区块链之以太坊专题研究：全球最大的可编程分布式超级计算机网络 （报告出品方： 东吴证券 ）1. Eth 依托智能合约机制，构建区块链世界底层操作系统1.1. 以太坊：采用区块链技术驱...
资讯 2024-06-28 阅读:43 评论:0
（报告出品方：东吴证券）
(Reporter: 1.1. 以太坊：采用区块链技术驱动的去中心化数字资产 1.1 & nbsp; Tails: decentralised digital assets driven by block chain technology 以太坊是一种去中心化的数字资产 Ether's a decentralised digital asset. 以太坊网络采用工作量证明（POW、Proof Of Work）形式，也就是计算机“挖矿”行 为，进行以太坊网络交易的账本记账。去中心化，就是指以太坊网络把服务器分布在全 球无数个计算机挖矿节点中，没有第三方权威机构对各方信用进行背书的行为，而不是 像传统金融系统一样，依赖机构、公司统一拥有，统一管理的中心化服务器处理交易数 据。 Using a workload certificate (POW, Proof Of Work) in the form of 以太坊 2021 年 6 月 28 日价格约 2050 美元。以太坊总量随时间线性增长，2021 年 6 月已经挖出 1.15 亿个左右，在价格达到 4000 美元左右时以太坊曾一度逼近 5000 亿美 金市值。 & nbsp; 2021 & nbsp; year & nbsp; 6 & nbsp; month & nbsp; 28 & nbsp; day price approx. 2050 & nbsp; United States dollar. & time-lined total & 2021 & nbsp; year & nbsp; 6 & nbsp; month & nbsp; month 1.15 & nbsp; hundreds of millions at prices & nbsp; 4,000 & nbsp; US$ & nbsp; 5000 & nbsp; Million & nbsp; gold market value. 以太坊通过区块链技术进行驱动 It's driven through block chain technology. 每一个以太坊区块的产生难度通过算法动态调节，确保大约每 13 秒产出一个新区 块。每个区块与上一个区块相连接，按照循序形成链条，即是区块链。每一个区块中记 录的内容包括上一个区块的编号、区块产出的时间、交易笔数等不可修改的信息。截至 2021 年 6 月 28 日 17:16:28，最新的区块是 Block 12721665，最终所有的区块都能溯源 到 2015 年 7 月 30 日的创世区块中，以太坊历史上所有的交易都存在这一百二十多个区 块的链条中。 Each block is connected to the previous block, forming a chain in a sequential manner, i.e. a chain of blocks. Each block is marked the recording includes unmodified information such as the number of the last block, the time of output of the block, and the number of transaction notes. As 2021 & nbsp; & nbsp; 6 & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & 30 & nbsp; & & nbsp; & nbsp on 17:28, the latest block is & nbsp; Block 12721665, all the last blocks are traceable to & nbsp; & nbsp; & 2015nbsp; & nbsp; & 30 & nbsp; &, 30 & nbsp; and all 20 trading blocks in the history of the Queen. 1.2. 以太坊突破比特币简单账本局限性，建立智能合约体系实现复杂价值传递 1.2 & nbsp; Breaking out of bitcoin simple book limitations and creating a smart contract system to deliver complex values 比特币为数据赋予价值，是建立在简单账本基础之上。比特币开创了去中心化加密 货币的先河，长达 12 年的实践充分检验了区块链技术的安全性和可行性。但是比特币 机制并不完美，其最大的局限是可扩展性不足，即比特币网络仅能构造一个价值传输体 系，而不能根据其网络构建复杂的应用层。 Bitcoin gives value to data on the basis of a simple book. Bitcoin has created decentralised encryption the early river of currency, long & nbsp; 12 year-on-year practice has fully tested the security and feasibility of block chain technology. But bitcoin the mechanism is not perfect, and its biggest limitation is that the Bitcoin network can only construct a value transmitter & nbsp; it is, rather, not a complex application layer based on its network. 比特币的简单价值传递∶Bob 在某个时间把一定量的比特币打给 Sally，并且能调 节的参数仅有转账时比特币数量。 The simple value of Bitcoin passes to Bob calling a certain amount of bitcoins to Sally, and can adjust the parameters of the section are only the amount of bitcoins at the time of transfer. 以太坊的复杂价值传递︰以太坊依靠编程语言 Solidity 结合区块链技术，推出了智 能合约开发环境，让开发人员可以进行更复杂的数据处理，完成对去中心化应用的开发， 突破比特币仅仅实现简单价值传递的局限性。 Ether’s complex value transfer. Ether’s use of programming language & nbsp; Solidity’s combination of block chain technology to introduce smart & nbsp; a contractual development environment that allows developers to perform more complex data processing and to complete the development of decentralised applications & nbsp; and breaking the limits of Bitcoin’s simple transfer of values. 例如：假设 Bob 有 100 个比特币，Bob 想要给孩子留下一笔遗产但怕他挥霍完。 Bob 可以通过以太坊上的智能合约编写一个简单的程序，让这份智能合约在孩子每年生 日的时候给他打一个比特币，该程序每年触发一次，重复一百次后自动终止。比特币网 络本身并不能够实现定时转账，触发条件等逻辑驱动功能。 For example: Hypothetically Bob has 100 a bitcoin, Bob wants to leave a legacy for the child, but he is afraid to spend it. & nbsp; Bob can prepare a simple program by using a smart contract in the courthouse that allows a smart contract to be born every year he can be given a bitcoin on a daily basis, which triggers the program once a year and terminates automatically 100 times after repeating it. Bitcoinnet & nbsp; grids are not themselves capable of achieving logical drivers such as timing transfers, trigger conditions, etc. 当然以太坊智能合约实现的应用层功能不止于此，去中心化应用开发者可以将传统 领域的中心化应用结合区块链对其重新赋能，近年来去中心化金融、游戏、云端存储等 领域都实现了区块链同传统领域良好的衔接。以太坊让价值以智能合约的形式在区块链 网络中以复杂的预设智能合约流通，因此以太坊智能合约解决了应用层开发需求，随着 应用层的不断完善最终也促使用户数量呈现出指数型增长。 Of course, the application layer function is more than that, and decentralized application developers can re-empower the traditional & nbsp; centralization applications in the field combined with block chains & nbsp; in recent years, centralization of finance, games, cloud storage, etc. & nbsp; and good alignment of block chains with traditional domains. In the case of Taipan value in the form of smart contracts & nbsp; in the case of sophisticated preset intelligent contracts in the network, applications development needs are addressed with & nbsp; and the continuous refinement of the application layer eventually leads to exponential growth in the number of users. 源于以太坊构架将底层协议设计得尽可能简单、易于开发者理解，同时兼顾通用性 原则，大量开发者、用户涌入以太坊网络，旺盛的需求刺激以太坊价格快速上涨。据 aicoin 数据显示，以太坊于 2014 年 7 月 24 日-2014 年 9 月 3 日以均价 0.308 美元完成众筹， 截至 2021 年 5 月 12 日 22：30 达到历史峰值 4380 美元，峰值价格相较于众筹均价涨幅 超一万倍。 According to aicoin data, the bottom protocol was designed as simple as possible and easy for developers to understand, taking into account & nbsp; principles, with a large number of developers and users pouring into the portal network, and with a boom in demand stimulating a rapid rise in the price of the conglomerates. According to aicoin data, the bottom agreement is designed in the conglomerates 2014 7 & 2014; & nbsp; & & & nbsp; & nbsp; & 22:30 & nbsp; & & nbsp; US dollar completed; US$438; US$4 & & bsp; & & nbsp; & bsp; & & month; & nbsp; & & nbsp; &. 1.3. Vitalik Buterin 创立以太坊，构建第二代区块链底层技术 1.3. & nbsp; Vitalik Buterin Creates Etherms to build the bottom of the second-generation block chain 1.3.1. 写作之旅助推 Vitalik Buterin 走进区块链世界 1.3.1. & nbsp; Writing trip boost & nbsp; Vitalik Buterin entering block chain world 在比特币刚刚出现两年的时候，父亲就向 Vitalik Buterin 介绍了比特币的特性，由 于对区块链领域未来发展的超前见解，同时看好区块链领域应用层开发的广阔前景， Vitalik Buterin 在发现比特币仅仅通过区块链实现支付功能的局限性后，基于对区块链技 术的浓厚兴趣，2011 年 9 月，Vitalik Buterin 以联合创始人的身份同罗马尼亚程序员 Mihai Alisie 创建了《比特币杂志》，成为该杂志的首席撰稿人。这份杂志是一份实体与在线并 行的出版物，直到 2015 年被收购前，积累约 150 万名读者。 Two years after Bitcoin appeared, the father presented to Vitalik Buterin the characteristics of Bitcoin, by a forward-looking view of future developments in the area of block chains, taking into account the vast prospects for the development of the application layer in the area of block chains, Vitalik Buterin, after discovering the limitations of Bitcoin's payment function only through the block chain, based on a strong interest in the technique, 2011 & nbsp; 9 & nbsp; month, Vitalik Buterin, as a co-founder and Romanian programmer & nbsp; Mihai Alisie, who created the Bitco magazine as the lead author of the magazine. The magazine was an entity and online and & nbsp; publications up to & nbsp; 2015 & nbsp; before it was acquired, accumulated approximately & nbsp; & 150 & nbsp; and 10,000 readers. 1.3.2. 独立创建团队，发布以太坊白皮书 1.3.2. Independently created team to publish the Ethio White Paper 比特币创始人中本聪出于安全考虑，规定只用一种复杂、单一的脚本语言编写比特 币协议。然而，区块链本质上是一个去中心化的分布式账本数据库，去中心化、安全和 高性能（可扩展性）构成了区块链的“不可能三角”，在设计中无法将三个特性同时达 成，只能符合其中两个。比特币作为一种去中心化的数字货币，在满足去中心化和安全 的设计需求前提下，牺牲了性能上的可扩展性，导致开发者很难依托比特币网络孵化出 更多的应用层项目。 Benz of Bitcoin’s founders, for security reasons, provided for the preparation of a bit & nbsp; currency agreement in only one complex, single script language. However, the block chain is essentially a decentralised distributed account database, decentralized, secure and high performance (extensible) forms the “unable triangle” of the block chain, which cannot be designed to reach & nbsp simultaneously; in two cases, only. Bitcoin, as a decentralized digital currency, is able to meet decentralization and security & nbsp; design needs are premised on sacrifice of scalability of performance, making it difficult for developers to hatch & nbsp; and more applications. Vitailk Buterin 认为应该开发更加简洁同时编程语言便于开发者理解的平台，这样任 何人都可以在该网络自由搭建区块链应用程序。Vitalik Buterin 将想法写成一份白皮书， 并首次提出“以太坊”概念，设想将以太坊作为开发人员在区块链上编写应用程序的平台。 除了作为加密货币能够实现的简单转账功能，以太坊还使用编程语言 Solidity 结合区块 链技术，推出了智能合约开发环境，让开发人员可以利用智能合约，开发基于区块链的 分布式应用，例如，博弈、游戏、去中心化金融等应用。 Vitailk Buterin believes that a platform should be developed for more concise and simultaneous programming language that can be easily understood by developers, so that who can freely build block chain applications on the network. Vitalik Buterin writes ideas into a white paper, & nbsp; and for the first time proposes the concept of “Etheria” as a platform for developers to develop applications on block chains. & nbsp; in addition to simple transfer functions that can be achieved as encrypted currency, Solidity Linking Blocks & nbsp; chain technology, which introduces smart contract development environments that allow developers to use smart contracts to develop block-based & nbsp; distribution applications such as brooms, games, decentralized finance, etc. 1.3.3. 从零起步到全球第二大加密货币 1.3.3. from zero to the second largest encrypted currency in the world 智能合约作为以太坊对传统加密货币的创新性变革，其开发环境容易被开发者掌握，开源免费、算法简单让开发者们趋之若鹜。