? ? ? ? 2008年，中本聪（Satoshi Nakamoto）发表了一篇题为“比特币：一种点对点的电子现金系统”的论文描述了比特币的模式。比特币和法定货币相比，比特币没有一个集中的发行方，而是由网络节点的计算生成；比特币可以全世界流通，可以在任意一台接入互联网的电脑上买卖，不管身处何方；任何人都可以挖掘、购买、出售或收取比特币；在交易过程中外人无法辨认用户身份信息。
In 2008, Satoshi Nakamoto published a paper entitled “Bitcoin: a point-to-point electronic cash system” describing the model of bitcoin. Bitcoin does not have a centralized issuer compared to statutory currency, but is generated by network node calculations; bitcoins are available worldwide and can be sold and sold on any computer with Internet access, wherever it may be; anyone can dig, buy, sell or collect bitcoin; and outsiders cannot recognize user identification information in the course of a transaction.
? ? ? ? 2009年1月3日18:15:05，中本聪开创了比特币对等网络开源用户群节点和散列函数系统，从此比特币的第一个区块链系统开始运行，并发行了最初的50个比特币。比特币正式诞生。比特币是一种“电子货币”；比特币由计算机自动生成的一串串复杂代码组成；比特币通过预设的程序发行新币；比特币总量随着时间而不断增加；比特币新币发行的速度减慢，直到2140年达到2100万个的总量上限。
On 3 January 2009 at 18:15:05, China was able to create a system of open-source user nodes and hash functions for a peer-to-peer network of bitcoin, from which the first block chain system of bitcoin became operational and the first 50 bitcoins were issued. Bitcoin was officially born. Bitcoin is an “electronic currency”; bitcoin is made up of a series of complex codes generated automatically by computers; bitcoin issues new currency through preset programs; bitcoin totals are increasing over time; bitcoins are being issued at a slower rate until 21 million caps are reached in 2140.
? ? ? ? 比特币是人类历史上第一个成功运行的数字加密货币。从产生到如今的九年多的时间内，比特币运行的可以说是非常理想。这样，在现代社会的经济生活方面，比特币帮忙人们第一次打开了一扇以去中心，去信任，平等透明为特征的民主经济的大门。从此，现代社会的民主不仅体现在政治生活当中而且还会体现在经济生活当中。因此，人类社会将进一步多元化，民主化。
Bitcoin is the first digital-encrypted currency in human history to operate successfully. For more than nine years now, bitcoin can be described as ideal. So, for the first time in modern society’s economic life, Bitcoin helps to open the door to a democratic economy characterized by trust, equality and transparency.
（1）比特币设计思想
? ? ? ? “比特币：一种点对点的电子现金支付系统”阐述的比特币设计思想如下：
“bitcoin: a point-to-point electronic cash payment system” describes the bitcoin design as follows:
? ? ? ? 电子商务在互联网上已经发展到了几乎完全依赖于金融机构作为可以信任的第三方来处理电子付款的程度。尽管这种系统对于大多数交易已经足够了，但仍然遭受来自基于信任模型的天然弱点。不可能实现完全不可撤销的支付，金融机构不可避免的陷入调解纠纷。调解纠纷的成本会增加交易成本，并限制了最小实际支付规模和无法实现可能的微小支付。另外，很多商品和服务是无法退货的，如果缺乏不可撤消的支付手段，交易就会受到限制。为了防止支付被撤销带来损失，需要交易双方的信任。卖家必须要防备买家，卖家需要获得更多的信息并要为此付出更多。
Electronic commerce has grown on the Internet almost entirely dependent on financial institutions to process electronic payments as trusted third parties. Although this system is sufficient for most transactions, it still suffers from natural weaknesses from trust-based models. Full and irrevocable payments cannot be achieved, and financial institutions inevitably fall into conciliation disputes.
? ? ? ? 由于支付有被撤销的可能，相当比例的交易欺诈是不可避免的。这些费用和付款的不确定性可以在实物交易中避免，但在电子商务中，如果没有可以信赖的信息交换通道，现有系统无法解决这样的问题。
Because there is a risk that payments will be avoided, a significant proportion of transaction fraud is inevitable. These costs and the uncertainty of payments can be avoided in physical transactions, but in electronic commerce the existing system cannot solve such problems without reliable information exchange channels.
? ? ? ? 我们需要的是基于密码学的证明，而不是信任的电子支付系统，允许任意两个自愿交易的双方直接进行交易，而不需要一个值得信赖第三方中介。不可撤销的支付机制将保护卖家避免被欺诈，代管机制可以很容易地实现对买家的保障。通过使用对等网络的分布式时间戳服务器来生成并按照时间先后排列并加以记录的电子交易证明，就解决了重复花费问题。只要保证真实节点共同控制的CPU资源比任何企图协作攻击节点的cpu资源更多，系统就是是安全的。
We need proof based on cryptology, not a trusted electronic payment system that allows either of the two parties to a voluntary transaction to do it directly, without a trusted third-party intermediary. An irrevocable payment mechanism will protect sellers from fraud, and an escrow mechanism can easily secure buyers. The system is safe by using distributed time stamped servers from peer networks to generate and time sequenced and record electronic transaction certificates.
（2）比特币的发行
? ? ? ? 比特币的发行，也就是比特币的挖矿，就是通过工作量证明实现的共识机制。通过创造新区块而发行新比特币是比特币的唯一发行方式。在比特币区块链系统中，每一个新区块的产生时都伴随着一定数量的新比特币。这些新比特币奖励给新区块的创造者。
The distribution of bitcoin, the mining of bitcoin, is a consensus mechanism achieved through workload proof. The issuance of new bitcoin through the creation of new blocks is the only way to issue bitcoins. In the Bitcoin chain system, each new block is created with a certain amount of new bitcoins. These new bitcoins reward the creators of new blocks.
? ? ? ? 新区块的创造过程是一个区块创造权的竞争的过程，即通过工作量证明来选定新区块的创造者。在任何一个特定的时间点上，整个区块链系统范围内的，所有竞争者在同时开始，共同针对同一特定新候选区块进行哈希运算比赛。获胜的条件是最先算出符合该特定新候选区块要求的哈希值。获胜的（只能有一个获胜者）奖励是伴随该新区块一起发行的全部新比特币。当一个新区块被创造出来了，所有的竞争者马上重新开始进行对下一个区块创造权的竞争。
The process of creating a new block is a process of competition for the right of creation of a block, that is, the process of selecting the creators of a new block by means of proof of workload. At any given point in time, within the entire system of blocks, all competitors start running the Hashi contest at the same time, targeting the same particular new block. The winning condition is first to calculate the Hashi value that meets the requirements of the particular new block. The winning (only one winner) rewards are all the new bitcoins that accompany the new block. When a new block is created, all competitors immediately recommence the right to the next block.
? ? ? ? 新区块的创造速度大概是10分钟一块。伴随每个新区块发行的比特币数量是不断减少的。从2009年开始于50枚比特币每个区块，每隔四年（210000个区块）减少一半。也就是对于1-210000号的区块来说，每个区块发行50枚比特币；随后的210000个区块发行25枚比特币；再之后的210000个区块再减半，以此类推。大约到2140年左右，6,929,999号区块创造后比特币停止发行。届时流通中比特币的总数将恒定维持在20999999.9769 BTC。
The number of bitcoins issued with each new block is decreasing. Beginning in 2009, 50 bitcoins per block will be halved every four years (210,000 blocks). That is, 50 bitcoins per block will be issued for blocks 1-21000; 25 bitcoins will be issued for 210,000 blocks; and then half of 210,000 bitcoins will be distributed. By 2140, about 6,929,999 blocks will have been created and Bitcoins will cease to be distributed. The total number of bitcoins in circulation will remain constant at 20999.9769 BTC.
? ? ? ? 为了把每块新区块的创造时间间隔稳定为平均10分钟，挖矿（哈希计算）的难度是不断调整的。难度调整的时间间隔是每两周一调整。难度调整的依据是刚过去两周的全部2016个区块的创造时间。
In order to stabilize the time interval for the creation of each new block at an average of 10 minutes, the difficulty of mining (hashi calculation) is constantly adjusted. The difficulty interval is adjusted every two weeks. The difficulty adjustment is based on the time of creation of all the 2016 blocks in the last two weeks.
? ? ? ? 理论上，任何人都可以通过一部联网的电脑来发行新比特币。实践中，在比特币发展的初期，这种通过个人电脑来发行新比特币的确是可行的。但是，伴随着比特币价格的飞涨，在利益驱动下，越来越先进的专用比特币挖矿机器被发明和使用。这些专用比特币挖矿机器比个人电脑的工作效率高出一百万倍以上。个人电脑在与专业比特币挖矿机器进行发行新比特币的竞争中已经没有任何胜算。
Theoretically, anyone can distribute a new bitcoin through a networked computer. In practice, in the early days of Bitcoin development, it was possible to distribute a new bitcoin through a personal computer. But, with the boom in bitcoin prices, the increasingly sophisticated specialized bitcoin mining machine was invented and used, driven by interests. These specialized bitcoin mining machines are more than a million times more efficient than personal computers.
（3）比特币的存储
? ? ? ? 比特币的存储依靠的就是分布式账本技术。比特币就是一串数据代码。所有的比特币就是记录于区块链中各自对应的区块内，然后分布式存放于比特币系统的各个节点上。比特币区块链就像是一个由比特币系统所有的节点共享的统一电子账本。
Bitcoin's storage relies on distributed book technology. Bitcoin is a series of data codes. All bitcoins are recorded in their respective blocks in the block chain, and the distribution is stored at the points of the Bitcoin system. Bitcoin block chains are like a single electronic account shared by all the nodes of the Bitcoin system.
? ? ? ? 每一个区块记录了在一段时间内的全部比特币发行细节和比特币所有权的转换(交易）的具体情况。也就是说每一个比特币从产生到流通的过程中发生的所有细节都记录在区块内，并顺序链接形成一个长长的区块链条。比特币区块链的完整性以及时间顺序是由密码学来确保的。
Each block records the details of all bitcoins issued over a period of time and the conversion (transaction) of bitcoin ownership. That means that every bitcoin that happens from generation to circulation is recorded within the block, and the sequential link forms a long chain of blocks. The integrity and chronological sequence of the bitcoins chain is ensured by cryptography.
? ? ? ? 比特币区块链系统的账本没有一个固定的保管人或节点，比特币区块链系统的每一个节点都可以保存一份完整的比特币区块链账本。所有的节点上的账本都会不断的进行验证和统一。
There is no fixed custodian or node in the bookbook of the Bitcoin block chain system, and every node of the Bitcoin block chain system is able to keep a complete bitcoin block chain book. The books on all nodes are continuously authenticated and harmonized.
(4)比特币的使用
? ? ? ? 比特币的使用就是比特币的交易，也就是比特币所有权的转换。比特币的使用主要是通过加密技术来实现的。
The use of bitcoin is a bitcoin transaction, that is, the conversion of bitcoin ownership. Bitcoin is used mainly by encryption technology.
? ? ? ? 比特币是一种无法复制，看到即拥有的代表相应货币价值的数据代码。毋庸置疑，对于每个使用者的数据代码的保密至关重要。比特币系统中每一个使用者（或节点）拥有一个（或几个）自己的钱包，钱包里存放着所拥有的代表比特币的数据代码。每个钱包都有地址（公钥）和密码（私钥）。地址可以多人知道，而密码只能所有者知道。只有当地址和密码相吻合的时候，才能打开钱包使用里面的比特币。
Bitcoin is a data code that can't be copied, and it can be seen to be representative of the corresponding monetary value. There is no doubt that confidentiality is essential for each user's data code. Every user in the Bitcoin system (or node) has one (or more) of its own wallet, which contains the data code that represents bitcoin. Each wallet has an address (public key) and a password (private key). The address can be known by many people, but the password can only be known by owners. Only when the address and password match, can the wallet be used in bitcoin.
? ? ? ? 比特币的交易就是指比特币钱包之间的比特币转移。比特币的交易是以转载形式进行的。为一个交易的这个过程就是从记录下一个新的交易开始，到将新交易在这个比特币区块链系统中进行传播，再到通过工作量证明，然后进行整个比特币区块链系统节点验证，最后到将新交易记录到比特币区块链上为结束。交易记录一旦记录于区块链上，将永远不能撤销。
Bitcoin's deal is a bitcoin transfer between bitcoin's wallets. Bitcoin's transaction is done in reproducing form. This process for a transaction is starting with a new transaction, spreading the new transaction through this bitcoin block chain system, passing the workload certificate, then verifying the entire bitcoin block chain node, and ending with recording the new transaction onto the bitcoin block chain. Once recorded on the block chain, the record of the transaction will never be revoked.
