自2008年比特币诞生起，数字货币经历了从最开始作为技术极客的玩具，到私营机构探索商业模式，再到目前拟由中央银行发行的演进过程。
Since the birth of Bitcoin in 2008, digital money has gone through an evolutionary process that began as a toy for technocrats, to explore business models in private institutions and, now, to be issued by the Central Bank.
不同于此前摩根大通发行摩根币（JPM Coin）用以改善机构间的结算效率，以全球数十亿C端用户为目标群体的天秤币（Libra）一经提出，便引起了来自全球金融、区块链、监管等各领域的广泛讨论。站在企业的角度怎么理解数字经济？站在个人角度天秤币比支付宝又进步在哪里？
Unlike the previous issue of JPM Coin by JPM Chase to improve inter-agency accounting efficiency, when Libra, a target group of billions of C-end users around the world, was proposed, there was extensive discussion in various areas of global finance, block chains, regulation, etc. How do you understand the digital economy from an enterprise’s point of view?
在9月18日2019上海第五届区块链全球峰会上，中国万向控股副董事长兼执行董事、万向区块链董事长兼总经理肖风给出了自己的看法。肖风认为，天秤币属于跨主权的非通用货币，其使用和推广也必须与场景、特定需求、特定用途结合在一起。
On September 18th, the Fifth Shanghai Block Chain Global Summit, China’s Vice-President and Executive Director of the Holdings and Chairman and Managing Director of the Huen-Change Block Chain, gave China’s views. Shaw Fung argued that the scales were a non-universal currency with cross-sovereign rights, and that their use and promotion had to be combined with scenes, specific needs, and specific uses.
对于央行数字货币，肖风同样认为，如果不与能够结合场景和流量、客户需求的商业机构一起来做，央行数字货币的推广也可能会遇到麻烦。
In the case of central bank digital currencies, the Xiaowind agrees that the promotion of central bank digital currencies may also be problematic if it is not done in conjunction with commercial agencies that can combine scenes and flows with customer demand.
肖风还指出，未来的共享经济、零工经济是基于区块链和数字货币的。目前还想不到比它更好的方案，接近零成本，能够实时高效地完成零工经济和共享经济的激励问题，以及报酬支付问题。如果能把区块链劳动报酬的机制很好地利用起来，零工经济就可以在全球范围内实现，“如在中国雇佣巴西的人为你工作，数字货币不需要中介，摩擦系数为零”。
Shaw Fung also pointed out that the future share economy, the part-time economy, is based on block chains and digital money. It is not yet possible to think of a better solution, close to zero cost, to be able to achieve incentives for the part-time economy in real time and efficiently, and to pay for the share economy.
附肖风《由Libra引起的思考》演讲原文：
with the original text of the lecture "Thinking caused by Libra":
今年，我想和大家分享一下，由Libra而引起的我个人的一些思考，不是去评论Libra。
This year, I would like to share with you some of my personal thoughts, inspired by Libra, not to comment on Libra.
（一）货币视角
(i) Currency perspective
第一，信用背书方式。
First, credit endorsement.
大多数人从货币角度评价Libra，有人说它是货币，有人说不是，到底是不是呢？
Most people value Libra in monetary terms, some say it's money, others say it's not, or not?
我认为，本来就不是只有主权政府才能发行货币。从信用背书的角度，过去几千年间有三种发行者对货币信用进行背书，或者用信用背书的方式发行货币。
I think that it is not only sovereign governments that can issue money. From a credit endorsement point of view, over the last few thousand years, three issuers have endorsed money credit or issued it in the form of a credit endorsement.
（1）主权货币。主权政府用自己的主权信用背书。美元、人民币，以及将来央行的数字货币，都是主权信用背书。
Sovereign currencies. Sovereign governments use their own sovereign credit endorsements. The dollar, the renminbi, and, in the future, the central bank’s digital currency are all sovereign credit endorsements.
（2）跨主权货币。这是在多个主权信用背书之下发行的货币，比如明年可能发行的Libra。Libra曾表示是会以4个主权国家（组织）的国家货币或主权政府（组织）的短期投资工具，作为储备货币来发行。
(2) Cross-sovereign currency. This is a currency issued under multiple sovereign credit endorsements, such as Libra, which may be issued next year. Libra said that it would be issued as a reserve currency in the national currency of four sovereign countries (organizations) or as a short-term investment instrument of sovereign governments (organizations).
