區塊鏈的熱潮讓那些貼上了「區塊鏈」標簽的公司股價像打了雞血一樣瘋漲，但是迅速地，人們對於利用「區塊鏈」這樣的熱詞炒作的公司出現了審美疲勞。在不少加密貨幣交易所的創業項目破發率居高不下，連大V站台的項目都有可能跑路的當下，加密貨幣市場急需注下更有力的強心劑。最近老牌交易所納斯達克擬推出提供STO證券代幣交易的平台，或許就是這股強心劑。
The boom in the chain has made the stock price of companies with a chain tag appear to be as high as chicken blood, but quickly, people are tired of judging companies that use hot words like a chain. In a number of encrypted currency exchanges, start-up rates are high, and even large V stations are likely to run off, and there is an urgent need for a stronger strategy at the market for encrypted currency.
自從首批基於區塊鏈的ETF開始在納斯達克上市交易後，納斯達克交易所與加密貨幣市場就不時地傳出流言蜚語，比如某些數字貨幣即將上線納斯達克，投資者的情緒也被這些消息影響，市場也隨之大幅波動。很多人預言，納斯達克上線加密貨幣交易將會是下一輪牛市導火索。
From time to time, the Nasdak Exchange and the Encrypted Currency Market have been rumours since the initial chain-based ETFs were listed in Nasdak, such as that some of the digital currencies were about to reach Nasdak, and the sentiment of investors was affected by the news, as well as the market. Many people predicted that the Nasdak Upline Encrypted Currency Exchange would be the next cattle market spark.
雖然加密貨幣的市場是巨大的，但這注定不是一條好走的路，想走通的納斯達克還麵臨著不少的問題。
Although the market for encrypted currency is huge, it is not always a good way to go, and Nasdak, who wants to go through it, faces a lot of problems.
納斯達克的加密貨幣之旅
曖昧不明的美國政府
{\bord0\shad0\alphaH3D}The unknown U.S. government
對納斯達克是否會上市加密貨幣交易產生最大影響的就是美國政府對於加密貨幣的態度。而美國政府對於加密貨幣的態度較為曖昧，時而監管，時而鼓勵，充滿了矛盾。一方麵，作為全球金融最發達的地區，加密貨幣或許能成為改變世界金融格局的重要力量，禁止並非良策；另一方麵，加密貨幣的發展充滿不確定性，稍有差池，會對金融係統產生巨大的危害。
And the US government’s attitude to encryption currency is more ambiguous, sometimes encouraging, and sometimes contradictory. On one side, as the most global financial region, encryption currency may be an important force in changing the world’s financial landscape, and it may not be a good way to ban it; on the other side, the development of encryption currency is uncertain, with only a small pool, and can be a huge risk to finance.
美國政府至今尚未對加密貨幣立法，讓它合法化，一方麵SEC要求加密貨幣交易平台登記注冊，數字資產被定義為證券，屬於SEC的司法監管範圍。但美國國內稅務局(IRS)將加密貨幣視為需征稅的財產。
To date, the US government has not legislated and legalized encryption currency, and one side of the face SEC requires the encryption currency trading platform to register, and digital assets are defined as vouchers that fall within the jurisdiction of the SEC. But the US Internal Revenue Service (IRS) treat encryption currency as taxable property.
重中之重的安全問題
top security issues
另一方麵，交易所本身的安全問題就值得考量。加密貨幣的投資者，對於區塊鏈交易所貨幣被盜早已司空見慣，而由此引發的加密貨幣行情劇烈波動，往往令投資者損失慘重。如果納斯達克上線加密貨幣，就必須處理好安全性問題。從納斯達克的戰略布局看，它也正采取戰略收購的方式彌補自身的短板。9月14日，納斯達克宣布，將收購來自瑞典的交易和實時清算技術提供商Cinnober——被稱為加密貨幣友好服務商。它的加密貨幣托管服務，很好的解決了大型機構資金托管的信任問題。
On September 14, Nasdak announced that he would buy a transaction from Sweden and a real-time clearing technology provider, Cinnober, which is known as an encrypted currency friendly service provider. Its encryption currency hosting service is a good solution to the question of trust in large institutional funds hosting.
蠢蠢欲動的區塊鏈之心
♪ Strange ♪ The heart of the stupid chain ♪ ♪/strange ♪
而納斯達克發行代幣化證券的興趣可以追溯到 2015 年。2015年，納斯達克就已使用了區塊鏈技術，並先後開發基於區塊鏈技術的股權交易平台Linq、區塊鏈支付處理平台ChainCore，還有與比特幣交易平台Gemini合作，推出了用於監管數字資產的SMARTS 市場監視技術等。
And Nasdak’s interest in issuing a currency certificate dates back to 2015. In 2015, Nasdak used a block-link technology, and developed a stock exchange platform based on a block-link technology, Linq, ChainCore, and Gemini, in partnership with the Bit currency trading platform, introduced a monitoring technology for the market of SMARTS, which is used to oversee digital assets.
而在今年8 月，納斯達克和Gemini 旗下的交易所，打算聯合推出一個合資機構，該機構將允許兩個交易所上線數字貨幣，並在全球範圍內為用戶提供流動資產。
And in August of this year, an exchange under the Nasdak and Gemini flag intends to combine the launch of a joint venture that will allow two exchanges of online digital currency and provide mobile capital for users worldwide.
