肖风
Shaw Fung.
肖风 中国万向控股有限公司副董事长兼执行董事，上海万向区块链股份公司董事长兼总经理，万向区块链实验室创始人。南开大学经济学博士，有超过20年的证券从业经历和资产管理经验。历任深圳康佳电子集团股份有限公司董事会秘书兼股证委员会主任，中国人民银行深圳经济特区分行证券管理处科长、副处长，深圳市证券管理办公室副处长、处长，证管办副主任，博时基金管理有限公司总裁。
【500VC导读】区块链的由来，任何新的颠覆式技术的应用，历来就有两条路线，或者说两种方法。一种方法，是把它当看视为一种工具，用它来改善传统的商业模式，得到一种边际效益上的提升。另外一种是把它当作一套制度，用来重构商业的底层逻辑
核心看点：
strong < strong > > / strong / slang >
1. 从非主权信用背书的货币角度来看，不管是Libra也好，还是比特币也好，其实没有创新。货币的形态其实变得很快，不断有新的东西出现。
1. From a monetary point of view of non-sovereign credit endorsement, whether Libra is good or Bitcoin is good, it's not really innovative. Currency is fast and new things are emerging.
2. 这些发行数字货币的技术，其实应该更妥当的由技术极客们先创造这个东西，然后由许多私人机构逐渐去探索踩坑，最后再由央行发行，这样我认为可能更妥当一些。
2. These digital money-issuing technologies should, in fact, be more appropriately created by technocrats, then gradually explored by many private institutions, and then released by the central bank, so I think it might be more appropriate.
3. 央行应该允许有流量、有场景、有用户、有需求的机构行，允许他们直接在央行开个户口，然后把100%准备金存在央行，这样的设计就要比Libra更完美。
3. Central banks should allow agencies with flows, scenes, users, needs, to open a bank account directly, and then have 100% of their reserves in the central bank, a design that is more perfect than Libra.
4. 数字货币是一种很特殊的货币，它不是通用货币，不能用来解决所有货币的某些通用功能，它一定是与某个场景或跟某个特定的需求，跟某个特定的用途结合在一起的货币。
4. Digital currency is a very special currency that is not a universal currency and cannot be used to address some of the universal functions of all currencies. It must be a currency combined with a given scenario or with a particular need, with a particular purpose.
5. 银行在新技术变革中并不是消失，而是通过API的形式隐藏在后面，由企业包装成新产品直面用户，这是一件好事。
5. Banks are not disappearing in new technological changes, but hiding behind them in the form of APIs, packaging the business into face-to-face users of new products, which is a good thing.
6. 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，进行计算机程序化，数据变成算法模型，用算法模型来串起来，把业务流程变成计算机的程序，或者变成智能合约，这就是数字技术。
6. Mobilize the data computer and use algorithms to organize the data, while at the same time turning the business processes of the enterprise into computer programs, data into algorithm models, stringing them together, turning the business processes into computer programs or into smart contracts, which is digital technology.
7. 数字金融最核心的东西就是点对点的支付清算和非担保的交易交收。
8. 区块链的由来，任何新的颠覆式技术的应用，历来就有两条路线，或者说两种方法。一种方法，是把它当看视为一种工具，用它来改善传统的商业模式，得到一种边际效益上的提升。另外一种是把它当作一套制度，用来重构商业的底层逻辑。
8. The origin of the block chain, the application of any new subversive technology, has always had two routes, or two approaches. One way is to look at it as a tool to improve traditional business models and achieve an increase in marginal benefits. The other way is to use it as a system to reconstruct the bottom logic of business.
9. 经济全球化和经济的数字化这两个因素使得很多商业活动对金融支付的需求，是随时随地随身随需的，而做不到随时随地随身随需提供场景化、虚拟化的支付清算服务，终究会被技术和市场所淘汰。
9. Both factors of economic globalization and the digitization of the economy have made the demand for financial payments by many business activities available at any time and in any place, without being able to provide scenery, virtualized payment liquidation services whenever and wherever they are.