在以太坊得到了大量开发者的认可后，以太 坊成为了第二代区块链技术的代名词，其所发行的以太坊代币市场价值迅速成为仅次于 比特币的全球第二大加密货币。据 glassnode 实时数据显示，2021 年 2 太坊每日活跃地 址数超过 50 万个，每日链上交易量稳定在 200 万个 Eth 以上，智能合约创建及转账造 成手续费消耗每日需求量超过等值于 1500 万美元的 Eth。 Intelligent contracts, as innovative changes in traditional encrypted currencies, are easily held by developers, with open sources free of charge and algorithms simple to allow developers to take advantage of. After being recognized by a large number of developers, they are known as & nbsp; after becoming the name of the second generation of block chain technology, the market value of which is issued quickly after the second largest global cryptic currency in Bitcoin. According to glassnode real-time data, 2021 & nbsp; year & nbsp; 2 & nbsp; daily active & nbsp; addresses above & nbsp; 50 & nbsp; 10,000, daily chain transactions stabilized at & nbsp; 200 & nbsp; 10,000 & nbsp; Eth, smart contract creation and transfer & nbsp; process costs more than & nbsp 1.4. Ethereum 挖矿行为记录账本，手续费机制激励矿工维护网络运行 1.4 & nbsp; logbooks of mining activities for Etheeum and fee mechanisms to motivate miners to maintain the network Ethereum 运行、挖矿机制：建立工作量证明机制，通过高性能计算机“挖矿” Etheeum Operation, excavation mechanism: Establishment of workload certification mechanism through high performance 以太坊挖矿原理与比特币类似，即通过“挖矿”行为生产。“挖矿”就是使用高算力 的电脑去不断进行高强度哈希碰撞计算，通过穷举法暴力破解数学题。猜中题目答案的 矿工地址就能够获得该区块的区块奖励和该区块的记账权。Eth 通过挖矿产生，平均大 概每 13 秒产生 2 个块，挖矿过程中，矿工使用计算机计算一道函数计算题的答案，直 到有矿工计算到正确答案即完成区块的打包信息，而作为第一个计算出来的矿工将会得 到该区块新增 2 枚 Eth 的奖励。 & nbsp; miner's address can get a block reward for the block and rights to account for the block. Eth produces a large average & nbsp; 13 & nbsp; seconds & nbsp; 2 & nbsp; block; miner uses 如果矿工 A 率先算出正确的答案，那么矿工 A 将获得以太坊作为奖励，同时在全 网广播通知所有矿工对答案进行验证并更新正确区块信息，并且其他矿工将会停止当前 的解题过程，记录正确答案开始做下一道题并重复此过程。 If the miner & nbsp; A takes the lead in arriving at the correct answer, the miner & nbsp; A will be rewarded by the talisman, while at all & nbsp; the web broadcast will inform all miners to verify the answer and update the correct block information, and the other miners will stop the current & nbsp; the process of solving the problem by recording the correct answer begins to do the next question and repeat the process. 同时，矿工在挖矿过程中很难作弊，即无法伪装得出正确答案，例如谎称自己得到 答案并向全网矿工进行广播，但是该过程需要全网超过 51％的算力共同验证并认可该 答案才能确认该矿工的记账权，矿工之间算力较为分散，并且矿工之间存在竞争关系， 因此很难共同操纵 51％以上的算力假装获得答案达到欺骗所有以太坊用户获利的目的， 当然该欺诈过程也面临着高昂的违约成本损失。因此以太坊挖矿的过程被称为“工作量 证明”（POW），即挖矿的收益取决于投入的算力，就相当于计算机越多所掌握的算力也 就越高，答题的正确的概率也就越高，也就更容易通过挖矿获得区块奖励。 At the same time, it is difficult for miners to cheat in the course of mining, i.e. to pretend that they have to falsely claim that they have to broadcast it to the entire network, but the process also requires a full net excess of to verify and endorse the jointly 51 per cent of the arithmetic; to confirm the miner's rights to bookkeeping, that there is a greater degree of fragmentation between miners and that there is a competitive relationship between miners & nbsp; therefore, it is difficult to manipulate together; and that more than 51 per cent of the arithmetic capacity pretends that the answer has served the purpose of & nbsp to defraud all users of the a tayo, & nbsp; of course the fraud process also faces a high cost of non-compliance. Thus, the process of mining is known as “ workload & nbsp; proof” (POW), that the proceeds of mining are dependent on input Ethereum 手续费机制：采用 POW 共识算法并通过手续费建立合约执行、转账收费机制 Etheeum Fee Mechanism: Introduction of Pow Consensus Algorithm and establishment of mechanisms for contract execution and transfer charges through fees 在以太坊网络中，需要用 Eth 来支付手续费，无论是交易、执行智能合约、还是支 付数据存储费用等发起者均需要消耗手续费，该手续费在以太坊中被称为 Gas，流向贡 献算力去验证、确认和维护 Eth 网络正常运转的矿工，让矿工获得相应的奖励。因此 Gas 费对于矿工和用户来说，凸显了两个作用，第一让矿工劳有所获，达到激励矿工维护 Eth 网络正常运行的目的；第二能通过手续费机制来防止破坏者肆意转账造成以太坊网络被 滥用导致拥堵，保证以太坊网络流畅、可持续运行。 Eth is needed to pay the fees, whether for trading, executing smart contracts, or paying & nbsp; sponsors such as paying for data storage costs, which are called Gas, flowing to Gon contributing to the validation, validation and maintenance of , miners who operate properly on the Eth network, giving incentives to miners. So Gas fees, for miners and users, highlight two roles, the first being paid by miners to encourage miners to maintain & nbsp; Eth, for the proper operation of the network; the second being able to prevent the indiscriminate transfer of funds by spoilers from being subjected to & nbsp; and the abuse leading to congestion to ensure smooth and sustainable operation of the network. 1.5. Eth 货币发行机制长期线性增长，通胀率逐年递减 1.5 & nbsp; Eth Long-term linear growth of money distribution mechanisms, inflation decreasing year by year 1.5.1. 货币总量长期线性增长 1.5.1. & nbsp; Long-term linear growth in total currency 以太坊作为推动以太坊平台上分布式应用的加密货币燃料，通过挖矿的形式每年以 不变的数量发行。比特币的总量固定为 2100 万，产量是每四年减半，2140 年完成最后 一次减半，区块奖励只有 0.00000001 个比特币。与比特币不同，以太坊因为没有挖矿减 半机制，现阶段 Eip-1559 提案中销毁矿工手续费的机制暂时没有采用，因此以太坊理论 上是没有总量限制的。 The total amount of Bitcoin is fixed at 2100 Huan, production is reduced by half every four years, 2140 final is completed in the year; one by half, block incentives are only 0.000001 a bitcoin. Unlike Bitcoin, there is no total limit on semi-mechanism, at this stage & nbsp; Eip-1559 mechanisms for destruction of miner fees in the proposal are temporarily not used, and therefore there is no total limit to & nbsp. 1.5.2. 货币通胀率逐年递减 1.5.2. currency inflation decreasing from year to year 以太坊未来采用 POS 挖矿机制，助推货币供应量缩减 The future use of POS mining mechanisms in Ethio contributes to a reduction in the supply of money POW 挖矿全称 Proof of Work，即工作证明。大部分的虚拟货币，比如比特币、莱 特币等等，都是基于 POW 模式的加密货币，重点在于算力越高、挖矿的时间越长，获 得的相应代币奖励也就越多。 Pow digs all called Proof of Work, which is proof of work. Most virtual currencies, such as Bitcoin, Ley & nbsp, special coins, etc., are encrypted currencies based on Pow mode, with the emphasis on the higher the arithmetic, the longer the mine takes, the more the & nbsp; the more the corresponding money is rewarded. POS 挖矿全称 Proof of Stake，即权益证明。POW 挖矿受益程度同挖矿时间和算力 紧密相关。而 POS 挖矿机制下矿工获得的收益并不与算力直接联系，而是取决于持有货 币的数量和时间，类似于持币获得质押收入制度，在股权证明 POS 模式下，有一个名词 叫币龄，每个币每天产生 1 币龄，比如矿工 C 持有 100 个币，总共持有了 30 天，那么 币龄就为 3000，当有新区块被发现时，此时矿工 C 的获得新代币奖励比例就是（矿工 C 币龄 3000）/（全网币龄总和），在获得区块奖励后币龄就会被清空为 0 重新计算，即币 龄是矿工获得收益的关键因素，而币龄的增加又和持币数量及时间密切相关。 The amount and time of the currency, similar to the holding of the goods & nbsp; the shareholding system & nbsp; the POS model, has a name the currency age, each currency produces & nbsp; 1 age, such as the miner C holding 100 & nbsp; currency, in total 30 & nbsp; day, & nbsp; currency age & nbsp; key factor & nbsp & & 0p & ; kn & kn; kn & kn; kn & kn; kn & kn; kn & kn) Eth2.0 将完全采用 POS 挖矿机制，减少货币供给 Eth2.0 full implementation of POS mining mechanism to reduce money supply 以太坊 POW 挖矿每年会增发 420 万 Eth，在未来 Eth2.0 上线后，会通过优化转账 手续费机制，Eip-1559 等机制改变以太坊的费用结构，引入基本费用的销毁。现有规则 矿工获得全部转账手续费的规则，将会被改为手续费收入中会有一部分被销毁，此举将 减少矿工收入并且限制市场上新增以太坊供给。 & nbsp; Pow digs & nbsp; 420 Van & nbsp; Eth, in the future & nbsp; Eth 2.0 & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ) & & & & & & & & & & & & & ; & & & & & & ) & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & 君士坦丁堡、拜占庭分叉减少通胀率 Constantinople and Byzantine splits to reduce inflation 尽管以太坊每年都会发行固定数量以太坊，但历史上挖矿机制在不断优化，因此以 太坊货币总量增长的速率并不是固定的。在 2017 年以太坊通过拜占庭网络升级挖矿获 得的区块奖励从 5Eth 减少到 3Eth，在 2019 年以太坊 1.0 君士坦丁堡分叉后，通过挖矿 获得的区块奖励由 3 Eth 减少到 2 Eth，因此每年货币供应量分别在 2017 年、2019 年 减少 40％、33%，降低以太坊新增货币供应量的同时减少了每年通胀率。 Despite the fact that a fixed amount is issued every year in the talisman, the historical mining mechanism has been optimized, so the rate of growth in the & nbsp; 5 Eth; &nth; &nth; & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; & 40%; & 33%; & nbsp; & nbsp; & nbsp; & nbsp; & 2017 & nbsp; & nbsp; & nbsp; & nbsp; & 40%; & 33% reduction in the new currency supply at the same time. 货币年供应量逐年减少限制通胀率 Annual reduction in the supply of money to limit inflation 未来 Eth 开启 2.0 时代，完全引入 POS 挖矿机制，通过质押挖矿取代传统的算力挖 矿产生质押需求会使得通货膨胀率进一步大幅度降低；同时随着货币总量的逐年增加， 每年新发行货币数量占总量的比例会逐年递减，综合两点，以太坊 2.0 上线后具有通胀 率逐年递减的性质。 Future & nbsp; Eth Open 2.0 Times, full introduction POS mining mechanism, which replaces traditional arithmetic & nbsp through pledge mining; demand for pledge production in mines, which can lead to a further substantial reduction in inflation; , as the total currency increases year by year; the proportion of new currency issued year by year, which is combined by two points, in Taipan & nbsp; 2.0 & nbsp; inflation & nbsp; and the rate by year. 以太坊 2021 年通胀率已不足 5％ Etheria & nbsp; 2021 & nbsp; annual inflation is below & nbsp; 5% 根据每年发行的货币新增数量，除以目前的总供应量可以得到以太坊通货膨胀率， 以太坊通货膨胀率是逐年递减的，从第一次发行起超过 10％的通胀率， 到 2021 年 6 月已经不到 5％，下降了将近一半左右，引入 Eip-1559 机制后由于手续费 燃毁机制的纳入将进一步减少以太坊年通胀率。 Depending on the amount of additional money issued each year, apart from the current total supply, the rate of , which is decreasing from year to year, exceeds the rate of 2021 year; 6 month is less than 5 per cent is down; & & 1559 post-mechanism due to fees & nbsp; and the inclusion of burn-out mechanisms will further reduce inflation rates in the Pacific year. 1.5.3. 