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Zhang Yifeng
In the printing block chain technology research institute, recently, the central bank issued digital currency "news" attracted a lot of people concern, it is understood that Zhang Yifeng in early 2015 to participate in the central bank research of digital currency, in 2016 took the People's Bank of China digital paper topic, in September 2017, Chinese seal chao coin corporation founded in hangzhou block chain institute of technology,
Here are Zhang Yifeng in block 2018 global chain (hangzhou) speech on the peak BBS:
Last week there was a story in the circle of friends is very popular, is about to take the lead in the People's Bank of China to release the news of digital currency, sometimes one have a meeting in the afternoon, WeChat inside already has dozens of asking, what is the true or false news news, now there is a law in a circle of friends, is called "fake news propagation speed is 6 times of true news", from this point to see if there is no doubt that this is a false news!
I carefully looked at this news, also very interesting, in fact, the quality of the news is quite high, there are 80% of the content and give people a lot of inspiration, while the 20% less on!
The theme of the conference today is called "future", it is also a difficult problem, the problem of digital currency is a difficult thing, in a speech last week President talked about, our understanding of digital currency may influence on the future, maybe a lot of today is not too clear,
Today my speech topic is to combine digital currency, don't talk about the future, to talk about in the past in the development process of the digital currency in the currency in the history of development, under such a background, a coordinate below, want to talk about two people know,
First of all, what we want to send digital currency, back to the history of currency, although some controversy, but today we can be roughly divided in monetary history of several thousand years of human history into several stages, so the earliest called physical currency, you see "money" this two word, under the "goods" is a shell, a "c" is under a towel, on behalf of silk, so our ancestors still very learned, this two word is physical currency in the history of Chinese the first two forms, shells and silk,
May be surprised a lot of people, in the history of silk in China as money is a very long time, until the song dynasty, is known to us in the "union of named" tax, and 20, two thousand silver, silk, 100000 horses is representing the silk, we know that the real currency is one of the biggest defect, it is not easy to break up, so this is the second stage of the currency we call weighing currency or metal currency, metal currency is served for the longest time in the history of mankind a monetary form, in China until 1934 before the main or metal currency, of course, we also saw the first paper money was invented in China around the world, that is in the song dynasty, we call jiaozi (paper),
From notes, we have found that the value of money already morphogenesis decoupling and currency, it is no longer like physical currency, weighing currency, is derived from the currency value of media itself, in other words, into the era of paper money, and we entered into an era of credit currency, and this kind of credit currency era, especially in "bretton woods" after the end, we know that, why call dollars, because the dollar and gold, after the Jamaica agreement, our currency has been thoroughly and in-kind, and metal, and the gold standard, that is why we see monetary new development,
, of course, in recent decades, especially the development of electronic payment electronic currency, can lead to a problem, immediately what digital currency should be like, what it wants to solve problem, it wants to answer any questions of mankind,
On summary, I want to talk about the four views,
The first point, tracing the history of human money just now, we find that the currency of each replacement are two wheels to drive, the first wheel, the inner motive power of social and economic change, why will appear in the song dynasty notes, because of the song dynasty unprecedented developed commodity economy and trade, makes the metal currency supply, this paper produces the inner motive power of social and economic, in addition, the development of science and technology level is the important foundation of monetary change, why is the same paper appeared in the song dynasty, because of the "four great inventions" three are at the beginning of the song dynasty entered the mature stage, because of paper-making mature, making it possible to note, because the engraving printing was highly developed, making notes security become a technically possible, so the digital currency in the future should be also a kind of logic, it is our today from the real economy into the digital economy within a certain economic power, of course also we this for decades, including the development of cryptography, the development of network technology, provides an important technical basis for digital currency development,
The second point, no matter how to change the monetary form, we found that the basic attributes of currency in thousands of years, value scale, medium of exchange, the value is stored does not change the basic characteristics, cognitive for how today's currency, if it is to have value dimensions of these features, is able to act as the medium of exchange in the society, this is our evaluation of the future digital currency on the basis of some important whether reasonable
Third, digital currency is the currency of the sovereign credit, although a lot of people question this, but from the point of monetary history, sovereign credit new stage of the development of the currency is the currency of the thousands of years, so stable, insisting that the money supply is out of our perception of monetary history, this is some of my ideas,
Fourth, every development, in the form of currency notes, from metal currency to include some form of electronic money today, we found that each transition is not as revolutionary direct replacement, is will mix in a long-term gradual process, this is also our perception of digital currency, digital currency even though, it won't be overnight would upset existing monetary form, it is likely to be in a long time and today's notes, and electronic payment today mix for a long time,
This is my personal at four o 'clock after just a review of the history of currency summarized cognition,
Below, we have a look at exactly what happened to the digital currency for decades, by this time have to mention 1976, Herman cryptography new direction, we review the had to sigh for it in a few decades, the book covers almost decades after 76, the global password field all password research direction and the corresponding progress, we see the Angela merkel tree, Byzantine generals problems, including the elliptic curve encryption algorithms, these algorithms are new directions in cryptography in 76 made a guide,
The second point, we have seen in the history of the past, represented by point-to-point transmission technology of a new generation of network communication technology, to today's digital currency development provides a good technical foundation, first put forward the concept of digital currency, design the model of digital currency is one by the name of David Qiao M, he advanced the theory of ECash in 82, he painted and build a world of digital currency, of course, at that time also called "electronic money", at the same time, we see 1977 hash algorithm and the hash algorithm technology, the advent of cash by 2004 became a reusable workload authentication mechanism, this is the predecessor of the currency POW,
