Photo by Samuel Zeller on Unsplash，本文来自微信公众号：区块律动BlockBeats（ID：BlockBeats），原文作者：Fabric Ventures-The Fabric Ventures Investment Thesis，译者：区块律动 BlockBeats 0x4，原标题：《Web 3.0时代投资逻辑雄文：Fabric Ventures的投资理念》
尤瓦尔?哈拉里（Yuval Harari）最近在一次 TED 的演讲中提到, 极权主义并非一种在事后回顾总结中被定义的邪恶丑陋力量，恰恰相反，极权会将自己包装为一个可解决当今复杂问题的简单方案，看上去相当诱人，抗拒这种方案似乎是愚蠢的。哈拉里认为，在特定的商业或政府组织内，集中式的数据储存架构可能会诱使这些组织掌握这些数据，并在这一技术基础上对个人数据进行针对性的开发运用，其利用程度会达到迄今无法想象的程度。我们需要组织结构、数据架构、激励机制和技术去消除这种危险。除了消除第三方作恶的可能性之外，构建基于分布式数据网络之上的应用程序将通过越来越完善的数据封装设施去增进人与人之间的亲密信任关系，改善计算机服务。（*区块律动 BlockBeats 注：Yuval Harari 是《人类简史》《未来简史》的作者）
Uval? Harari recently mentioned in a TED speech that totalitarianism is not an evil and ugly force defined in an ex post facto summary. On the contrary,
转向以人为本的计算服务
turns to people-centred computing services
尽管建立对计算机系统的信任已经成为个人与技术社区之间的共识，但事实证明，在人类与硬件设备和软件应用程序打交道时，其实很难完全信任它们。随着各类软件的潜力不断扩大，它们开始以越来越亲密且个性化的方式为我们服务，人与软件之间建立信任关系的必要性也日益增加。当一个人分享个人遗传和生理信息，依赖算法在人类面临危险的瞬间做出权衡，甚至在以此过滤构成我们日常决策事实基础的信息流时，人与程序的信任关系的建立就变得具有了强制性。
While building trust in computer systems has become a common understanding between individuals and the technological community, it has proved difficult to trust humans fully in their dealings with hardware equipment and software applications. As the potential of all types of software expands, they begin to serve us in an increasingly intimate and personal way, and the need for confidence-building relationships between people and software increases. When a person shares personal genetic and physiological information, reliance on algorithms weighs when humans are at risk, even when it filters the flow of information that forms the factual basis for our daily decision-making, the establishment of the trust relationship between the `strung' person and the program becomes mandatory.
在《智人》(Sapiens) 一书中，尤瓦尔?哈拉里还探讨了这样一个观点：最终，在历史的尺度上，正是人类通过语言进行概念化抽象与分享共同信仰的能力，使陌生人得以合作，社区得以崛起。而如今技术可以将这种信任抽象化，随着正确的激励在协议层级被编码，该种机制使得人们可以在全球范围内进行合作和贸易。
In the book "Sapiens" of the wise man , Yuval? Harare also explored the idea that, ultimately, at the historical scale, it is the ability of humans to conceptualize abstraction and share common beliefs through language that makes it possible for strangers to work together and communities to rise. 在即将到来的去中心化数据网络浪潮中，我们将从零和博弈的资本主义转向协作社区的复合利益。也许有一种很好的方式可以用来想象这种在最小的中央控制下进行协调的技术壮举，那就是现代城市发展。建立在区块链技术基础上的去中心化自治组织可以在一系列新领域中实现弹性与效率、协调与激励之间的平衡。以网络采用水平的共同利益去替代所有者的利益，使网络构建者、服务提供商和用户之间的激励机制保持一致：将自上而下的命令和控制权力结构 (该结构具有高度腐败倾向) 替换为紧急结构。 In the upcoming wave of decentralized data networks, we will move from zero-sum capitalism to the complex interests of the collaborating communities. There may be a good way to imagine this minimally centrally controlled technology of coordination, namely modern urban development. Decentralized autonomous organizations based on block chain technology can achieve a balance between flexibility and efficiency, coordination, and incentives in a range of new areas. 回顾过去，展望未来，看最新的平台范例如何转换 为了了解价值可能在哪里出现，以及作为投资者和公司建设者的我们有可能在何处卓有成效地集中精力，有必要从长远的角度观察技术如何在过去的几个时代中产生颠覆。 In order to understand where values may emerge and where we may be able to focus effectively as investors and corporate builders, it is necessary to look at how technology has destabilized in past times in the long term. 让我们回顾一下二战后美国在 20 世纪 50 年代和 60 年代创造出的大繁荣。在当时，随着美国公司逐渐成为跨国公司，这些科技公司的商业模式主要是在昂贵的专有电脑硬件生产上赚取利润。这种商业模式带来的结果是电脑被掌握在少数用户手中，这些用户包括政府、企业和富有的个人。随着微处理器生产成本的直线下降以及美国经济状况的不断改善，一种全新的计算架构将该行业的权力从专有硬件系统转移到了芯片制造商和软件公司的手中。当 IBM 当时的总裁汤姆?沃森 (Tom Watson) 难以想象除了相关从业者谁还需要电脑时，微软 (Microsoft) 公司的比尔?盖茨 (Bill Gates) 已经明白，在未来每个家庭都将拥有自己的个人电脑。 Let us recall the great prosperity created by the United States after the Second World War in the 1950s and 1960s. At that time, as American companies gradually became multinationals, the business model of these technology companies was largely profiting from the production of expensive proprietary computer hardware. The business model led to computers being held in the hands of a few users, including governments, businesses, and wealthy individuals. As the cost of microprocessor production fell sharply and the economic situation in the United States continued to improve, a completely new computing structure shifted the power of the industry from a proprietary hardware system to a chip manufacturer and software company. 在上世纪 70 年代和 80 年代，随着个人电脑的大众化，科技公司掀起了一股新浪潮——将业务模式转向销售带有授权操作系统的廉价电脑硬件。随着微软的崛起和及其对赢得开发者的不懈努力，消费者自然选择了兼容应用程序最多的平台，即微软公司的 Windows 操作系统，该系统开始在硬件供应商之间普及，它将几乎所有的软件包统一在一个系统之下。直到 2000 年，微软的市场份额已超过所有售出的个人电脑的 90%，其大部分价值来自于操作软件和应用软件层。 In the 1970’s and 1980’s, with the popularization of PCs, technology companies launched a new wave – shifting the business model to the sale of cheap computer hardware with an authorized operating system. With Microsoft’s rise and its unremitting efforts to win developers, consumers naturally chose the most compatible applications, the Microsoft Windows operating system, which began to spread among hardware suppliers, uniting almost all software packages under one system. Until 2000, Microsoft’s market share had exceeded 90% of all sold PCs, and most of its value came from the operating software and application layers. 然而，尽管微软占据了用户电脑桌面的主导地位，但它从未保护过配线室内和数据中心中的服务器——这些领域依然被 80 年代最成功的 Unix 工作站公司 (Sun、Silicon Graphics 和 IBM) 所把持。在 90 年代早期，Linus Torvalds 试图用一个更便宜、更开放的替代品——Linux 这个用于软件服务器的 Unix 操作系统的开源版本——来打破这种昂贵的霸权。该系统通过将普通硬件和 Linux 操作系统、Apache web 服务器、MySQL 和 PHP 相结合，又掀起了一波新的技术业务浪潮。到了 2012 年, 微软在计算机市场的份额已降至 20%，而到了 2017 年，基于 Linux 的 Android 系统在移动计算市场已经占有了 85% 的份额。 