9 月，有消息人士稱，納斯達克或將於 11 月推出預測數字貨幣價格走勢的工具，目前已處於測試階段。這項服務將從錢包的資金流、交易所的數據、社交媒體的數據，為約 500 個加密資產提供價格預測分析。
In September, sources claimed that Nasdak, or a tool to predict digital currency price movements in November, is currently in the testing phase. This service will provide price forecasting analysis for about 500 encrypted assets from the wallet stream, exchange data, and social media data.
隱蔽暗處的危機
hidden crisis
最後，加密貨幣的監管難題。加密貨幣具有去中心化的特點，隱蔽性極強。如果讓其自由流通將會對金融體係的安全性造成衝擊。眾所周知，加密貨幣的發展初期與暗網之間的糾葛，加密貨幣的隱秘性，會讓它成為超越國界的武器，對傳統金融市場造成巨大的危機。
Finally, there is a problem with the supervision of encrypted currency. Encrypted currency has a decentralized feature and is extremely hidden. Free circulation would have a negative impact on the safety of the financial system.
STO能敲開加密世界的大門嗎？
Can the STO open the door to the world of encryption?
自去年開始，ICO市場迅速發展，有數以百計的項目募集了數十億美元的資金。在這裏，欺詐和藍圖並存，雖然幫助了很多初創公司在數秒內募集了數百萬美元，但也因此被美國證券交易委員會（SEC）等監管部門盯上了。
Since last year, the ICO market has grown rapidly, with hundreds of projects raising billions of dollars. Here, fraud and blueprints coexist, helping many start-ups raise millions of dollars in a few seconds, but they are targeted by surveillance agencies such as the United States Securities and Exchange Commission (SEC).
而納斯達克他們在研究一個證券代幣平台，將幫助企業發行代幣，在區塊鏈上進行交易，作為一種募集資金的方式，也就是證券代幣售賣（STO）。和ICO不同的是，STO最顯著特點是所發行的代幣具有證券屬性，受證券機構（例如美國SEC）與相關證券法律法規的監管。為了順利推出這個平台，納斯達克和包括區塊鏈初創公司Symbiont在內的一些企業進行了溝通。
Unlike the ICO, the most notable feature of the STO is that the issue of the currency is of a certificate nature and that the licensed institutions (e.g., the US SEC) and the legal regulation of the certificate system are in charge. To facilitate the launch of the platform, Nasdak and Symbiont, among others, have been able to communicate with some of its companies.
相比不易監管的ICO，STO的安全性性要高一些，因為證券型代幣必須由有形資產包裝，例如公司的收入或股份。而ICO中出現的則是實用型代幣，其保障性不及證券型代幣。也就是說，STO更容易被監管，發現難度與投資門檻都要比ICO高，因此安全係數也更高。但相比IPO，STO的發行和投資門檻，還是要低的多的。
The safety of the STO is much higher than that of the unsupervised ICO, because the voucher-type currency has to be packaged by tangible assets, such as company revenues or shares. The ICO appears to be an operational currency with less security than the voucher-type currency. That is to say, the STO is much easier to monitor, more difficult to discover and more expensive to invest than the ICO, and therefore safer than the ICO. But it is much lower than IPO, the STO's issuing and investing.
STO之所以能取代ICO，很大的區別在於STO所代表的資產已經存在於“現實世界”中。STO通常具有傳統證券性質例如利潤分配、股利分配、投票權、資產抵押擔保債券等，通過非公開募集和公開募集方式對外募資。換句話說，STO就像傳統金融和區塊鏈世界之間的橋梁。
The difference in how the STO can replace the ICO is that the assets it represents already exist in the “real world.” The STO usually has traditional securities such as profit distribution, equity distribution, voting rights, equity mortgage bonds, etc., to raise external funds through non-public and public collection. In other words, the STO is like a bridge between traditional finance and the chain world.
目前對基於區塊鏈技術的通證等新的金融服務、產品和模式的管理，傳統金融監管思路與方法已經較難適應。這要求監管機構從思維和理念上進行創新與突破，STO是這種嚐試的一場很好的社會學實驗。
The management of new financial services, products, and models based on district chain technology has become more difficult to adapt to traditional approaches and methods of financial supervision. This calls for intellectual and conceptual innovation and breakthroughs by regulators, and the STO is a very good sociological experiment of this kind.
納斯達克在世界金融舞台上對加密貨幣未來投入的行動，顯示出監管似乎是加密世界最終能走向光明的代價。有人會爭辯說，加密貨幣必須保持不受監管才能獲得成功。但更加清晰的是，在監管下越來越規範的加密貨幣是接近並參與現有金融市場的唯一途徑。
Nasdak’s actions on the future of cryptographic currency in the world’s financial arena suggest that surveillance seems to be the ultimate price of the world’s brightness. Some argue that encryption currency must remain unsupervised in order to succeed.
似乎事情最終會歸結為某種妥協。但當我們看到越來越多的監管時，這也正是因為加密貨幣正在不斷的茁壯成長且離我們的生活越來越近了。
It seems that things will eventually come back to some sort of compromise. But when we see more and more supervision, it is precisely because the encoded currency is growing and getting closer to our lives.
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