Terra公司今日宣布，它在种子轮融资中共筹集到3200万美元，该轮的投资者包括Binance Labs、Okex、Huobi Capital和Dunamu & Partners （Upbit运营商的投资公司）。除交易所外，Polychain Capital、FBG Capital、hash、1kx、Kenetic Capital、Arrington XRP Capital和Translink Capital也参与了种子轮融资。这些投资资金将用来创建一种可作为支付解决方案的稳定币。
Terra announced today that it has raised a total of US$ 32 million in seed rotation finance, with investors such as Binance Labs, Okex, Huobi Capital and Dunamu & Partners (Upbit Operators’ Investment Corporation). In addition to the exchange, Polychain Capital, FBG Capital, Hash, 1kx, Kenetic Capital, Arrington XRP Capital, and Translink Capital are also involved in seed rotation finance.
2018.8.31
如今，在寒冰刺骨的币圈，一则巨额融资快讯登上各大区块链媒体头条。3200万/Okex/Huobi/Bianance/Upbit这几个关键字同时出现的概率几乎为零！而Terra到底是何方神圣，能够吸引当今四大交易所及多家顶级资本的联合投资？
Today, in the frozen ring of currency, a massive financing flash appears on the headlines of the regional chains. The probability that the key words of 32 million/Okex/Huobi/Bianance/Upbit will appear at the same time is almost zero. And where is Terra that can attract the combined investment of today’s four major exchanges and multiple top capital?
首先我们来看看什么是稳定代币
First, let's see what a stable token is.
如果你想简单理解稳定代币的含义，只需要将稳定代币拆分为两个词：稳定和代币，含义则是利用区块链技术并保证稳定购买力。而为什么需要稳定性原因则在于涉及未来结算的稳定性。例如BTC波动太大，如果用来做结算单位，它的不可控因素将增加。
If you want to understand the meaning of a stable currency simply divides it into two words: stability and money, meaning the use of block chain technology and the guarantee of stable purchasing power. The reason for the need for stability is the stability involved in future settlements.
而我们最熟知的稳定代币则是USDT，可关于它的丑闻一天都没有停过。USDT的本质问题只有一个：储备金的监管不透明，中心化非常严重。
And the most well-known stable token is the USDT, but the scandal about it hasn't stopped for a day. The only real problem with the USDT is that reserves are not regulated transparently and are very centralized.
USDT爆雷是一件迟早的事情，更多稳定代币正在快速的诞生，而Terra则是其中一员，带着币圈众多大佬的支持，那是否能杀出一条属于Terra自己的道路呢？
It's a matter of time before more stable tokens are born, and Terra is one of them, with the support of a lot of big men in the currency, can we kill a path that belongs to Terra?
Terra协议
一句话概述
Summary of a sentence
Terra是一种与一篮子货币挂钩的加密货币
Terra is an encrypted currency tied to a basket of currencies
（如IMF中的SDR1）
(e.g. SDR1 in IMF)
“国际货币基金组织（英语：International Monetary Fund，简称：IMF）中的
“International Monetary Fund (English: International Monetary Fund)
特别提款权（Special Drawing Right，SDR）是由美元、欧元、人民币、日元和英镑所组成的”
Special Drawing Rights (Specific Drawing Right, SDR) consists of the United States dollar, the euro, the renminbi, the yen and the pound sterling.”
在Terra的协议中被保证有偿付能力，通过100%储备金，保留其从网络中收取交易费用的价值。该协议是通过保证保本运作的，确保储备金的市场价值大于流通中的Terra的价值，并且可以在必要时完成货币政策的调整。
The Terra agreement guarantees solvency and retains the value of its transaction costs from the network through a 100% reserve. The agreement ensures that the market value of the reserve is greater than that of Terra in circulation and that monetary policy adjustments can be completed as necessary.
如果你觉得不好理解，那么四个字就能代表它要做的事情：中央银行。（国家中居主导地位的金融中心机构，是国家干预和调控国民经济发展的重要工具。负责制定并执行国家货币信用政策，独具货币发行权，实行金融监管。）在这里，USDT与Terra的区别就在于，USDT对标的是单一货币储备，也就是美元，而Terra则囊括了全球主要的流通货币。
If you find it hard to understand, then four words represent what it is about: central banks. (The country’s dominant financial central institution is an important tool for state intervention and regulation of national economic development.) It is responsible for designing and implementing a national monetary credit policy, with exclusive monetary issuance rights, and financial regulation.)
Terra的特点概述：
General description of the features of Terra:
储备存款：鼓励用户将Luna（Terra发行的代币）存入储备池，因为从网络中收取的交易费用会产生存款收益。
Reserve deposits: Users are encouraged to deposit Luna (the token issued by Terra) in the reserve pool because the transaction costs charged from the network generate savings.