10. 从金融视角来看，区块链和数字货币，就是新一代的数字金融体系。
11. 经济学里面一个老难题“激励相容”，在区块链上得到了最好的解决。
11. An old "incentive compatibility" in economics is the best solution to the block chain.
以下是演讲全文：
> / strong > >
我分享下个人的一些想法，我的题目是《由Libra引起的思考》。从三个方面来讲，第一个方面是从货币的角度。
I share some of my personal thoughts, my title is "Thinks inspired by Libra." in three ways, the first is monetary.
有人说Libra是货币，有人说不是，那么它到底是不是货币呢？我认为货币不是只有主权政府才能发行。从历史上看，如果从信用背书的角度来谈货币的话，在过去几千年，货币的发行方式大概有三种。
Some say that Libra is a currency, and some say no, is it a currency? I don't think that money can be issued only by sovereign governments. Historically, there have been three ways in which money has been issued in the last few thousand years, if it's in terms of a credit endorsement.
一种是主权政府用自己的信用来背书法定货币，如美元、人民币，以及在不久的未来，即将发行央行的数字货币，这些都是通过主权信用进行背书。
第二种，我把它称为跨主权货币，是在多个主权的信用背书之下发行货币。比如只在机构间发行的MF的SDR，比如明年可能发行的Libra。Libra宣称是会以四个主权国家的货币或是主权政府的短期投资工具，作为储备货币来发行的一种货币，所以它的信用来自于这四个国家。
最后一类是历史最悠久的货币，是非主权信用背书的货币，比如像是黄金和比特币，比如用数字资产做抵押发行出来的稳定币。如果把它放在这个背景下看，我们发现不管是Libra也好，还是比特币也好，从信用背书的角度说，其实没有创新。货币的形态历来都在变化，货币的功能也许变化的慢一些，但其实也会发生变化。相比之下，货币的形态其实变得很快，不断会有新的东西出现，这是我的第一个思考。 The last category is the oldest currency, the currency of non-sovereign credit endorsements, such as gold and bitcoins, such as the stable currency issued as collateral with digital assets. If you look at it in this context, we find that neither Libra nor bitcoins are better, and there is no innovation from a credit endorsement point of view. Currency patterns are always changing, and the function of money may change slowly, but it will change. By contrast, currency patterns are really fast and new things are coming up, which is my first thought. 第二个是数字货币的发行，这数字货币的发行其实有三种角色。第一种角色就是技术极客们，比特币就是由技术极客们创造出来的，Vitalik也创建了ETH，这都是技术极客们创建出来的。任何一个新的创新，尤其是带有颠覆性质的这种创新，大部分都是由一群技术极客创造出来的。 strang> second is the distribution of digital money, which actually has three roles. The first role is that of technocrats, and Bitcoin was created by technocrats, and Vitalik created ETH, which was created by technocrats. Any new innovation, especially of a subversive nature, is mostly created by a group of technocrats. /span> 从无到有创造出来的，但是创造之后，有可能继续的由其他的机构来优化它，来改进它，让它更适合现实世界，更符合监管的要求，更符合法律的要求，逐渐地得到更大的推广，这一定是从0到1的过程。所以技术极客这个是一个事实的存在，比特币已经被创造出来了。第二个就是有商业机构或者是私人机构，比如Libra都是属于商业机构或私人机构。 which has never been created, but it is possible to continue to be optimized by other institutions to improve it, to make it more relevant to the real world, to make it more responsive to the requirements of regulation, to bring it into line with the requirements of the law, and to make it more widely available gradually, must be a process from 0 to 1. So the technocrat is a fact that bitcoin has been created. The second is that commercial or private institutions, such as Libra, are commercial or private institutions. 第三个当然是宣称要发行法定数字货币的央行，像我们中国人民银行有很明确的一个技术路线图，现在已经公布了。还有前段时间欧洲的一些政府说他们要拒绝Libra，要发行基于欧盟区的自己的数字货币。我想表达的是，这些发行数字货币的技术，其实应该更妥当的由技术极客们先创造这个东西，然后由许多私人机构逐渐去探索踩坑，最后再由央行发行，这样我认为可能更妥当一些。 