（3）非主权信用背书货币，这也是历史最悠久的。如黄金、比特币等，以及像Vitalik提到的用数字资产做抵押发行的稳定币DAI（编者注：Maker DAO的稳定币）等等。
(3) Non-sovereign credit endorsement currencies, which are also the oldest. For example, gold, bitcoin, and, as Vitalik mentioned, a stable currency issued as collateral with digital assets, DAI (ed.: Maker DAO’s steady currency) etc.
无论是Libra、比特币还是DAI，从信用背书的角度来说，其实并没有创新。这当然不是贬低Libra或比特币，而是太阳底下没有新鲜事。我们也不用着急，货币的形态和功能一直在发生变化。
Whether it is Libra, Bitcoin or DAI, in terms of credit endorsement, there is no innovation. This is certainly not to devalue Libra or Bitcoin, but nothing new under the sun. We are not in a hurry, and currency patterns and functions are changing.
第二，数字货币的发行。
Second, the issuance of digital currency.
事实上，发行数字货币的主体通常有三种：
In fact, there are usually three types of subjects that issue digital currency:
（1）技术极客。比特币就是由技术极客们创造出来的，Vitalik也创造了ETH。任何创新，特别是颠覆性的创新大部分是由技术极客们，从无到有创造出来的。之后可能继续由其他机构来进行优化和改进，使其更适合现实世界和监管要求，从而逐渐得到推广。
Bitcoin was created by technocrats, and Vitalik created ETH. Any innovation, especially subversive innovation, is mostly created by technocrats, from nothing to nothing.
（2）商业机构，私人机构。Libra，以及早前宣称要发行针对B端结算币的JP摩根，都是私人机构。
(ii) Business institutions, private institutions. Libra and JP Morgan, who announced earlier that they would issue a settlement on the B end, are private institutions.
（3）中央银行。中国人民银行已经有明确的路线图，欧洲政府也曾表示要拒绝Libra，发行基于欧盟区的数字货币。
(3) The Central Bank. The People’s Bank of China already has a clear road map, and the European Government has indicated that it would reject Libra and issue digital currency based on the EU region.
综上，发行数字货币最妥当的方法或许是，技术极客创造，私人机构探索，最后由央行发行。
On the whole, perhaps the most appropriate way to issue digital money is through the creation of technocrats, exploration by private institutions and, finally, issuance by central banks.
第三，数字货币的使用。
Third, the use of digital currencies.
现钞具有绝对的法偿性，但银行货币没有。在美国，2008年之前的存款保险限额是10万美元，金融风暴以后是25万美元。因此，像Libra这样百分之百用资产做抵押其实更安全。但如果准备金100%是存在央行的，那就非常完美，如果由第三方市场管理就会有缺陷。因为肯定会有风险。
In the US, the pre-2008 deposit insurance limit was $100,000, and after the financial storm was $250,000. So 100% of assets, like Libra, are actually safer to encumber.
前面邹传伟博士也讲到了，数字货币是很特殊的货币，不是通用货币，不能用来解决货币所有的通用功能。而是一定是和场景、特定需求、特定用途结合在一起的货币。
Dr. Zou also said that `strong' digital currency is a special currency, not a universal currency, and cannot be used to address all the universal functions of the currency. It must be a currency that combines scenes, specific needs, specific uses.
为什么会出现互联网支付，而不是银行提供服务？很简单，两个人在互联网上的买卖，如果使用银行交易，可能需要3到4个步骤才能完成支付。而互联网上的客户转化率超过三个步骤，就会从80%跌到2%。如果真的有这么多的购买行为，因为繁琐的付款、交易、支付流程而无法达成，那电商在商业上的可行性就没有了。支付一定要和场景结合在一起，要随时随地随身随需地完成，互联网电商才能做成。
Why Internet payments, rather than bank services, occur? Simplely, two people buy and sell on the Internet, and if they use banking transactions, it may take three or four steps to complete payments.
同样，如果不与能够结合场景和流量、客户需求的商业机构一起来做，央行数字货币的推广也可能会遇到麻烦。
Similarly, if
（二）金融视角。
(ii) Financial perspective.
Libra宣称要构建新一代的金融基础设施。为什么可以这样说？因为它是基于区块链的。区块链最底层的三个东西就是用来构建新一代金融基础设施的：新的记账方法、基于加密数字钱包的新账户体系、基于密码数字货币的新记账单位。
Libra claims to build a new generation of financial infrastructure. Why? Because it is based on a block chain. The bottom three things in the block chain are used to build a new generation of financial infrastructure: a new accounting method, a new account system based on encrypted digital wallets, and a new accounting unit based on coded digital currencies.