协议从Terra交易中收取少量费用，通过校准已确保稳定储备池的市值超过Terra的流通供应。
The agreement charged a small fee from the Terra transaction and ensured, through calibration, that the market value of the stable reserve pool exceeded the flow supply of Terra.
通过货币供应的扩张和收缩来稳定价格：协议扩大和收缩Terra令牌的供应，以通过联系汇率来校准汇率，利用货币直觉的数量理论货币供应=价格水平。
Stabilizing prices through the expansion and contraction of the money supply: agreement to expand and shrink the supply of the Terra medal in order to calibrate the exchange rate by linking the exchange rate, using the monetary intuition to theoretical monetary supply = price levels.
储备收缩：当Terra的汇率<价格挂钩时，储备从市场上购买Terra并烧掉它，使货币供应量收缩，使价格水平=货币供应量。
Reserve contraction: When Terra's exchange rate & lt; when prices are tied, the reserve buys Terra from the market and burns it, shrinking the supply of money and making the price level = the supply of money.
通过财政支出进行扩张:当Terra汇率与>价格挂钩时，该体系将铸造新的Terra，并接受Luna利益相关者的提议/投票，进行分散的财政支出，以改善该体系。
Expansion through fiscal spending: When the Terra exchange rate is tied to > prices, the system will forge a new Terra and accept the proposal/voting of Luna stakeholders to spread fiscal expenditure to improve the system.
这几个简短的特点概述则是Terra协议的基础，我们会用比较通俗的语言让大家明白Terra的工作原理。
These brief summaries of features form the basis of the Terra agreement, and we will make it clear in more general terms how Terra works.
Terra的稳定性
The stability of Terra
Terra的汇率如何保证？
How can the exchange rate of Terra be guaranteed?
简单通俗的讲：通过存款持有人投票进行估值。
Simply put: Valuation is done by means of a deposit holder's vote.
这里面也出现了一个区块链的弱点，也就是说当该Token的价值或结果需要区块链世界之外的信息来定义的时候。就会产生一个缺陷——真实性不能得到保障。
There is also the weakness of a block chain, that is, when the Token value or result needs to be defined by information outside the block chain world. There is a defect that arises: authenticity is not guaranteed.
而Terra很有趣的地方就是这一点，它的投票是由存款持有人进行投票的。为什么说有趣？大多数的链都是由Token的持有者进行投票的，比如预测类的Token都是倡导全民参与投票。这里的区别就在于持有Token和持有Token的同时进行存款的用户类型是不同的。那么这两种类型的人对价值的理解是不同的，从参与度来讲，存款持有人更深入，因为投票的真实性更关乎自己的资产估值，从而不愿意作假。
And the interesting thing about Terra is that it is the deposit holders who vote. Why interesting? Most chains are voted by Token holders, such as Token, who advocates popular participation. The difference is that the type of user holding the deposit at the same time as Token is different. So the two types of people have different understandings of value, and the deposit holders are deeper in terms of participation, because the authenticity of the vote is more relevant to their asset valuation than they are willing to falsify.
在Terra的投票定义估值的系统中，每N个区块发起一次投票，投票的用户是有奖惩机制的。并不是随便投票，并且，投票的过程中你也不能看见别人的投票，而是最后直接在区块当中体现。这样做的好处就在于，当投票未结束时，具有优势的一方（真实性有待考证的优势方）会加剧让该协议出现可能的系统性风险。从而让用户从真实的定义去投票，不受干扰。
In Terra’s system for the valuation of the definition of voting, there are incentives and disincentives for each N block to vote. It is not random voting, and you cannot see other people’s votes in the voting process, but it is shown directly in the blocks. The advantage of doing so is that, when the vote is not over, the party with the advantage (the advantage of authenticity to be tested) increases the potential systemic risk of the agreement.
Terra协议由两种Token组成
The Terra Agreement consists of two Tokens
一种为稳定代币Terra，另一种为Luna。
One is a stable token, Terra, and the other is Luna.
该协议依赖于Luna来稳定Terra的价格。Luna有固定的供给，这是在创世区块中确定的。来自Terra交易的费用被用来奖励参与该系统民主进程的用户，这需要在稳定储备中投入Luna。
The agreement relies on Luna to stabilize Terra’s prices. Luna has a fixed supply, which was established in the Genesis block. The costs from Terra’s transactions are used to reward users involved in the democratic process of the system, which requires the input of Luna into a stable reserve.