发行机制防止过度集中，充分发挥激励机制 1.5.3 & nbsp; distribution mechanisms to prevent excessive concentration and full use of incentives 通胀率逐年递减，附加价值存储功能 Inflation rate decreasing from year to year, value-added storage function 以太坊通胀率每年递减，使得以太坊具有对抗法币通货膨胀的基础。通胀率逐年递 减也意味着以太坊会替代部分比特币价值储存功能，使以太坊在具备“区块链世界底层 操作系统”功能的同时通过价值存储属性增强在加密货币领域的竞争力。 The annual decline in the rate of inflation in the Taiwan has given it the basis to fight against French inflation. The rate of inflation & nbsp; the reduction also means replacing some bitcoin value storage with a talisman, enabling it to become more competitive in the area of crypto-currency through value-storage attributes while having “the bottom & nbsp of the chain of blocks; the operating system”. 防止过度集中，完善激励机制 Prevention of overconcentration and improvement of incentives 比特币新增货币数量逐年降低导致比特币易于出现财富过于集中的风险，而以太坊 给予了所有参与者有公平的机会去获取货币，保持对通过挖矿获得收益的矿工和持有以 太坊用户的激励。 The decline in the number of new bitcoin currencies over the years makes bitcoin vulnerable to the risk of over-concentration of wealth, and instead offers all participants a fair opportunity to obtain money and maintain & nbsp incentives for miners and owners who benefit from mining. 凝聚社区共识，推动生态发展 Community consensus-building for ecological development 通过货币供应量的逐渐增长，无论是在以太坊上进行智能合约开发还是通过挖矿对 矿工进行激励，均可以提升以太坊生态中用户参与积极性，推动以太坊生态价值进一步 提升。 Through the gradual growth of the money supply, both smart contract development in Ether and & nbsp through mining, miners can be encouraged to become more active and promote further & nbsp; 1.6. 比特币对标区块链领域的数字黄金，以太坊对标区块链领域的底层操作系统 1.6 & nbsp; digital gold in bitcoin vs. block chain area, bottom operating system in Taipan vs. block chain area 1.6.1. 比特币减半效应带来价值储存需求 1.6.1. & nbsp; Bitcoin's halving effect gives rise to a demand for value storage 前文提到，以太坊通过计算机“挖矿”行为获得代币奖励，比特币也采用相同原理的机制，但是通过挖矿获得的比特币数量每四年都会减少 50％，例如在 2020 年第三次 挖矿奖励减半使得区块奖励由 12.5 枚减至 6.25 枚，并且比特币会在 2140 年完成最后一 次减半，使得区块奖励只有 0.00000001 个比特币。 As mentioned above, the Panel received a token incentive through for the “mining” of mines, but Bitcoin also used a mechanism of the same rationale, but the number of bitcoins obtained through mining fell by every four years; 50 per cent, e.g. 2020 third & nbsp year; halved the mining incentive by 12.5 reduced to 6.25 & nbsp; and the currency by & nbsp; 2140 & nbsp; completed the last & nbsp; halved the incentive by & nbsp; 000000001 & nbsp; and a bit currency. 比特币通过四年一个周期的减半效应，使得比特币具有货币通缩的属性。比特币与 黄金属性类似，具有抗风险、抗通胀、价值储存等属性，并且随着减半周期以及全球放 水、机构配置、用户需求等因素，在各种因素协同共振的情况下更加凸显了比特币“数 字黄金”的属性，是一种基于工作量证明同时没有中央银行作为担保的去中心化资产。 Bitcoin, through its four-year cycle of halving effects, gives bitcoin the properties of currency deflation. Bitcoin is similar to gold attributes are similar to they have anti-risk, anti-inflation, value storage, etc. and, with the cycle of halving and global water, institutional configuration, user demand, etc., the properties of bitcoin's & nbsp; word gold is a decentralized asset based on workload proof that there is no central bank security at the same time. 1.6.2. 以太坊智能合约搭建底层应用平台 1.6.2. Bottom application platform with Taiwan smart contract 同比特币相区别的是，以太坊并没有设计成四年减半的周期，即本质属性没有对标 黄金的储值功能，然而比特币虽然通过去中心化的机制实现了可靠的价值存储功能，但 是并没有解决货币的外延，即通过什么机制令区块链打破价值存储、简单价值传输的局 限性，把区块链技术应用于货币以外的领域，打造出类似于 iOS、安卓操作系统的强大 应用生态。 In contrast to Bitcoin, it has not been designed to halve the four-year cycle, i.e., that the properties are not that there are no properties of the nature; that there is a storage function for gold, but that , although it has achieved a reliable value storage function through decentralized mechanisms, does not address the monetary outreach, i.e., the mechanism by which the block chain is broken through value storage and simple value transmission & nbsp; that there are limits to the application of block chain technology to areas other than money, creating a similar & nbsp; that there is a strong & nbsp of iOS, Andre operating system; and that there is an ecological application. 1.6.3. 智能合约搭建区块链应用层蓬勃发展桥梁 1.6.3. Smart contract to build a dynamic development bridge for block chain applications 如果把比特币比作是区块链世界的数字黄金，通过稀缺性对标储值需求，那么以太 坊就是区块链世界的底层操作系统，早期通过以太坊构建的应用多以博弈和游戏为主， 或两者的结合，随着区块链应用层的扩展和发展，基于智能合约的开源免费、算法简单、 成本低廉等优势所带来的是用户不断沉淀，以太坊智能合约应用也愈加广泛，现阶段以 太坊应用层生态涉及游戏、竞猜、去中心化金融、交易所、加密收藏品、社交媒体等多个领域。 If Bitcoin is compared to digital gold in the block chain world and the need for tag values through scarcity, it is it is the bottom operating system in the block chain world, with early applications based on game games and games, or the combination of the two, with the expansion and development of the block chain application, open sources based on smart contracts are free, simple algorithms and the advantage of low cost is that users continue to sink and are being used in the community smart contracts more widely, using & nbsp at this stage; and the & nbsp application of the tycosystem involves a variety of fields such as games, competition, decentralization of finance, exchanges, encrypted collections, social media, etc. A. NFT 非同质化代币板块——去中心化收藏品 A. & nbsp; NFT non-homogenous monetic plate - decentralised collection NFT 的重要特征在于：每一个 NFT 拥有独特且唯一的标识； An important feature of NFT is that each & nbsp; NFT has a unique and unique identifier; 在加密猫 (cryptokitties) 游戏中，每一只猫都对应着链上的一个 NFT，拥有独特的 ID 和基因，更重要的是，拥有独立的价值，加密猫的二级市场十分活跃，最贵的一只猫 卖出了 75 万人民币； In encrypt cats & nbsp; cryptokities & nbsp; in the game, each cat corresponds to one on the chain; 2021 年 3 月 11 日晚，纽约佳士得网络拍卖艺术家 Beeple 的一幅 NFT 数字艺术品 《每一天：前 5000 天》经过 14 天的网上竞价，最终以 6025 万美元落槌，加佣金约 6930 万美元成交（约 4.5 亿人民币）。 2021 & nbsp; year & nbsp; 3 & nbsp; month & nbsp; 11 & nbsp; Day Evening, , an artist in the Gazette Web auction in New York; NFT digital art Every Day: Before 5000 Day by 14 & nbsp; Day by Day, final competition in 6025 & nbsp; USD down, plus commission approximately & nbsp; 6930 & nbsp; USD 6 (approximately & nbsp; 4.5 & nbsp; billions of yuan). B. 体育娱乐板块 B. & nbsp; Sports and Recreation Block 基于区块链技术的网络开放平台，打造的体育游戏娱乐服务，结合体育产业和体育 生态链上的应用和商业场景，打通整个体育产业链进行的体育虚拟游戏、实现体育产业 更广泛的生态连接。 A web-based open platform based on block-chain technology, a sports play and entertainment service that combines the sports industry and sports & nbsp; applications and business scenes on the ecological chain to connect sports virtual games, sports industry & nbsp, and wider ecological connectivity across the entire sports industry chain. C.去中心化金融（DeFi） C. DeFi DeFi 就是去中心化金融，随着区块链的迅速发展，其应用场景也在不断地丰富，而 金融业是其中较有前景的方向。DeFi 在以太坊网络生态内较为活跃，经过近两三年的探 索发展，衍生出了稳定币、借贷平台、衍生品、预测市场、保险、支付平台等多种金融 创新功能。 DeFi is decentralized finance, and its applications are growing in abundance with the rapid development of the block chain, and the & nbsp; the financial sector is a more promising direction. DeFi is active in the Etherno-Net ecology, after nearly two or three years of exploration & nbsp; the so-called development, which generates a variety of financial & nbsp functions, such as stable currency, lending platforms, derivatives, forecasting markets, insurance, payment platforms, etc. DeFi 将传统金融搬到区块链网络里，但相比传统金融，它通过区块链实现了去中心 化，也就是去掉了中心化机构背书的过程，降低了中间环节带来的信任成本，2021 年 6月 DeFi 总用户数已经超过 280 万人，显示了去中心化金融领域广阔的用户前景。 DeFi moved traditional finance into a network of block chains, but compared to traditional finance, it achieved decentralisation through block chains & nbsp; in other words, by removing the process of endorsement of centralized institutions and reducing trust costs associated with intermediate links, 2021 & nbsp; & nbsp; June; & nbsp; total users of DeFi already outnumber & nbsp; 280 & nbsp; and 10,000 people, showing a wide range of user prospects in the field of decentralized finance. D.去中心化交易所（Dex） D. Decentralization Exchange (Dex) 比特币发明的初衷就是为了解决“中心化”所带来的问题。但是，在加密货币这个 去中心化的世界里，用户普遍还是使用中心化交易所进行资产交易，隐含诸多中心化机 制带来的不可控风险。而去中心化交易所更加透明，资产不由第三方控制，因此也就避 免了传统中心化交易所平台跑路、监守自盗的困境。 But, in an encoded currency & nbsp; in a decentralized world, users generally use a centralized exchange for asset trading, implying a number of centralized & nbsp; uncontrollable risks. Decentralized exchanges are more transparent, and assets are not controlled by third parties, thus avoiding & nbsp; and traditional centralized exchange platforms are free of the dilemma of running and monitoring self-piracy. 另一方面，Dex 中上币不用经过中心化机构审查，还可以让任何人提供流动性交易 对成为做市商。作为 DeFi 网络的关键底层技术设施，DEX 利用 AMM 自动做市算法提 供了大量基础流动性，加快了 DeFi 网络的成熟与普及。 On the other hand, the upper currency of Dex, without being scrutinized by a centralised agency, can also allow anyone to offer liquidity transactions become a marketer. As a key bottom technological facility for the DeFi network, DEX uses AMM automatically makes market algorithms & nbsp; provides a large amount of basic liquidity and speeds up and the maturity and spread of the DeFi network. 1.7. 以太坊愿景：基于区块链底层操作系统构建加密货币应用层生态 1.7 & nbsp; Tails Vision: Constructing Encrypted Currency Layer Ecology Based on Block Chain Bottom Operating System 1.7.1. Google 通过安卓切入移动互联网领域，顺利把握发展机遇 1.7.1. & nbsp; Google successfully seizes development opportunities through Andre into Android 自从 2008 年发布至今已经有 12 年时间，这 12 年来 Android 的变化是极其 惊人和迅速的，并且凭借其移动端操作系统的强大开发功能以及应用开发的简易性，最 终吸引了大量的用户和开发者沉淀。