The third, of course, is a central bank that claims to issue legal digital money, like our People's Bank of China has a clear technical road map, which has now been announced. There were governments in Europe that said earlier that they would reject Libra and issue their own digital currency based on the EU region. 第三个是数字货币的使用，我们知道央行的货币，如果你直接持有央行发的货币，它是具有无限的法偿性，就是说依照规定，央行绝对需要100%的兑付，所以现钞是有绝对的法偿性的。但是银行货币并不具有100%的法偿性，比如你在美国把超过20万美元存在银行，一旦这家银行倒闭，你只能拿到存款保险。 strang> the third is the use of digital currency, we know the central bank's currency. If you directly hold the currency issued by the central bank, it's unlimited, that is, the central bank absolutely needs 100% payment, so the bank's cash is absolute. But the bank's currency does not have 100% legal satisfaction, for example, you keep more than $200,000 in a bank in the United States and you can only get deposit insurance once the bank closes down. 你持有的是法币，但你是银行货币，而不是央行的货币。那么反过头来说，像Libra这样有100%的资产做抵押的货币，它其实是更安全的，比存在银行的钱安全度要更高，只是它有一个缺点，它不是由央行来监管，或者它不是存在央行，如果它的100%准备金是存在央行，那这个事情就非常的完美。但要是由第三方市场来管理100%准备金，那么这是有缺陷的，这些货币也许是你存在银行，也许是你购买了某个短期的投资工具，这些东西肯定是存在风险的。 you hold the French currency, but you are the bank currency, not the central bank's currency. Contrary to that, 所以，我的建议是，央行应该允许有流量、有场景、有用户、有需求的机构行，允许他们直接在央行开了个户口，然后把100%的准备金存在央行，那就比Libra的设计要更完美。这隐含了什么意思，数字货币是一种很特殊的货币，它不是通用货币，它不能用来解决所有货币的某些通用功能，它一定是跟场景或跟某一个特定的需求，跟某一个特定的用途结合在一起的货币。 /strong> implies that digital currency is a very special currency, that it is not a universal currency, that it cannot be used to address some of the universal functions of all currencies, and that it must be a currency that is combined with the scene or with a particular need, with a particular use. 其实前面讲到了一个案例，为什么会出现互联网支付？为什么不是银行来提供这个服务？因为银行需要经过很多步骤，互联网上的转化以及客户的转化率，一旦超过三个步骤，这个转化率就会从80%跌到2%。 Why do Internet payments occur in one of the cases mentioned earlier? Why not banks to provide this service? Because banks need to go through a lot of steps, Internet transformation and customer conversion rates, which will drop from 80% to 2% once the three steps are over. 如果因为繁琐的付款交易，而在支付的流程中达不到80%的话，电商场景在商业上的可行性就没有了，所以它一定要跟场景结合在一起。 if, due to cumbersome payment transactions, less than 80% of the payment process, there is no commercial viability of the electric mall, so it must be combined with the scene. 以上是从货币视角观察Libra，从金融视角来看，Libra白皮书中对其金融属性的阐释是有限的。Libra所谓的“新一代金融基础设施”包含三个方面，分别是新的记账方法、新的记账账户和新的记账单位。 Libra's so-called “new generation financial infrastructure” consists of three aspects: new accounting methods, new accounts and new units of account. 另外，从个人支付系统演变的视角来看，个人支付系统经历了纸币——基于银行卡的电子支付系统——基于互联网其阿宝的移动支付系统——基于区块链（密码地址）的数字货币支付系统这四代。从中可见，除了第二代以外，从支付角度来说，银行账户都在后端，开放银行的概念早已蕴含其中，所以Libra的出现并不新奇。银行在新技术变革中并不是消失，而是通过API的形式隐藏在后面，由企业包装成新产品直面用户，这是一件好事。 Furthermore, from the point of view of the evolution of the personal payment system, the personal payment system has experienced four generations of banknotes — electronic payment systems based on bank cards — mobile payment systems based on the Internet and its po — digital monetary payment systems based on block chains (password addresses). From this, apart from the second generation, bank accounts are at the back end, and the concept of open banks is already embedded in them, so Libra is not new. 