However, despite Microsoft’s dominance of the user’s computer desktop 随着时间推移，廉价软件逐渐大众化，网络随处可用，这种社会现实推动科技企业将其商业模式转向了提供免费软件和网络，目的是对它们收集到的用户数据转化为货币。如今的科技巨头们已经吸收了开源软件，并将其与大量垄断性的用户数据竖井结合起来，创建了具有竞争力的技术护城河，用来保卫自己数万亿美元的公司市值。然而，随着如今的科技企业面临越来越多的数据使用问题，用户也开始仔细审查其数据的所有权，政府正在推动广泛的数据保护法规 (比如说 GDPR)。 Over time, cheap software has become popular and accessible, a social reality that prompts technology firms to shift their business models to free software and networks to convert user data they collect into money. Today’s technology giants have absorbed open-source software and combined it with a large number of monopolistic user data rigs, creating a competitive technology moat to defend their trillion-dollar company’s market value. However, as technology firms today face increasing data use problems, users have begun to critically review their ownership of data, and the government is promoting extensive data protection regulations . 随着硬件、操作系统、软件和网络的民主化，我们正在观察的新范式转变将开放对网络内数据的访问。随着现有垄断性数据竖井的解体，我们将观察到数据本身和对数据的访问将会被打包成可供出售的商品。但是这样的范式转变依然给人们留下了问题：一旦数据垄断被削弱或者丧失，那么现有科技公司的商业模式将会转向何处? With the democratization of hardware, operating systems, software, and networks, the new paradigm shift that we are observing will open up access to data in the network. With the collapse of existing monopolistic data rigs, we will observe that the data itself and access to the data will be packaged into marketable commodities. 为了解答这个疑问，我们回顾了开源软件开发的历史，以及与之相关的开发动机和盈利方法。一开始，开源软件运动出现在隐私安全爱好者、黑客和意识到自己所用的公用软件无法进行商业化的政府实体之间。这场运动在很大程度上依赖于一种道德信念，即软件应该是开放的，所有人都可以使用和访问。 To answer this question, we look back at the history of open-source software development, and its associated motivations and profit-making methods. Initially, the open-source software movement appeared between privacy security lovers, hackers, and government entities aware that their public-use software could not be commercialized. 开发者们意识到，开源软件运动除了使软件免费可用之外，开源模型还从根本上改进了软件开发过程。围绕着一个个开源项目建立起了不同的网上社区，在这些社区中声誉也不断累积，在技术贡献者、软件维护者和用户当中创造出了指数级增长。开源软件的出现使得人们能够在世界各地分发软件，开发者们开始组建公司，在广阔的分发网络上添加非常薄的货币化层。1993 年，Bob Young 成立了 ACC 公司，销售 Linux 和 Unix 配件，该公司后来成为 Red Hat。大约在同一时间, Monty Widenius (Fabric Ventures 公司顾问& OpenOcean 创始人) 从 1994 年开始从事 MySQL 相关工作，致力于将 MySQL 与同样开源的 Linux、Apache、Python 互相巩固融合组成了 LAMP，使其在 2008 年被太阳微系统公司以 10 亿美元收购之前已经成为了世界上最受欢迎的数据库。 The developers are aware that, in addition to making the software free of charge, the open source model has fundamentally improved the process of software development. Different online communities have been built around an open source project, and their reputations have accumulated in these communities, creating exponential growth among technology contributors, software maintainers and users. Open source software has made it possible to distribute software around the world, developers have started to form companies, adding a very thin monetized layer to the vast distribution network. In 1993, Bob Young founded the ICC company Linux and Unix, which later became Red Hat. At the same time, Monty Widenius 在过去的 20 年里，随着大型科技企业逐渐意识到开源的可行性和好处，整个世界都变得依赖于开源软件。React 和 React-native JavaScript 开发工具主要由 Facebook 维护，而谷歌为 Android、Kubernetes 和 Go 等做出了无数贡献。不到 20 年前，微软还被认为是开源软件的主要反对者。现如今微软已在 2017 年转型为支持了最多开源开发者的公司，就在最近该公司还以 75 亿美元收购了 Github。这些科技巨头纷纷选择了开源软件，基本上停止了对软件收费，转而围绕着将用户数据货币化来建立他们的整个业务通路：通过使用并无所有权的软件和不属于他们的数据来创造数万亿美元的市值。 React and React-Native JavaScript development tools have been largely maintained by Facebook, while Google has made numerous contributions to Android, Kubernetes and Go. Less than 20 years ago, Microsoft was recognized as the main opponent of open-source software . Microsoft has now transformed into a company that supports the most open-source developers in 2017, and recently acquired Github with $7.5 billion. 不幸的是，在这第三次开源软件开发浪潮中，开发者们不仅失去了驱动第一波浪潮的道德抱负和浪漫主义动机，而且通常也没有获得曾经驱动了第二波浪潮的经济利益或声誉回报。 Unfortunately, in this third wave of open-source software development, 随着中本聪在 2008 年发布了比特币白皮书，我们开始进入了第四个开源软件开发时代：通过解决双重支出问题，并在分布式系统中创造数字稀缺性, 中本聪为点对点网络中集成数字价值转移层奠定了基础。这种基本架构的突破使开源网络能够在没有中央权威或赞助者的情况下奖励和激励贡献者。开放平台上的非许可式创新和无需信任的点对点网络，再加上通证驱动的激励和治理系统，已经引发了围绕开源项目的开发人员和生态系统的爆炸式增长。开源开发运动最终发现了它难以捉摸的「商业模式」——这种模式不一定奖励单一中心的实体，而是公平地激励所有贡献者和参与者，得以在每个网络中创建分布式的数字经济。 With the White Book of Bitcoin released in 2008, we began to enter the fourth era of open-source software development: by addressing the problem of double spending and creating digital scarcity in distributed systems, the middle-sourced is the foundation for an integrated digital value transfer layer in point-to-point networks. This basic architecture breakthrough enables open-source networks to reward and motivate contributors without central authority or sponsor. Open-source innovation and non-trusted point-to-point networks on platforms, coupled with passivity-driven incentives and governance systems, have triggered explosive growth of developers and ecosystems around open-source projects. The open-source development movement has finally discovered its elusive “business model” — a model that does not necessarily reward a single-centre entity, but rather provides an equitable incentive for all contributors and participants to create a distributed digital economy in each network. 由三大趋势驱动的范式转变 过去 20 年里，Web 2.0 时代的成功在很大程度上是由三种基本技术主导：云存储、社交和移动化。我们相信未来几十年的技术创新将由边缘计算、机器学习和分布式数据之间的相互作用去推动：边缘计算在大量设备中捕捉数百万数据点，不断进步的机器学习算法吸收利用这些丰富的数据，位于底层的去中心化数据将对于安全、灵活沟通以及公平激励提供支持。 