在手机操作系统领域，由于安卓没有采用类似 iOS 的封闭式操作系统，而是开源共享，一经推出就迅速抢占 iOS 操作系统市场份额，其凭 借在操作系统的竞争优势地位加之用户长时间的沉淀，在手机操作系统领域树立了极高 的行业壁垒；而作为领导安卓开发的 Google 公司凭借安卓的竞争优势切入移动互联网 领域，不断向用户渗透 Google 产品及服务，让 Google 成为移动互联网生态的超级巨头 之一。 Androids have since 2008 & nbsp; it has since been published; year; 12 year; changes have been extremely amazing and rapid, with the powerful development function of its mobile-end operating system and the simplicity of its applications, the most in the field of mobile operating systems, it has attracted a large number of users and developers to sink. In the area of mobile operating systems, there are no similar in the case of iOS closed operating systems, there is open-source sharing, which quickly takes & nbsp; in the case of roll-out, the market share of the iOS operating systems, which takes over ; in the case of users whose competitive position in operating systems has increased over a long period of time nbspsp; in the case of & nbresp; in the case of & nbsp; in the case of leading users of & & & & & & & & & & & Google, using 如果没有 Android， Google 原有的的移动搜索和广告收入业务版图就可能会被 Apple 侵蚀。另外，Google 对于安卓系统的控制性，防止了苹果独立开发移动搜索 App， 避免直接催生出另一个扎根移动的搜索巨头的可能性。通过底层操作系统安卓公司顺利 打入移动互联网生态，为 Google 今后十年的发展奠定了一定的基础。 In the absence of Android, Google's original mobile search and advertising income business plans could have been eroded by Apple; avoids the possibility of directly triggering another root-moved search giant. Also, Google prevented to independently develop mobile search App, avoids the possibility of directly triggering another root-moved search giant. Successful & nbsp; 实际上，安卓顺利切入移动互联网领域，让 Google 保住了它在移动搜索上的竞争 优势，并且最终占领了大部分市场份额；同时通过操作系统和 Google 搜索结合，以及 预装的 Google store、Inbox、 Google Map 等应用，为 Google 带来了极大的移动互联网入口价值。 In fact, Andre has successfully cut into , allowing Google to preserve its competition on mobile searches advantages and eventually to capture most of its market share; while bringing significant value to Google to mobile Internet portals through operating systems and & nbsp; pre-installed & nbsp; Google store; Inbox; & nbsp; Google Map etc. 1.7.2. 以太坊顺应底层应用开发需求，搭上区块链应用层发展快车 1.7.2. & nbsp; Fast-track development of upper block chain application in response to bottom-level application development needs 在区块链领域，以太坊同样有类似于 Android 在移动互联网的发展潜力，以太坊同 安卓操作系统一样，均属于公开、无需许可的开源方式，其可扩展性、易开发性以及去 中心化的机制不断吸引大量开发者通过智能合约对去中心化应用进行开发，围绕以太坊 建立了加密货币领域最强大、最顶端生态系统。以太坊只不过是将移动互联网领域操作系统的重要性复制到区块链领域，重复安卓的道路在区块链世界开辟另一个战场，最终 有望成为区块链世界的底层操作系统。 In the area of block chains, the development potential of mobile Internet 但是 2020 年全球最大的中心化加密货币交易所推出的币安智能链 BSC 对以太坊形 成了一定的挑战，BSC 交易成本低，交易速度快，用户增速已经超过了以太坊，2021 年 2 月 9 日，币安智能链链上转账次数第一次超过以太坊，链上项目超过 300 个，如果以 太坊在今后未能改变合约处理机制，增强其可扩展性并且降低网络运行成本，其市场份 额有可能会被币安智能链逐步吞噬。 But & 2020 BSC for Ether and nbsp; a certain challenge, BSC transaction costs are low, transactions are fast, users are growing faster than Ether, 2021 year & nbsp; 2 month & nbsp; 9 day, the number of transfers over Ether for the first time in the currency security chain exceeds 300 one, if toopan has not been able to change contract processing mechanisms in the future, increase expansionability and reduce network operating costs, its market share & nbsp; and the amount is likely to be consumed by the currency security smart chain. 1.7.3. 打造以太坊分布式计算机，同传统中心化应用分庭抗礼 1.7.3. & nbsp; build computer 和传统中心化应用不同的是，以太坊可以类比为分布式计算机系统，采用区块链机 制，引入工作量证明，在没有强大的第三方机构仲裁或者是记录的前提下完成对智能合 约的自动执行，避免了人工干预的同时尽可能保证公开、公平、公正，降低了合约执行 过程中的信任成本。另外通过去中心化机制，可以公平解决信用真实记载的问题，区块 链无须借助第三方就能对交易双方的信用历史进行真实呈现，这能有效解决合约中的信 用问题；同样，例如传统行业金融资产证券化普遍存在信息不对称导致的信用问题，如 票据、信用证、企业应收账款、保理债权等，而区块链技术的引入能使链上的每笔交易 得以录入并开放给所有参与者，保证了信息的透明、可追踪性。2020 年热门的关于资产 证券化项目对底层资产风险分散性的偏好与区块链的特质不谋而合，区块链技术以其去 中心化、加密安全、不可篡改的优势，无需第三方机构担保完成合约创建，并且链上的 数据不可修改，也增强了合约的可信度，可以让用户参与资产证券化从成立前承做到成 立后存续期管理的多个流程、环节。 Unlike the traditional centralization system, which uses a block chain & nbsp; the introduction of workload proof to complete smart matching & nbsp without strong third-party arbitration or record-keeping; the automatic implementation of the contract, which avoids manual intervention while as much as possible guaranteeing openness, fairness, reduction of contract enforcement & nbsp; the cost of trust in the process; the fair resolution of problems with the authenticity of credit, blocks & nbsp; the ability of third parties to present the credit history of the parties to the transaction without effectively resolving the contracts & nbsp; the use of questions; the credit problems resulting from the widespread information asymmetry in the securitization of traditional industry financial assets, such as & nbsp; the creation of unbundled assets; the creation of unbundled asset chains; and the creation of unbundled assets; and the creation of unbundled asset chains and unbundled companies; and the creation of inter-scading companies; and the ability of third-party-to-to-to-to-to-to-to-to-to-be-to-to-to-to-to-to-be-to-to-be-to-to-to-to-to-be-be-to-to-be-be-to-to-other-to-be-to-to-be-be-to-to-be-to-to-to-be-be-be-to-to-to-be-st-to-to-be-be-be-be-be-other-to-other-to-to-be-st.-to-to-st.-to-to-be-to-to-be-be-be-be-be-t.-other-t-to-to-to-to-be-be-to-be-other-t-to-to-be-t. 2.1. Vitalik 发布以太坊白皮书（2013-12-31） 2.1. & nbsp; Vitalik Release of the Ethio White Paper (2013-12-31) 2013 年底，Vitalik 发布以太坊白皮书，2014 年 7 月，开始以太坊预售，为期 42 天 以太坊团队通过预售 60102216 个以太坊，募集了超过 3 万个比特币。根据以太坊公布 的整体发展计划，以太坊的发布分成四个阶段，即 Frontier（前沿）、Homestead（家园）、 Metropolis（大都会）和 Serenity（宁静）。 2013 at the end of the year, Vitalik published a White Paper in Taiwan, 2014 7 month, started pre-sale in Tai Pa for a period of 42 days through pre-sale 60102216 Etai for a period of more than 3 10,000 bitcoins. Based on an overall development plan published in Tai Pa; in four phases, i.e. & nbsp; ; Hmetead (Homeland), & nbsp; Metropolis (Metropolis) and & nbsp (Seren.). 2.2. Frontier（前沿）版本发布，智能合约应用里程碑（2015-7-30） 2.2. & nbsp; 首次上线加密货币交易所 Kraken（2015-08-07） First-time online encrypted currency exchange & nbsp; Kraken (2015-08-07) 以太坊第一个有记录的历史价格是从 2015 年 8 月 7 日开始的，当时加密货币交易 所 Kraken 第一个将 Eth 以 2.77 美元/枚上架。不过 Eth 上架交易前三天并没有得到投资 者认可，价格一度下跌至 0.68 美元，Eth 代币价格暴跌很可能是受到早期投资者恐慌性 抛售的影响。 The first recorded historical price in Tails was from 2015 & nbsp; year & nbsp; 8 & nbsp; month & nbsp; 7 & nbsp; then encrypt currency transactions & & nbsp; Kraken first Eth for 2.77 & nbsp; dollar/platform. However & nbsp; Eth not invested & nbsp three days before the previous transaction; acknowledged that prices fell to 0.68 & nbsp; United States dollar, Eth's currency price collapse is likely to be affected by early investor panic & nbsp; and sale. Eip-20 提案通过使得以太坊可以通过智能合约发行数字资产或权益（2015-11-19） Eip-20 proposal made possible the release of digital assets or interests through smart contracts (2015-11-19) 作为以太坊的最初实验阶段，该阶段的软件基础设施并不成熟，只有命令运行界面， 没有 UI，但还是可以进行基本的挖矿、学习、试验。该阶段是以太坊发展的起点。在 Eip20 提案执行后，智能合约系统开始运营，以太坊作为一个应用平台，不断有研发者在智 能合约中开发应用才能实现以太坊的自身价值，在这个过程中以太坊逐步积累人气，价 值也得到市场认可。 As the initial experimental phase of Etheria, the software infrastructure for this phase is not mature, except for commanding to run the interface, UI, but basic mining, learning, and testing. This phase is the starting point for the development of the etherm. After the proposal was implemented, the smart contract system became operational, using the ether as an application platform, and the research and development community continued to have an intellectual & nbsp; the ability to develop applications in the contract to achieve the ethermium's own value, building people's emotions and prices & nbsp; and the value was recognized in the market. 2016 年初，智能合约应用的逐渐落地，使得以太坊的技术得到市场认可，以太坊宣 布即将推出更稳定第二代网络协议版本 Homestead，其价值也逐渐得到投资者认可。2016 年 3 月 13 日，Eth 价格来到 15 美元高位，也让以太坊市值首次超过 10 亿美元。以太坊 价格上涨带动投资者发现智能合约优势，吸引了大量开发者以外的人走进以太坊的世界、 参与以太坊网络的运转。 2016 & nbsp; Early in the year, smart contract applications came to the ground, resulting in market recognition of Ether’s technology, and the introduction of a more stable version of the second-generation web protocol Homestead, whose value has also been recognized by investors. 2016 & nbsp; & nbsp; 3 month & nbsp; 13 day, Eth prices came to & nbsp; 15 & nbsp; dollar heights, which for the first time allowed Tai’s market value to exceed & nbsp; 10 & nbsp; billions of dollars. 2.3. Homestead（家园）版本发布，以太坊遭受挫折浴火重生（2016-3-14） 2.3. & nbsp; Homestead (Home) version released to regenerate with the frustration of the Tatiya area (2016-3-14) 这个阶段承接前沿阶段，是以太坊第一个正式的产品发行版本，100% 采用 POW 机制，该版本一样采用命令行界面，没有图形界面 UI。挖矿的难度除了算力增加之外还 加入了一个“难度炸弹”，也就是会将挖矿难度呈几何式的上涨使矿工挖矿收益减少。 The forward phase of this phase is the first official product distribution in the Taiku, 100% the introduction of the POW mechanism, which also uses the command line interface and does not have a graphical interface & nbsp; UI. The difficulty of mining is in addition to the increase in arithmetic & nbsp; and the addition of a “difficult bomb”, which would reduce the miner’s mining returns by geometrically increasing the difficulty of mining. The DAO 遭黑客攻击，以太坊面临被盗危机（2016-06-17） The DAO was hacked and Ether was in a crisis of theft (2016-06-17) DAO 全称为 Decentralized Autonomous Organization，即“去中心化的自治组织”， 而 The DAO 则是其中最大的一个去中心化的自治组织，整个社区完全自制，并且通过代码 编写的智能合来实现。