? ? ? ? 比特币的交易合法性的验证的基础是未花费的交易输出（收到方）。每一个交易输人（花费方或发送方）都有对应的上一个交易输出。最源头的交易输出就是创造新区块而得到的新发行的比特币。比特币的交易规定每一笔新的交易的输入必须有对应某一笔或几笔未花费的交易输出。每一笔输入也同时需要有对应某一笔或几笔未花费的交易输出的私钥数字签名。比特币区块链系统的每个节点都会存有当前整个区块链系统的所有未花费的交易输出记录。比特币区块链系统的节点通过验证这些未花费的交易输出和数字签名来验证交易的合法性。
The legitimacy of the transactions in Bitcoin is verified on the basis of the unspent transaction output (received party). Each transaction loser (the user or sender) has the corresponding last transaction output. The most-source transaction output is the newly issued bitcoin that creates a new block. Bitcoin transactions require that each new transaction must be entered in relation to one or more unspent transactions. Each input also requires a private key digital signature corresponding to a single or several unspent transaction output. Each point of the Bitcoin block chain system contains all the unspent transaction export records of the current block chain system.
（1）以太坊
? ? ? ? 2013年，Vitalik Buterin，互联网上比特币社交群里的一位天才少年，提出了以太坊的概念。 同年，Vitalik Buterin发表了“以太坊白皮书”，說明了建造去中心化程式的目的。2014年，通过在互联网上公开进行了42天的以太币预售（ICO），Vitalik Buterin募集到约1843万美元的开发资金。2015年7月30日，以太坊的公共区块链正式启用。
In 2013, Vitalik Buterin, a genius in the Bitcoin social group, introduced the concept of Etherm. In the same year, Vitalik Buterin published the “Etheria White Paper” explaining the purpose of building decentralised programs.
? ? ? ? 以太坊是一个具有智能合约功能的开放区块链平台，使开发人员能够建立和发布各种分布式应用。通过在以太坊上编程建立各种分布式应用可以解决诸如：投票、域名、金融交易、众筹、公司管理、合约、知识产权、硬件集成的智能资产等等各方面问题。
Etheria is an open block chain platform with smart contracts that allows developers to create and disseminate distributional applications. By programming at Etheria, distributional applications can solve various problems, such as voting, domain names, financial transactions, crowd-sourcing, corporate management, contracts, intellectual property rights, hardware integration, etc.
? ? ? ? 以太坊，与比特币区块链技术一样，使用激励驱动的安全模式。共识达成基于选择具有最高总难度的区块。矿工创建区块，其他人检测有效性。
Etheria, like Bitcoin block chain technology, uses an incentive-driven safety model. Consensus is based on the selection of blocks with the greatest overall difficulty. Miners create blocks, others detect validity.
（2）以太币
? ? ? ? 在以太坊区块链系统中，所有的操作都是有成本的，借以维护系统正常运行和防止系统的被滥用或被恶意攻击。相应的，这些成本就体现为一种代币---以太币（代码为ETH)。也就是说用以太币来支付所有交易的手续费和运算的服务费（以太坊的费用被称作gas）。
In the Etherium block chain system, all operations are cost-effective in order to maintain the system properly functioning and to prevent its misuse or malicious attack. Correspondingly, these costs are represented as a token - in the same currency (ETH). That is, they are used to pay for the handling and operation of all transactions (the cost is called gas).
? ? ? ? 以太币是于2015年7月30日开始发行的。类似于比特币，以太币的发行方式也是采用工作量证明机制（POW）。通过工作量证明机制，以太坊每年发行15，626，576枚以太币。以太坊计划于2017年末将以太币的发行方式改为权益证明机制（POS）。届时，每年的新发行的以太币数量为1000万枚。以太币的总发行量是没有上限的。
It was issued on 30 July 2015. Similar to the Bitcoin, it was issued in the form of a workload certificate (POW). Through the Workload Certification Mechanism, 15,626,576 copies are issued annually in Taiku. By 2017, Taiyu plans to change the distribution to a pro-equity (POS) system. At that time, the number of new issuances per year is 10 million. The total circulation in Taiyu is unlimited.
? ? ? ? 以太坊是通过在比特币区块链系统基础上进行修改和创新而产生的。以太坊本质上就是：区块链+智能合约。
Ether was created through modifications and innovations based on the Bitcoin block chain system. Ether is essentially a block chain plus a smart contract.
? ? ? ? 以太坊区块链基本上类似于比特币的区块链，这里就不讨论了。
The Etherton block chain is basically similar to the Bitcoin block chain, and it's not discussed here.
? ? ? ? 以太坊对区块链技术的主要贡献是引入了智能合约这个概念。智能合约是运行在区块链上的一段代码。该代码根据预先设定好的不变的规则，对区块链接收到的操作信息进行相应的处理。
The main contribution of Ether to block chain technology is the introduction of the concept of smart contracts. Smart contracts are a code that runs on the block chain. The code handles the operational information received by block links according to predefined and constant rules.
? ? ? ? 智能合约是事件驱动的，可以重复运行的，自治的，模块式的计算机代码。不同的计算机代码（智能合约）可以任意组合起来共同完成设计好的各种工作任务，如上述的投票，金融交易等等。
Smart contracts are event-driven, rerunable, autonomous, modular computer codes. Different computer codes (intellectual contracts) can be put together to perform a variety of tasks, such as voting, financial transactions, and so on.
? ? ? ? 智能合约的运用过程是：预先将用图灵完备计算机语言编写的智能合约代码放入以太坊区块链的某个地址上。当有一个同这个智能合约相关的交易发生时，以太坊区块链的节点就会将该交易作为输入参数输入到智能合约内。智能合约按照预先的设定进行处理后，将处理结果输出。
The smart contract is used to pre-position the smart contract code in the perfect computer language in one of the addresses of the Etherm block chain. When there is a transaction associated with this smart contract, it is entered into the smart contract as an input parameter. The smart contract is processed according to the preset, and the output is processed.
（1) 什么是以太坊虚拟机
? ? ? ? 同比特币区块链系统不同,以太坊设计了以太坊虚拟机(EVM)专门用来运行智能合约。太坊虚拟机是一个同网络,文件系统或者其他操作过程隔绝开来的封装起来的计算机代码运行环境.
Unlike the Bitcoin block chain system, the Etherwood virtual machine is designed to run smart contracts. It is a closed computer code operating environment isolated from the network, file systems or other processes.
（2）以太坊的账户
? ? ? ? 以太坊的基础单元是账户. 这些账户可以通过消息传递来发生互动变化。每个账户都有一个与之关联的状态和一个20字节的地址。所有价值和信息的转移都体现为账户状况的变化.以太坊区块链通过控制所有账户的变化实现其各种功能.
Each account has a state associated with it and a 20-by-tem address. All the transfer of values and information is reflected in the change in the status of the account.
? ? ? ? 以太坊有两类账户: 外部账户和合约账户,他们被存放于同一地址空间上.外部账户是由人类用户通过对应的公私钥来掌控。而合约账户则是由被存储在其内部的代码掌控。智能合约指的是合约账户中的那些对被发送来的交易进行自动处理的程序代码。用户可以通过在区块链中存储程序代码来创建新的智能合约。
There are two types of accounts in Etheria: external accounts and contractual accounts, which are stored in the same address space. External accounts are controlled by human users through the corresponding public-private key.
? ? ? ? 以太坊账户状态的变化就是指以太坊账户组成成分发生的变化。以太坊账户含有四个组成部分：
The change in the status of Etheraya accounts means a change in the composition of the Etheraya accounts.
? ? ? ?(1) 序号(nonce)：如果账户是一个外部拥有账户，nonce代表从此账户地址发送的交易序号。如果账户是一个合约账户，nonce代表此账户创建的合约序号。
♪ ♪ (1) Serial number (nonce): If the account is an externally owned account, nonce represents the transaction number from the account address. If the account is a contractual account, nonce represents the contract number created by the account.
? ? ? ? (2) 余额(balance)： 此地址拥有Wei的数量。
♪ ♪ (2) Balance: This address has the number of Wei.
? ? ? ? (3) Merkle 树根的哈希值： Merkle树会将此账户存储内容的哈希值进行编码，默认值是空值。
♪ ♪ (3) The Hashi value of the Merkle root: The Merkle tree encodes the Hashi value of the account's stored content. The default value is an empty value.
? ? ? ? (4) 代码哈希值：此账户太坊虚拟机内的代码的哈希值。对于合约账户，就是被哈希的代码并作为代码哈希值保存起来。对于外部账户，代码哈希值是一个空字符串的哈希值。
♪ ♪ (4) Code Hash value: Hashi value of the code in this account is found in the virtual machine. For a contractual account, the code is saved as the code Hash value. For an external account, the code hash value is an empty Hashi value of a string.
（3）以太坊的交易和交易费用
? ? ? ? 太坊区块链系统只有两种类型的交易：合约创建和消息通信。
♪ There are only two types of transactions in the talisman block chain system: contract creation and message communication. ♪
? ? ? ? 以太坊所有的交易都是在外部账户触动下发生的.合约账户不会自发地产生任何行动. 只有当外部账户发出交易时，合约账户才会执行相应的操作。以太坊通过规定节点必须与运算结果保持一致，从而保证智能合约严格确定执行。
The contract account does not automatically generate any action. Only when an external account issues a transaction will the contract account perform the corresponding operation.
? ? ? ? 在以太坊中一个重要的概念就是费用(fees). 发生在以太坊区块链系统内的交易而产生的每一次计算都会要求相应的费用。这个费用是以”gas”的来支付。gas就是用来衡量在一个具体计算中要求的费用单位。gas 价格(gas price)就是你愿意在每个gas花费ETH的数量，以“gwei”进行衡量。“Wei”是ETH的最小单位，1ETH表示10^18Wei. 1gwei是1,000,000,000 Wei。
♪ ♪ An important concept in Etheria is cost. Every transaction that takes place in the Tether block chain system requires the corresponding cost. This cost is paid for by Gas. Gas is the unit of cost that is required in a specific calculation. Gas price is the amount that you would like to spend on ETH per gas, measured by “gwei”. “Wei” is the smallest unit of ETH, with 1 ETH representing 10:18 Wei. 1gwei being 1,000,000,000 Wei.
? ? ? ? 发生交易时，交易发送者先设置gas limit和gas price。gas limit和gas price就代表着发送者愿意为执行交易支付的Wei的最大值。以太坊用户必须向以太坊区块链系统支付少量交易费用。交易的发送者必须在激活的合约账户的每一步为所有的运算和数据存储付费。如果在他们的账户余额中有足够的Ether来支付这个最大值费用，那么就没问题。在交易结束时任何未使用的gas都会被返回给发送者，以原始费率兑换。费用通过以太坊Gas结算，以太币的形式支付的。这样可以帮助太坊区块链系统避免被滥用或被恶意攻击.
The sender of the transaction has to pay for all the calculations and data storage at every step of the active contract account. If there is enough rest in their account balance to cover the maximum value, then no problem. Any unused Gas at the end of the transaction will be returned to the sender for exchange at the original rate. The fee will be paid in the form of takas.
? ? ? ? 交易费用由节点收集，节点在以太坊网络中完成收集、传播、确认和执行交易的工作。矿工们将交易活动分组：交易记录(以太坊区块链中账户状态的更新)被分组存放在区块中;节点通过互相竞争决定添加权;获得添加权的节点将新的区块添加到区块链的上。获得添加权的节点会得到以太币奖励，通过这些奖励激励节点为以太坊区块链系统贡献硬件和电力。
The transaction costs are collected by nodes and the nodes complete the collection, dissemination, validation and execution of the transaction in the Ether network. Miners group the transaction: transaction logs (updated by the status of the account in the ether block chain) are stored in blocks; nodes decide to add rights through competition; nodes get the right to add new blocks to the block chain. Nodes get the right to add are rewarded in too much currency by contributing hardware and electricity to the ether block chain system through these incentive incentive nodes.