Over the past 20 years, the successes of the Web 2.0 era have been largely dominated by three basic technologies: cloud storage, socialization, and mobility. We believe that technological innovation in the coming decades will be driven by the interaction between marginal computing, machine learning and distributed data: margin computing captures millions of data points in a large number of devices, progressive machine learning algorithms absorb these rich data, and decentralizing data at the bottom will support security, flexible communication and fair incentives. 将这三种技术浪潮结合起来，将会开发出大量的数据，然而这些数据目前仍因隐私、信任或竞争原因而被封锁。在 2010 年，全世界产生了大约 1 泽字节的数据。根据麦肯锡咨询公司的研究，在 2016 年中全世界生产了 16 泽字节的数据，然而，其中只有 1% 被分析使用。到 2025 年, 全球预计将生成超过 160 兆字节的数据。由于出现了从未使用过的数据源, 隐私保护出处和细粒度的值分布, 将会使得世界上出现难以想象的技术突破，比如说通过基因数据进行的个性化医疗，协调分布式自治代理以及为数据生成者解锁之前从未探索过的货币化方法。（区块律动 BlockBeats 注：泽字节是 TB 的 2^30 倍，即 1ZB=10.7TB） By 2025, the world is expected to generate more than 160 megabytes of data. The distribution of values for privacy protection sources and fine particle sizes will result in unimaginable technological breakthroughs around the world, such as individualized medical treatment through genetic data, coordinated distributional autonomies and monetization methods that were never explored before the data were unlocked. 然而, 如果当今孤立的数据结构无法快速升级, 可用数据的激增和机器学习算法的效率提升可能快就将我们引向一个全民监控式资本主义，这是一种反乌托邦式的未来：政治家不仅能够预测事情将如何发生, 还能利用我们的情绪去仁慈地做出我们尚未做出的决定。实际上，他们能以极为精准的方式对他们所预见的未来采取行动，其目标不一定会向公众披露，也不一定符合我们自己的目标。去中心化的数据架构不仅将阻止科技巨头和其他数据垄断企业获得如此普遍的权力，还将使个人参与者能够利用这一波新的应用程序去提升自己的生活质量。与此同时新应用的使用者既能控制自己的隐私，又能参与其中获得经济回报。 However, if today’s isolated data structures cannot be rapidly upgraded, the proliferation of available data and the efficiency gains of machine learning algorithms may soon lead us to a universal surveillance capitalism, an anti-Utopian future: politicians can not only predict how things will happen, but also use our emotions to make decisions that we have not yet made. In fact, they can act in a very precise way, and their goals are not always disclosed to the public, nor necessarily our own goals. The decentralized data architecture will not only prevent technocrats and other data monopolies from gaining such universal power, but will also enable individual participants to use the wave of new applications to improve their quality of life. TOKEN 与加密货币经济学的新颖之处 一直以来困扰着各种网络架构师的一个基本问题就是网络创造的价值与股权结构获取的价值之间的不匹配。股权结构的价值来自未来的现金流，这些现金流是由集中式公司从客户那里获取收入的能力产生的净利润。这是一个对于以销售商品和服务为基础的商业公司来说行之有效的系统：苹果销售高端硬件，Netflix 和 Spotify 销售月度会员制。然而，当股权模式被应用于核心价值在于廉价分销和用户驱动内容创建的网络当中时，的确会遭遇利益分化的危险：Twitter 难以将其用户创建的内容变现, 而 Facebook 不得不转向一个近乎于反乌托邦的全景监狱，以求将其基于用户基础与开源网络的价值创造进行真正的变现。当网络社区开始生成有价值的内容时，网络社区的用户就从客户转换为了产品本身。这时候社区用户和商业公司的价值存在根本性的不匹配：一个商业实体试图获取用户社区所创造的全部价值，而用户社区本身却没有获得任何财务上的回报。 A fundamental problem that has long plagued network architects is the mismatch between the value created by the network and the value gained by the equity structure. The value of the equity structure is derived from future cash flows, which are net profits from the ability of a centralized company to derive revenue from its clients. This is a system that works well for commercial companies based on the sale of goods and services: Apple sales of high-end hardware, Netflix and Spotify monthly membership. However, when the equity model is applied to networks whose core value lies in cheap distribution and the creation of user-driven content, there is a real risk that the benefits will be divided: 从控制网络的中央集权型股权公司模式中跳出来，转而将网络建模为带有本地通证的数字经济模式，我们不仅可以提升从中获取的价值，还可以将其产生的价值分配给真正的价值创造者。在这种数字经济中网络稀缺性以通证作为代表，通证被用来激励分布式的人员、机器和其他参与者，以奖励他们对于网络的贡献，比如管理有价值的资源、工作内容与效用。将网络的数字稀缺性 (例如算力、人工、内容贡献或社区治理) 表示为数字通证，可以使网络不断升级且具有无限灵活性。 From the centralized equity company model that controls the network, we can not only elevate the value derived from it, but also distribute the value it generates to real value creators. Network scarcity in this digital economy is represented by translator, which is used to stimulate distributed people, machines and other players to reward their contribution to the network, such as managing valuable resources, work content and utility. The digital scarcity of the network
这些通证成为一个个可编程的数字软件，连接着人类和他们所以拥有的资产——包括虚拟的 (如个人数据) 和实体的 (如房地产)。这些通证所能实现的是通过虚拟货币经济学这一处于激励机制设计的前沿方式，巧妙地平衡用户、开发人员、资源提供者 (例如矿商) 和资本提供者 (例如投资者) 的网络内在利益和效用。
They are programmed digital software that connects humans and the assets they own — including virtual and entity
将稀缺性进行通证化使人们对于所有权可以进行颠覆式的重新想象，其本身意义甚至超越纯粹的数字资产，现有资产将享有改善流动性、透明度、准入、合规和税收方面的潜力，这将推动现有的资产进行通证化，并最终主导新的加密资本市场。
Translatorization of scarcity allows people to reimagine ownership in a subversive way, even beyond purely digital assets, with the potential to improve liquidity, transparency, access, compliance and taxation, which will facilitate translatorization of existing assets and eventually dominate new encrypted capital markets.
几十年前，我们见证了数据和传播内容从模拟信号到数字化分发的转变过程。数据和内容从创造、发行到货币化的一切过程都可以被重新想象。数字化对报纸、电视和电影内容的影响是有目共睹的:Netflix 和 Spotify 这样的新巨头崛起，百视达和柯达这样的公司要么被边缘化，要么彻底消失了。我们现在确信，通证对于所有权的影响，就像数字化曾经对内容造成的影响一样大。
A few decades ago, we witnessed a shift in data and communications from analogue signals to digital distribution. The process of creating, distributing, and monetizing data and content can be reimagined. The impact of digitization on the content of newspapers, televisions, and films is obvious: the rise of new giants like Netflix and Spotify, and the marginalization or total disappearance of companies such as Al-Qaeda and Koda. We are now convinced that the impact of translator on ownership is as great as the impact of digitization on content .