该项目于 2016 年 5 月 28 日完成众筹，共募集 1150 万以太坊， 在当时的价值达到 1.49 亿美元。 DAO is fully known as Decentralized Autonomous Organization, a “decentralized self-government organization”, & nbsp; The DAO is the largest decentralised self-governing organization of which the whole community is fully self-sufficient and through a combination of code which was written by 2016 & nbsp; 2016 & nbsp; & nbsp; 5 & nbsp; & nbsp; & nbsp; & & 28 & nbsp; & & & & nbsp; & nbsp; & nbsp; & 1150 & nbsp; & & nbsp; & & & nbsp; at that time it was worth & nbsp; & 1.49 & nbsp; billions of dollars. 2016 年 6 月 16 日，黑客利用 The DAO 代码中漏洞从该项目中窃取价值约 6000 万 美元 Eth。这一负面消息给 Eth 市场价格造成严重影响，使其市场价格减少一半至 11 美 元。 2016 2016 6 month & nbsp; 16 Day, hackers use The DAO code leaks about 6,000 Van & nbsp; United States dollar & nbsp; Eth. This negative news to Eth market price has serious implications, reducing market price by half to 11 US & nbsp; won. ETC 硬分叉，追溯被盗代币（2016-07-20） ETC hard fork, retroactively stolen tokens (2016-07-20) 为快速应对 Eth 被盗所带来的负面影响，Vitalik Buterin 团队提出通过硬分叉将以太 坊网络恢复到攻击前状态并把被盗资金归还给用户，2016 年 7 月 20 日以太坊在社区用 户争议声中实施硬分叉，之后该网络一分为二，变成以太坊（Ethereum）和以太坊经典 （Ethereum Classic）。 In order to respond quickly to the negative effects of the theft of Eth, the Vitalik Buterin team offered to restore the network to pre-attack status and return the stolen funds to the user, by hard fork, 2016 7 month; 20 for community use in home dispute, then the network was divided into two and turned into Etheeum and Ether Classic & nbsp; Etheeum Glassic. 企业以太坊联盟 EEA 成立，致力于开发企业级区块链（2017-02-28） Enterprise & nbsp; EEA established to develop enterprise block chains (2017-02-28) 2017 年 2 月 28 日，一批代表着石油、天然气、金融和软件开发行业的全球性企业 正式推出企业以太坊联盟(Enterprise Ethereum Alliance)，致力于将以太坊开发成企业级 区块链。企业以太坊联盟（EEA）是由摩根大通、微软、英特尔等 30 多家企业巨头于 2017 年 3 月正式成立的协作组织，2021 年 6 月的成员数量已经达到数百个。最初的愿 景是合作开发标准和技术使企业更加容易使用以太坊区块链代码，从而迈向分布式账本 系统时代。该组织致力于提高以太坊区块链的隐私性、安全性和扩展性，使其更加适用 于企业应用。企业以太坊联盟 EEA的成立标志着以太坊智能合约应用渗透到传统行业， 并逐渐得到广泛用户、企业认可。 2017 & nbsp; year & nbsp; 2 & nbsp; month & nbsp; 28 & nbsp; Day, a group representing oil, gas, finance and 2.4. Metropolis（大都会）版本发布，两次分叉大幅减少货币供给（2017- 10-16） 2.4. & nbsp; Metropolis (Metropolis) version released with two splits significantly reducing the money supply (2017- 10-16) 以太坊大都会（Metropolis）分为两个阶段进行：拜占庭（Byzantium）升级和君士 坦丁堡（Constantinople）升级。 The Metropolis were carried out in two phases: Byzantium upgrades andjuns & nbsp upgrades; and Constantinople upgrades. 拜占庭版本升级（Eip-649 2017-10-16） Byzantine version upgrade (Eip-649 2017-10-16) 2017 年 10 月 16 日，在几次推迟之后，以太坊“拜占庭”网络在 4370000 区块进行硬分叉，这次称为“大都会”的多元升级，在以太坊主网络第 4370000 个区块诞生时通过“拜 占庭”代码执行一次硬分叉，“大都会”的阶段更被视作为是提升以太坊平台整体可用性 的重要基石。同时，在此区块后矿工挖矿奖励从 5 Eth 降至 3 Eth，减少了 40％以太坊 每年新增供应量。 2017 year & nbsp; 10 month & nbsp; 16 day, after several postponements, the “Metropolitan” network was used as 4370,000 block for hard splits, this time known as the “Master” multi-faceted upgrade, 4370,000 block for for & Taker code for a hard split; & & nbsp for &p; 40% for & nbsp; & nbsp for new supplies every year. 君士坦丁堡版本升级（Eip-1234 2019-03-01） Constantinople version upgrade (Eip-1234 2019-03-01) 君士坦丁堡硬分叉主要的功能就是平滑处理掉“拜占庭”网络升级所引发的问题，并 引入 POW 和 POS 的混合链模式，将 POS 机制实验性添加到以太坊网络。此外，矿工 得到的区块奖励从每区块 3 Eth 降至 2 Eth，以太坊每年新增供应量缩减 33％。这一举 措被称为 “1/3 奖励削减”。 The main function of Constantinople's hard fork is to smooth out the problems arising from the upgrading of the Byzantine network and introduce Pow and POS mixed chain model, adding POS mechanism experimentality to the Etheria network. In addition, miners received block incentives from each block 3 & nbsp; Eth down to 2 & nbsp; Eth, reduced & nbsp; 33%. This & nbsp; so-called & nbsp; “1/3 & nbsp; incentive reduction”. 2.5. Serenity（宁静）版本，开启以太坊 2.0 新阶段（2020-12-01） 2.5 & nbsp; Serenity (silence) version, opening & nbsp; 2.0 & nbsp; new phase (2020-12-01) Vitalik 虽然已经提出以太坊第四阶段升级版本路线图具体规划，但它需要相当长的 时间才能推出。主要原因是，在保证网络的安全运转前提下，改变以太坊底层机制是一 项具有挑战性的任务，故以太坊 2.0 的推出不会一次全部完成。Eth2.0 阶段将分为三个 阶段发布，每个阶段都有各自独特的功能，确保新以太坊升级成功。2021 年 6 月已经完 成的阶段是 Phase0，即以太坊信标链的发布。 Vitalik, although it has been proposed that the & nbsp; it will take a considerable amount of time to be launched. The main reason is that changing the & nbsp; the challenging task of using the & nbsp; 2.0 & nbsp; the roll-out of the & & nbsp. Eth 2.0 & nbsp; the phase will be divided into three & nbsp; each phase will have its own unique functionality to ensure the success of the new & Xian upgrade. 2021 & nbsp; & nbsp; 6 & nbsp; month is over & nbsp; the stage is completed & nbsp; Phase0, i.e., the release of the & & nbsp; & Phase0, i.e., the distribution of the Xian beacon chain. 阶段 0 启动，以太坊 2.0 进程更近一步 Stages & nbsp; 0 & nbsp; start with Tails & nbsp; 2.0 & nbsp; process closer 阶段 0 信标链被认为是 Eth 2.0 的骨干和核心，目标是引入基础的 POS 机制，使得 以太坊从 POW（工作量证明）平滑过渡到 POS（权益证明）共识机制，从根本上改变 底层挖矿机制和货币基础经济模型。 Phases & nbsp; 0 beacon chains are considered Eth 2.0 backbone and core, with the objective of introducing basic POS mechanism to make Etheria from Pow (Certificate of Work) smooth transition to POS (Certificate of Interests) consensus mechanism to fundamentally change bottom mining mechanism and monetary base economic model. 阶段 0 信标链为整个系统的新型共识定下基调。即开通以太坊存款 Staking（质押） 合约，用户可以通过质押一定数量的 Eth，可成为验证者参与到网络运行和维护，并收 获相对稳定的 Staking（质押）收益。 Stages & nbsp; 0 beacon chains set the tone for a new consensus across the system. That is, opening deposit & nbsp; Staking & nbsp; contracts, where users can pledge a certain number of & nbsp; Eth, which can be used as a certifier to run and maintain the network and receive & nbsp; receiving relatively stable & nbsp; and Staking (belt) proceeds. 阶段 0 的启动由一个 Eth 2.0 存款合约来触发。该合约地址此前于 2020 年 11 月 4 日公布，规定当其收到的质押 Eth 数量达到 524288 将触发信标链阶段启动阈值，Eth 2.0的创世区块于 2020 年 12 月 1 日正式开启。展示了该存款合约开放以来至今收到的 Eth 数量。数据显示，2020 年 11 月 23 日大量 Eth 质押进该地址，标志着 Eth 2.0 成功达 到发布门槛。截至 2021 年 6 月 28 日，合约中的 Eth 总数已达 568 万个，超过 Eth 流通 量的 10 %，并且质押数量仍在持续增长。 Phases & nbsp; 0 start-up by a Eth 2.0 deposit contract. The contract address was previously launched in 2020 year & nbsp; 11 month 4 date of publication. quantity of Eth up to 524288 threshold for activation of beacon chain phase in month & nbsp; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bn; & 20; &bn; &bn; &bn; &bn; &bn; &bn; &bn; &bt; &bt. 投资者需要务必注意的是：在分片链阶段完成实施之前，所有质押 Eth 的注册节点 验证者的操作都不可逆。这代表该阶段内，节点验证者的 Eth 资产将被锁定，直到下一 阶段开启，同时通过质押获得的收益率会随着存款合约中以太坊总量增加而呈现出递减 的趋势。 Investors need to be aware that all pledges & nbsp; the registration node & nbsp of Eth; the operator's operation are irreversible until the completion of the segmental chain phase. This means that node certifiers & nbsp; Eth assets will be locked up until the next & nbsp; the start of the phase, while the return on pledge will show a downward trend & nbsp; as deposits contract increases in the total number of taupules. 后续阶段稳步进行，推动以太坊全新变革 The follow-up phase is proceeding steadily, leading to new changes in the Etherms. 以太坊最终阶段将完全抛弃 POW 机制，同时以太坊网络将不再需要矿工通过强大 的算力支撑来挖矿，完全向 POS 机制转变的同时带来大量矿工通过锁仓 Eth 的方式来 进行挖矿，且质押具有一定的质押回报率，限制大量质押的以太坊流入二级市场缩减市 场抛压，在供给端缩减 Eth 供给，增加以太坊内在价值，同时也更加符合美国节能环保， 和中国“碳中和”远景目标的政策要求。 The final phase of Tai Po will be the complete abandonment of the Pow mechanism, while the network will no longer require miners to pass through strong the arithmetic support will be used to dig completely to the POS mechanism will be transformed to bring a large number of miners to through lock-down Eth & &bsp; the mining process will be carried out with a certain return on pledge, limiting a large number of pledges to reduce the market & nbsp in secondary markets & nbsp; field pressure will reduce & nbsp at the supply end; the supply of Eth supply will increase the value in the community and will also be more in line with the policy requirements of the United States energy conservation, & nbsp; and China's “carbon neutral” vision. 即将在 2021 年 8 月上旬执行的 Eip-1559 方案，将从根源上改变以太坊的手续费结 构，导致货币供应量在未来走向通缩机制，该提案核心就是把每个交易中原本矿工获利 的 Gas 费用拿出来一定比例销毁。这样一来以太坊总量就会得到控制，并且随着智能合 约应用的不断落地，交易请求数量趋势也会稳步增加，Gas 费用增多导致销毁的 Eth 就 越多，造成 Eth 货币供应量减少，有利于货币供应量通缩机制的形成，理论上对以太坊 短期供需关系平衡产生一定影响。 In 2021 8 , implemented early in the month; Eip-1559 the programme, which will change from the root cause of , which will lead to a future deflationary mechanism of money supply & nbsp; Gas, whose cost will be eliminated in proportion to each transaction. This will control the total size of the & nbsp, which will increase steadily as intelligent & nbsp is applied; & & nbsp, which will result in the destruction of & nbsp; & & nbsp, which will result in more & nbsp; & Eth, reduced monetary supply, which will facilitate the formation of & nbsp, which will theoretically have an impact on & nbsp; and short-term supply and demand balance. 3.1. 智能合约简介：区块链世界的电子合同 3.1 & nbsp; Introduction to Smart Contracts: Electronic Contracts for Block Chain World 智能合约类似于物理世界中的合同，被数字化并由存储在区块链中的程序保存并运 行。智能合约可以看作是一个程序，或者更简单的代码，智能合约背后的代码包含由特 定合约事件触发时执行的特定条款。