on how you do it xff0c; zero knowledge may allow users to spend the contents of their wallets without other users on the network knowing what's in their wallets. This is an area where encrypted currency can be really similar to cash xff1a; xff0c, except for the theft of your wallet; no one else knows what you own xff0c; until you make it public. This method successfully solves one of the biggest problems in encrypted currencies, such as bitcoins and tayopanos.

区块链是一项具有变革性的技术，其影响类似于互联网、疫苗接种或动力飞行：其社会影响广泛、微妙，并且在某些方面可能是有害的。它有可能进一步破坏隐私，极大地改善企业治理，或者使数十亿人摆脱贫困。这项技术的具体应用将定义它作为一种塑造世界的工具。

The block chain is a transformative technology xff0c; its impact is similar to that of the Internet, vaccinations or power flights xff1a; its social impact is widespread and subtle xff0c; and it can be harmful in some respects. It can further undermine privacy xff0c; significantly improve corporate governance xff0c; or lift billions out of poverty. The specific application of this technology will define it as a tool for shaping the world.

在下一章中，我们将讨论一些区块链的应用，从其中最基本的开始，即加密货币钱包。

In the next chapter xff0c; we will discuss the application of some block chains xff0c; starting with the most basic of them xff0c; i.e. encrypted currency wallets.

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