（4）以太坊的状态变化机制
? ? ? ? 第一步，检查交易的格式是否正确（即有正确数值）、签名是否有效和随机数是否与发送者账户的随机数匹配。如否，返回错误。
As a first step, check if the transaction is in the correct format (i.e., the correct number), whether the signature is valid and randomly matched to the random number of the sender's account. If no, return the error.
? ? ? ? 第二步，计算交易费用，并从签名中确定发送者的地址。从发送者的账户中减去交易费用和增加发送者的随机数。如果账户余额不足，返回错误。
The second step is to calculate the transaction cost and determine the sender's address from the signature. The transaction cost is subtracted from the sender's account and the random number of senders is increased. If the account balance is insufficient, the error is returned.
? ? ? ?第三步，设定初值GAS=STARTGAS，并根据交易中的字节数减去一定量的Gas值。
♪ Step three, set the opening value GAS=STARTGAS and subtract a certain amount of Gas according to the bytes in the transaction.
? ? ? ?第四步，从发送者的账户转移价值到接收者账户。如果接收账户还不存在，创建此账户。如果接收账户是一个合约，运行合约的代码，直到代码运行结束或者燃料用完。
Step four, transfer the value from the sender's account to the recipient's account. If the receiving account does not exist, create the account. If the receiving account is a contract, run the contract code until the code runs out or the fuel runs out.
? ? ? ?第五步，如果因为发送者账户没有足够的钱或者代码执行耗尽燃料导致价值转移失败，恢复原来的状态，但是还需要支付交易费用，交易费用加至矿工账户。
♪ ♪ Step five, if value transfers fail and return to the status quo ante because the sender accounts do not have enough money or codes to run out of fuel, but transaction costs are to be paid and added to the miners account. ♪
? ? ? 第六步，否则，将所有剩余的燃料归还给发送者，消耗掉的燃料作为交易费用发送给矿工。
♪ Step six, otherwise all remaining fuel will be returned to the sender and spent fuel will be transferred to the miners as a transaction cost.
（1）TenX项目
? ? ? ? ?TenX项目的目标是建立一个连接现实世界和区块链网络的支付系统，让区块链资产可以通过TenX支付卡，手机钱包，ATM，银行账号等多种渠道在世界任何地方任何时间无需等待的进行支付。
The goal of the TenX project is to establish a payment system that connects the real world and the block chain network so that block chain assets can be paid through various channels, such as TenX payment cards, mobile phone wallets, ATMs, bank accounts, etc., without waiting at any time in the world.
? ? ? ? ?TenX可以通过区块链来实现，利用COMIT标准，以完全去信任、实时和无成本的方式工作。
♪ TenX can be achieved through block chains, using COMIT standards and working in complete trust, real-time and cost-free ways.
? ? ? ? ?TenX为终端用户提供借记卡和随附的移动钱包，不仅可以使用比特币(BTC)，以太坊(ETH)，Dash(DASH)，而且可以提供几乎所有的区块链资产。TenX钱包可以在近200个国家使用，接受验收的有超过3600万个节点。TenX与主要的信用卡公司，如VISA和万事达卡达成了合作。TenX为终端用户提供借记卡和随附的移动钱包。
TenX provides debit cards and accompanying mobile wallets to end-users, not only with Bitcoin (BTC), Etheria (ETH), Dash (DASH), but also with almost all block chain assets. TenX wallets can be used in nearly 200 countries, receiving more than 36 million nodes. TenX works with major credit card companies, such as VISA and MasterCard. TenX provides debit cards and accompanying mobile wallets to end-users.
? ? ? ? ?此外，用户和企业可以以去中心化的方式无缝地交易其区块链资产，消除与当前中心化解决方案相关的任何风险。
In addition, users and businesses can trade their block chain assets seamlessly in a decentralised manner, eliminating any risks associated with the current centralization solution.
（2）Augur项目
? ? ? ? Augur 是建立在以太坊平台上的去中心化预测市场平台。利用 Augur ,任何人都可以为任何自己感兴趣的主题（比如美国大选谁会获胜）创建一个预测市场，并提供初始流动性，这是一个去中心化的过程。作为回报，该市场的创建者将从市场中获得一半的交易费用。普通用户可以根据自己的信息和判断在 Augur 上预测、买卖事件的股票，例如美国总统大选。当事件发生以后，如果你预测正确、持有正确结果的股票，每股你将获得1美元，从而你的收益是1美元减去当初的买入成本。如果你预测错误、持有错误结果的股票，你将不会获得奖励，从而你的亏损就是当初的买入成本。
Augur is a decentralised market forecasting platform based on the Etherms platform. Using Augur, anyone can create a forecast market for any subject of interest to himself (e.g. who wins in the United States general elections) and provide initial liquidity, which is a decentralised process. In return, the creator of the market will receive half of the transaction costs from the market.
? ? ? ? 许多因素使得 Augur 不同于传统的预测市场，但是最重要的区别是，Augur 是全球化和去中心化的。世界各地的任何人都可以使用 Augur ，这将为 Augur 带来空前的流动性、交易量和传统的交易所不曾有过的多种视角和话题。
There are many factors that make Augur different from traditional predictive markets, but the most important difference is that Augur is globalized and decentralised. Any person around the world can use Augur, which will bring an unprecedented amount of liquidity, trade volumes, and many perspectives and topics that no traditional exchange has ever had.
? ? ? ? Augur已经得到了Thiel基金会以及以太坊Vitalik Buterin的支持。Augur软件开发始于2014年秋初，测试版的Augur于2015年6月发布。在2015年8月至2015年10月，Augur的全球众筹活动筹得800万美元。
Augur has been supported by the Thiel Foundation and the Etheraya Vitalik Buterin. Augur software development started in the early autumn of 2014 and a test version of Augur was released in June 2015.
（3）Slock.it项目
? ? ? ? 成立于2015年11月的Slock.it一直致力于发展共享经济的未来基础设施。即通用共享网络。希望通过让公司和个人实现所有连接的智能对象的租用、出售或共享来改革共享经济。
Slock.it, established in November 2015, has been working to develop the future infrastructure of the shared economy. It is a universal network. It is hoped that the shared economy will be reformed by allowing companies and individuals to rent, sell, or share all connected intelligent objects.
? ? ? ? 依托于公共以太坊区块链，通用共享网络将为用户提供一套可移动的桌面应用程序，通过它们，用户可以从世界任何地方找到、定位、租赁和调控由智能合同介导的对象。
Based on the public Ether block chain, a common shared network will provide users with a mobile desktop application through which users can find, locate, lease and regulate objects that are guided by smart contracts anywhere in the world.
? ? ? ? Slock.it的主要优点在于操作简单：打开应用程序- 查找附近的对象 - 付款 - 应用。只需要一把“钥匙”（您的智能手机）就能完成所有的一切，无需注册或登录，而这都得益于智能安全存储。
The main advantage of Block.it is that it is simple: open applications - find objects nearby - pay - apply. Only one key (your smartphone) is needed to complete everything without registration or login, which benefits from smart secure storage.
? ? ? ? Slock.it的主要特点：
♪ The key features of Block.it:
? ? ? ? 成本有效：由于利用的是公共基础设施，所以不会产生数据中心资本支出
♪ Cost-effective: no expenditure on data centre capital because public infrastructure is used
? ? ? ? 互操作性：租用汽车的网络同时也可以作为支付车辆停车费或电费的途径
♪ ♪ Interoperability: the network of rented cars can also serve as a means of paying for vehicle parking or electricity
? ? ? ? 安全性：在默认情况下，以太坊分散式应用程序或准备系统可以借助公钥/私钥密码，但底层基础设施不会出现任何中心故障。
Security: By default, a decentralized application or a preparatory system can use a public/private key password, but there is no central failure at the bottom of the infrastructure.
? ? ? ? 透明度：通用共享网络依托于公共以太坊区块链，任何人都可以查询
Transparency: A universal shared network is built on a public Ether district chain that can be consulted by anyone.
? ? ? ? 无需许可：开发商和制造商不需要因为使用通用共享网络作为产品单元申请许可
♪ ♪ There's no need for a permit: developers and manufacturers do not need to apply for a licence for the use of a common shared network as a product unit
? ? ? ? Slock.it项目已经获得了200万美元的种子基金，并计划于2018年推出测试版。
The Block.it project has secured $2 million in seed funds and is scheduled to launch a test version in 2018.
（4） Melonport项目
? ? ? ? 2016年2月Melonport成立于瑞士，并于同年8月正式推出。Melonport 创始人是前高盛副总裁Mona El Isa和数学家和Solidity贡献者Reto Trinkler。
Melonport was founded in Switzerland in February 2016 and officially launched in August of the same year. The founder of Melonport is Mona El Isa, former Vice-President of Goldman Sachs, and Reto Trikler, a mathematician and Solity contributor.
? ? ? ? Melonport包含一系列基于以太坊的智能合约，旨在将成本最高的对冲基金项目自动化。为了满足那些有抱负的对冲基金经理以及期待削减成本的经理，Melonport协议包括两套基于以太坊的智能合约——Melon Core和Melon Modules；包括自动执行代码，可以执行过去由人类执行的任务。
Melonport contains a series of smart contracts based on the Etherm, designed to automate the most costly hedge fund projects. To meet ambitious hedge fund managers and managers expected to cut costs, the Melonport agreement includes two smart contracts based on Ether – Melon Core and Melon Modules; it includes automated enforcement codes that carry out tasks previously performed by humans.
? ? ? ? Melon Core目的是确保投资组合经理开发符合底层代码库的服务，Melon Modules具有组合匹配的功能，包括价格反馈、波动率计算和每日损益计算，可以应用于任何对冲基金投资理念。协议的两个要素旨在帮助管理者轻松地建立对冲基金，智能合同中嵌入预设代码、不可篡改的投资参数，确保信守承诺，并留下一个可审计的基金成功记录，以帮助吸引未来投资者和简化监管合规。
The purpose of Melon Core is to ensure that portfolio managers develop a service that matches the bottom code library, and that Melon Modeles has a portfolio matching function, including price feedback, fluctuations and daily gains and losses, that can be applied to any hedge fund investment concept. The two elements of the agreement are designed to help managers easily build hedge funds, embed pre-coded, non-manually modified investment parameters in smart contracts, ensure compliance with commitments, and leave an auditable track record of fund success to help attract future investors and simplify regulatory compliance.
? ? ? ? Melonport目前的合作伙伴包括CoinFund、中本聪基金（Satoshi Fund）、Technologies Capital和Privatemarket.io等。
Melonport's current partners include CoinFund, Satoshi Fund, Technologies Capital and Privatemarket.io.
? ? ? ?Melonport项目的顾问是Andreas Glarner，他正与瑞士法律公司MME合作，探索ICO法律合规的新途径，还有区块链风险资本家Jehan Chu和Gavin Wood，他以太坊联合创始人兼Ethcore的创始人。
The consultant for the Melonport project is Andreas Glarner, who is working with the Swiss legal firm MME to explore new ways of legal compliance with the ICO, as well as Jehan Chu and Gavin Wood, venture capitalists in the chain of blocks, co-founder and founder of Ethcore.
（5）Oraclize项目
? ? ? ? Oraclize定位为去中心化应用的数据搬运工，他作为Web APIs和DApp的可靠链接。
Oracle is located as a data porter for decentralised applications, as a reliable link between Web APIs and Dapp.
? ? ? ?有了Oraclize，就不需要建立额外的信任链，因为我们的行为已经被强制加密验证。Oraclize是一个可证明的诚实的预言机服务，可以让智能合约可以访问互联网。Oraclize是平台无关的，为所有主流的智能合约能力平台提供一种虚拟的接口。
Oracle is a probative, honest fortephone service that allows smart contracts to access the Internet. Oracle is irrelevant to the platform, providing a virtual interface to all mainstream smart contract capability platforms.
? ? ? ?可以想像，通过这个投入成千上万的有意义的数据到区块链中，可以使得智能合约产业更繁荣和更多有价值的应用呈现更大的生命力。
♪ Can imagine, by investing thousands of meaningful data into the chain of blocks, making the intelligent contract industry more prosperous and valuable applications more viable.