所以从金融视角来说，区块链和数字货币，其实就是新一代的数字金融体系。数字金融体系，就是建立在区块链数字货币的金融基础设施上的。 >, so block chains and digital currencies, from a financial point of view, are the new generation of digital financial systems. /strang > digital financial systems are based on the financial infrastructure of block-chain digital currencies. 说数字经济如果站在企业的角度，我怎么来理解数字经济？ 我们知道工业经济它的驱动因素是化石燃料，数字经济驱动因素是数据。那么数据怎么去驱动一个商业？如果是一家具体的企业，它怎么去驱动一个商业？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，进行计算机程序化，数据变成算法模型，用算法模型来串起来，把业务流程变成计算机的程序，或者变成智能合约，这就是数字技术。这个数字经济并不是经济学家角度的数字经济。 We know that the industrial economy is driven by fossil fuels and the digital economy by data. So how do the data drive a business? If it's a specific business, how does it drive a business? my summary is to model the data computer and use algorithms to organize the data, while at the same time turning the business processes of the enterprise into computer-programming, data into algorithm-models, algorithm-based models, business processes into computer programs, or into smart contracts, which is digital technology. the number is not an economist-based digital economy. 要如何把这些东西整合在一起，需要依靠一系列的数字化技术。互联网、物联网、云计算、人工智能和区块链等这一系列的数字化技术来组成数字经济，或者是数字商业。 How to integrate these things depends on a range of digital technologies. The Internet, object networking, cloud computing, artificial intelligence, and block chains are a series of digital technologies that make up the digital economy, or digital commerce. 但这些数字化的技术有三个特点，第一是跨时空，因为数据天然具有穿透的本能。比如跨境跨组织，数据是流通是没有国境可以阻止的，所以它是跨时空的，同时数据具有穿透，它是纵向可以穿透市场的，这么多的层级，把中间的中介和阶层通通都消融掉，然后让交易变成点对点的形势，买家和卖家不再需要中介，所以纵向可以穿透市场的成绩，横向缩短了整个的产业链。而因为点对点，交易结算就没有中间人做担保了。 strang> , but the technology for digitalization has three characteristics, the first being transtemporal, because the data are naturally penetrating instincts. /strong>, for example, cross-border organization, so there is no cross-border flow of data, so there is no intertwining of data, it is vertically penetrating the market, so there are so many hierarchies, so that the middle intermediaries and class can be cut off, and then the buyer and sellers can no longer need intermediaries, so vertically penetrating the market performance and horizontally reducing the entire chain of industry. 我们现在用银行卡去商场买东西，你不是点对点的交易，因为你那个商家要收到这笔钱，它需要有时间，但是没问题，因为你拿的是银行的卡，银行在担保这笔交易是完全可以结算的。可是如果这些中介消失之后，交易需要怎么做到时时清结算？交易清算和结算同步完成的需要一个契机，一个结算网络，而数字化技术正是带来这些新的技术特点。数字金融最核心的东西就是点对点的支付清算和非担保的交易交收。 We're going to go to the mall with a bank card. You're not doing the right thing, because your dealer needs time to get the money, but it's okay, because you're taking the bank's card, and the bank guarantees that the transaction is completely settled. But if these intermediaries disappear, how does the transaction have to be settled? 目前来说，区块链和数字货币是解决这些问题最好的技术方案，暂时还没有发现其它更好的方案。 