通证的分类
深入到通证的世界，我们可以依据不同的特征将其分为三个核心类别:货币与商品型、实用工具型通证和安全型。考虑到个别通证令牌可能同时具有若干特征，或者是在其基础网络的生命周期内演化出不同特征，我们现将这些特征总结如下:
To reach the mediocre world, we can divide currencies into three core categories based on different characteristics: monetary and commercial, practical utility hyphens, and security. Given that individual meths may have several features at the same time, or that they may evolve over the life cycle of their underlying networks, we can summarize these features as follows:
价值存储型 (SoV) 通证的价值依赖于其对抗审查和平等交易的特性，以确保其储存的价值与任何其他市场、商品或货币完全不相关。例如比特币、门罗币和零币，它们在交易速度、网络安全性和网络隐私方面都有略微的不同。这些价值储存型加密货币最接近于现实货币的等价物，在考虑货币的定量理论时，可以用交换方程式 (MV=PQ) 来理解它们的动态。
Value storage memorized values depend on their anti-censorship and equal transaction characteristics to ensure that they are completely unrelated to any other market, commodity or currency. For example, Bitcoin, Monroe and zeroes, which vary slightly in terms of speed of transactions, network security and network privacy. These values stored encrypted currencies are closest to the real currency equivalents, and their dynamics can be understood by considering the quantitative theory of currency using the exchange equation .
稳定币的目标是将波动性与加密资产分离开来，并提供一种可与法定货币如美元挂钩的数字资产，它们主要被用作记账单位和交易媒介。其中的三大类别包括:
The objective of stabilizing the currency is to separate volatility from encrypted assets and to provide a digital asset that can be pegged to the legal currency, such as the United States dollar, which is used primarily as a unit of account and as a medium for transactions. Three of these categories include:
a. 集中式借据发行——以中央持有的等额法定准备金来保持稳定。
a. Centralized loan issuance — stabilized with a centrally held equivalent statutory reserve.
b. 担保物——由以太坊等加密资产提供的超额抵押。
b. Security - over-collateralized by encrypted assets such as Etheria.
C. 铸币税股份——重新创建一个算法型的中央银行，通过控制供求杠杆来保持稳定。
C. Cast currency tax shares - re-create an arithmetical central bank that stabilizes by controlling supply and demand leverage.
支付型通证是最简单、迭代最多的类型，它们常常被强制实现到网络中，作为网络提供数字资产的唯一支付方式。因此，支付型通证虽然几乎成为了虚拟数字经济中的货币，即使它们依然没有变得更具投资性、流动性或稳定到足以成为价值储存手段。相反，在未来的均衡中，支付型通证将更接近于一种营运资本，由于机会成本的存在，用户将试图将营运资本最小化。因此，它们很可能具有极高的速率，但价值累积很低。由于源代码的本质 (可复制和可分叉)，这些通证模型运行时具有很高的风险，它们可能会被分叉或者是被相同的协议所取代，这些协议也允许其通过适当的价值储存通证进行支付。
Payment-type hymens are the simplest and most iterative types, often enforced into networks as the only means of providing digital assets. Thus, payment-type hymens, although almost the currency of the virtual digital economy, have not become more investmentable, mobile or stable enough to be a value-storage tool . Conversely, in future equilibriums, payment-type hymens will be closer to an operating capital, and users will attempt to minimize the operating capital because of opportunity costs. They are likely to have a very high rate, but their value will accumulate very low.
证券型通证则是一种资产虚拟货币化的代表，其范围包括了传统大宗商品、股票、艺术品以及任何一种加密收藏品。前者依赖于对标的资产所有权的强有力担保，可根据标的资产的价值进行估值，并且在流动性、可分割性和可获得性方面有溢价。后者往往代表一种稀缺的加密数字资产，其性质犹如艺术品或房地产，也就是说这些资产本身价值是有限的，而创造者的声誉，在数字景观中的位置以及对该资产的总体需求决定了其价格。（区块律动 BlockBeats 注：CryptoKitties 属于这类）
The securities
治理型通证让其持有者可以投票决定网络如何运行、开发人员将精力投向何处以及何时应该实现软件升级。随着网络中运行的公司数量以及处理交易数量的不断提升，网络的价值也会随之上升，对于网络开发的影响力也将成为一种稀缺资源。事实上，在这样一个网络中，投票权的价格很可能会随着它所保障的网络价值不断提升而呈现指数级增长。这种通证特性通常需要与前面提到的其他类型通证设计相结合。（区块律动 BlockBeats 注：Aragon 属于这类）
In fact, in such a network, the price of voting is likely to grow exponentially as the value of the network increases. This is usually required to be combined with other types of pass designs mentioned earlier. 折扣型通证赋予所有者在购买数字网络提供的资产时享受折扣的权利。购买折扣通证等同于购买优惠券，并有权获得网络内所有经济活动的固定折扣百分比。随着网络的价值提升和交易数量的增长，通证持有者可以要求更大的折扣。这种通证设计实际上模拟了一种只能以网络服务 (不涉及金钱支付) 形式来提供的使用费。 discounts give owners the right to a discount on the purchase of assets provided by the digital network. buys discounts that are equal to the purchase of coupons and is entitled to a fixed percentage discount on all economic activities in the network. As the value of the network increases and the volume of transactions increases, the holder of the licence can demand larger discounts. This translator design actually simulates a user fee that can only be provided in the form of a network service . 工作型通证基于这样一种理念，即服务提供者需要共担风险，以鼓励他们为网络提供高质量的工作。无论是承担客观的工作 (如计算资源)，还是主观的工作 (如定性评级)，服务提供者都有义务向网络投入一定数量的通证，以换取对其提供有利可图的工作的权利。如果工作能够正确完成，服务提供者将获得用户支付的费用 (不一定是本地通证)。 The GP is based on the notion that service providers need to share the risks in order to encourage them to provide high-quality work to the network. Whether they undertake objective work < span cards="text-remarks" label= "remarks" (e.g. computational resources)
相反，如果服务提供者行为不端，他们的份额将被削减并被分配给其他服务提供者。随着网络使用量的增长，将会有更多的能够即时获利或者是未来可盈利的工作被交付，这将使得希望交付这些工作的服务提供者数量有所增加。因此，对这些工作型通证的需求将会得到增长，由于它们的供应量较为固定，该种通证的价格也会随着网络的使用而上升。（区块律动 BlockBeats 注：PoW 类代币属于这类）
On the contrary, if service providers behave badly, their share will be reduced and allocated to other service providers. As network usage increases, more immediate or future profitable jobs will be delivered, which will increase the number of service providers wishing to deliver them. As a result, the demand for these workstyles will increase and, as their supply is fixed, the price of the translator will also increase with the use of the network. .