（1）什么是比特股
? ? ? ? ?2014年2月28日由Daniel Larimer、Charles Hoskinson和Stan Larimer在白皮书当中提出的比特股是一种支持包括虚拟货币、法币以及贵金属等有价值实物的开源分布式交易系统。该系统主要能够提供一个去中心化交易所的解决方案。让每个节点都可以成为交易所。
The Bit Unit, presented in the White Paper on 28 February 2014 by Daniel Larimmer, Charles Hoskinson and Stan Larimmer, is an open-source distributed trading system that supports valuable objects such as virtual currency, French currency, and precious metals. The system can provide a solution for decentralizing the exchange. Each node can be an exchange.
? ? ? ? 在比特币基础上发展起来的比特股期望可以解决三个方面的问题，用一种更加节约资源的网络维护机制取代比特币的挖矿机制；提供价值稳定的区块链虚拟货币；提供一个自由开放的去中心化的金融市场。
The Bit Unit, which has developed on a bitcoin basis, expects to solve three problems by replacing the Bitcoin mining mechanism with a more resource-efficient network maintenance mechanism; providing a value-stabilized block chain virtual currency; and providing a free and open decentralized financial market.
? ? ? ?经历了一系列募集资金和不断的改进，到2015年十月，比特股终于发展成为一个公认的有强大竞争力的项目。比特股的确实现了对比特币的重大改进。
♪ ♪ After a series of fund-raising and continuous improvements, by October 2015 the Bits Unit had finally developed into a recognized strong competitive project. The Bits Unit has indeed achieved significant improvements in Bitcoin.
（2）比特股的共识机制
? ? ? ? 比特股的共识机制是采用的授权股份证明机制（DPOS）。
The consensus mechanism for the Bit Unit is the use of the Authorized Stock Certification Mechanism (DPOS).
? ? ? ? DPOS机制的原理是先让比特股持有人用投票的方式选举出见证人，再由见证人按照一定的规则轮流完成新区块的创造。
The rationale behind the DPOS mechanism is to allow the holders of the Bits Unit to elect witnesses by vote and then the witnesses to make the creation of new blocks on a rotational basis, in accordance with certain rules.
? ? ? ? DPOS机制下，每一个账户都有选举权，但是选举权是有不同的权重的，该权重是与该账户持有的比特股的数量成正比。选举时，得票最多的N个账户会被选作见证人。见证人的总数N是根据有多少得到超过半数选票的账户决定的。
Each account has the right to vote under the DPOS mechanism, but the right to vote has different weights, which are proportional to the number of bit units held in the account. At the time of the election, the N account with the highest number of votes is selected as a witness. The total number of witnesses is based on the number of accounts with more than half of the votes.
? ? ? ? DPOS机制下，见证人按照一定的规则轮流获得一段时间内的新区块的创造权。如果在轮值期间内见证人完成了对新区块的创造，该见证人会得到奖励。如果在轮值期间内见证人没有完成了对新区块的创造，就会剥夺该见证人的权利，而将该权利授予下一个见证人。在轮值期间内没有完成了对新区块的创造的见证人，不会获得任何奖励，并有可能失去将来作为见证人的资格。
The witness will be rewarded if he or she completes the creation of the new block during the rotation period. If he or she does not complete the creation of the new block during the rotation period, the witness will be deprived of his or her rights and given the right to the next witness during the rotation period. If he or she does not complete the creation of the new block during the rotation period, the witness will not receive any incentive and may lose his or her qualifications as a witness in the future.
? ? ? ? DPOS机制下，交易费并不是用于对创造新区块的见证人的奖励。 而是将其收入区块链系统的资金池里，作为区块链系统的开发发展部分的资金。
Under the DPOS mechanism, transaction fees are not used to reward witnesses who create new blocks. Instead, they are used in the pool of funds from the block chain system as part of the development of the block chain system.
（3）智能货币
? ? ? ? 比特股是所谓智能货币就是指建立于区块链上的价值相对稳定的数字货币。比特股通过锚定机制来实现其智能货币的。
The bitcoin is what smart money is called a relatively stable digital currency built up on a block chain. The bitcoin is used to achieve its smart currency by anchoring mechanisms.
? ? ? ? 锚定机制是指保持比特股价值和现实世界中相对应的资产在价值上相等或相近的机制。比特股通过提高市场预测的准确度来创造出各种加密的比特资产相应的锚定于不同的现实资产，例如黄金，石油，美元等等。这些形成的相应的加密的比特资产就是比特黄金，比特石油，比特美元等等。
The anchoring mechanism is the mechanism of maintaining that the value of the bit shares is equal to or similar to that of the assets in the real world. By increasing the accuracy of market forecasts, the Bits Unit creates the corresponding anchors of various encrypted bit assets, such as gold, oil, United States dollars, etc., that are set in different real assets. The corresponding encrypted bit assets are bit gold, bit oil, bit dollars, etc.
? ? ? ? 锚定机制的实现是通过喂价，抵押与强制平仓规则，和强制清算规则的共同作用的有机结合。
The anchor mechanism is achieved through an organic combination of feed prices, mortgages and mandatory silo rules, and rules of compulsory liquidation.
? ? ? ? 所谓喂价：用于指示一个比特资产实际上的市场价值（市场价值的中位数）。由多个可信的见证人将从外界交易所采集数据输入到区块链上，使用软件算法将这些信息并入到市场规则里。这些外界交易信息叫做“喂价”。见证人通常结合多个信息源（比如外盘交易所）的价格信息，生成一个喂价并定时更新。系统采用所有喂价的中间值，因此如果某些见证人或机构没有相当大程度上的勾结串通，想试图操纵喂价是非常困难的。喂价和其他见证人行为都是公开可审计的，而且见证人在任何时候都可以被比特股持有者投票撤掉。
These transactions are called “feed prices”. Witnesses usually combine price information from multiple sources (e.g. a foreign exchange) to produce a feeding price and update it periodically. The system uses the median value of all feeding, so it is very difficult to attempt to manipulate the price if some witnesses or institutions do not have a significant degree of collusion. Feed prices and other witness behaviour are publicly auditable and witnesses can at any time be voted out by the holders of special shares.
? ? ? ? 所谓抵押与强制平仓规则：根据系统要求的抵押率收取借款人抵押的比特股。按照喂价计算借款人的抵押物市值，当借款人的抵押物市值低于维持保证金比例就会触发强平。1.75倍是目前BitShares 2.0的分布式治理机构提议并投票通过的维持保证金比例，如有必要可以由理事发起修改提案进行修改。以比特人民币为例，借款人每借入一比特人民币需要抵押至少相当于二比特人民币的比特股。比特股系统为了保证借出的比特人民币始终能换回等价值的比特股，当借款人抵押物的比特股的价值缩水到不足以维持1.75倍的最低保证金比例时，就会强行卖出借款人抵押物的比特股来平仓。
So-called mortgages and compulsory silos: a bit of a mortgage on the basis of a system-required mortgage rate. On the basis of a feed price, the mortgage value of the borrower’s mortgage is raised when the borrower’s mortgage value is lower than the guaranteed value. 1.75 times the current distributed governance structure of BitShares 2.0 has proposed and voted for the maintenance of the bond ratio, which can be modified if necessary by the member’s proposal to amend it. In the case of Bit renminbi, the borrower would need to encumber a bit of at least the equivalent of two bits.
? ? ? ? 所谓强制清算规则：就是一种智能货币的持有者可以在一定的条件约束下按照抵押率最低原则强行购买智能货币债仓持有者所抵押的比特股。强制清算规则是BTS2.0中增加的功能。目前对于比特人民币来说，强制清算的约束条件是强制清算在发起后24小时执行，每小时强制清算最大量是该智能资产总发行量的0.5%，以及强制清算发起者需要在喂价的基础上另外给予被清算者1%的价格补贴。强制清算给了智能货币持有者通过清算将智能货币转换为等值比特股的机会，而且这种机会并不依赖于市场深度。
For BTS 2.0, compulsory liquidation is currently subject to mandatory liquidation 24 hours after the launch, with the largest amount of mandatory liquidation per hour being 0.5 per cent of the total circulation of the smart asset, and mandatory liquidation sponsors requiring an additional price subsidy of 1 per cent for the liquidated person on the basis of the feed price. Mandatory liquidation gives smart currency holders the opportunity to convert smart currency into an equivalent dollar by liquidation and does not depend on the depth of the market.
（3）去中心化交易所
? ? ? ? 比特股去中心化交易所并不是真正的去信任的交易所，而是部分去信任的交易所。比特股去中心化交易所的下单交易撮合式有区块链节点自动处理的，不需要担心宕机，也不需要担心暗箱操作。在这个过程中，交易人需要信任资产发行人是负责任的。
The Bit Unit goes to the Centralized Exchange is not a real trust exchange, but a partly trusted exchange. The Bit Unit goes to the Centralized Exchange, where the next single transaction is organized automatically with a block chain node. There is no need to worry about the engine or about the dark box operation. In this process, traders need to trust that the issuer of the asset is responsible.
（4）比特股的架构
? ? ? ? 比特股采用了一种类似于比特币区块链的架构。在比特币区块链架构中，每一笔交易数据的输入必须来自于之前的交易数据输出，并几乎同时产生新的输出来用作未来交易数据的输入。每一笔输出的动作只能在符合特定条件之下被使用一次。每一笔交易输出都包含了比特币的余额信息，证明能够被用于未来的交易。为了不产出无中生有的比特币，交易的输入值必须大于输出值。
The Bitcoin shares use a structure similar to the Bitcoin block chain. In the Bitcoin block chain structure, the input of each transaction data must come from the previous transaction data output and produce a new output almost simultaneously to be used as input for future transactions. Each output can only be used once if certain conditions are met. Each transaction output contains balance information for bitcoin, which proves that it can be used for future transactions. In order not to produce the missing bitcoin, the value of the transaction must be greater than the value of the output.
? ? ? ? 比特股使用了简易的脚本语言来评估交易输出时余额已不足的情况；然而，多数的交易输出所需要的仅仅是持有者的加密签名。
The Bit Unit uses simple script language to assess the shortage of balances at the time of the transaction's output; however, most of the transaction's output requires only the bearer's encrypted signature.
（5）比特股的交易规则
? ? ? ? 块链的目的就是对全局交易台帐的事件顺序和当前状态建立共识。比特股需要这个全局账本来建立转账，买卖和市场交易的顺序。每5分钟所有包含在上一个区块中的买卖挂单都会被匹配交易。类似比特币，比特股每笔交易就是一组买卖输出挂单在一定条件下的匹配。主要的不同点在于允许形成交易的条件。
The purpose of the block chain is to build consensus on the sequence of events and the current status of the global trading counter account. The Bits Unit needs this global account to establish the order of transfers, sales and market transactions. Every purchase and sale order contained in the previous block is matched every five minutes. Like Bitcoin, each transaction is matched under certain conditions by a set of sales and exports. The main difference is the conditions that allow the transaction to be made.
? ? ? ? 比特股区块链市场是价格信息进入区块链的通道，保证价格信息准确且不受非基于市场力量的人为操纵是至关重要的，这些价格信息将被用来进行强制保证金追加。
The Bit stock chain market is a gateway for price information into the block chain, and it is essential to ensure that price information is accurate and not manipulated by people who are not based on market forces, and that such price information will be used for additional mandatory bonds.
? ? ? ? 比特股用户可以自由的进行交易，交易记录将被记入区块链，但基于个人之间达成一致意见的交易对于自动的价格发现是没有意义的，因为网络没有办法识别是否是同一个人用两个账户在进行交易。一次成功的交易必定是双方都同意的，同样，不成功的买卖挂单肯定是因为每个人都认为买方出价太低或者卖方出价太高。
A transaction based on an agreement between individuals is meaningless to an automatic price discovery, because the network has no way of identifying whether the same person is doing the transaction with two accounts. A successful transaction must be mutually agreed. Similarly, the unsuccessful purchase and purchase order must be based on everyone’s belief that the buyer’s bid is too low or the seller’s bid is too high.
? ? ? ? 那些不愿意进行“离链”谈判的用户可以将他们的买卖单放入块链当中。当节点处理完接受到的所有交易数据时，他会把所有相容的买卖单按最高的买入价和最低的卖出价顺序配对。一旦所有能够匹配的交易完成，块链会将剩下未履行的买卖单列表。这些订单表示市场的共识价格在在买入价和卖出价之间。这个时候，会根据买入价检查所有空头仓位的保证金要求，所有保证金不足的空头仓位都会按当前卖出价进行强制平仓，保证金欠缺幅度最大的空头仓位将被首先平掉。
Those who do not want to negotiate “off the chain” can put their purchase orders in the chain. When all the accepted transaction data are processed at the node, he will match all compatible purchase orders in the order of the highest purchase price and the lowest sale price. Once all matching transactions are completed, the chain will leave a list of outstanding purchase orders. These orders indicate that market consensus prices are between buying and selling prices. At this point, all empty security positions will be checked against the purchase price.