Libra是To C的，自称要面向27亿人建立个人支付系统。JPM是To B的，要建银行间的清算系统。他们都是基于新的记账方法、新的账户、新的记账单位构建的。为了方便理解Libra是新一代的个人支付系统，我对个人支付系统的演变进行了划分。
Libra is ToC, calling it a personal payment system for 2.7 billion people. JPM is ToB, building an interbank clearing system. They are built on new accounting methods, new accounts, new accounting units. To facilitate understanding of Libra as the new generation of personal payment systems, I have divided the evolution of the personal payment system.
纸币是个人支付系统的第一次巨大改革和创新。在纸币出现之前，个人支付非常不便，尤其是跨区域支付。想把银元从上海运到北京，需要通过镖局，推着车子牵着马，有了纸币以后就方便多了。
It was the first major reform and innovation of the personal payment system. Before the currency appeared, it was very difficult for individuals to pay, especially across regions. To transport the silver dollar from upper sea to Beijing, it needed to be carried by a dart, with a car holding the horse, and it was much easier with a banknote.
纸币作为更加方便的货币形态出现，其实与科学技术的发展相关：宋代的造纸术和印刷术已经足够成熟。正是技术的不断发展，满足了更低成本、更高效率的支付需求。
The emergence of banknotes as a more convenient form of money is related to the development of science and technology: Song’s paper and printing skills are mature enough. It is technology that is constantly evolving to meet lower-cost and more efficient payment needs.
第二代个人支付系统，是基于银行卡的电子支付系统。纸币很难跨境，但银行卡在全世界支付都更加方便。同样，银行卡电子支付系统也首先得益于通讯网络的发展。
The second generation of personal payment systems is an electronic payment system based on bank cards. It is difficult for banknotes to cross, but it is easier for bank cards to pay around the world.
第三代个人支付系统是支付宝和微信支付等。这是基于互联网钱包的移动支付系统。互联网场景下，银行帐户的支付服务已无法满足和解决实时点对点的支付需求，所以诞生了互联网支付。银行卡不直接与客户完成交易，而通过互联网钱包完成。
The third generation of personal payment systems is payment treasures and micromail payments. This is a mobile payment system based on Internet wallets. In an Internet setting, payment services for bank accounts are no longer able to meet and resolve real-time point-to-point payment needs, so Internet payments are born.
第四代个人支付系统，是Libra所创造的基于区块链、密码学地址的数字货币支付系统。
The fourth-generation personal payment system is the digital monetary payment system created by Libra, based on block chains, cryptographic addresses.
可以看到，这四代支付系统里，除了第二代是直接使用银行账户和支付网络之外，银行都是隐藏在后端的。很早以前就已经有开放银行的概念。
As can be seen, in these four-generation payment systems, banks are hidden at the back, with the exception of second-generation direct use of bank accounts and payment networks. The concept of open banks already existed a long time ago.
银行在新技术推动之下不是没有角色，而是会隐藏在后面，通过API输出账户能力、支付能力等，或是使用一整套银行体系支持其他客户。
从金融视角，昨天姚前总已经讲到了数字金融和数字资产的关系，我就不多讲了。新一代数字金融体系需要区块链和数字货币，或者数字金融体系就是建立在区块链数字货币金融基础设施之上的。
From a financial point of view, yesterday Yao spoke of the relationship between digital finance and digital assets. The new generation of digital financial systems needs a chain and a digital currency, or the digital financial system is built on a digital monetary infrastructure.
站在企业的角度怎么理解数字经济？工业经济的驱动因素是燃料，数字经济的驱动因素是数据。数据如何驱动一个商业？我的总结是把数据计算机模型化，用算法来组织这些数据，同时把企业的业务流程计算机程序化，或者变成智能合约。这个数字经济并不是经济学家角度的数字经济。互联网、物联网、云计算、人工智能、区块链等一系列的数字化技术帮助企业完成数字经济和数字商业的组织。
How do you understand the digital economy from a business perspective? The drivers of the industrial economy are fuels, and the drivers of the digital economy are data. How does data drive a business?