简单来说，智能合约的出现使得基于区块链的两个 人，不只是可以进行简单的价值转移，同时可以设定复杂的规则，由智能合约自动、自 治地执行，这极大地扩展了区块链实际应用的可能性。区块链的特殊优势，使得智能合 约可以穿破传统中心化平台的壁垒，打破第三方机构的垄断行为，有望消除中心化体系 中存在的局限性。 Smart contracts are similar to those in the physical world, which are digitized and stored in processes in block chains and transported & nbsp; rows. Smart contracts can be seen as a program, or simpler codes, with the code behind smart contracts containing specific terms to be implemented at the trigger of T contract-fixing events. Simply put, smart contracts emerge that lead to two s based on block chains; people, not only to simple value transfers, but also to complex rules that are automatically, self-initiated and implemented by smart contracts; and to administrative enforcement, which greatly expands the possibilities for the practical application of block chains. The special advantages of block chains make smart & nbsp; the possibility of breaking the barriers of traditional centralization platforms, breaking the monopoly behaviour of third-party institutions, and hopefully eliminating the limitations of centralization systems & nbsp; 3.2. 智能合约打破中心化应用局限，发挥去中心化优势 3.2 & nbsp; smart contracts break the limitations of centralizing applications and take advantage of decentralisation 去中心化，不可篡改 We're going to centralize it. We can't change it. 智能合约允许在没有第三方中心化机构的情况下进行可信交易，这些交易在链上进 行记录并且不能够进行修改，做到可追踪且不可逆转。这些数据点一旦被放在区块链上， 就成了不可改变的记录，并且在区块数据中加上时间戳，这种不可篡改性大大降低了检 查成本。此外，通过不可改变的区块数据线索，区块链上的数据也可追踪，信息丢失的 风险以及篡改链上信息而不被发现的概率将大幅降低。 Smart contracts allow credible transactions to be made without a third-party centralization agency, which are recorded on the chain and cannot be modified to be traceable and irreversible. Once these data points are placed on the block chain, they become unalterable records and time stamped in the block data, which significantly reduces the inspection & nbsp; check costs. Moreover, data on the block chain can also be traced through unchangeable block data trails, the lost & nbsp; the risk and the probability of tampering with the information on the chain without being detected will be significantly reduced. 自动执行，公开透明 Auto-execution, open and transparent 一直以来，现行的法律体系都存在着两个巨大的问题：首先，法律条文在用文字表 述的过程中可能会存在歧义，第二，强制执行合约或法律的代价和成本较大。在传统中 心化机构缔造的合约中，多方之间约定的结算在合同里约定，没有办法通过数字化的方 式自动完成，造成金融机构在多环节参与供应链环节没有强有力的回款保障。而在以太 坊的智能合约中，可以通过智能合约控制自动完成结算流程，减少人为交互，提升执行 效率的同时减少操作失误。 There have been two major problems in the current legal system: first, legal provisions may be ambiguous in the form second, enforcement of contracts or laws may be costly and costly. In tradition multi-party settlements are agreed in contracts made by mental institutions, and there is no way of digitalizing parties & nbsp; automatic completion, which results in financial institutions not having strong guarantees of repayment for multi-linkages of participation in the supply chain. In Ether & nbsp; in smart contracts, it is possible to control the settlement process automatically, reduce artificial interaction and enhance enforcement & nbsp; and in efficiency, at the same time, reduce operational failure. 多重备份，数据安全 Multiple backups, data security. 区块链作为一种分布式账本（分布式账本是一种在网络成员之间实时共享、复制和 同步的数据库），为各参与方提供了平等协作的平台，降低机构间信用协作的风险，同时 链上的信息可追踪并且不可篡改，多个机构之间的数据实时同步，方便可实时对账。 As a distributed account (distributed account, a real-time sharing, copying and synchronized database among network members), the block chain provides a platform for participants to work together on an equal footing to reduce the risks of inter-agency credit collaboration, while the information on the chain is traceable and non-manufactured, and data is synchronized in real-time between multiple agencies to facilitate real-time reconciliation. 匿名协议，隐私可靠 It's an anonymous agreement. It's secure. 匿名性是区块链资产的另一大特点，通过区块链，我们可以查询到每一笔交易的数 据公示，却无法得知交易者具体身份信息。譬如，于 2018 年末苏宁金融上线的区块链 黑名单共享系统，有效实现匿名性，隐藏一些涉及敏感数据交易的金融机构的真实身份， 任何人都无法知道某一个黑名单是谁上传。可见，区块链通过其匿名协议，在一定程度 上很好地保护了用户的隐私。 Anonymousity is another feature of block chain assets, through which we can trace the number of for each transaction; by publicity, it is not possible to obtain specific information about the identity of the dealer. For example, in 2018 the chain of blocks that was on the line at the end of the year; blacklist sharing systems, which effectively achieves anonymity and hides the true identity of some financial institutions involved in sensitive data transactions & nbsp; no one can know who is uploading a black list. 3.3. 智能合约项目大规模爆发，推动以太坊生态蓬勃发展 3.3 & nbsp; large-scale explosion of the Smart Contract project, contributing to the Etherm ecological boom Dapp（去中心化应用）数量激增，彰显以太坊底层操作系统虹吸效应 The number of Dapps (decentralized applications) has increased exponentially, highlighting the inhalation effect of the bottom operating system in Taiwan. 以太坊的独特功能之一是在该技术之上编程和构建去中心化应用程序。Dapps state 2021 年 6 月 28 日实时数据列出了区块链生态系统中的 3549 个实时 Dapp，数据显示这 些 Dapp 中有 2812 个基于以太坊，占比将近 80％，可见 Eth 在去中心化公链领域构建 了牢固的行业壁垒。 One of the unique functions of the Tai Lok is to program and construct decentralised applications above the technology. Dapps state 2021 year & nbsp; 6 month & nbsp; 28 daytime real-time data list 3549 real-time & nbsp; Dapp, data show this & nbsp; & nbsp; 2812 & nbsp; & nbsp based on taupe; close to & nbsp; 80%, visible & nbsp; Eth in the field of decentralizing public chains; strong industry barriers. 随着 DeFi 在 2020 年的快速增长，以太坊网络上的智能合约调用数（smart contract triggers）激增。据 etherscan 实时数据显示，自 2020 年年初以来，由外部账户发起的合 约调用数量增加了 1 倍以上，从每天不到 50 万次增加到 2021 年 6 月的 100 万次以上。 With DeFi in 2020 & nbsp; year-on-year rapid growth, the number of smart contracts (smart contract contracts) on the Taiwan network has surged. According to earthscan real-time data, since 2020 & nbsp; since the beginning of the year, the number of calls initiated by external accounts has increased 1 & nbsp; more than multiple, from less than per day; 50 & nbsp; 10,000 to & nbsp; 2021 & nbsp; year & nbsp; 6 & nbsp; month & nbsp; 100 & nbsp; 10,000. 智能合约数量稳定增长，推动以太坊生态落地 The number of smart contracts is growing steadily, pushing the Etheraya ecosystem down. 以太坊智能合约总数量及开发成本总趋势一直处于稳定增长状态，开发成本从 2020 年 12 月 4.3 万美元增长到 2021 年 6 月的 15 万美元，已部署智能合约数量稳定维持在 151 万附近，相较于 2021 年初实现翻倍增长，开源化的以太坊去中心化智能合约平台不 断吸引开发者进行项目开发完成知识变现，将想法通过以太坊平台付诸实践。激增的开 发成本和智能合约数量的稳定增长说明开发者的需求在稳定提升，且并没有随着以太坊 价格的上涨而使其丧失公链领域竞争力。 Development costs have been steadily increasing with the total number of smart contracts and the overall trend in development costs in the Tai shop, increasing from 2020 year & nbsp; 12 month 4.3 US$ million to 2021 year 6 month 15 US$ million, the number of smart contracts deployed has been stabilized at 151 nearby 10,000, compared to 2021 doubling at the beginning of the year, the opening-up of the centralized smart contracts platform is not & nbsp; attracting developers to project development to complete knowledge realizations; the idea is put into practice through a hyperbsp; surge & nsp; the steady growth in the number of smart contracts indicates a steady increase in the demand of developers, and has not lost competitiveness in the public chain with price increases; & nbsp. “以太坊杀手”噱头十足，Eth 虹吸效应明显 The Ether's Killer is a big hit, and Eth has a significant absorbent effect. 自 18 年到 19 年上半年熊市期间，整个加密货币领域处于极度低迷的状态，行业中 充斥各种不利于加密货币的新闻消息，例如交易平台下架大量币种，USDT 遭到合规性 审查，BTC 跌破挖矿成本价引发大量矿场关门等，同时也伴随着曾经的“以太坊杀手” 们的集体暴跌、价格多次腰斩，而与此相对的是以太坊合约数量逐年激增，在加密货币 行情恢复时迅速回复元气，带领区块链领域应用生态的蓬勃复苏。 From & nbsp; 18 & nbsp; year to year; 19 & nbsp; the entire area of encryption currency was extremely depressed during the first half of the month in the Bear City, in the industry & nbsp; various news stories were rife against encryption money, such as USDT compliance at the bottom of the trading platform & nbsp; and it was reviewed that BTC's fall in mining cost cost triggered the closure of a large number of mines, accompanied by the previous “Extreme Killers” & nbsp; their collective collapse, price multiple beheads, in contrast to the proliferation year after year of the number of taupe contracts & nbsp with encryption currency & nbsp; and the rapid recovery of the clock to lead to the application of ecological resilience in the sector of the chain. 单纯从基本面上来说，2017-2018 年兴起的公链对以太坊的竞争陷入了瓶颈区，2020 年这些公链可以通过所谓的主网上线进行炒作，而今主网上线概念早已过时，同时也没 有新的能吸引眼球的热点出现，很多公链项目如果解决不了自身内部的问题，技术上没 有突出的亮点，那么最终的结果也一定是逐渐沉寂。2021 年 6 月 28 日，链上 Dapp 数 量排名第二的为 Eos，但是只能勉强分到 Eth 15％的份额。曾经风靡一时的公链，基于 以太坊之外的公链上开发的项目总和也不能超过基于 Eth 开发的 dapp 数量的 1/4，显现 出以太坊通过先发优势以及不断地迭代更新虹吸了区块链领域大量的资金、人才、项目， 坐稳头把公链交椅。 In terms of the basics alone, there are 2017-2018 the emerging public chain has become a bottleneck to the competition in Ether, 2020 the public chain can be excavated through the so-called main web line in the year, but the concept of the main web line is outdated and not there are new hot spots that attract eyeballs; many public chain projects have no technology if they do not solve their own internal problems; there are outstanding bright spots, and the end result must be a desolation. 3.4. 