? ? ? ? 节点匹配的买卖单中的资产项可以直到24小时的块链分叉窗口期过后才过账，因为如同coinbase交易，所有由节点生成的没有拥有者签名的交易将不能在重组中被移入其它链，当你在达成交易24小时后依然不能在块链市场外过账资产项时，你可以在块链市场中下新的买/卖单让后续的节点执行交易。
♪ ♪ The asset items in the node matching purchase and purchase order may not be accounted for until the 24-hour chain split window period, because, like the coinbase transaction, all node-generated transactions without the owner's signature will not be moved into the other chain in reorganization, and when you cannot cross the asset items outside the chain market 24 hours after the transaction has been concluded, you can execute the transaction in the chain market under the new purchase/sale order sub-point.
（1）什么是公证通
? ? ? ? 公证通旨在借助区块链技术，是一个建立在比特币区块链上的通用的数据层。用户可以通过这个数据层, 方便的为自己的数据创建一个独立的虚拟区块链。通过对数据和交易记录的存储和证明，建立去信任的信任机器。公证通将数据和交易记录进行编码或者生成数据和交易记录的独一无二的特征码（哈希），然后将其存储在公证通系统内不可篡改的分布式账簿中。账簿中的这份不可篡改的数据和交易记录可以被用来作为某份数据和交易记录的存在证明，也可以为未来的商业活动提供事实来源。
Notarization is intended to be a common data layer built on the Bitcoin block chain, using block technology. Users can easily create an independent virtual block chain for their own data through this data layer. Trusting machines can be built through the storage and certification of data and transaction records. Notarization encodes data and transaction records or produces unique features of data and transaction records (Hashi), which can then be stored in an undisguised distribution book within the Notarization System. This undisguised data and transaction log can be used as proof of the existence of a data and transaction record or can provide a factual source for future commercial activity.
? ? ? ? 公证通也可以被理解为是一个不可撤销的发布系统，（公证通系统中的）数据和交易记录一经发布，便不可撤销。公证通的这个特性提供了一份准确的，可验证的，且无法篡改的审计跟踪记录，消除了（人类社会活动中的）盲目信任。
Notaries can also be understood as an irrevocable distribution system, in which data and transaction records are unrevoked as soon as they are published. Notaries provide an accurate and verifiable audit trail that cannot be tampered with, eliminating blind trust (in human social activities).
（2）公证通的设计原理
? ? ? ? 通过区块链系统的去中心化，形成一个不可篡改的数据记录系统。通过区块链系统的时间戳服务，证明某份数据或交易记录在某个时间节点之前是真实存在的。通过区块链系统的诚信和透明性，实现系统中的数据或交易记录都是可验证的。
The data or transaction records in the block chain are authenticated through the integrity and transparency of the block chain system.
? ? ? ? 公证通是一个依赖比特币区块的，分布式的，去中心化的协议。没有人可以实际控制公证通。公证通是由遍布世界各地运行公证通软件的节点来保证整个系统的运作的。公证通软件，一个的开源代码，由公证通基金会发行和维护。任何人都可以以任何方式使用公证通。
Notarization is a bitcoin block-based, distributed, decentralised agreement. No one can actually control notarization. Notarization is a node running notarization software around the world to ensure the entire system's functioning. Notarization software, an open source code, is issued and maintained by the Notary Pass Foundation.
（3）公证通共识机制
? ? ? ? 公证通采用的是类似POS共识机制的共识机制。不同之处在于，公证通系统中只有一小部分的用户权益能够被认可。只有已经提交到系统的权益有投票权，而可转移的Factoid权益没有投票权。只有已经变成“入门信用”的且不可转移的权益有资格选择联合服务器。这是为了让服务器对用户负责，能让用户更积极地使用这项服务，而不仅仅是让人们成为潜在的用户。个人用户可以将自己的选票委托给一个服务器。联合服务器中得票最高者将负责来达成区块链的共识。
Notarization uses a consensus mechanism similar to the POS Consensus mechanism. The difference is that only a small percentage of users' interests in the Notarization System can be recognized. Only interests that have been submitted to the system have the right to vote, and transferable Fedoid interests do not have the right to vote. Only non-transferable interests that have become “accessory credit” are eligible to choose a joint server.
（4）公证通网络
? ? ? ? 公证通协议定义了一系列的通信规则。每分钟大多数联邦服务器会达到成共识。每隔10分钟，达成共识的联邦服务器中会有一个服务器写入一个哈希值到比特币区块链。公证通采用的是相似比特币的P2P网络。公证通网络是洪水填充。所以全部节点应该都能看到传播中的所有有效交易。点对点网络的连接也是随机的。如果联邦服务器停顿了几秒钟没有发出数据包，他们会被审查服务器替代。具体被哪个审查服务器替代，由其他联邦服务器来确定。
The notarization protocol defines a series of rules of communication. Most federal servers reach consensus every minute. Every 10 minutes, a consensual federal server has a Hashi to Bitcoin block chain. Notarization uses a P2P network similar to Bitcoin. The notarization network is flood-filled. So all nodes should be able to see all effective transactions in transmission. The point-to-point network connection is random. If the federal server stops sending data packages for a few seconds, they will be replaced by a review server.
? ? ? ? 公证通系统设计如下:?
♪ The notarized general system is designed as follows: ♪
? ? ? ? 需要验证锚的节点都已经连接到比特币网络, 可以参看比特币区块的历史记录。
The nodes that need to verify anchors have been connected to the Bitcoin network, as can be seen from the historical records of the bitcoin blocks.
? ? ? ? 节点验证锚的目的是，验证公证通锚建立, 和查看服务器的密钥是否被无效使用了。
The purpose of the node authentication anchor is to verify that the notary anchor is created and to see if the server's keys are not validly used.
? ? ? ? 比特币网络正常, 没有频繁分叉。
♪ Bitcoin network is normal, no frequent fork.
? ? ? ? 比特币网络是可访问的，并且比特币网络没有分割成片段。
The Bitcoin network is accessible and the Bitcoin network is not segmented.
? ? ? ? 比特币网络上的交易传播时间是在几秒钟。
♪ The trading time on the Bitcoin network is in seconds.
? ? ? ? 比特币矿工都没有篡改OP_RETURN，公证通锚。
♪ Bitcoin miners didn't tamper with OP_RETURN, notarized anchor.
? ? ? ? 公证通网络正常, 没有出现子网络与子网络相互分割成片段。
♪ Notarized public network is normal, no sub-networks and sub-networks appear to be separated into segments.
? ? ? ? 公证通网络上多数联邦服务器之间消息的传播时间在几秒钟。
♪ The flow of information between most federal servers on the notarized network takes a few seconds.
? ? ? ? 大部分的联邦服务器是诚实的。
♪ Most federal servers are honest.
? ? ? ? 有超过2台联邦服务器的哈希值数据链是安全保密的, 不会被泄露。
♪ There's more than two federal servers with Hashi value data chains that are secure and confidential and will not be leaked.
（5）公证通币及使用（Factoids）
? ? ? ? 公证通系统创造一个叫Factoids的电子币。持有Factoids意味着有权使用公证通系统。只要把Factoids转化成输入积分，便有权把数据写入公证通系统中。同时运行着公证通的联邦服务器也能收获Factoids作为维护系统的回报。由于每个信息输入需要消耗一定Factoids,不大可能出现海量垃圾信息被输入系统中。
Notaries create an electronic currency called Factoids. The possession of Factoids means the right to use the Notaries. As long as they are converted into input points, they have the right to enter data into the Notaries System. Federal servers running the Notaries also reap the benefits of Factoids as a maintenance system. Since every information input requires the consumption of a certain Factoids, it is unlikely that big garbage information will be entered into the system.
? ? ? ? Factoids的实现和别的加密货币类似。通过一个签名交易, Factoids币可以从一个地址转移到另一个地址，公证通也会提供多重签名机制。还可能利用类似未花费的输出（UTXO）的机制来实现一个轻量级的公证通客服端, 并利用Merkle树进一步优化了公证通系统。
With one signature transaction, the Factoids currency can be moved from one address to another, and notaries can provide multiple signature mechanisms. They may also use mechanisms similar to unexplored output (UTXO) to achieve a light-weight notary passenger service, and use Merkle trees to further optimize the Notaries Express system.
? ? ? ? 公证通系统会维护一个单独Factoid链来维护Factoids币的转账信息.公证通联邦服务器能识别有效与无效的Factoids交易, 安全维护Factoid链块.
Notaries maintain a separate Factoid chain to maintain the Fedoids currency transfer information. Notaries Federal servers can identify valid and invalid Fedoids transactions, securely maintain the Factoid chain.
? ? ? ? Factoids币可以被转换成输入积分，输入积分维护在独立的链块上.这个链块上有输入积分的公钥地址,利用该公钥对应的私钥可以签署一个公证通链操作.这个操作可以实现创建一个新的公证通链和在已有的公证通链上添加一个信息输入两个2。每写入1KiB的数据需要消耗1个输入积分.如果有人在公证通链上添加信息输入的时候没有付给足够的输入积分.这个操作会被忽略,已付的输入积分会被没收.完全节点看到付费不足的信息输入,不会广播这个付费不足的操作。这个信息输入也不会被传达到联邦服务器．
♪ Factoids can be converted into input points. Input points maintain the public key address for input points on an independent chain.... This is a public key with a public key that can be used to sign a notarized chain of operations. ♪ This operation will make it possible to create a new notarized commons chain and to add two 2 messages to an existing notarized gateway. Every data entry in 1kiB requires the consumption of 1 input points. If a person does not pay enough input points on a notarized chain.... This operation will be ignored. The paid input points will be confiscated.
? ? ? ? 一个付费足够的信息输入便可以发起一个操作把数据写入链块,但这个操作有一定有效时间,这个时间被称之为输入积分有效时间.如果在这个时间内,数据还没有成功被写入链块.这个输入就会作废, 对应的输入积分不会被退回. 这样设置是为了避免出现一个无限增长的输入等待队列。
♪ ♪ A paid-for-information input can launch an operation to write data into a chain block, but this operation has a certain amount of validity time, which is called the input factor time. ♪ ♪ If the data have not been successfully written into the chain at this time... ♪ this input input point will not be returned. ♪ So set to avoid an unlimited growth in the input waiting queue. ♪
? ? ? ? Factoids能转换成输入积分,但输入积分不能被转换成Factoids.输入积分也不能在账户之间转换,它一旦产生就绑定在一个公钥地址上. Merkle树技术被利用来在轻量级客户端上帮助识别哪些账户剩余了多少输入积分。
♪ Factoids can be converted to input credits, but input credits cannot be converted to Factoids. Input credits cannot be converted between accounts, and once generated they are tied to a public key address. The Merkle tree technology is used to help identify on a lightweight client how many input credits remain.
? ? ? ? 输入积分是由Factoids转换生成的。转换交易需要适当的签名，并指定输入积分的公钥地址。一旦转换成功, 输入积分就会永久绑定在指定的公钥地址上. Factoids与输入积分的兑换汇率由联邦服务器来决定。
The input points are generated by the Factoids conversion. The conversion transaction requires an appropriate signature and specifies the public key address for the input points. Once the conversion is successful, the input points are permanently tied to the specified public key address. The Factoids exchange rate with the input points is determined by the federal server.
? ? ? ? Factoids由一个独立的Factoids链维护. 输入积分也由一个独立的输入积分链来维护. 只有符合公证通协议的有效交易才能通过协议审查, 被写入这些链。
Factoids are maintained by an independent Factoids chain. Input points are also maintained by an independent input login chain. Only valid transactions that conform to a notarized general agreement can be reviewed by agreement and written into these chains.