For the time being, block chains and digital currencies are the best technological solutions to these problems, and no other better ones have been found. 从商业的角度来讲，区块链的技术有它自身的一个特点，就是足够数字化，它是跨境的，是跨时空的，跨组织的。我们知道数据的流动是没有边界的，所以区块链同时是分布式的，它是自组织的和去中心化的。这个去中心化不是指社会治理的区域中心，而是指商业活动的去中心。 From a commercial point of view, the technology of the block chain has its own characteristics: sufficient digitization, it is trans-boundary, trans-organizational. We know that the data flow is borderless, so the block chain is distributed, organized and decentralized. This decentralised is not a regional centre for social governance, but rather a centre for business. 所以区块链的由来，任何新的颠覆式技术的应用，历来就有两条路线，或者说两种方法。一种方法，是把它当看视为一种工具，用它来改善传统的商业模式，得到一种边际效益上的提升。另外一种是把它当作一套制度，用来重构商业的底层逻辑。 strang>, so the origin of the block chain, and the application of any new subversive technology, has always had two routes, or two ways. /strong>/span>/strong>, one way of looking at it as a tool to improve traditional business models and gain a marginal benefit. /strong> strong, the other way to use it as a system to re-establish the bottom logic of business. 这两种应用的方法，在过去几年就有一个很好的案例。当互联网公司在推广“互联网+”的时候，我们也看到很多传统的商业机构说，不是“互联网+”，而是“+互联网”。那么现在那些喊“+互联网”的人到哪去了？有人认为，互联网只是用来改善的一项技术，传统的东西可以加上一些互联网技术，好比把互联网当电子邮件使用，你弄了一套电子邮件系统，就以为是互联网了。但是有人却把互联网当作制度，从底层重构了商业，最后你会发现你失业了。 the two applications have had a good case in the last few years. When Internet companies promote “Internet+”, we also see a lot of traditional business agencies say “Internet+” instead of “Internet+” but “+ Internet”. So where are those who call “+ Internet” now? 从商业角度看，一定要从区块链的方向来说，在互联网时期发生过这样的争论，在区块链时代依旧发生了相似的争论，所以我们真正谈到区块链的应用，一定要注意到它是否具备这些特点。如果不具备这些特点，基本上也只能做一些边际效应的改善。 from a commercial point of view, it must be in the direction of the block chain that such debates have occurred during the Internet period and similar debates have occurred during the block chain era, so we really talk about the application of the block chain, and it must be noted whether it has these characteristics. Without these characteristics, there are basically only marginal effects that can be improved. 第二个是去中心化的。为什么要去中心？商业上的区域中心技术带来了商业的去中心化，这个是历史的必然趋势。这个趋势在哪里？我觉得是两点，一个是经济全球化，进入2.0版本。现在通过互联网，已经不是公司在全球化，不是公司把自己变成跨国公司，而是任何一个个人互联网都赋能给它，让它可以在一个中国的小县城，通过互联网把它的产品卖给全世界。经济全球化发展到个人全球化的时候，解决点对点的交易，点对点的服务，成为了一个突出的问题。那么区块链技术所带来的实时清算结算，点对点交易交收这些特点，正好可以帮助个人商业活动的全球化。 second is decentralized. /strong >? Business-based regional centre technology has brought about commercial decentralization. This trend is an inevitable one. < strong > > I think two points, one of which is economic globalization into version 2.0. < strong > > >, now through the Internet, is not corporate globalization, it is not corporate to transform itself into a transnational corporation, it is the Internet that gives it the ability to sell its products to the world through the Internet. > 第二个当是经济的数字化。前面我已经讲了，当数据集合到一定程度之后，它的流通基本上是一个跨时空的，所以这两个因素使得很多商业活动对金融支付的需求，是随时随地随身的，而做不到随时随地随身随需提供场景化、虚拟化的支付清算服务，终究会被技术和市场所淘汰。 strang's second is the digitization of the economy. 一个最好的案例，就是NFC的近场支付和互联网公司所支持的扫码支付。NFC的近场支付和扫码支付的最大区别是，NFC无法做到随时随地随身随需，因为还需要对方有一个接受器，需要感应。