现阶段智能合约 POW 机制局限凸显，限制以太坊快速发展 3.4 & nbsp; at this stage smart contracts & nbsp; POW mechanism limitations are highlighted to limit the rapid development of the community Gas 燃料费急剧上升，造成应用开发、运行成本增高 Gas Fuel costs increased sharply, resulting in higher application development and operating costs 遗憾的是，随着以太坊的蓬勃壮大，可扩展性的问题愈加出，可扩展性差原因之一 为随着网络转账成本费用的增高使得合约创建、合约执行成本变高，导致以太坊智能合 约执行效率低下，该趋势会减少用户及开发者对于以太坊网络的使用，限制未来以太坊 的广泛使用。 Unfortunately, as the Etherm booms, the problem of scalability increases, one of the reasons for the disparity in scalability & nbsp is that it reduces the use of Ethernet by users and developers, and limits its widespread use in the future by ether & nbsp, as the cost of network transfers increases, leading to contract creation and contract enforcement costs, which lead to ether intelligence & nbsp; and implementation inefficiencies, which reduces the use of Ethermnet by users and developers. 如果以太坊本身不具备经济性，那么也不会有广泛的用户使用以太坊网络，而是去 寻找成本更低廉的公链替代品。2021 年 6 月 Gas 费总额已经超过 2017 年峰值，同 2021 年初相比上涨 4.5％。充分体现以太坊生态网络需求强劲的同时也说明 Eth 迫切需要通过 Eth2.0 优化成本费率结构的必要性。 If it is not economical in itself, then there will be no extensive user use of the ETA network, but rather search for cheaper public-chain alternatives. 2021 year & nbsp; 6 month & nbsp; Gas total fees have exceeded 2017 year peaks, compared with 2021 & nbsp; 4.5%. Full reflection of the strong demand for Eth urgent need to pass & nbsp; Eth 2.0 and the need to optimize cost-rate structures. 网络利用率封顶，凸显以太坊负荷能力上限 Network utilization caps, highlighting the maximum capacity of the Taiyu 网络利用率可以说是衡量任何公链运行状况的最基本指标之一，它意味着用户对以 太坊区块空间的需求，也表示用户是否愿意使用 Eth 作为结算层完成智能合约的创建 及开发，而这个指标 2020 年初以来就稳步上涨。无论是去中心化金融还是游戏，各种 搭建在以太坊智能合约上的应用都离不开对以太坊网络的需求，它明显已成为整个区块 链网络中的最大“结算层”。截至 2021 年 6 月 28 日，96.01% 的 Eth 网络处于活跃状 态。网络利用率到达上限说明整个网络的负荷能力已趋于上限，为了迎接区块链的蓬勃 发展以及应用高效运行的需求，在 2.0 时代，网络利用率可以大幅度突破当前上限，保 证网络在充分使用的同时满足用户日益增长的需求。 Network utilization can be said to be one of the most basic indicators for measuring the performance of any public chain since the beginning of the year. Whether it is centralized finance or games, various & nbsps; applications built on the need for space in the the the the creation & nbsp; and the development of the indicator & nbsp; & nbsp; & nbsp; & nbsp; & 96.01% & nbsp; & nbsp; active & nbsp; eth network; the & nbsp; the ceiling of the network indicates that the capacity of the entire network has moved to a maximum level, in order to meet the high demand of the sector; & bnbsp; & sppppppp; & Sppp; & Spp; & Spp; & Sp; & Sp; & Sp; & Sp; & Sp; & R; & S; & R; & S; & S; & S; & S; & S; & S; & S; & S; 4.1. Ethereum 有望 2021 年 8 月上旬进行伦敦硬分叉，Eip-1559 提案终落地 4.1. & nbsp; Etheeum promising & nbsp; 2021 & nbsp; year & nbsp; 8 & nbsp; London hard fork in early month, Eip-1559 & nbsp; proposal at last Ethereum 改进提案#1559 （简称 Eip-1559）提出了一种新的链上手续费定价机制： 将原本的交易手续费（行业内统称 Gas 费）由“拍卖式”定价改为“市场汇率”定价机 制，通过将手续费的波动与区块容量挂钩、Gas 费被拆分为基础费和矿工费，其目的是 将手续费定价权由最初的矿工主导转移到用户手中。 Etherum Improvement Proposal #1559 Eip-1559) proposes a new chain fee pricing mechanism: change from “auction-style” pricing to “market exchange rate” pricing machine & nbsp from the original transaction fee (business-wide) to “market exchange rate” pricing machine & nbsp; introduce a system whereby fee fluctuations are linked to block capacity, Gas fees are split to base fees and miners' fees for the purpose of and transfer the fee pricing authority from the original miners to users. 多年以来，刺激 Eth 价值上升的因素不断在升级转变。从早期 ICO 带动融资需求到 作为 DeFi（去中心化金融）质押借贷的底层资产，再到未来 Eth 2.0 的 Staking（质押） 以及即将到来的手续费大幅销毁，Eth 的价值用途和内涵不断被丰富。在 2021 年 8 月上 旬即将执行的 Eip-1559 手续费销毁机制的采用，为 Eth 增加新的叙事面，将直接减少流 通中的 Eth 日供给数量，有望从供给端收缩 Eth 二级市场供应数量提升 Eth 内在价值。 & nbsp; DeFi (decentralized finance) pledge of lower-level assets to future Eth 2.0 & nbsp; Staking (pledge) & nbsp; and the forthcoming substantial destruction of process fees, the value use and content of &th will be enriched. In & 2021 & nbsp; & nbsp; 8 & nbsp; month & nbsp; & nbsp; forthcoming & nbsp; Eip-1559 & nbsp; introduction of process cost destruction mechanism for & nbsp; Eth to add new narratives, directly reducing flow & nbsp; & nbsp; supply quantity on & day & day, expected to shrink from supply end; & nbsp secondary supply; & secondary supply & nsp; 4.2. Eip-1559 手续费燃毁缩减市场供给，效用堪比“难度炸弹” 4.2. & nbsp; Eip-1559 reduced market supply due to fee combustion, which works like a “hard bomb” 历史上每次比特币经历“减半”事件时，矿工收入减少导致矿工对市场上比特币供 给缩减，同时该机制在减半日期到临时立即切换挖矿奖励机制，将挖矿奖励减少一半。 同样 Eth 也经历过类似“比特币减半”的“拜占庭分叉”挖矿奖励减少 40％、“君士坦 丁堡分叉”挖矿奖励减少 33％行情。不过相区别于比特币的减半日立刻减少挖矿奖励不 同的是，两次以太坊奖励减少并不是在分叉日“瞬间”完成，而是先通过“难度炸弹” 机制（下文对难度炸弹做出解释）逐渐对挖矿难度调增，使挖矿收益被动减少，最终通 过分叉来确定最终奖励减少幅度。即实质上 Eth 的“减产”行情并不是由分叉升级在升 级日立即按照一定比例减少挖矿奖励，而是通过难度炸弹机制在难度炸弹爆发期间对挖 矿难度逐渐调增，最终通过分叉升级完成对矿工挖矿奖励减少机制的确认和更新。 The reduction in the miner's income has led to a reduction in the miner's incentive to dig bitcoin on the market every time that bitcoin has been “reduced” in history; a reduction in the incentive for mining has been made, while the mechanism has been reduced by half until the temporary switch of the incentive to dig. also & nbsp; Eth has experienced a reduction in the incentive to dig by bitcoin & nbsp; 40% of the incentive to dig on the market & nbsp; 33% of the incentive to dig & nbsp on the market & n; however, the incentive to dig & nbsp is reduced immediately on the date of halving bitco; & nbsp is reduced immediately on the day of the bonus; & nsp is not completed on the day of the split, but first through the “hard bomb” & bomb reduction; & n is not an immediate incentive to upgrade & n at the time of the incentive to dig & & bsp upgrade; & to determine the eventual reduction of the incentive; & & & & & +bsp on the end scale. 4.2.1. 挖矿奖励减少缩减市场 Eth 供给，促进对价格良性共振 4.2.1. mining incentives to reduce market contraction & nbsp; Eth supply to promote a favourable resonance of prices 从市场上 Eth 供给是否减少的角度或许能够对挖矿奖励减少后价格短时间内暴涨进 行一定的解释，历史上的两次奖励减少之后市场上 Eth 供应量减少，其价格都在短时间 内迅速提升；同时从比特币市场来看，历次主升浪都是经过挖矿奖励减少即“减半行情” 主导，比特币减半事件本身已成为影响加密货币市场价格的一个积极事件。另外通过 ICO 和 DeFi 锁仓机制也可以得到一定佐证，17 年 ICO 发行从某种意义上来讲也是减少 了市场上 Eth 供给，大部分项目在发行时需要对 Eth 进行锁仓，项目方在短时间内不能 对募集到的 Eth 进行抛售，从这个角度来说锁仓机制导致市场上 Eth 供应量在一段时间 内不断减少，最终对短期供需关系平衡产生一定影响；同理自 2019 年年中 DeFi 开始盛 行，大量 Eth 被锁仓在 Dapp（去中心化应用）中获得挖矿收益，无论是 ICO 还是 DeFi 对 Eth 的锁仓行为，最终都减少了市场上 Eth 抛压减少。而 Eth 在 2021 年 8 月上旬即将 进行的 Eip-1559 本质上也是通过减少矿工挖矿奖励缩减市场上 Eth 供给，有望在短期内 对短期供需关系平衡产生一定影响。 & nbsp; Eth supply may be able to jump into within a short period of time after the reduction in the price of the mining incentive; some explanations, after the reduction of the historical two incentives; & short-time & supply; &bn; short-term supply; &bn; &bn; &bn; &rbn; &r; &rbn; ; &rbn; &r; &rbn; &r; &r; &rbn; &rb; &rb; &rb; &rb; &rb; &rbn; &rb; &rbn; &r; &rb; &rb; &rb; &rb; &rbn; &r; &rb; &rb; &r; &r; &r.; &b; &r.n; 4.2.2. Eth“难度炸弹”效用堪比四年一次“比特币减半行情” 4.2.2. Eth “difficult bomb” works as much as “bitcoin by half” every four years. 难度炸弹，是指 2015 年 Eth 正式发布时，其初始发布版本中内嵌的一段代码，这 段代码的作用是：在某个时间点增加工挖矿的难度系数，同时存在一个每 10 万个区块 呈指数型增长的难度因子，即 Eth 难度炸弹爆发期间矿工挖矿成本、难度会急剧增加。 其引入的目的是解决 Eth 从 POW 机制过渡到 POS 机制时，通过增加挖矿难度减少挖 矿收益，最终挖矿难度陡增使得挖矿成本激增，迫使矿工放弃通过 POW 挖矿机制获利， 使 Eth 共识机制顺利过渡到 POS 验证区块节点的模式，完成共识机制的切换。 Difficult bombs are 2015 & nbsp; year & nbsp; Eth, when officially released, a code embedded in its initial release version, which & nbsp; the role of the paragraph is to: increase the difficulty factor of mining at a given point in time while there is one per 10 & nbsp; 10,000 blocks & nbsp; the difficulty factor of exponential growth, that is, the cost of mining by miners during the explosion of the Eth difficulty bomb; & nbsp; the purpose of its introduction is to resolve the problem & nbsp; Eth from Pow mechanism to & nbsp; POS mechanism to reduce & nbsp by increasing the difficulty of mining; mine proceeds, resulting in a sharp increase in the cost of mining, forcing miners to give up the cost of mining & nsp; POW mining mechanism to reap the benefits of & nbsp; & & nbsp; making & & nbsp mechanism of consensus transition to & & & nsp; and OS mechanism to complete the project. 但 Eth 由 POW 到 POS 的转换迟迟无法完成，难度炸弹在 Eth 网络上一次次爆发， Eth 网络拥堵，大幅减少 Eth 网络中智能合约处理效率，迫使开发人员必须通过网络升 级推迟难度炸弹时间进行妥协，进而保持 Eth 网络正常运行，同时历史上 Eth 难度炸弹 的爆发导致挖矿难度增加均同价格形成良性共振现象。 However, Eth by Pow to POS conversion is too late to complete and difficulty bombs are in Eth network has last erupted, Eth network congestion has significantly reduced efficiency in the processing of smart contracts in the Eth network, forcing developers to compromise through network upgrades & nbsp; level delay of difficulty bomb time to keep Eth network is functioning properly while history & nbsp; Eth hard bomb & nbsp; the explosion has resulted in increased difficulty in mine digging, which has resulted in a good resonance with price. 4.2.3. 难度炸弹爆发同 Eth 价格呈现出明显相关性 4.2.3. difficulty bomb explosion has a clear correlation with & nbsp; Eth price 历史上 Eth 网络共计爆发过 3 次“难度炸弹”，第三次难度炸弹持续时间过短同时 后续没有实质性减少奖励的措施，因此本文仅对前两次难度炸弹及后续分叉升级进行分 析。 The history of Eth network has seen a total outbreak of 3 sub- “hard bombs”, the third difficulty bomb lasted too short while & nbsp; there have been no subsequent substantial reductions in incentives, so only the first two hard bombs and the subsequent fork upgrades are divided & nbsp; parsing. 