? ? ? ? 输入积分只能由Factoids兑换而来, 没有Factoids的人需向Factoids持有者购买才能获得输入积分, 来支付Factom系统的使用费用。
♪ ♪ The input points can only be exchanged by Factoids, and those without Factoids need to buy the input points from the Factoids holders to pay for the use of the Factom system. ♪
（6）公证通系统具体构造
? ? ? ? 公证通系统由一组分层数据结构区块所构成。这些区块构成了一个微型链,链上存储着压缩过的引用。为了避免数据规模过大，目录块中的引用只是录入区块和链名的哈希值。这些录入区块包含了引用.这些引用指向了特定时间段内所有录入.录入区块也是微链的一部分。在公证通系统里大部分的数据存储在叶子节点上，也就是那些录入。这些分层数据结构由比特币的算力维护。它们可以被概念化为不同的层。
In order to avoid the size of the data, the references in the table of contents are only the Hashi values of the blocks and chain names. The entries contain references. These references point to all the blocks that are entered within a given time period. The entry blocks are also part of the microchain. Most of the data in the notarial system are stored on the leaf nodes, that is, the logs. These layers are maintained by bitcoins. They can be conceptualized into different layers.
? ? ? ? ?公证通系统分为四个层：
There are four layers of the Notarized General System:
? ? ? ? 目录层：负责管理录入区块的Merkle根。
♪ Directory layer: Merkle root to manage entry blocks.
? ? ? ? 记录区块层：组织指向记录的引用。
Record blocks: tissue points to the reference to the record.
? ? ? ? 记录层：包含应用程序的原始数据或私人数据的哈希值。
Record layer: Hashi values containing raw or private data on applications.
? ? ? ? 链层：属于应用程序的一组记录。
Chain: a set of records belonging to the application.
? ? ? ? 目录层是公证通系统分层结构中的的第一级。它定义了哪些记录的链名被更新过,以及更新发生在那个目录块负责的时间段。链名用于识别用户的记录属于那个链。目录层含有链名和对应链块里录入区块的Merkel根。
♪ Directory layer is the first level of the notarized general system hierarchy. It defines which record chain names have been updated, and the period in which the update occurs. The chain name records used to identify the user belong to that chain. The catalogue contains the chain name and Merkel root that entered the block in the corresponding chain block.
? ? ? ? 应用程序通过目录块可以定位到特定的记录区块,无需下载所有的记录区块。一个单独的应用只需要一部分链名。这极大地减小了使用系统时的带宽需要。
An application can locate a particular record block through a directory block, without downloading all the records. A separate application requires only a portion of the chain name. This greatly reduces the bandwidth needed to use the system.
? ? ? ?公证通系统服务器收集记录区块的Merkle根然后把它们打包到一个目录块。十个连续目录块再算出一个Merkle根，这个Merkle根会被记录到比特币链块。这给比特币链块带来最小的负担,确又足以报账公证通系统数据的安全. 把Merkle根写入比特币链块的过程被称为锚定。
The notarized system server collects the Merkle root of the recording blocks and then wraps them into a directory block. Ten successive catalogues add up a Merkle root, which is recorded in the bitcoin chain. This places a minimum burden on the bitcoin chain and is sufficient to report the security of the notarized system data. The process of writing Merklegan into the bitcoin chain is called anchoring.
? ? ? ? 公证通系统里,目录块的数据读写需要最多的带宽和存储。用户在建立了自己的链以后,需要保存这个时间点以后所有的目录块。
You need the most bandwidth and storage for the data reading and writing of the table of contents in the notarized public system. After you have built your own chain, the user needs to save all the folders after this point in time.
? ? ? ? 创建一个链和对链的第一次更新会增加目录块的大小。为了避免目录块过度膨胀,把数据写入目录块所需付的输入积分会高于把数据写入输入区块里.
Create a chain and the first update of the chain increases the size of the directory block. In order to avoid over-inflating of the directory block, the input points needed to write the data into the directory block are higher than those required to write the data into the input block.
? ? ? ? 记录区块是公证通系统的第二分层。个体应用将会关注各种各样的链名.在寻找记录的应用会需要记录区块, 可以从一个链名搜索到所有可能相关的记录。
Record blocks are the second layer of the Notarized General System. Individual applications will focus on a variety of chain names.
? ? ? ? 每一个记录区块内都为每个有更新的链名记录下一个记录区块.记录区块包含着记录的哈希值。记录的哈希值同时证明了数据的存在和在分布式散列表网络中找到记录的钥匙。
Each recording block records the next recording block for each updated chain name. The recording block contains the recorded Hashi value. The recorded Hashi values both prove the existence of the data and find the key to the record in the distributed scattered list network.
? ? ? ? 记录区块包含了和一个链名有关的全部记录。如果某个记录不是关联到某个记录区块的话，那么可以认为这个记录并不存在。这样让应用程序很容易识别哪些记录是真实可靠的.
Record blocks contain all records related to a chain name. If a record is not linked to a record block, it can be assumed that the record does not exist. This makes it easy for the application to identify which records are true and reliable.
（1）什么是瑞波
? ? ? ? 瑞波（Ripple）是世界上第一个开放的支付网络，通过这个支付网络完成对货币的支付和清算，包括美元、欧元、人民币、日元或者比特币。
Ripple is the first open payment network in the world through which money is paid and liquidated, including the United States dollar, the euro, the renminbi, the yen or bitcoin.
? ? ? ? 瑞波（Ripple）交易简便易行快捷，交易确认在几秒以内完成，交易费用几乎是零，没有所谓的跨行异地以及跨国支付费用。
Ripple's transactions are simple and fast, transactions are confirmed to be completed in a few seconds, transaction costs are almost zero, there are no so-called cross-border and cross-border payments.
? ? ? ? 瑞波（Ripple）是开放源码的点到点支付网络，它可以使你轻松、廉价并安全的把你的金钱转账到互联网上的任何一个人，无论他在世界的哪个地方。因为瑞波是点对点软件，没有任何个人、公司，或政府操控，任何人可以创建一个瑞波账户。
Ripper is an open-source point-to-point payment network that allows you to easily, cheaply and safely transfer your money to any person on the Internet, anywhere in the world. Because Ripper is a point-to-point software, without any individual, company, or government control, anyone can create a Ripper account.
（2）瑞波的共识机制
? ? ? ? ?瑞波采用的是瑞波共识机制。瑞波共识机制是使一组节点能够基于特殊节点列表达成共识。初始特殊节点列表就像一个俱乐部，要接纳一个新节点，必须由51%的该俱乐部的节点投票通过。共识遵循这核心成员的51%权力，外部节点则没有影响力。瑞波共识机制将股东们与其投票权隔开，并因此比其他系统更中心化。
The Ribo Consensus mechanism was used to enable a set of nodes to reach consensus based on a list of special nodes. The initial special node list is like a club, which must be voted on by 51% of the club node. Consensus follows 51% of the core member's power, while external node has no influence. The Ripo Consensus mechanism separates shareholders from their voting rights and is therefore more central than any other system.
（3）瑞波币
? ? ? ? 瑞波币是Ripple网络的基础虚拟货币，称作Ripple Credits，又称作XRP，中文名为瑞波币。瑞波币可以在整个ripple网络中流通，瑞波币的运营公司为Ripple Labs（其前身为OpenCoin）。
Ripon is the basic virtual currency of the Ripple network called Riple Credits, also known as XRP, and the Chinese name Ripon. Ripon can circulate throughout the Ripple network, with Riple Labs (formerly OpenCoin).
? ? ? ? Ripple总共发行1000亿XRP。XRP的发行总数是固定的，不会再发行。XRP可精确到6位小数。最小的单位称为一滴（drop）。1000000滴等于1 XRP，1XRP=1000000dXRP。XRP用来在每笔交易中支付极小的费用，XRP可以在Ripple入口节点之间转账，并可以兑换成任何货币。Ripple的交易费用非常的低，每次交易只有1/1000美分的交易费。这个交易费是用来防止有人通过大量的交易破坏系统的行为。
The smallest units are called droplets. One million drops equal one XRP, one XRP = one milliond RP. The XRP is used to pay a very small fee in each transaction, which can be transferred between the Ripple entrance nodes and converted into any currency. Ripple's transaction costs are very low, with only one thousand cents per transaction. This transaction cost is used to prevent people from disrupting the system through a large number of transactions.
? ? ? ? 瑞波币的四大特点
♪ The four features of Ripon
? ? ? ? 第一，低费性。瑞波网络的任何交易都低于0.01$。
First, it's low-cost. Any transaction on the Ripper network is less than $0.01 million.
? ? ? ? 第二，匿名性。瑞波网络不需要用户提供电子邮件，名字，或其他任何信息，为消费者提供隐私。
Second, anonymity. The Ripper network does not need an e-mail, a name, or any other information to provide privacy to consumers.
? ? ? ? 第三，安全性。发送瑞波币就像发送现金一样，接收完毕后，没有任何其他费用，不需要提供任何信息。
Third, security. Sending Ribbon is like sending cash. After receiving it, there's no other cost. No information is required.
? ? ? ? ?第四，可靠性。瑞波币交易是不可逆的，同任何人进行交易不存在反悔的可能。
♪ ♪ Fourth, reliability. Ripon's deal is irreversible and there's no possibility of renegade dealing with anyone.
? ? ? ? ?瑞波币的具有四大功能。
♪ Ribbon's got four main functions.
? ? ? ? 第一，实现现实货币与虚拟货币的双向流通。
First, to achieve a two-way flow of real and virtual currency.
? ? ? ? 第二，实现多币种的点对点相互兑换与支付。
Second, to achieve multi-currency point-to-point exchange and payment.
? ? ? ? 第三，实现点对点网络信贷。
♪ Number three, make point-to-point network credit.
? ? ? ? 第四，实现个人网络清算。
♪ And fourth, make personal network clearing.
? ? ? ? 同比特币相比较瑞波币具有六个相同点
♪ Ribbon has six similarities with Bitcoin
? ? ? ? 第一，瑞波币和比特币一样都是开源的，通过P2P传播网络，xrp和比特币一样可以在账户与账户之间转移，不需要任何第三方软件。
First, Ribbon is as open-source as Bitcoin, and, through the P2P distribution network, xrp and Bitcoin can move between accounts without any third-party software.
? ? ? ? 第二，瑞波币和比特币一样都是通过互联网发送，交易是不可逆转的，都提供数字货币独有的防伪证明。
Secondly, Ribbon and Bitcoin are sent over the Internet, transactions are irreversible, and they all provide unique security proof of digital currency.
? ? ? ? 第三，瑞波币使用了和比特币一样的底层加密技术。
Third, Ribbon uses the same bottom encryption technology as Bitcoin.
? ? ? ? 第四，瑞波币支持多签名认证。
♪ And fourth, Ribbon supports multiple signature authentication.
? ? ? ? 第五，瑞波币交易费用极低。
♪ Fifthly, Ripoco's transaction costs are extremely low.
? ? ? ? 第六，任何人都可以运行瑞波服务器。
♪ Sixth, anyone can run the Ripper server.
? ? ? ? ?同比特币相比较瑞波币具有六个不同点
♪ Ribbon is six different points from Bitcoin
? ? ? ? ?第一，瑞波网络支持多种货币。除了自己的瑞波币，它还支持法定货币（例如美元、欧元、日元，比特币等），并打算在未来有可能支持所有虚拟货币。
First, the Ribo network supports multiple currencies. In addition to its own Ribo, it also supports legal currencies (e.g., the United States dollar, the euro, the yen, the bitcoins, etc.) and intends to support all virtual currencies in the future.
? ? ? ? 第二，瑞波网络自动进行汇率换算。也就是说，用户可以用任何一种类型的货币向他人支付另外任何一种类型的货币，从而实现所有货币的全网流通。
Second, the Ribo network automatically converts the exchange rate. That is, users can pay someone in any type of currency for any other type of currency, thereby achieving full net circulation of all currencies.
? ? ? ? 第三，瑞波币的交易确认过程可在几秒钟之内完成。瑞波引入瑞波共识机制，通过特殊节点的投票，在很短的时间内就能够对交易进行验证和确认。
Third, Ribbon's transaction recognition process can be completed in a few seconds. Rapo introduces the Ribbon Consensus mechanism, allowing for validation and confirmation of the transaction in a very short period of time by voting on a special node.