销毁 & 铸造均衡型通证的架构基于两个简单的特征:网络用户使用通证支付服务费用, 但他们并不是用通证付费，而是将其销毁 (以美元计价)；于此正在铸造的新通证（以本地通证计价）会不断膨胀。网络的用户针对每个已经销毁的通证引用服务提供商，他们会接收到新生成的通证分配作为被支付的费用。因此，当平台使用量增加，用户消耗的通证数量超过通过通货膨胀发行的通证数量时，通证供应将会减少，因此推高了每个通证的价格。（区块律动 BlockBeats 注：USDT 属于这类）
The structure for the destruction of the & Casted Balanced Translator is based on two simple features: Internet users pay for their services using a translator, but instead they do not pay for their services with a translator. Users of the network destroy 投资者在其中承担何种角色？ 投资于这种大量通证模式的投资者，其承担的角色必须从简单的资本分配者转变为网络中的积极参与者。从社区建设，到通证工程，到积极运行的节点，再到积极管理流动头寸，在这一领域活跃的风险投资基金将很快被要求参与到网络的运营中。这不仅是履行他们的受托责任，使其投资人的资本回报率最大化，同时也有助于引导他们投资的网络走上正轨。雄心勃勃的创始人心知肚明，通往持久成功的道路都是曲折的，他们首先会选择具备耐心的机构合作伙伴。这些耐心的合作者会向其网络注入资本并投入工作, 只有当网络中的可用节点数量达到最低时，他们才会通过定向销售或空头通证吸引特定用户群体或者其他利益相关者。 Investors who invest in this large hyphenic model must assume a role that moves from simple capital distributors to active participants in the network. From community-building, to translator engineering, to active nodes, to active management of liquidity positions, active venture capital funds in this area will soon be required to participate in the operation of the network. Not only do they fulfil their fiduciary responsibility to maximize the return on capital of their investors, but they will also help to get the networks in which they invest on track. 最活跃的投资者将在投资期间持续不断参与到网络中的各个方面： The most active investors will be continuously involved in all aspects of the network during the investment period: staking:随着股权证明 (PoS) 或委托股权证明 (DPoS) 网络在 mainnet 上线, 通证持有者可以将通证作为股份为网络提供有利可图的工作 (交易验证、计算、仲裁、转码或提供安全)，并获得来自网络（例如区块奖励）或用户 (如交易费用) 方面的奖励。在 DPoS 网络中，网络内的操作人员可以将工作作为一种服务来完成，以获得一部分支付，通证持有者可以将其通证委托/绑定给操作人员。（区块律动 BlockBeats 注：可以访问 https://www.theblockbeats.com/pos 查看目前流行的 Staking 项目） 投票:许多网络都在使用它们的通证作为治理工具，无论是通过简单的通证投票、二次投票还是流动式民主，通证都赋予了它们的持有者发言权。长期投资者将参与网络的治理过程，并将其导向自己最感兴趣的方向。 Votes: Many networks use their hyphens as a tool of governance, whether through simple hyphenation, second-vote or mobile democracy, giving their holders a voice. Long-term investors will participate in the network’s governance process and direct it to their most interesting directions. 管理:通过通证管理注册表 (TCR)，此类网络的早期投资者需要积极参与管理过程，同时保持注册表的高质量，并标记参与管理的人员质量。 Management: The early investors of such networks need to be actively involved in the management process, while maintaining the high quality of the registration forms and marking the quality of the personnel involved in the management, through a merciless management registration form . 运行节点与简单的网络使用:由于投资者本身也可能是网络的用户，他们可能会积极地为网络构建早期的用例迭代。他们对网络的使用包括了出于数据驱动的跟踪目的在网络中运行节点，以及积极参与网络经济 (例如购买服务/资产)，这些投资者将成为最早在网络之上构建生态系统的一员。 Run nodes and simple network use: because investors themselves may be users of the network, they may actively build early examples of the network. Their use of the network includes running nodes in the network for data-driven tracking purposes, as well as active participation in the network economy , which will be one of the first to build an ecosystem on the network. 欧洲:原力所在之地 开发者数量大爆炸& 超过百年的学术实力 大批的区块链开发者与技术人才来自学术传统深厚的欧洲，在这里孕育了数百年的技术学术成就。在全球排名前 10 的科技类大学中，欧洲独占 5 所，欧洲每年毕业的 STEM 领域的博士人数是美国的两倍。根据 Stack Overflow 的数据, 欧洲储备了 550 万开发人员，而美国只有 440 万。欧洲一直不缺乏技术人才, 但从历史上看, 这些开发人员与技术人才的主要雇主来自于银行业, 直到 2008 年金融危机爆发之后才，这些技术人才才决定逃离这一行业。而现在，随着这股资本获取民主化的浪潮涌来，这些身在欧洲的技术人才不再需要移民到美国来募集融资，建立全球公司了。其带来结果是，来自欧洲不同角落的创业者所创造的价值明显地超过了世界上任何其他地域：仅在 2018 年，来着欧洲的创业项目就筹集了 41 亿美元，而亚洲和美国的项目则分别筹集了 23 亿美元和 26 亿美元。 According to Stack Overflow, Europe reserves 5.5 million developers, compared to 4.4 million in the United States. Europe has not been short of skilled, but historically, the main employers of these developers and technologists came from the banking sector, and only after the 2008 financial crisis did these technologists decide to leave the industry. And now, as the capital boom for democratization moves, these skilled people in Europe no longer need to migrate to the United States to raise finance, creating global companies. The result is that entrepreneurs from different corners of Europe have created significantly more value than in any other part of the world: in 2018 alone, the entrepreneurial projects in Europe raised $4.1 billion, while projects in Asia and the United States have raised $2.3 billion and $2.6 billion, respectively. 从建立之初就使用分布式团队 作为一个由 50 个截然不同的国家组成的大陆，欧洲的创业公司已经习惯于采用分布式团队进行工作，并以全球视角进行团队建设。欧洲任何一家新兴企业都从一开始就认识到了制定一份国际拓展路线图的必要性，以避免陷入自己国内小型经济体的陷阱当中。多样化和跨国团队已成为欧洲创业公司的标准设置，伦敦、柏林、巴黎和阿姆斯特丹都已成为技术创新的中心。我们将这一现象称之为欧洲城邦的技术复兴。 As a continent of 50 distinct countries, European start-ups have become accustomed to working with distributed teams and team-building from a global perspective. From the outset, any emerging enterprise in Europe has recognized the need to develop an international outreach road map to avoid falling into the trap of small economies in its own country. Diversity and transnational teams have become the standard set of European start-ups, with London, Berlin, Paris and Amsterdam becoming centres for technological innovation. 根深蒂固的反主流文化传统 欧洲最大的优势可能源于其所拥有的过去几个世纪的历史。尽管集中化的商业模式符合硅谷的理想，即密集的资本池和狭隘且一致的意识形态，但分散化的网络模式更符合欧洲根深蒂固的政治分裂历史，以及随之而来的反主流文化运动。欧洲人在自己的国土上经历了两次难以想象的灾难性的世界大战，欧洲人的家庭经历过共产主义和 (或) 法西斯独裁统治，欧洲人在冷战中分裂了 40 多年。欧洲人一直生活在极权主义政权的统治下，这些政权摧毁了隐私和言论自由的理念，并定期从本国公民手中夺取个人物品和资产。去中心化的网络当然会给个人带来实际操作上的好处，但同时也有希望遏制整个欧洲社会的噩梦，欧洲人在过去一个世纪里直接而剧烈地经历了这样的噩梦。 Europe’s greatest advantage may stem from its centuries-old history. While the centralized business model is in line with Silicon Valley’s ideal of a dense capital pool and narrow and coherent ideology, the decentralized network model is more in line with Europe’s deep-rooted history of political division and the ensuing anti-mainstream cultural movement. Europeans have experienced two disastrous world wars on their own soil, and European families have experienced communistism and fascist dictatorships, with Europeans divided in the Cold War for more than 40 years. 