这些数字化的技术有三个特点：
The technique of 跨时空。数据天然具有穿透本能。数据流通是没有国境的，跨时空、跨组织。同时数据具有穿透型，纵向可以穿透市场层级，把交易变成点对点，买家和卖家间不再需要中介，横向可以缩短产业链。 Data flow without borders, across time and across tissues. At the same time, data are penetrating, vertically penetrating the market level, turning transactions into point-to-point, and there is no longer a need for intermediaries between buyers and sellers. 因为点对点，交易结算就必须实时。用银行卡去商场买东西不是点对点的交易，因为商家收到这笔钱需要有时间。但没问题，因为银行做了信用担保。可如果没有银行这样的中介保证呢？那就必须实行清结算。而区块链就是交易、清算、结算同步完成的网络。 Because the points are right, the transaction must be settled in real time. The use of a bank card to buy things at the mall is not a match, because it takes time for the merchants to receive the money. But it's okay, because the bank has a credit guarantee. But if there is no intermediary guarantee like a bank, then there must be a settlement. And the block chain of is a network that deals, settles, settles simultaneously . 数字化技术的特点使数字金融去掉了中间环节，以点对点的支付清算和非担保的交易交收为核心特点，区块链和数字货币是满足这些需求的最好技术方案。 Digitalization features remove digital finance from the middle, with point-to-point payments clearing and the collection of non-guaranteed transactions as central features, and block chains and digital currencies are the best technological options to meet these needs. （三）商业视角。 (iii) Business perspectives. 区块链技术的特点就是足够数字化，是跨境、跨时空、跨组织的，同时也是分布式的、自组织的、去中心的。去中心不是指社会治理的去中心，而是商业活动的去中心。真正基于区块链的应用从一定程度上，都要体现上面的两个特色。 Block chain technology is characterized by sufficient digitization, cross-border, time-bound, inter-organizational, distributed, self-organized, and centre-to-centres. Going to a centre is not a centre for social governance, but a centre for commercial activity. 任何基于颠覆式技术的新应用历来有两条路线。 There have always been two routes for any new application based on subversive technologies. 路线一：把新技术看成一种工具，改善传统商业模式，得到边际效益上的提升。 Route one: Consider new technologies as a tool to improve traditional business models and achieve marginal benefits. 路线二：把新技术当做一套制度，用来重构商业的底层逻辑。 Route two: Use new technologies as a system for reshaping the bottom logic of business. 有很多案例。如几年以前，当互联网公司谈“金融科技”的时候，很多传统金融业的人喜欢讲“科技金融”，科技是工具，用来改善现有的商业模式。而“金融科技”，则是要用互联网、数字化的技术重构金融的底层逻辑。 There are many examples. When Internet companies talk about “financial technology” a few years ago, many traditional financiers like to talk about “scientific and technological finance,” which is a tool for improving existing business models. And “financial technology,” which is about using the Internet and digital technologies to re-establish the underlying logic of finance. Libra为什么会采用“协会”的架构？Facebook为什么不控制它？也是基于区块链的技术特点。如果Facebook以自己为中心建立Libra，很可能没有人会使用，因为很难完全信任。 Why does Facebook use the "association" architecture? Why doesn't Facebook control it? It's also based on the technical characteristics of the block chain. If Facebook built Libra with its own focus, probably nobody would use it, because it's hard to trust it completely. 前面讲的是数字化技术的特点，使商业活动的去中心成为必然趋势，现在谈谈商业的发展。有两点： The above is about the characteristics of digital technology, which makes it a necessary trend to go to the centre of business activities, and now about business development. There are two things: 1、经济全球化2.0。因为互联网，现在已经不是公司全球化的时代，不是一家公司将自己变成跨国公司，而是任何个体都可以进行点对点交易。经济全球化发展成为了个人全球化，解决点对点的交易，实现点对点的服务成为突出的问题。区块链技术实时清算结算、点对点交易交收的特点正好可以用来帮助个人商业活动的全球化。 1. Economic globalization 2.0. Because the Internet is not an era of corporate globalization, where a company transforms itself into a transnational corporation, but where any individual can make a point-to-point transaction. Economic globalization has developed into a problem of individual globalization, addressing point-to-point transactions, and achieving point-to-point services have become prominent. 2、经济数字化。当数据集合到一定程度后，流通基本是跨时空的。这使很多商业活动的金融支付需求是随时随地随身随需的。不能场景化虚拟化地提供满足需求的支付清算服务，就会被市场所淘汰。