? ? ? ? 第四，瑞波客户端不需要下载区块链，瑞波系统在普通节点上舍弃掉已经验证过的总帐本链，只保留最近的已验证总帐本和一个指向历史总帐本的链接，因而同步和下载总帐本的工作量很小。
Fourthly, the Ripper client does not need to download the block chain, and the Ripper system discards the validated master account chain at the normal nodes, retaining only the most recent certified ledger and a link to the history ledger, and thus the effort to synchronize and download the master ledger is minimal.
? ? ? ? 第五，瑞波币无需也不能挖矿。
♪ Fifth, Ribbon doesn't have to dig and cannot dig. ♪
? ? ? ? 第六，瑞波币的总量非常不能增加，而且只能递减。该公司已经创造出了1000亿个单位的瑞波币，计划最终向外发行75%的瑞波币货币供应，并承诺永不增发。用户在进行每次交易时要花费一定的瑞波币（金额非常非常低，大约是1/1000美分），这个交易费不交给任何人，只是凭空消失。因此瑞波币只会越来越少，但减少的速度非常慢。
The company has created 100 billion units of rippoons, and plans to eventually release 75% of the rippoons and promise never to increase them. Users spend a certain amount of rippoons (very low, about 1/1000 cents) on each transaction, and the transaction cost simply disappears empty. As a result, the rippoons will be smaller, but the rate of reduction will be very slow.
（4） 分布式交易所
? ? ? ? 网关是瑞波系统网络中资金进出的大门，它类似于货币存取和兑换机构，允许人们把法定货币、虚拟货币注入或抽离Ripple网络，并可充当支付双方的桥梁，即作为陌生人之间的"共同朋友"，相当于SWIFT协议中的银行，这使得瑞波币之外的转账可以在陌生人之间进行。网关实际上也是一种具有不同功能的瑞波系统的帐号。
The gateway is the gateway to money in and out of the Ribo system network, similar to the money access and exchange agency, which allows people to inject or remove legal currency, virtual currency from the Ripple network and can act as a bridge between payment parties, i.e. as a "common friend" between strangers, equivalent to the bank in the SWIFT agreement, which allows transfers outside the Ripoco to be made between strangers. The gateway is also, in effect, a different account for the Ripo system.
? ? ? ? 除了原生瑞波币以外，瑞波系统网关账户可以发行自定义的数字货币。根据其他账户增加的对某一个网关账户的针对对某一个货币的信用额度。该网关账户就可以发行等同于该额度的自定义数字货币给提供给它额度的那些账户。只要定义一个代码，网关账户就可以发行一种加密数字货币。这个新定义的代码可以代表发行者可以想像到的任何东西。
In addition to the original Ribon, the Ribble System Gateway account can issue a custom-defined digital currency. The credit line for a particular currency is increased by another account. The gateway account can issue a custom digital currency equal to that amount to those accounts provided to it. As long as a code is defined, the gateway account can issue an encrypted digital currency. This new code can represent anything the issuer can imagine.
? ? ? ? 针对不同的网关账户发行了各种虚拟数字货币，瑞波网提供了内嵌的交易功能，可以非常方便地进数字货币之间的兑换。许许多多的虚拟数字货币兑换对共同组合在一起形成一张全球性的交易网。该交易网就是一个分布式的数字货币交易所。
A variety of virtual digital currencies have been issued for different gateway accounts, and Ribonet provides embedded transactional functions that make it easier to convert between digital currencies. A large number of virtual digital currency conversions combine to form a global network of transactions. The network is a distributed digital currency exchange.
? ? ? ? 瑞波网内嵌的分布式数字货币交易所是非常安全的。无论是瑞波网本身还是瑞波网的账户都有非常强的安全性。分布式的网络结构，使得任何针对瑞波网的攻击，包括一个或几个服务器被攻破，不会影响到整个瑞波网的运行；也使得任何针对瑞波网的某个账户的攻击，包括账户被破解，也将影响仅仅限于该账户。对于任何对于瑞波网和账户的攻击，都存在着一个固定成本。
The distributed network structure allows for any attack on Ribonet, including one or more servers, not to affect the operation of Ribonet as a whole; it also makes any attack on an account of Ribonet, including the debundling of the account, to affect only that account. For any attack on Ribonet and the account, there is a fixed cost.
（5）瑞波的应用
? ? ? ? 经过多年的运行，瑞波网在公网总帐方面积累了丰富的经验，已经到达了稳定应用的阶段。瑞波网络技术已经在许多银行等金融机构得到应用。一个同行的应用方式就是先采用私有网络建立起自己的应用，再通过瑞波网的组件将建立起来的应用与瑞波网的公有总帐连接起来，最终实现私有网络的隐秘性与瑞波技术的有机结合。
After many years of operation, Ribonet has accumulated a wealth of experience in the public network ledger and has reached a stage of steady application. Ribo technology has already been applied in many financial institutions, such as banks. A peer-to-peer application is the use of private networks to set up their own applications and, through the components of Ribonet, to connect the built applications to the public accounts of Ribonet, which eventually combines private networks in an organic way with Swiss technology.
? ? ? ? 瑞波系统的布置起来非常快捷方便，只要布置五个以上的节点就可以形成一个有效的瑞波分布式清算系统，后续的开发也只要重点进行瑞波组件的连接。瑞波组件可以连接到瑞波公网总帐网络上，也可以连接到使用者自己建立的私有总帐网络上。
Ribo systems are set up quickly and easily, with five or more nodes in place to form an effective Ribo distributed clearing system, and subsequent developments are focused on connecting the Ribo components. Ribo components can be connected to the Ribo network, or to the private general accounts network established by the users themselves.
? ? ? ? 区块链系统的去中心，去中介，去信任的特性有可能改变整个人类社会的经济运行结构。现实中广泛存在的大量中介性质的公司将失掉其生存的根本依据。这正如在人类早期的物物交换的经济结构中并没有所谓中介的存在一样。针对区块链系统的潜在威胁，大批的中介服务类企业，特别是首先受到冲击的金融服务业，积极的参与进区块链系统的研究中来。期盼可以找到规避区块链系统冲击的有效途径。
As with the economic structure of the early exchange of human goods, there is no so-called intermediary. In response to the potential threat of block chain systems, a large number of intermediaries, especially the first-hit financial services, are actively involved in the study of block chain systems. Looking forward to finding effective ways of evading the impact of block chain systems.
? ? ? ? 目前，大量中介性质的公司联合一些科技公司试图对区块链系统技术进行异化。他们提出所谓的私有链等概念来弱化去中心，去中介，去信任。他们同时投入了大量人力物力财力，并组织起来进行这种异化工作。到今天为止，这样的组织已经建立了许多。这里只介绍其中最有影响的两家。
At present, a large number of intermediary companies have joined up with a number of technology companies to try to alienate the technology of the block chain system. They propose concepts such as the so-called private chain, to weaken the centre, to broker, to trust. At the same time, they invest a great deal of human and material resources and organize themselves to do this. To date, many of these organizations have been established. Here are just two of the most influential.
（1）超级账本项目的用来和成员
? ? ? ? ?2015年12月，Linux基金会牵头，联合30家企业（包括IBM、Accenture、Intel、J.P.Morgan、R3、DAH、DTCC、FUJITSU、HITACHI、SWIFT、Cisco等），成立了超级账本(Hyperledger)项目。该项目试图打造一个透明、公开、去中心化的分布式账本项目，它通过创建通用的分布式账本技术，协助组织扩展、建立行业专属应用程序、平台和硬件系统来支持成员各自的交易业务.
In December 2015, the Linux Foundation led a partnership of 30 enterprises (including IBM, Accenture, Intel, J.P. Morgan, R3, DAH, DTCC, FUJITSU, HITACHI, SWIFT, Cisco, etc.) and set up a Superbook (Hyperledger) project which seeks to create a transparent, open, decentralized distributed account project that will assist in organizing expansions, creating industry-specific applications, platforms and hardware systems to support members'respective trading operations.
? ? ? ? 超级账本项目成长飞速，已经有超过160家全球知名企业和机构加入，其中包括30多家来自中国的企业，包括艾亿新融旗下的艾亿数融科技公司（2016.05.19）、Onchain（2016.06.22）、比邻共赢（Belink）信息技术有限公司（2016.06.22）、BitSE（2016.06.22）、布比（2016.07.27）、三一重工（2016.08.30）、万达金融（2016.09.08）、华为（2016.10.24）等。
The super-account project has grown rapidly, with more than 160 globally recognized enterprises and institutions joining, including more than 30 from China, including the Ibon Melting Technologies Corporation, under the banner of IBN (2016.05.19), Onchain (2016.06.22), Belink Information Technology Ltd. (2016.06.22), BitSE (2016.06.22), Bubi (2016.07.27), Trinity (2016.08.30), Banda Finance (2016.09.08) and Hua (2016.10.24).
? ? ? ? 超级账本项目社区由技术委员会（Technical Steering Committee，TSC）指导，首任主席由来自 IBM 开源技术部 CTO 的 Chris Ferris 担任，管理组主席则由来自 Digital Asset Holdings 的 CEO Blythe Masters 担任。另外，自 2016 年 5 月起，Apache 基金会创始人 Brian Behlendorf 担任超级账本项目的首位执行董事。2016 年 12 月，中国技术工作组 正式成立，由万达、华为、IBM担任主要负责，负责本土社区组织和技术引导工作。
The Community of Superaccounts is guided by a Technical Committee (TSC), with Chris Ferris from IBM Open Source Technical Department, and the Management Group chaired by CEO Blythe Masters from Digital Asset Holdings. Furthermore, Brian Behlendorf, founder of the Apache Foundation, has been the first executive director of the SuperAccount since May 2016. In December 2016, China's Technical Working Group was formally established, with Wanda, Hua, and IBM as the lead agency for local community-based organizations and technical guidance.
? ? ? ? 从本质上来讲，超级账本项目是由各种中介类公司共同成立的区块链公司。其根本目的只是为这些中介类公司提供业务上的帮助。
In essence, the super-accounts project is a block chain company that is co-organized by various intermediaries. Its fundamental purpose is simply to provide business assistance to these intermediaries.
（2）超级账本项目的目标
? ? ? ? 创建企业级的、开源的、分布式账本框架和代码库，支持商业事务；通过技术和业务的治理，为市场提供一个中立的、开放的、和社区驱动的基础设施；创建技术社区, 开发区块链和共享账本的POC、应用案例、现场试验和部署；教育公众, 为区块链技术争取市场机会；推广社区内各子社区, 推广带多个平台和框架的工具箱方法。
Create an open-source, distributed framework of accounts and a code bank at the enterprise level to support business affairs; provide a neutral, open and community-driven infrastructure for the market through technology and business governance; create a technology community to develop POC, applications, field trials and deployments of block chains and shared books; educate the public to obtain market opportunities for block chain technologies; and promote the use of toolbox approaches with multiple platforms and frameworks in various sub-communities within the community.
（3）超级账本项目基本原则
? ? ? ? 重视模块化设计，包括交易、合同、一致性、身份、存储等技术场景；重视代码可读性，保障新功能和模块都可以很容易添加和扩展；随着需求的深入和更多的应用场景，不断增加和演化新的项目。
Focus on modular design, including technical scenarios such as transactions, contracts, consistency, identity, storage; focus on code readability to ensure that new functions and modules can be easily added and expanded; and increase and evolve new projects as the need deepens and increases the number of applications.
（4）超级账本架构设计
? ? ? ?超级账本项目首次提出和实现的完备权限管理、创新的一致性算法和可拔插、可扩展的框架。
♪ ♪ Super-account items were first introduced and realized with full rights management, innovative consistency algorithms and scalable, scalable frameworks.
? ? ? ?超级账本包括三大组件：区块链（Blockchain）、链码（Chaincode）、成员权限管理（Membership）。
♪ ♪ Superbooks include three main components: BlockShain, Chain Code, Member Authority Management. ♪
? ? ? ? 区块链提供一个分布式账本平台。一般地，多个交易被打包进区块中，多个区块构成一条区块链。区块链代表的是账本状态机发生变更的历史过程。
Block chains provide a distributed platform for accounts. In general, multiple transactions are packaged into blocks, and multiple blocks form a chain of blocks.
? ? ? ? 链码包含所有的处理逻辑，并对外提供接口，外部通过调用链码接口来改变世界观。世界观是一个键值数据库，用于存放链码执行过程中涉及到的状态变量。
The chain code contains all the processing logic and provides external interfaces, which change the world view by calling the chain code interface. The worldview is a key database for storing the state variables involved in chain code implementation.