监管先行 从监管的角度来看，欧盟一直走在前列，致力于在推动如保护消费者数字数据权利的 GDPR，以及为用户利益开放金融体系的 PSD2。除此之外，国与国之间的在区块链领域的竞争已开始为去中心化网络的新商业模式和治理结构提供最清晰、最受欢迎的监管框架。法国经济部长公开表示, 法国将不会错过区块链的革命, 将成为 ICO 的全球中心。 From a regulatory point of view, the EU has been at the forefront of efforts to promote, for example, a GDPR that protects consumer digital data rights, and a PDF2 that opens up the financial system for the benefit of users. In addition, country-to-country competition in the area of block chains has begun to provide the clearest and most popular regulatory framework for new business models and governance structures in decentralised networks. 瑞士已经为基于通证的网络发布了一个非常清晰的监管框架。英国财政大臣公布了一个加密资产工作任务组，为通证创建一个建设性的监管框架。欧洲小国马耳他和列支敦士堡则全速推动管理方式更加开放，试图成为去中心化网络和相关业务的全球中心。在更为常见的数据使用方面，美国以其因商业驱动而对人工智能不加节制的使用而闻名，而中国则因人工智能可能导致的极权主义过度扩张而为人所知。现在有一种关于第三条道路的说法，即有道德的人工智能，欧洲可能会率先尝试这条新路。这条道路建立在 GDPR 提供的框架之上，并结合人工智能的力量，积极吸收密码学的创新之举，在提供更加个性化的服务的同时仍尊重个人隐私。（区块律动 BlockBeats 注：欧盟支付服务修订法案第二版 (英文 Payment ServiceDirective 2 :简称 PSD2)） In the more common use of data, the United States is known for its unbridled use of artificial intelligence for commercial reasons, while China is known for its excessive expansion of totalitarianism that artificial intelligence may lead to. There is now a third way, moral intelligence, that Europe may take the lead in trying this new path. This path is based on the framework provided by the GDPR and, in combination with the power of artificial intelligence, actively absorbs the innovations of cryptography, while respecting personal privacy while providing more individualized services. The Fabric 的行动计划书 作为风投基金，我们的首要目标是在关注的领域内挑选出最优秀、最有眼光的创业者和技术人员作为合作伙伴。在本文下一章中将言简意赅地概述我们实现这一目标，以及如何随着时间推移增加网络价值的方法。 As windfall funds, our primary goal is to identify the best and brightest entrepreneurs and technicians in the areas of concern as partners. In the next chapter, we will briefly outline how we can achieve this goal and how to add value to the network over time. 基层采购 以往的技术浪潮使新的商业模式能够在新的技术平台上蓬勃发展，但是向去中心化数据网络的转变可以使货币化在网络基本协议框架内实现，也就是说在应用程序和业务层也能有所作为。因此，与以往的技术浪潮相反，这一轮新的技术浪潮可以让更多的早期价值创造集中在由开发人员为开发者们构建的技术基础设施层中。 Past technological waves have allowed new business models to flourish on new technological platforms, but a shift to decentralized data networks can allow monetization to take place within the framework of the network’s basic protocols, that is to say, in application and business. Thus, contrary to previous technological waves, this new technology wave can allow more early value creation to be concentrated in the technological infrastructure layer that developers have built for developers. 随着 Web 2.0 和 Web 3.0 之间产生的重大技术进步逐步融入到了那些成功应用程序的当中，面向消费者的应用程序也可以以最小的时间成本去进行迭代，以增进可用性。消费者将在用例中克服某些以前感觉不自然的心理障碍，从而培养起新的使用习惯。新的市场战略和分销形式将对新产品和新市场提供充分支持，比如说财务奖励、代币空投和以及去中心化的应用商店。 As major technological advances between Web 2.0 and Web 3.0 have gradually been incorporated into successful applications, consumer-oriented applications can also overlap with minimal time costs to enhance usability. Consumers will overcome some of the previously unnatural psychological barriers in their practice, thus fostering new usage practices. The new market strategy and distribution format of will provide full support for new products and markets, such as financial incentives, currency drops and decentralized application stores. 我们相信在未来 2-3 年，大多数有趣的项目将集中出现在基础设施层：开发工具将服务于智能合同库、数据管理框架等领域的开发团队；这些区块链网络的基本工具革新将推动面向个人投资者和机构投资者的 Web 3.0 转型，并且提供计算、存储和数据隐私方面的底层协议。(*区块律动 BlockBeats 注：2018-2019 年，出现了大量底层公链项目，而且做的非常出色) We believe that in the next 2-3 years most interesting projects will be concentrated at the infrastructure level: tools will be developed to serve development teams in areas such as smart contracts, data management frameworks, and basic tool innovations in these block-chain networks will facilitate the transformation of Web 3.0 for individual and institutional investors, and provide bottom-level protocols for computing, storage and data privacy. 因此，作为投资者我们将专注于从开发人员那里采购创新项目，参考他们提交的 Github 项目，用这作为判断其是否具有开发和采用领先技术能力的依据，并评估他们在去中心化的应用程序 stack 中的 fit。我们的风投团队将不断追上时代脚步并积极转型，在未来我们最大的投资将通过黑客马拉松 (并为之做出贡献) 投出，而不是通过创业推介活动。在这个软件掌控世界且开源战胜闭源的时代里, 开发者们就是新的幕后大佬，而他们就是那些我们将与之共度时光的人。 So, as investors, we will focus on purchasing innovative projects from developers, using the Github project that they have submitted as a basis for determining whether they have developed and adopted leading technological capabilities, , rather than through entrepreneurial promotion. In this era of software taking control of the world and opening up to the closed source, developers are the new big ones, and they are the ones with whom we will spend our time. 颠覆行业的时机已经成熟 不可否认，比特币引入一种可行的数字化价值储存方式，甚至可以作为政府法定货币和黄金的替代品。通过将有限的供应量与不变的分类账簿相结合，我们相信这波技术浪潮将带来大量的新机遇，而不不仅仅是提供一种新型货币。在金融领域, 我们认为合规将自动嵌入到每一项资产的转移过程中, 信用评分与保险费将动态化适应分布在全球范围内大量的数据来源，整个资本市场的概念都将模块化，被处理为基本的程序化金融元素：一组开放的、无需许可的构建区块，可以方便地被组装在任意一个金融类应用程序，其使用的数据集可以来自于任何一个人们能够想象到的市场中的资产。 In the area of finance, we believe that compliance will automatically be embedded in the process of transferring each asset, that credit ratings and insurance premiums will be dynamically adapted to a large number of data sources distributed around the globe, and that the whole concept of capital markets will be modularized and treated as a basic procedural financial element: an open, non-licensed set of building blocks that can easily be assembled in any financial type of application, using a data set that can be derived from any market that one can imagine. 同样，在重新定义供应链管理的过程中也蕴含巨大机遇，其中包含了跨多个供应商的库存跟踪与原产地验证，以及自动信贷融资和审计。尤其是在汽车领域，这一转变使跨制造商的汽车数据共享和车辆跟踪开辟了一套蕴含全新可能性的的操作与交互系统。在线上，通证化开天辟地一般让数字资产的全球所有权成为可能，虽然一开始仅仅涉及简单的加密收藏品，但该过程将不可避免地向主体身份和认证发展。点对点市场 (Peer-to-peer) 数据、软件许可和工作供应商可以还原成其真实的形式蓬勃发展，无需 AirBnB 或优步 (Uber) 从每笔交易中分一杯羹。 