最好的案例就是NFC的近场支付和互联网公司所支持的扫码支付的对比。 2. Economic digitization. When data are collected to a certain extent, the flow is largely time- and space-bound. This makes financial payment needs of many commercial activities readily and readily available. 因此，新技术带来的新生活需求、商业需求、金融需求，必须用分布式、去中心的方法才能满足。 Thus, the new needs for life, commerce and finance brought about by new technologies must be met by means of a distributed and central approach. 区块链的区块奖励无论是10分钟奖励一次还是1秒钟奖励一次，实际上都是在为这10分钟或者1秒钟里，为区块链做了工作的人支付了报酬。 The block award for the block chain, whether once for a 10-minute reward or once for a one-second reward, is in fact paid to those who worked on the block chain for the 10-minute or one-second period. 我看过一份资料，美国大概有34%的人是做零工，不隶属于任何的企业，也不被任何人雇佣，而是通过互联网在为大家提供服务。零工经济最好的薪酬计算办法是按时间付费。如果能把区块链劳动报酬的机制很好地利用起来，那零工经济可以在全球实现，如在中国雇佣巴西的人为你工作，不需要中介，摩擦系数为零，这是多么好的一件事情。 I read about 34% of people in the United States are casual workers, not affiliated to any enterprise, and are not employed by anyone, but rather provide services through the Internet. The best way to calculate the wage of the casual economy is to pay for it on a time-based basis. 共享经济也是一样的，你租一个东西给别人使用了10分钟怎么取得报酬？通过银行转账，还是通过区块链的智能合约？使用智能合约，可以立即获得报酬。显然，未来的共享经济、零工经济是基于区块链和数字货币的。目前还想不到比它更好的方案，接近零成本，能够实时高效地完成零工经济和共享经济的激励问题，以及报酬支付问题。 The same is true of the shared economy, where you use 10 minutes for renting a thing for others. By bank transfers or smart contracts through block chains? 今天（邹传伟）刚刚介绍了分布式经济白皮书，分布式经济生态可以无限循环地玩下去，不会像赌博一样出现终局，也不会让某一个人输光或赢得所有。 Today, the White Paper on Distributed Economy has just been introduced. Distributed economic ecology can play in endless loops, not end up like gambling, and not let a single individual lose or win everything. 这使我想起了阿里巴巴的创始人马云先生说过“客户第一、员工第二、股东第三”，这是朴素意义上的分布式经济概念。前不久，美国商业圆桌联盟近200位美国著名企业家发布了新的企业经理人使命——“企业不能以股东利益最大化”。而应该以社会福利最大化，意思是所有企业有关的各方福利都应该激励相容，得到照顾，而不仅是突出其中一方，尤其不能突出股东利益最大化。区块链对利益相关者进行激励相容，而不是对其中的某一方。比特币和以太坊都没有股东，所有参与方都能得到激励。 This reminds me of Mr. Maun, the founder of Alibaba, who said, “Customers first, employees second, shareholders third,” which is a pristine concept of distributed economy. Not long ago, nearly 200 prominent American entrepreneurs in the US Business Round Table Alliance issued a new business manager’s mission – “business cannot maximize shareholder benefits.” Instead, social welfare should be maximized, meaning that all business-related benefits should be incentivized and taken into account, not just one of them, but the shareholders in particular. 经济学里的老难题“激励相容”在区块链上得到了最好的解决。昨天有人问我公链如何估值。我解释，公链的估值和PE的估值完全不一样。以VC方式谈公司估值的时候，如你估值1亿美元，我愿意拿10%的股份融资，那剩下的9000万美元是创始团队的，这只是在股东层面谈公司的估值，是股东与投资者之间的事情。当区块链项目有1亿美元估值的时候，创始团队留了20%，基金会留了20%，开发激励、生态基金留了20%，再有20%私募给其他投资者。这1亿美元是分给了所有参与区块链的利益相关者，不仅仅是股东。这真正做到了激励相容，会带来无限循环游戏里的“帕累托最优”。 The old problem of “incentive compatibility” in economics was best solved on the block chain. I was asked yesterday how the public chain was valued. I explained that the value of the public chain was completely different from that of the PE. When talking about company valuations in the VC way, like you valued $100 million, I was willing to finance 10% of the shares, and the remaining $90 million was for the founding team, but only at the shareholder level, the valuation of the company, was between shareholders and investors. When the block chain project was valued at $100 million, the founding team left 20%, the foundation 20%, the development incentive, the ecological fund 20%, and private money to other investors. The $100 million was allocated to all stakeholders involved in the block chain, not just shareholders. 这是由Libra引起的一些思考。谢谢大家，再次感谢大家参加今天的峰会！ This is some thinking from Libra. Thank you. Thank you again for coming to today's summit!
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