There are also some people think along a different path and explore the problem of digital currency, there is one company Mondex based on smart card, based on the POS agency today to build a set of Mondex digital currency system, unfortunately, Mondex today no see, its technology is today the global standard bank card, and PDOC bank card standard source of technology today, so we see in the process of digital currency to explore, although there are some paths, finally no success, but all the exploration for our human society provides important value, to talk about digital currency, we have to mention the currency,
Under the background of the global financial crisis in 2008, one or a group of people, named after the hearing in the published a paper: the currency - peer-to-peer electronic cash system, in January 2009, no. 3 COINS network began to run up, back in 2010, after more than a year of time almost incredibly someone do the deal with it, it is said that in 10000 the currency bought two pizza,
We look at, whether the currency which solved the problem, we are going to talk about money, especially talking about digital currency will have to face the first question, the security, the data can represent the value of you in the end, we see the currency try this password algorithm to solve the security problem of digital currency, an important feature of currency is called anonymous, this we doubt, digital currency in the future is still retains the characteristics of COINS to try a kind of anonymous address since the generated public key to solve the problem, of course, we know that it has no real solution, it's just a scenario, at the very least it trying to solve this problem,
The third is the double flowers, digital currency and the important distinction between the traditional currency notes, bills is a 100 - piece to you, I no longer have, digital currency in the world how to solve the problem of twice to get a sum of money to spend, it is all digital currency must face the important issue, we know that in the currency with the double flower consensus mechanism to solve the problem, and since the digital currency, how do we get a credible books, COINS to the mechanism of distributed books, and everyone is concerned about, back to the front of the problem, digital currency is constant total back to the question, the currency's answer: yes, I'd like to proceed to curing algorithm, it is worth to discuss problems, human society on earth is the next generation of digital currency need constant total mechanism, it will bring benefits to us, what are the negative effects at the same time,
After decades of theory and technology in front of the exploration, beginning around 2015, central Banks around the world begin to enter the path of the exploration of legal digital currency, and we all know, in 2016, the bank of England, puts forward the prototype of digital currency, it attempts to put forward a kind of based on the currency, a central bank how to issue the legal theory structure of digital currency, as well as its basic framework, a lot of things happened in 2016, in June, the world bank in Washington meeting held digital currency, nearly 90 of the world's central Banks to attend the meeting,
And into 2017, especially legal digital currency research is one of the most important central Banks advancing years, we know the number of the People's Bank of China monetary institute was founded on last year, we see the world, Singapore has recently been revealed that the central bank, the monetary authority of Singapore and Canada have been based on encrypted tokens, or research and experiment of the encryption currency cross-border payments, especially in international organizations here, ISOTC68, this is responsible for global financial services standards of an organization, it has set up a working group, specializes in digital currency code standard of secondary registry work,
Especially we have seen in the oldest of a United Nations agency, called the international telecommunication union ITU, ITU in focus group set up the digital currency last year, in May is up and running, the first working group meeting was held in Beijing in October,
Everyone is focused on the oil money, it is also a circle one thing is very busy, venezuela, in 2018 officially launched its legal digital currency, called oil money, although it is not the first, but the biggest one, according to the news, March 23, in exchange for the first time, I don't have to follow up, it's a pity that it's time to pick is not so good, just is the first day of the sino-us trade conflict,
I reviewed, for digital currency important development in the past few years, and then make a summary, want a few ideas, clarify some train of thought,
Today in central Banks, or in the mainstream financial institutions, we think that the digital currency should be issued by the central bank, maybe there will be a lot of change, of course, the future, at least in today we in the foreseeable future, we believe that the digital currency is still based on sovereign credit do endorsement of the central bank issues, we called digital currency, this is not by some institutions to intent, but currency for thousands of years history in a the result of evolution, today of sovereign credit currencies to maintain the stability of the currency, to a monetary value as a kind of scale, it is still one of the best choice now,
Second, talk about the understanding of the virtual currency, here is our familiar currency, etheric COINS, there are also private digital currency, whether it is money that can be discussed, today we compared monetary history of four stages the basic properties, currency first, value scale, we need this kind of currency, currency must have the value of relative stability, good regret over the past year, the currency let us down, it jumps very high, of course, the second, currency as a medium of exchange, we hold currency is in order to more convenient to buy things, rather than simply want it added value, from the point of these attributes, my personal view is that as the currency, the etheric currency, virtual currency, no matter what is the name, today it's properties is still an asset, and cognition and currency there is still a big distance, we wish to express our technology, such as COINS, these products can be in the future time constant evolution and evolution, to become, or for the future a good provide a good reference for digital currency, but today it is not,
The third point, want to talk about the ICO, we know that in September last year the central bank seven ministries jointly issued about tokens, management method of exchange, ICO from the morphology of the technology, it has some innovative features, but, frankly, we regret to see that in last year's practice, most of the ICO project become some illegal fund-raising and cut chives, some progress last block chain, especially some of the items that are represented by ICO, distort the characteristics of the technology, and to the whole industry chain and the block outside the chain, for block chain has brought a lot of damage,
Finally, want to talk about the chain block, block chain we see today is the virtual currency ICO which form the basis of technology, we are very confident for the future of chain blocks, deep understanding to block chain technology does for the progress of human society, for the development of science and technology, for many in the field of breakthrough has brought the very big imagination space, although it today it's at a relatively early stage,
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