Similarly, there are great opportunities in redefining supply chain management, including inventory tracking and certification of origin across multiple suppliers, as well as automatic credit finance and auditing. In the area of automobiles, in particular, this shift opens up an operating and interactive system with entirely new possibilities for vehicle data sharing and vehicle tracking across manufacturers. On-line, translatorization generally allows global ownership of digital assets, although initially it involves simple encrypted collections, but the process will inevitably evolve towards primary identity and certification. Point-to-point markets 因为人与人之间缺乏信任，所以在今天我们的交易中仍然存在大量的中间商，通过将信任的要素抽象化，去中心化网络不仅将从根本上改变我们对所有现有部门的业务运作的看法，而且还将引入全新的商业模式，这种模式是基于 P2P 环境所产生的原生商业模式。 Because of the lack of trust among people, there are still a large number of middlemen in our transactions today, and by abstracting the elements of trust, decentralizing the network will not only fundamentally change our perception of the operation of all existing sectors, but will also introduce a new business model based on the original business model produced by the P2P environment . 积极的网络参与 正如我们在前面提到的那样，在这个领域中投资者的角色也正在发生根本性的变化。简单地将我们的资产锁定并监管起来，不仅会错过网络急剧增长所带来的潜在回报，而且在许多情况下，甚至会因为疏忽而损害项目本身。这些数字资产旨在激励所有参与共同参与到价值创造的过程中:从提供资本到为其工作与实际使用。 As we mentioned earlier, the role of investors in this area is fundamentally changing. Simply locking and regulating our assets will not only miss out on the potential returns of the rapid growth of the network, but in many cases will even inadvertently undermine the project itself. 主动积极的网络参与可以采取以下形式：在 PoS 网络交易中进行区块验证以换取区块奖励，或者是在 Merkle 矿中挖掘通证。此外，还可以专注于为网络提供理想的可用资源，以换取用户支付的费用，比如说存储资源、数据资源或注册表管理。 Active network participation can take the form of block validation in PS network transactions in exchange for block incentives, or the excavation of passes in the Merkle mine. In addition, it can focus on providing the network with the ideal resources available in exchange for user-paying costs, such as storage resources, data resources or registry management. 通过在这些网络中设计适当的激励措施，个人和专业服务提供商将迅速提供服务，以赚取回报和费用。在相互竞争的去中心化网络中，网络提供者将追随网络参与者的脚步，而这些网络参与者却很有可能会涌向拥有众多网络提供者的网络之中，形成一个鸡生蛋还是蛋生鸡的问题。此外, 如果从真空中进行观察就会发现还存在一种风险, 即参与到早期的网络发展中并不是经济可行的选择：在没有交易的网络中依赖交易费用，或者是在没有买家之前向海洋协议网络（海洋协议是基于区块的数据交换协议, 用于数据的解锁, 为用户提供公平的结果）提供数据流，都将造成损失。 By designing appropriate incentives in these networks, individual and professional service providers will provide services quickly to generate returns and costs. In competing decentralized networks, network providers will follow the footsteps of network participants, who are likely to rush into networks with numerous network providers to create a chicken egg or an egg chicken. Moreover, if observations are made from a vacuum, there is a risk that participation in early network development is not an economically viable option: relying on transaction costs in networks without trade, or providing a data stream to ocean protocol networks will cause losses. 除了早期的投资者，没有一个理性的行动者会去迎合这种特定的场景。正因为风险投资基金的回报率主要是由最大限度地提高每一项投资获得异常成功的可能性所实现的，所以对我们来说，在网络中取得指数级结果的潜力超过了供应和培育网络的沉没成本。因此，我们打算帮助我们所投资的网络去众筹他们的供应端提供者，形式不限于内部选择或是委托代理，并且我们会公开向自己所投资的网络项目做出承诺，在他们构建的网络之中积极参与。我们已经概述了在 Ocean Protocol 中如何运行节点、为数据流提供数据的计划，同时正在与我们所投资的公司合作，准备在其网络启动时为其提供工作。 Because the return on venture capital funds is largely achieved by maximizing the likelihood of exceptional success of each investment, the potential of `strung' to achieve index-level results in the network outweighs the cost of sunk supply and nurturing networks 加速中的偶然性 我们坚信通过积极参与社区价值创造，并让聪明人紧密联系在一起，就能让非凡的事情发生。通过把自己沉浸在这个社区中，我们不仅能够在早期阶段就找到最好的机会，而且我们还将创建出一个网络为我们投资组合的成功增长做出贡献。为此，我们举办了一系列活动，其形式和目的各不相同，每一项活动的目的都是将特定的一群人聚集在一起，解决特定的问题，这些活动包括了： We are convinced that extraordinary things can happen by actively participating in the creation of community values and by bringing intelligent people together. By soaking ourselves in this community, we will not only find the best opportunities at an early stage, but we will also create a network that will contribute to the successful growth of our portfolio. To this end, we have organized a series of events, with different forms and purposes, each aimed at bringing together a particular group of people to solve specific problems, including: 定期的技术会议：将开发者社区聚集在一起，以协作的方式解决基础设施、通证经济和采用方面的研究与开发问题； (b) Regular technical meetings: bringing the developer community together to address research and development issues in infrastructure, translator economy and adoption in a collaborative manner; 像 CogX 这样的大型会议：侧重于向更广泛的受众介绍 Web 3.0，向其展示研究和开发方面的最新成果，并帮助企业、政府和投资者适应新兴的商业模式； Major conferences such as CogX: focus on presenting Web 3.0 to a wider audience, show them the latest research and development results and help businesses, governments and investors adapt to emerging business models; 创始人年度峰会：一个亲密的聚会，旨在展示投资组合中各个项目的进展，并主动将这些项目与生态系统中其他合作伙伴进行匹配； Founder's Annual Summit: a close gathering to demonstrate the progress of projects in the portfolio and to proactively match them with other partners in the ecosystem; 人才晚宴：我们会主动将才华横溢的工程师、产品设计师、密码专家、社区建设者或运营明星与我们投资组合中的项目进行匹配。 Talent dinner: We will proactively match talented engineers, product designers, cryptographers, community builders or running stars with projects in our portfolio. Fabric 之家 我们正在建设 Fabric 之家，并坚定地承诺将伦敦最聪明的开发人员团结在我们周围，一起致力与建设去中心化数据网络。由于开源软件开发的本质，大多数项目都是分布式团队，没有所谓坚实的基础。我们相信，对于构建去中心化网络的开发人员来说，灵活的合作空间不仅为项目之间的灵感碰撞提供了机会，而且也将成为我们最宝贵的资源之一。同样，无论我们何时在柏林逗留，我们都是 FullNode 的居民——这是 Gnosis 和 Cosmos 为区块链项目建造的一个合作空间。 We are building the Fabric House and are firmly committed to bringing London's brightest developers around us, working together to build decentralised data networks. Because of the nature of open-source software development, most projects are distributed teams, with no so-called solid foundation. We believe that flexible cooperation spaces not only provide opportunities for inspirational collisions between projects, but will also be one of our most valuable resources. Likewise, whenever we stay in Berlin, we are residents of FullNode – a cooperative space built by Gnosis and Cosmos for block-link projects. 