而现在大街上的乞丐都可以用一个二维码去接收你五块钱的施舍，相比之下，你认为乞丐会选择腰上挎一个接收器来接受NFC支付，还是会选择用扫码支付的方式？ the best case is that NFC's near-field payments are paid by Internet companies. The biggest difference between NFC's near-field payments and sweep payments is that NFCs can't do whatever they want, because they need a receiver and they need to feel it. Now beggars on the street can use a two-dimensional code to receive your five-dollar handouts. 二维码能够更好地解决随时随地随身随需的一些金融服务，可以跟特定的场景、特定的时间、特定的环境、特定的需求进行完美的结合。所以扫码支付胜过了NFC近场支付。因此，使用分布式的，用去中心化的方法才能满足新技术带来的人们生活的需求，商业的需求以及金融的需求。 two-dimensional codes are better suited to address some of the financial services that are needed whenever and wherever they are. They combine with specific scenes, time, environment, and needs. So sweep payments are better than NFC near-field payments. , therefore, using distributed, decentralised methods to meet the needs of people, businesses and finance arising from new technologies. 另一方面，则是共享经济和零工经济。据一份资料显示，美国约34%的人做的是零工经济，他不隶属于任何的公司，也不被任何人雇佣，但是他通过互联网在为大家提供服务。那么零工经济最好的薪酬支付方式，肯定是按分钟来计，付费是最好的。我为你工作了十分钟，我为你工作了一小时，你尽快把钱给我，如果能够把区块链技术与这种劳动报酬机制很好的结合利用起来，那么零工经济可以在全球范围内发展。因为你不必在乎请了一个巴西人在为你工作，巴西人也不在乎，我是为一个中国人在做某个事情，区块链能够保证他为你干了十分钟的活，他就能得到这十分钟的报酬，不需要中介，摩擦系数为零，这显然是一件很好的事情。
同理，共享经济也是一样，通过区块链的智能合约能够立刻支付所需的资金。显然，未来的共享经济或者零工经济，能够匹配其金融服务和金融支付体系的是区块链的和数字货币。 >The same is true for the shared economy, which is able to pay the required funds immediately through the smart contracts of the block chain. clearly, the future shared economy or part-time economy, which matches its financial services and financial payment system, is a block chain and a digital currency. 第三是区块链技术下的分布式经济生态，它可以使分布式经济生态无限循环的运转下去，不会像赌博出现一个终局。比如阿里巴巴创始人马云曾表示，阿里巴巴的宗旨是客户第一、员工第二、股东第三，这就是朴素意义上的分布式经济概念。还有不久前，美国商业圆桌联盟，近200位美国最著名的企业家发布了一个新的企业经营理念称，我们企业不能以股东利益最大化作为目标。 strang> third is the distributed economic ecology under block-chain technology 通用电气（GE）创立者杰克·韦尔奇发明了一整套的公司治理标准，其中最核心的一条是股东利利益最大化。然而，经过这几十年的发展，大家发现最后的结果是，如果你追求股东利益最大化，企业没有长期生命力，因为公司CEO的目标会越来越短，短到每个季度来衡量一个公司的经营政策。如果以季度来衡量像GE这类公司的政策，那么公司一定会完蛋。 The founder of General Electric (GE), Jack Welch, invented a set of corporate governance standards, the most central of which is maximization of shareholder benefits. However, after decades of development, it turns out that if you seek to maximize shareholder benefits, the firm has no long-term viability, because the company CEO's goals will be shorter, measuring a company's business policy every quarter. If you measure the policies of companies like GE on a quarterly basis, the company is doomed. 所以美国的商业领袖们的圆桌会议表示，应该以社会福利最大化作为核心点。所谓社会福利最大化的意思什么？就是公司各阶层的福利都应该激励相容，得到照顾，而不仅仅是突出其中一方，尤其不是突出股东利益最大化。 the round table of business leaders in the United States said that maximization of social welfare should be at its core. What do you mean by maximizing social welfare? 对此，有经济学家撰写相应的文章。其中有一篇文章的题目为《利益相关的资本主义和股东资本主义》，称利益相关的资本主义开始取代股东资本主义。而区块链天然能够和利益对利益相关者进行激励相容，而不是对其中的某一个人，某一方公司对股东。我们都知道，比特币没有股东，以太坊也没有股东，所以不可能是对股东来进行激励，而是所有的参与其中的用户都能得到激励。 , the economist wrote the corresponding article. One of the articles was entitled Capitalism and Shareholder Capitalism for Interest, which said that equity-related capitalism began to replace shareholder capitalism. 激励相容是经济学中一个老难题，但在这个区块链上却得到了最好的解决。昨天有人问我公链的估值是怎么计算的？我跟他解释，我说公链的估值和投一个PE的估值完全不一样。你以投PE的方式，从VC的方式去谈一个公司的估值的时候，我告诉你估值1亿美元，现在愿意拿10%的股份出来融资。那么剩下的9000万美元是属于创始团队的，这只是从股东层面在谈这个公司的估值。 strang> incentive compatibility is an old economic dilemma, but it's the best solution to this block chain. /strang < strong / slang > yesterday asked me how to calculate the value of the public chain. I explained to him that the valuation of the public chain and the valuation of a PE were completely different. When you went to talk about the valuation of a company in the form of a PE, I told you valued $100 million from the VC, and now offered to raise 10% of the shares. So the remaining $90 million belongs to the founding team, but only to the valuation of the company at the shareholder level. 不管怎么分，都是股东或投资者之间的事情。可是一条公链，当它估值为1亿美元的时候，创始团队留了20%，基金会留了20%，开发者激励或者其他的生态基金留了20%，最后20%私募给了其他投资者。也就是说1亿美元，它分配给了所有参与区块链的利益相关者，而不是股东，或者说不仅仅是股东，这是解决利益相关的资本主义论最完美的一个方案。它真正做到了激励相容，而真正做到激励相容，自然就会带来一个无限循环游戏中的所谓的“帕累托最优”。 It's between shareholders or investors, however divided. But a public chain, when it was valued at $100 million, left 20% of the founding team, 20% of the foundation, the developers' incentives or other ecological funds, 20% of the last 20% of the investors. That is, $100 million, allocated to all stakeholders involved in the block chain, not shareholders, or not just shareholders, is the perfect solution to the capitalism of interest. 当所有人得到激励的时候，这个游戏就会一直持续下去，不会崩塌。公链或许真的可以实现马云先生所说的公司存活102年的愿景。当然也有激励机制设置不好，而导致游戏崩塌的情况，这是因为激励机制存在很大的漏洞，没有做到激励相容，所以不能持续下去。区块链如果当成赌博，那么一定会有终局，也会有人赢。这不是区块链，系统肯定会崩盘，崩溃。以上就是Libra带给我的一些思考，谢谢大家。 The game will last and not collapse when everyone gets inspired. The public chain may indeed fulfil Mr. Ma's vision of 102 years of company survival. There are, of course, situations where incentives are not well set up, and the game collapses because incentives are so flawed that they are not compatible. If they are gambling, there will be a final end to the chain, and there will be a winner. This is not a block chain, and the system will collapse. This is some of the thinking Libra brought to me, thank you. 每一个创匠都有自己独特的梦想 欢迎转发朋友圈，转载请务必联系，感谢阅读。 500VC+已经与IDG、软银中国、红杉资本、赛富基金、高瓴资本、淡马锡、祥峰资本、腾讯投资、招商局创投、大钲资本、高榕资本、君联资本、晨兴资本、经纬中国、启明创投、愉悦资本、今日资本、联创永宣、真格基金、中金资本、华映资本、创世伙伴资本、达晨创投、纪源资本、戈壁投资、北极光创投、钟鼎资本、源码资本、浙商创投、东方汇富、联想之星、平安创投、中兴合创、复星、中信资本、紫辉创投、景林投资、普华基金、毅达资本、五岳资本、贝塔斯曼、盛世投资、蓝驰创投、光速中国、中国文化产业基金、梅花创投、海尔资本、云峰基金、华创资本、金沙江创投、 盛景母基金、华盖资本、光控众盈等几千家知名投资机构8400余名专业投资人建立合作。(排名不分先后）返回搜狐，查看更多 ; >500VC+ has been investing in IDG, soft and silver China, Redwood capital, Saifu Foundation, Highland Capital, Light Mayzig, Xiang Peak capital, investment in public information, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, capital, Chinese, Chinese, Chinese, Chinese, Chinese, Chinese, Chinese, Chinese, Chinese. 责任编辑：
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