只要交易发生在Terra系统中，Luna token持有人可以获得稳定的回报。这一资产给了Luna有形的、非投机性的价值。这一点尤为重要，因为不久我们就会清楚地看到，Luna也为Terra经济提供担保。
As long as the deal takes place in the Terra system, Luna token holders will get a steady return. This asset gives Luna a tangible, non-speculative value. This is particularly important, because soon we will see that Luna also guarantees the Terra economy.
Terra与USDT的本质区别在这里就得到完美的体现；USDT的发行全部由Tether公司监管，1：1的美元储备看似很美，但是实际却无从考证。也没有任何人能够有效参与到USDT的监管中。从USDT的发行本质上更像是一个中央银行，缺乏有效的监管与透明。Terra则更像是一个去中心化央行，Luna与Terra的相互依赖的机制让Terra更加稳定健康。
The difference between the nature of Terra and the USDT is perfect here; the distribution of the USDT is entirely regulated by Tether, and 1:1 dollar reserves seems beautiful, but they are not proven. No one can effectively participate in the regulation of the USDT. The distribution of the USDT is essentially more like a central bank, lacking effective regulation and transparency.
动态乘法/里程碑式递减(DMMD)
Dynamic Multiplication/ Milestone Decline (DMMD)
动态乘法/里程碑式递减(DMMD)是Terra协议中的核心组成部分，它是保障Terra\Luna稳定性的核心算法。
Dynamic Multiplication/ Milestone Decrement (DMMD) is a core component of the Terra agreement, which is the core algorithm for guaranteeing Terra\Luna stability.
简单来讲，利用DMMD的机制来校准费率，利用费率抵抗市场波动，完成稳定性维护。
In short, the DMMD mechanism is used to calibrate the rates, to protect against market fluctuations and to complete the maintenance of stability.
去中心化的财政
to centralize finance
大多数稳定代币的数据结构都是一致的，例如在扩张中的回报都是来源于新的货币供应，或者被用来增加抵押品的价值，虽然这似乎有利于稳定，但在现实中，它造成了外汇储备实力与未来增长不确定预期之间的投机性依赖。依赖增长的储备/抵押品计划天生就容易出现下行风险，因为急剧的衰退打击了未来的增长前景，并使支持资产的价值血崩。
Most stable currency data structures are consistent, for example, when the returns in expansion are derived from a new money supply or are used to increase the value of collateral, which seems to be conducive to stability, but in reality it creates speculative dependence between the strength of foreign exchange reserves and uncertain future growth expectations. Reserves/collateral schemes that rely on growth are naturally prone to downside risks, as a sharp recession strikes future growth prospects and stifling the value of supporting assets.
Luna存款从Terra交易费用而不是新的货币供给中获得利息。这种方式不仅减少了投机性，因为交易费用的发放并不依赖于经济增长的二元结果，而且它给了系统一个控制杠杆——费率，以对抗市场波动，稳定储备价值。在收缩期间，系统可以增加交易费用，增加存款持有者的预期现金流，从而提高准备金的估值。在扩张过程中，该系统可以降低交易费用，降低准备金的价值，使资本成本更加优惠。
During the contraction, the system can increase transaction costs and the expected cash flow of deposit holders, thereby increasing the valuation of reserves. During the expansion, the system can reduce transaction costs, reduce the value of reserves and make capital costs more favourable.
分散的财政机构
Decentralized financial institutions
Terra召开一个分散财政机构会议，在第n个区块上运作，持续数周。财政机构的任务是就如何使用Terra的经济增长达成共识。
The task of Terra is to reach a consensus on how to use Terra’s economic growth.
在每次会议开始时，投票监察人员都有机会检查每个代表的投票历史/提案。
At the beginning of each meeting, polling monitors were given the opportunity to examine the voting history/proposals of each representative.
在会议期间，每位代表可以提交并投票表决财政提案。代表们还可以投票反对财政提案。
During a session, each representative may submit and vote on a financial proposal. Representatives may also vote against a financial proposal.
如果会议中还有剩余的Ethereum资金，这些资金将被转移至财政机构的下一届会议。
If there were any remaining Etheeum funds in the meeting, they would be transferred to the next session of the Finance Agency.
参与财政制定过程的参与者将获得前一届会议收取的交易费用，交易费用与他们所持股份的大小成正比。这样，给予的回报与他们的民主努力成正比。
Participants in the financial development process will receive the transaction fees charged at the previous session, which are proportional to the size of the shares they hold. In this way, the returns will be proportional to their democratic efforts.
这样的治理模式和DPos类似，由多个代表决定整个系统的发展。而代表通过不同的用户选举投票产生。系统并不被同一个人或者机构拥有。
This model of governance is similar to that of the DPs, where multiple representatives determine the development of the system. Representatives vote through different user elections. The system is not owned by the same person or institution.