? ? ? ? 通过基于 PKI 的成员权限管理，平台可以对接入的节点和客户端的能力进行限制。
The platform can limit access nodes and client capabilities by managing membership rights based on PKI.
（5）超级账本项目的子项目们
? ? ? ?超级账本项目包括5个框架项目：Sawtooth Lake、Iroha、Fabric、Burrow、Indy。超级账本项目包括3个工具项目：Blockchain explorer、Cello、Composer。
Super-accounts include five framework items: Sawtooth Lake, Iroha, Fabric, Burrow, Indy. Super-accounts include three tool items: Blockchain extler, Cello, Composer.
? ? ? ?fabric是区块链技术的一个实现，它的目标是成为开发应用和解决方案的基础，设计为模块化架构。fabric包括 fabric 和 fabric-api两部分。fabric允许组件（共识和成员服务模块）可以插入即用。fabric支持 pbft 等新的共识机制。fabric支持权限管理。fabric最早由 IBM 和 DAH 发起。
♪ Fabric is a realization of block chain technology that aims to be the basis for the development of applications and solutions and is designed as modular architecture. Fabric includes both fabric and fabric-api. Fabric allows components (consensus and member service modules) to be inserted. Fabric supports new consensus mechanisms such as pbft. Fabric supports rights management. Fabric is initiated by IBM and DAH.
? ? ? ? Sawtooth Lake是高度模块化的分布式模块化账本平台，用以创建、部署和运行分布式账本。Sawtooth Lake包括 arcade、core、dev-tools、validator、mktplace 等部分。Sawtooth Lake支持全新的共识机制 Proof of Elapsed Time（PoET）, 它针对的是以最小的资源消耗处理大量的分布式验证器。
Sawtooth Lake is a highly modular distributed modular ledger platform to create, deploy and run distributed books. Sawtooth Lake includes arcade, core, Dev-tools, validador, mktplace. Sawtooth Lake supports a brand-new consensus mechanism Proof of Elapsed Time (PoET), which is designed to handle a large number of distributed authenticators with minimal resource consumption.
? ? ? ?Iroha是一个轻量级分布式账本，侧重于移动。 Iroha 是一个业务区块链框架，用于简单和容易地并入需要分布式账本技术的基础设施项目。
Iroha is a lightweight distribution book focused on mobility. Iroha is an operational block chain framework for simple and easy integration into infrastructure projects requiring distributed book technology.
? ? ? ? Burrow智能合约客户是一个端，是一个可以许可的智能合同机。Burrow发布于2014年12月，首次提供了一个模块化的、带经过许可的智能合约解释器的区块链客户端，它采用了部分以太坊虚拟机（EVM）的技术规范。
Burrow's Smart Contract Client is an end, a licensed Smart Contracter. Burrow, published in December 2014, first provides a modular block chain client with a licensed Smart Contract Interpreter, which uses some of the Ether Virtual Machine (EVM) technical specifications.
? ? ? ? Indy提供了工具、程序库和可重复使用的组件，用于提供基于区块链或者其它分布式账本的数字身份，从而让它们跨管理域、跨应用和其他silo进行互操作。
Indy provides tools, libraries and replicable components to provide digital identity based on block chains or other distributed books, allowing them to interope across management domains, applications and other silos.
? ? ? ? Explorer：展示和查询区块链块、事务和相关的Web应用。Explorer 可以查看、调用、部署或者查询区块、事务和相关数据、网络信息、链码和事务序列，以及任何其它保存在账本中的相关信息。
Explorer: Displays and queryes blocks, services, and related Web applications.
? ? ? ? Cello：Bass工具集，帮助创建、管理、终止区块链。Cello 的目标是将按需的服务部署模式带给区块链生态系统，减少创建、管理和终止区块链所需要的工作量。
The Cello: Bass toolkit helps create, manage, and terminate block chains. The goal of the Cello is to bring the required service deployment model to block chain ecosystems and to reduce the amount of work required to create, manage and terminate block chains.
? ? ? ? Composer是一个协同工具，用以创建区块链业务网络，加速智能合约及其跨分布式账本部署的发展。
Composer is a synergizing tool to create a block chain business network and to accelerate the development of smart contracts and their deployment across-the-board books.
（1）R3 区块链联盟的历史
? ? ? ? 2015年9月，R3区块链联盟创立。创始成员是巴克莱银行，毕尔巴鄂比斯开银行（BBVA），澳大利亚联邦银行，瑞士信贷，高盛，摩根大通，苏格兰皇家银行，道富银行，瑞银集团是9家公司。
In September 2015, the R3 block chain alliance was created. The founding members were Barclays Bank, Bilbao Biva Bank, Federal Bank of Australia, Swiss Credit, Goldman Sachs, Morgan Chase, Royal Bank of Scotland, Dolphin Bank, and Swede Silver Group are nine companies.
? ? ? ?不久之后，又有13家新的公司参加R3区块链联盟。他们是Bankame，纽约梅隆银行，花旗集团，德国商业银行，德意志银行，汇丰银行，日本三菱UFJ金融集团，摩根士丹利，澳大利亚国民银行，加拿大皇家银行，SKF，法国兴业银行，多伦多道明银行 。
♪ Soon after, 13 new companies joined the R3 chain alliance. They are Bankame, Melon Bank, New York, Citigroup, German Commercial Bank, Deutsche Bank, HSBC, Mitsubishi UFJ Finance Group, Morgan Stanley, National Bank of Australia, Royal Bank of Canada, SKF, Société Française d'Economique, Domin.
? ? ? ? 10月28日，瑞穗银行，北欧银行，意大利联合信贷银行加入R3区块链联盟。
October 28th, the Bank of Sio, the Bank of Nordic, the United Credit Bank of Italy joined the R3 chain alliance.
? ? ? ? 11月19日，巴黎银行，富国银行，荷兰国际集团，麦格理银行，加拿大帝国商业银行参与R3区块链联盟。
On November 19, the Bank of Paris, the Bank of Rich Countries, the Dutch International Group, McGrey Bank, the Imperial Commercial Bank of Canada participated in the R3 chain alliance.
? ? ? ? 12月17日有12家企业加入R3区块链联盟。阵容如下：蒙特利尔银行，丹麦银行，联合商业银行，Natixis银行，野村，北方信托，OP金融集团，桑坦德银行，加拿大丰业银行，三井住友银行，美国合众银行，西太平洋银行。
On December 17, 12 businesses joined the R3 chain alliance. The line is as follows: Bank of Montreal, Bank of Denmark, Union Commercial Bank, Natixis Bank, Nomura, North Trust, OP Finance Group, Santander Bank, Canadian Toyo Bank, Trio Bank, United States Bank, Western Pacific Bank.
? ? ? ? 2016年2月16日，R3区块链联盟成员瑞穗银行与富士通科技演示了基于区块链技术的跨境证券交易结算流程。
On 16 February 2016, the R3 Block Chain Alliance member Sio Bank and FujitoTech demonstrated the process of clearing cross-border securities transactions based on block chain technology.
? ? ? ? 2016年4月25日，巴西Itaú银行加入R3区块链联盟。
On 25 April 2016, the Brazilian Bank Itaú joined the R3 chain alliance.
? ? ? ? 2016年5月24日，中国平安集团加入R3区块链联盟。
On 24 May 2016, the Chinese Peace Group joined the R3 chain alliance.
? ? ? ? 2016年6月23日，丰田金融服务公司也加入了R3区块链联盟。
Toyota Financial Services also joined the R3 chain alliance on 23 June 2016.
? ? ? ? 2016年11月，高盛，桑坦德银行，摩根士丹利从R3区块链联盟退出。
In November 2016, Goldman Sachs, Santander Bank, Morgan Stanley withdrew from the R3 chain alliance.
? ? ? ? 2016年12月14日，Credicorp加入了R3区块链联盟
On December 14, 2016, Credicorp joined the R3 chain alliance.
? ? ? ? 2017年5月23日，R3公开宣布，它获得了分布式总账技术和有史以来规模最大的投资1.07亿美元作为其系列A轮融资的一部分，来自40个机构，跨越15个国家的全球性。
On 23 May 2017, R3 publicly announced that it had acquired distributed master account technology and the largest investment ever, $107 million, as part of its series of A-round financing, from 40 institutions across 15 countries.
? ? ? ? 总体上看，R3区块链联盟就是一个银行的技术联盟。从事致力于为银行提供探索区块链技术的渠道以及建立区块链概念性产品。其目标很明确，就是进行私有链的研究发展，期待私有链能够取代公有链。
On the whole, the R3 Block Chain Alliance is a technical alliance of banks. It is committed to providing banks with access to technology to explore the Block Chain, as well as conceptual products to build the Block Chain. Its clear objective is to develop research on the Private Chain, which is expected to replace the Public Chain.
（2）R3区块链联盟的研究
? ? ? ? R3使用以太坊和微软Azure技术，将11家银行连接至分布式账本。R3公司跟一些银行合作探索区块链技术，还自己开展区块链技术的调查研究。
R3 uses Ether and Microsoft Azure technologies to connect 11 banks to distributed books.
? ? ? ? 2016年4月，R3CEV与微软正式建立合作关系，研究实验区块链应用。该联盟最近宣布推出了他们专门为这一目的建立的最新分布式私人账本Corda。
In April 2016, R3CEV formally established a partnership with Microsoft to study the application of the experimental block chain.
? ? ? ? 由于，R3所谓的区块链项目不是一个开放式的项目，R3的具体工作人们无从得知。人们知道的就是自从R3区块链联盟成立之后，召开了一系列的研讨会。
Because R3's so-called block chain project is not an open project, people don't know about R3. It's known that a series of seminars have been held since the creation of the R3 block chain alliance.
（3）对R3区块链联盟的质疑
? ? ? ?在2016年，R3区块链联盟进行了大量的宣传炒作。私有链的未来给人的感觉是万无一失，光明无限。然而，年底一张来自R3 Corda的幻灯片却讲述了一个不同的故事。该幻灯片宣称R3并没有使用任何的区块链，因为R3“不需要区块链”。由此，人们对R3的运作产生了许多的疑问。
However, a slide from R3 Corda at the end of the year tells a different story. The slide claims that R3 does not use any of the block chains because R3 “does not need a chain of blocks.” This raises a lot of questions about R3 operations.
? ? ? ? 一直以来，很多人都在质疑R3 Corda项目的可行性。私有区块链在加密货币爱好者社区一直饱受争议。私有链无法保证存储数据的不能更改性，因为私有链是由中心化实体掌控的。这使得整个私有链概念变得似是而非，因为传统的SQL数据库完全可以替代这种私有链数据库。如果无法保证记录的数据是防篡改的，那么使用分布式账本就没有意义。这些私有链项目都没有使用工作量证明机制，而工作量证明机制是确保记录安全不受伤害和篡改所必须的。
Many people have been questioning the viability of the R3 Corda project. Private sector chains have been controversial in the communities of encrypt money-loving people. Private chains cannot guarantee that data can be stored without change, because private chains are controlled by centralized entities. This makes the whole concept of private chains seem to be different, because the traditional SQL database is a perfect substitute for such private chain databases.
? ? ? ? 区块链的吸引力之一就是这种技术可以加快交易速度。经历数年的工作，R3区块链联盟感觉到自己根本就不需要一个区块链。那么，人们的就对R3区块链联盟有一个疑问，其开发的Corda使用的不是分布式账本技术，究竟使用的什么技术。R3对区块链技术的弃用，是否意味着模仿比特币生态系统是不可行的。
One of the attractions of block chains is that this technology can speed up transactions. After years of work, the R3 block chain alliance feels that it does not need a block chain at all. So, one has a question about the R3 block chain alliance, which Corda is developing instead of a distributed account book technology, and what kind of technology it uses.
? ? ? ? R3成立以来筹集的上亿美元资金，并花掉了一半才声称自己这个以区块链为导向的项目并“不需要”区块链技术。人们非常怀疑R3的那些钱究竟花到了那里去了。不知道R3下一步将向那里发展。R3区块链联盟项目会不会最终只是对时间和金钱的浪费。
R3 has raised billions of dollars since its inception, and has spent half of it claiming that this block-chain-oriented project is not “necessary” of block chain technology. There is a strong suspicion that R3's money has actually been spent there. It is not clear that R3's next step will be to develop there.
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