通证市场状况研究报告 2018 年 1 月，我们发布了定期推出的通证市场状况报告，重点关注通证生态系统的量化趋势，以及对该领域重大发展进行定性分析，深入研究诸如资助机制的演变, 洞察全球加密货币中心趋势，了解发挥市场修正功能的开发活动以及新兴市场中的监管环境。这份报告不仅帮助我们在不断变化的欧洲和全球舞台上保持领先地位, 还使我们得以通过吸引成熟和新兴的项目、探索生态系统的人才、学术和行业协会的目光而被他们关注。 In January 2018, we published a periodic report on the state of the mediocre market, focusing on quantitative trends in the mediocre ecosystem, as well as qualitative analysis of major developments in the field, such as the evolution of funding mechanisms, insight into trends in global cryptic monetary centres, and into development activities that perform market correction functions, as well as regulatory environments in emerging markets. The report not only helped us to remain at the forefront of the changing European and global arenas, but also enabled us to be brought to their attention by attracting the attention of mature and emerging projects, resource persons exploring ecosystems, academics and industry associations. 该报告已被翻译成 4 种语言，并被 100 多种媒体出版物和著名的会谈引用，引用者中还包括大学讲座。这两个版本的报告已成为了解该领域发展的重要参考。今后，我们打算用更多的定期通讯（包括精选的数据片段）来补充报告。 The report has been translated into four languages and cited in more than 100 media publications and famous talks, including university lectures. Both editions of the report have become an important reference for understanding developments in the field. In the future, we intend to supplement it with more regular newsletters . Fabric 如何招兵买马 正如在 Web 2.0 时代一样，在去中心化的 Web 中人才是创新的动力，也是最佳项目直接彼此竞争的最稀缺资源。由于我们的目标是在项目刚开始时就对其进行投资，因此为团队招兵买马将成为我们能够参与的首要任务之一。我们正在构建一个由天才工程师、产品经理和社区构建者组成的精心策划的社区，将他们与我们投资组合中的相关项目进行程序化的匹配。 As in the Web 2.0 era, talent is the driving force of innovation in decentralized Web, and the scarcest resource for the best projects to compete directly with each other. Since our goal is to invest in the project at the beginning of the project, recruiting a team will be one of the top priorities for us to be involved. 首先，我们使用内部的社交地图平台，通过 Github、Twitter、Reddit 和其他网络主动识别有潜力的候选人，并根据他们之前参与的项目、地理位置、兴趣和声誉，为其做出量身定制的推荐。此外，我们定期为开发者们举办一系列活动和晚宴，重点是进一步培育线下实体社区，并允许我们投资组合中的项目共享他们的愿景，进行合作。 不局限于已知的投资工具 我们在过去两年里一直紧跟投资工具快速变化的步伐，当然在未来也不会回避进一步的工具迭代。从股权、通证到 SAFTs、SAFTEs 再到证券通证，能够促进治理的里程碑式价值获取投资工具仍然在不断改进中。为了避免在未来被任何技术限制束缚手脚，Fabric Ventures 坚持资产形式的不可知论。我们不会忽视新的投资工具，自然就不会错过机遇，我们将尝试更多的工具，将其运用在网络参与、监管和流动性管理的工作中。 We have kept pace with the rapid changes in investment instruments over the past two years, and certainly not in the future. From equity, from passivity to SAFTS, SAFTEs, and from securities pass, investment acquisition tools that can promote governance are still improving. 正确对待流动性 尽管通证市场具有相当大的流动性，但 Fabric Ventures 将充满耐心地长期投资于数字网络。我们投资了那些正在构建意义重大的技术，并不断提升用户采纳度的团队，这些工作需要几十年时间也不为过。 Despite the considerable liquidity of the market, Fabric Ventures will be patient enough to invest in digital networks for a long time. We have invested in teams that are building significant technologies and increasing user acceptance, which will take decades. 不过，流动性强的市场确实为我们的投资组合提供了逐日按市场计价的能力，并使我们已经持有的被低估的头寸价值翻倍。与持有传统的股票不同，随着风投基金针对一个项目的生命周期结束时，通证将更容易出售且不会对项目产生负面影响。随着加密货币交易所受到了全面监管且有可能包括链上合规框架，我们完全有能力在公开市场中向合格投资者出售通证，而不必推动 IPO 或项目收购，同时保留向场外交易中更大的买家出售通证的选择权。 However, the highly mobile market of does provide our portfolio with a daily market-by-market capacity and doubles the undervalued position value that we already hold. , unlike traditional stock holdings, will be easier to sell without negatively affecting a project as wind-spill funds end their life cycle. With an encrypted currency exchange fully regulated and possibly including a chain compliance framework, we are well positioned to sell a pass to a qualified investor in the open market without promoting an IPO or a project acquisition, while retaining the option of selling a pass to a larger buyer in an off-site transaction. 正是因为这种流动性，使得我们风投基金也有机会为具有不同风险/回报视角的资本或网络内的战略参与者让路，这可能会最终增加剩余通证的价值。如果我们认为某个团队或者项目在我们投资期间偏离了方向，或者是不能承诺与风险水平相应的回报，那么我们也有可能会选择卖掉一个成功的项目，或者是被迫迅速退出。这些流动性模式仍然处于需要进一步开发和迭代的领域中，就像这些投资工具对于风险资本模式本身就像是一个广义上的分叉一样。 It is because of this liquidity that our windfall fund also has the opportunity to give way to capital or strategic players within the network with different risk/return perspectives, which may ultimately add value to the remaining generality. If we think that a team or project is diverted during our investment, or cannot promise a return commensurate with the level of risk, we may also choose to sell a successful project or be forced to exit quickly. 结论 以区块链技术为中心的新一波技术浪潮不仅代表着计算架构的代际转变，也是组织原则的变换。新一波以人为中心的服务将以前所未有的亲切感与我们的日常生活交织在一起，为了让人类相信他们的机器伙伴不会滥用日益增长的数据洪流，我们需要被加密货币驱动的隐私和激励机制。我们相信从技术基础设施、开发工具和数据管理框架出发，构建一个具有灵活性、安全性和隐私保护的 Web3.0 还有很长的路要走。 The new wave of technology, centred on block chain technology, not only represents an intergenerational shift in the computing architecture, but also a shift in organizational principles . The new wave of people-centred services will be interwoven with our daily lives with an unprecedented affinity, and we need privacy and incentives driven by encrypted money to convince human beings that their machine partners will not abuse growing data streams. We believe that there is still a long way to go to build a flexible, secure and privacy-protected Web3.0 based on technological infrastructure, development tools and data management frameworks. 为了支持这一愿景，Fabric Ventures 正在调整耐心风险投资模型，使我们的投资更加适应针对去中心化网络的开发项目——在早期阶段选择最大胆的技术人员和社区，在他们的整个项目开发与运营阶段提供全力支持，并成为他们正在构建的网络中的积极参与者。 In support of this vision, Fabric Ventures is adapting patient risk investment models to make our investments more responsive to the development of decentralized networks — selecting the boldest technicians and communities at an early stage, providing full support throughout their project development and operations and becoming active participants in the networks they are building. 本文来自微信公众号：区块律动BlockBeats（ID：BlockBeats），原文作者：Fabric Ventures-The Fabric Ventures Investment Thesis，译者：区块律动 BlockBeats 0x4
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