矿工能很大程度上影响市场上 Eth 的供给，2017 年 4 月之前，Eth 挖矿奖励日供给 总量稳定在 3 万枚左右，但是随着难度炸弹的爆发，2017 年 3 月末，区块高度在 370 万左右，出块时间被延长至 30 秒，难度炸弹造成挖矿难度增加一直持续到 9 月末，期 间日供给量逐渐缩减，9 月末挖矿奖励日供给量缩减到 1.5 万枚附近，难度炸弹逐渐爆 发最终迫使 Eth 开发者和社区妥协，2017 年 10 月 16 日通过拜占庭网络升级最终将难度 炸弹推迟，恢复网络状态，但是缩减了挖矿奖励，之后 Eth 每日挖矿奖励稳定在 2 万枚 左右。从 3 月难度炸弹爆发到通过拜占庭分叉，Eth 挖矿奖励最终减少大约 33％，Eth 价格在挖矿奖励减少期间从 46 美元上涨到 369 美元，经过拜占庭分叉确认挖矿奖励减 少之后，价格又从 300 美元上涨到 1570 美元；Eth 历史上另一次挖矿奖励减少为君士坦 丁堡分叉，其机制同拜占庭分叉类似，均是先经过难度炸弹被触发后挖矿奖励在一段时 间内逐渐减少，直到通过网络升级将挖矿奖励数量固定，第二次难度炸弹爆发使得 Eth 日挖矿奖励从 2 万枚减少到 1.3 万枚，奖励减少大约 33％，同拜占庭分叉奖励缩减幅度 接近，难度炸弹期间其价格也在短时间内迅速提升，半年时间内从底部 115 美元上涨到 288 美元。但是两次分叉所属周期不同，第一次奖励减少期间整体加密货币市场出于牛 市周期，放大了 Eth 市场价值，价格更具波动性同时短期累计涨幅也更大，而第二次奖 励减少期间整体市场处于加密货币市场牛市尾声，市场上并没有太过疯狂的炒作情绪， Eth 价格并没有短时间内消化市场上的供给减少；另鉴于新冠疫情影响，全球金融市场 爆发流动性危机，包括 Eth 在内的加密货币市场整体遭到重创，在第二次难度炸弹爆发 后，仅在难度增加期间价格得到正向反馈，但是在经过君士坦丁堡分叉确认挖矿奖励减 少后价格短期内并没有得到相应提振。 &bbsp & & bbsp; Eth supply & nbsp; year & nbsp; year & & nbsp; month & month & month & month & month & month & month & year & month & month & month & month & month & month & month & month & month & day & month & day & month & month & month & day & month & month & month & month & month & & & bbsp; month & month & month & month & month & month & month & month & month & month & month & month & month & month & month & month & month & month & month & month & month & year & month & year & day & month & day & month & month & month & month, month & month & month & month, month & month & month & month & month, month & year & year & year & year & year & year, month & year, month & year & year, month & year, month & year & year, month, month, month & year, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, month, year, month, month, year, year, year, year, year, year, year, year, year, year, year, year, year, year, year, year 4.3. Eip-1559 “瞬时”减少挖矿奖励，有望对短期供需关系平衡产生影响 4.3. & nbsp; Eip-1559 “simultaneous” reduction of mining incentives is expected to have an impact on the balance between supply and demand in the short term 4.3.1. Eip-1559 奖励缩减幅度堪比两次难度炸弹爆发 4.3.1. & nbsp; Eip-1559 incentive reduction comparable to two difficult bomb explosions 开发者们将以太坊主网伦敦升级的时间定在了 2021 年 8 月上旬，发布 Eip-1559 提 案的更新，前文我们已经提到，Eth 网络上 70%的交易费用将被烧毁（供应将从流通中 删除），剩下的 30%将交付给矿工作为挖矿行为验证网络的奖励。君士坦丁堡分叉、拜 占庭分叉都是通过直接缩减矿工挖矿奖励和总收入来减少市场上 Eth 供给，而 Eip-1559 虽然是对转账手续费进行燃毁，但手续费也算作是 Eth 矿工收入的一部分，因此 Eip1559 也具有前两次分叉挖矿奖励减少的类似机制，本质上都是通过减少矿工总收入减 少市场抛压，矿工收入由挖矿奖励和网络手续费两部分组成，因此要分析此次手续费燃 毁是否有前两次挖矿奖励减少的作用，就需要对手续费和区块验证获得的挖矿奖励占矿 工总收入的占比进行分析。 The developers will update the case with 2021 eip-1559 update of case, already mentioned, Eth & nbsp; 70 per cent of transaction costs will be burned (supply will be in circulation & nbsp; delete) and the remaining & nbsp; 30 per cent will be delivered as an incentive to mine work as a network for the certification of mining conduct. Eth 网络利用率在 2019 年年中 DeFi 应用大规模爆发之后迅速激增，手续费呈现出 指数型增加，现阶段手续费和挖矿奖励呈现出接近 1：1 的比例，即矿工总收入中有一 半来源于用户所支付的手续费，相较于前两次奖励减少期间，手续费占矿工总收入比例 极低仅有不到 10％，故对于前两次难度炸弹爆发后手续费对矿工总收入减少比例的影 响可以忽略不计，而 Eip-1559 通过手续费燃毁机制减少矿工手续费收入的 70％，致使 矿工总收入缩减大约 34.4％比例，从矿工总收入缩减程度分析，Eip-1559 同前两次奖励 减少幅度大约一致。 Eth Network utilization ratio in 2019 mid-year DeFi application surged rapidly after a massive explosion, with fees showing index-type increase, with fees and incentives for mining showing close 1:1 ratio of miner's total revenue semi-sourced user's fees & nbsp; fee for miner's gross revenue compared to the previous two incentive periods & nbsp; extremely low & nbsp; 10 per cent, resulting in a reduction of miner's gross income after the first two difficult bombs; 34.4 per cent, resulting in a reduction in miner's gross income & nbsp; Eip-1559 & nbsp; Eip-1559 & nbsp; & & sp; two average reduction in miner; 70 per cent, resulting in & nbsp; approximately & nbsp; 34.4 per cent reduction in miner's gross income. 根据 Eth2.0 分析师 Justin Drake（ @drakefjustin）的假设，市场上每天的卖出压力为 22.3k Eth，Nikhil Shamapant（ @Nshamapant）使用相同假设前提下，推算在 Eip-1559 之 后但在 POS 共识机制之前的卖出压力将降至每天 15.7 Eth，其幅度同前文中大约 34.4％ 挖矿收入减少幅度形成验证，另外该分析师还给出了更加乐观的看法，认为 Eth 在经过 Eip-1559 和 POW 转向 POS 共识机制之后，矿工挖矿持仓限制增加以及锁仓量的逐渐增长，市场抛压将进一步减少至 2021 年 6 月末供应量 10％的水平，但市场环境不同我们 倾向于更保守的假设，即矿工收入减少比率采用 34.4％作为本次市场抛压的参考值。 Based on the assumptions of Eth2.0 Analyst & nbsp; Justin Drake ( ), calculated on the same assumptions as &bnbsp; & bnnnn; & & bnnn; & & nn; & n/bn; & n/bn; & n/bn/bn; & n/b/b/b/b; & n/b/b/b; & n/b/b/b/b; & n/b/b/n; & n/b/n; & n/b/n; & n/n; &b/b/b/b/b/n; & & & & & ; ; & & & & /n/b/b/b/n 4.3.2. 跨过难度炸弹“等待时间”，Eip-1559 市场供给“瞬时减少” 4.3.2. Crossing Difficult Bombs “waiting Time”, Eip-1559 Market Supply “simultaneous reduction” 本次手续费燃毁机制较前两次挖矿奖励减少分叉有很大不同，即没有经过难度炸弹 的机制通过一段时间内的挖矿难度增加，最终通过分叉升级才导致矿工收入减少。第一 次难度炸弹爆发到最终拜占庭分叉确认挖矿奖励减少经过大约 200 天时间完成，第二次 难度炸弹爆发到君士坦丁堡分叉经过大约 90 天时间完成，即前两次奖励减少行情均是 经过较长时间在难度炸弹持续期间逐步缩减市场上 Eth 日供给，从而对价格有一定的“延 时”提振作用，而 Eip-1559 手续费燃毁更倾向于被描述成一个“瞬时”的奖励减少机制， 即 Eip-1559 提案通过之后手续费燃毁机制会立刻被添加到 Eth 网络中，并不需要经过难 度炸弹的过渡期，机制通过后市场上 Eth 每日抛压相较于之前立刻减少 34.4％，由于前 两次奖励减少和本次 Eip-1559 矿工总收入减少幅度大约一致，瞬时的总收入减少可能会 比 “过渡型”奖励减少从时间上来讲更具效力，通缩减产有望对短期供需关系平衡产生 更大影响。 First & & nbsp; second & nbsp; second & & nbsp; difficulty bomb blast through approximately 90 & nbsp; second & & & & & nbsp; second & & & nbsp; second & & & & & & & ; second & & & & & & ; second & & & & & ; second & & & & ; second & & & & & ; second & & & & ; second & & & & & & & & & & ; second & & & & & & & & & & & & & & ; second & & & & & & & & & & & ; second & & & & & & & &, second & &, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second,, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second,, second, second, second, second, second, second, second,, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second, second,, second, second, second, second, second, second, second, second, second, second, second, second,, second, second, second, second, second, second, second, second, second, second, second, second, second,, second, second, second, second, second, second, second, second, second, second,,,, second,,, 但同时值得注意和警惕的一点是，Eip-1559 围绕改变手续费机制减少矿工收益，不 过 Eth2.0 时代升级的主要目标之一就是对手续费进行优化，故未来 Eth 网络手续费的使 用量具有一定的不确定性，需要根据协议实施之后的网络利用率等指标的实际情况来进 行验证。另外从开发者角度来说，如果 Eth 完成 2.0 时代之后并不能对手续费耗费明显 优化，这将对 Eth 网络可扩展性有一定限制，即不能明显缩减手续费消耗必定违背开发 者和社区共识开展 Eth2.0 的初衷，从这个角度来说随着 Eth2.0 各个阶段的不断落地，手 续费均值大概率也会成比例减少，但是现阶段由于社区共识限制、矿工阻力以及技术开 发难度，Eip-1559 完成后仍不能大幅度减少网络手续费总量的使用，Eip-1559 通过拉平 费用高峰和限制高额 Gas 费的交易数量，优化费用模型，但是降低 Gas 费用仍主要依靠 Eth 2.0 和 Layer 2 扩容解决方案；据 etherscan 实时数据显示，自 2020 年夏季以来，Eth 区块负载一直保持 95％以上，2021 年 Eth 整体网络利用率依旧维持在 95％以上，即根 据链上数据来分析，后续 Eth 手续费高企具有相当长时间的可持续性。也就是 Eip-1559 之后直到下一阶段开始部署，依旧不能明显对手续费总量产生缩减，即 Eip-1559 所带来 的挖矿收入减少对二级市场来说存在一段较为确定性的红利期，对短期供需关系平衡产 生影响。 At the same time, it is noteworthy and vigilant that Eip-1559 Reducing Miner's Proceeds from Change Fee Mechanisms, not Eth2.0 Optimization of Processing Fees, so that future Eth Processing Fees & nbsp; There is some uncertainty in use, which requires entry into the actuality of indicators such as network utilization after implementation of the agreement Validation. Also from the developer's perspective, if &bsp; &nbbsp; &nbbbsp; &bnbn; &bnbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbn; &rbs; &rbsp; &rbsp; & & n.; & nbsp; & n. & n. & n. & n.; & n.; & n.t.; & n. 4.3.4. 若以太坊网络活跃度降低会对 Eip-1559 手续费燃毁产生抑制效应 4.3.4 & nbsp; inhibition effects of fee-for-service combustion if the Tehwan network is less active 以太坊手续费消耗总量=每笔转账平均成本（gwei/次）*总转账次数，Eth2.0 愿景之 一就是要降低用户使用成本，因而从长期来看手续费平均成本大概率呈现出下降的趋势， 如果后续 2.0 各个阶段不能够紧凑跟进，使以太坊网络继续保持蓬勃发展，则未来的手 续费消耗的总量具有较强的不确定性，而如果平均手续费下降并且以太坊生态由于市场 低迷或则其他外部原因导致其网络中合约处理总量、总交易笔数没有大幅跟进，在这种 情况下可以预见长期中 Eip-1559 通过手续费销毁所带来的二级市场抛压缩减的红利大 概率呈现出逐渐消失的趋势，即网络的活跃度降低对 Eip-1559 手续费燃毁总量会带来一 定的抑制效应，伴随而来的是市场供给得不到相应缩减；不过随着 2.0 各个阶段的逐步 跟进，我们有信心以太坊依旧能够维持其核心竞争力，并加速虹吸其他竞争公链用户， 使得网络处理交易笔数总量大幅度增长，网络参与度的增长带来的总手续费增加一定程 度上可以抵消由于平均手续费降低对 Eip-1559 燃毁机制的抑制效应。 Total consumption = average cost of each transfer (gwei/d)* total transfer, Eth 2.0 Vision & nbsp; : lower cost of user use, resulting in a downward trend in average average cost of user use, if follow-up 2.0 stages that cannot be followed up so that the network continues to flourish; future hand & nbsp; total consumption of fees with greater uncertainty, and if the average cost is reduced and the ecosystem is driven by the market & nbsp; low or other external causes that lead to a decline in the number of contracts in the network; & nbsp & 15n & n & n; & n & n & n & n & n & ; net & n & N & &, which is likely to reduce the overall supply of the net; & 15 & n & n & n & n & & t; & n & N & n & &, which can be used to reduce the overall supply; & n/n & n & n & n & n & n; & n & n & n & & & n & & & t; t; & n t; & t; & & t. （本文仅供参考，不代表我们的任何投资建议。如需使用相关信息，请参阅报告原文。） (This document is for information purposes only and does not represent any of our investment proposals. For relevant information, please refer to the original version of the report. 详见报告原文。 For details, see the original report. & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; 精选报告来源：【未来智库官网】。 Selected sources: < .1. Eth 依托智能合约机制，构建区块链世界底层操作系统
2. 以太坊变革历史&大事件
3. Ethereum 价值核心兼杀手锏—智能合约
4. 以太坊 Eip-1559 实施在即，手续费燃毁赋能 Ethereum“减产”行情
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