创始团队
Founding Team
整个创始团队已公布的有9人，我只列举了其中两位联合创始人。Daniel Shin是韩国TMon的CEO，是一个典型的实力派，但是区块链项目目前应该是第一个，既然他出来撑头，结果自然也就毋庸置疑了，毕竟投资机构在哪里摆着。
The whole team has been announced by nine people, and I have listed only two of the co-founders. Daniel Shin, the CEO of Tmon, South Korea, is a classic force group, but the block chain project is now supposed to be the first.
顶级的投资机构
Top investment institution
全球四大顶级交易所Binance、UPbit、Huobi、Okex。还有Polychain、FBG等顶级的区块链基金投资，其项目实力我个人觉得毋庸置疑了。
The world’s top four exchanges, Binance, UPbit, Huobi, Okex. And the top block chain funds, such as Polychain and FBG, invest their project strength.
非对称总结
项目总结
Summary of items
Terra协议是一个与中央法币挂钩的加密货币系统，它由两种令牌（Token）组成，一个是基于储备池价值的Terra稳定代币。另一个则是维护这个系统稳定的Luna Token。本质上是一个去中心化的中央银行，所有的货币政策都由Terra系统的维护者制定，不受任何主权国家的债务危机和货币崩溃所影响。是一个完全独立于主权的货币政策体系。
The Terra agreement is an encrypted monetary system linked to the central French currency, consisting of two tokens (Token), one of which is a stable version of Terra’s currency based on the value of the reserve pool. The other is Luna Token, which maintains the system’s stability.
优点
Advantage
Terra的优点比较明显，如果对标USDT；足够的去中心化是Terra最核心的优势，双代币的通证模型让整个系统的运转在更加分散的同时兼顾了参与者的利益，本质来看，Terra是一条金融公有链。与USDT这种伪区块链是不能相提并论的。
The advantages of Terra are more obvious: if the target USDT is to be addressed; if sufficient decentralization is the core advantage of Terra, the bigenerational model allows the system to function in a more decentralized manner, taking into account the interests of the participants. In essence, Terra is a financial public chain. It cannot be compared to a pseudo-block chain such as the USDT.
团队成员与投资机构全行业顶级，试问一个从出生就受到四大顶级交易所投资的项目。你有什么理由不去当韭菜？
Team members and investment agencies are at the top of the industry, asking about a project that has been invested in four top exchanges since birth.
缺点
Shortcomings
仔细看过Terra的白皮书过后，还是存在几个疑点；储备池的资金监管、Luna在整个系统里是否能如愿运行、各国的政策法规可能是制约其发展的重大因素。稳定代币在2018年会爆发式增长，所以后面的竞争对手也将无比强大。如何突围？也是一大难题。
After a close look at Terra’s White Paper, there are still a few questions; financial regulation of the reserve pool, whether Luna can operate as intended throughout the system, and national policy regulations may be a major constraint to its development. Stabilizing the currency’s growth in 2018, so the competitors behind it will be incredibly strong.
结论：项目含金量较高，团队背景实力强大，具有较强的增长空间——买入。
Conclusion: The project has a high monetary content, a strong team background and a strong growth space - buy-in.
明宇杂谈
Myung-woo's bullshit.
文章最后，简单描述一下稳定代币对整个金融体系会有什么冲击？
At the end of the article, what would be the impact of stabilizing the currency on the financial system as a whole?
稳定代币实则为法币数字化的最终形态，之前一直没能真正数字化的最大原因则是中心化的央行将法币数字化是没有任何信服力的，数字化本身是一个杠杆的过程。央行的不透明导致其他央行对其信任是不足的，发行数量/结算体系都是至关重要的。比如某国..........（省略一万字）
Stable tokens are the ultimate form of French digitization, and the biggest reason why they have not been digitalized before is that centralized central banks do not have any credibility, and digitalization itself is a process of leverage. The lack of transparency of central banks has led other central banks to have insufficient confidence in them, and the issuance/settlement system is crucial. For example, in a country... (with 10,000 words omitted)
所以明宇在此大胆的预测，美国是不会采用官方手段将美元数字化，而是通过相应的法规让其他人去做。比如Gemini、Paxos Standard。因为最后收益的还是美元，不需要自己去证明与游说，由市场自行数字化。
So Min Woo's bold prediction here is that the United States will not use official means to digitize the dollar, but rather let others do so through the corresponding regulations. For example, Gemini, Paxos Standard, whose final gain is the dollar, does not need to prove and lobby itself, and the market will digitize itself.
反观某国.................我就不想再继续阐述了。如果有时间我会专门再写一篇关于稳定代币背后的逻辑，与真正的价值互联网的开端。
And I don't want to go on. If I had time, I'd write another about the logic behind the stabilization of the money, and the beginning of the real value Internet.
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