The division of which currency level does digital currency belon

1. It is very clear in the speech of the central bank that the digital currency is M0. What is M0? M0 is cash. We speculate that the basic framework for the central bank to issue digital currency in the future should be a two-tier structure. The core is the database of the central bank, and the periphery is the blockchain of different instries, regions and third parties. Why? Only by using a decentralized system in the second layer can you ensure that the money is controlled by the users themselves and that the digital currency really becomes M0

we speculate that once the central bank issues digital currency in the future, the periphery of the structure must be a decentralized system. At present, blockchain is the best choice

when talking about digital currency, the central bank also mentioned another concept, which is called programmable currency. How to understand? For the computer, it has a certain internal self-control function. Take the early object-oriented language as an example, it requires at least two functions, one is the constructor, the other is the destructor. You have to solve the problem of its creation as well as its extinction

through programming, the central bank can control the whole life cycle of money creation, circulation and withdrawal

in the absence of digital currency and programmable currency, the currency issued by the central bank circulates freely in the society. How to return to the cage in the end? One is the return of derivative currency of commercial banks, the other is the return of basic currency of central bank. The former is controlled by the central bank through deposit reserve and other policies, while the latter is controlled by the tax system. If we go up to programmable digital currency in the future, the central bank will have much more control. Even in circulation, control can be increased. That's why central banks are very interested in blockchain technology.

2. Block Tianyan: digital currency is an alternative currency in the form of electronic currency (which can be used for real goods and services transactions). In short, it is the electronization of RMB, which is equivalent to paper currency, but more flexible than paper currency. It can track the flow of your money and pay without the Internet
digital currency has the main characteristics of network packet. This kind of data packet is composed of data code and identification code. The data code is the content we need to transmit, while the identification code indicates where the data packet comes from and goes
based on the characteristics of digital money, the direct benefit of digital money to the central bank is not only saving the cost of paper money issuance, circulation and settlement, but also enhancing the central bank's ability to control funds.

3. In western economics, LMC and SMC represent respectively, M represents margin, LMC represents long-term marginal cost, SMC represents short-term marginal cost, plus lac's long-term average cost, sac's short-term average cost, AC, to synthesize two graphs, which are used to illustrate several critical points, such as when the profit is the largest, when to start to lose, when to stop proction, etc. Western economics refers to the paradigm of political economy which is proced and popular in western countries. In a narrow sense, it refers to the paradigm of western bourgeois political economy. In a broad sense, it includes the paradigm of Marxist political economy. Western economics and Eastern economics are different economic paradigms. Western economics is mainly a paradigm concept, not just a regional concept. Since the reform and opening up, the popular Neo liberal economics in China also belongs to western economics.

4. The regulatory conditions of Singapore license and other licenses are the same. It is necessary to register a Singapore company first and apply in the name of the company
to register a Singapore company, the following information is required:
1. The company can be registered after the proposed name is approved
2 the identity of the registrant is correct, the passport
3 the business scope
4 the registration time is generally 15 working days< br /> 
after the company is registered, we will submit the application form in the name of the company: the current application time is from January 28 to February 27, 2020
if you are worried that your application is not successful, you can send the information to the agent in advance, register the company first, and enter the application queue. So as not to delay the application time.

5. This question actually leads to a topic worthy of discussion: how do we see the "use" of the existing digital currency? Or how do we divide our understanding of digital currency

this division of cognition not only helps us understand digital currency, but also guides our behavior in the process of investment. So I'm going to analyze this topic in two or three articles
from the perspective of cognition, I divide all digital currencies into the following three categories:

the first category is that their value and consensus have been strongly recognized, almost indisputable, and have been transmitted from within the circle to outside the circle. This kind of currency is the least in the whole field of digital currency
this kind of currency typically includes bitcoin and Taiwan dollar. Bitcoin is recognized as "digital gold" and has repeatedly shown the characteristics of "sea calming needle" when the external political and economic environment is unstable; The profit model of platform currency is clear, especially the top three platform currencies have solid cash flow and income relying on the exchange
when talking about this kind of currency, both their consensus and value are highly recognized in the instry, and ordinary people can understand it outside the instry
when we talk about bitcoin with ordinary people, as long as we tell them that gold goes up, bitcoin goes up; When talking about platform currency with ordinary people, just tell them that platform currency is equivalent to the stock of securities companies, and they will immediately understand what we are talking about
although some people outside the instry do not agree with some consensus (for example, some people still do not agree with the value of bitcoin), this does not prevent ordinary people from understanding what we are talking about
the second type is that consensus has been reached, but the actual use value is still being proved, or the so-called "use value" can not show us the actual effect for the time being. This kind of currency is slightly more than the first kind, but also very few in the whole field of digital currency
this kind of currency typically includes Ethereum, EOS and cross chain projects in the field of smart contract

take Ethereum and EOS for example, they are highly expected by the instry. We hope to see that their smart contract function can proce killer applications and bring higher efficiency and lower cost to our daily life
in the past two years, Ethereum has developed a highly concerned defi Ecology (defi, decentralized finance, often referred to as distributed finance or decentralized Finance) in the instry
however, does this ecology have a direct relationship with the life of ordinary people or bring direct benefits? In fact, it does not exist at all. It is still a "niche ecology" in a small circle, far away from our daily life
the ecosystem developed by EOS in the past two years is far from the areas where we expect to bring value into play, and even there are not many people in the instry who pay attention to it
the concept of cross chain project is very novel when it first came out, and it is also considered by the instry to have great potential demand. But after a period of discussion, some people began to question whether this demand really exists
the instry has a consensus, or even a high consensus, on these currencies, but their current value is not satisfactory. Therefore, even if they are recognized by the instry, it is difficult for this consensus to be transmitted outside the instry, not to mention that ordinary people can understand these consensus and values
so we can't talk with ordinary people about what "defi" and "cross chain" are and what's the use

the third category is the currency whose consensus is still in the process of forming. The design objectives and scenarios of this kind of currency may not be understood or recognized by the instry, or even there are great differences in understanding. Their value is even more difficult to judge. This kind of currency accounts for the vast majority of the current market.

6. There are two landmarks at Jianshe intersection in Yuetang District, Hualong Bubugao. The largest shopping mall in Xiangtan has a lot of food. There are also many brand stores in Xiangtan center. The tallest building in Xiangtan is a shopping mall downstairs. The twin towers upstairs have all kinds of food and play. There are private photos, small bars and so on. It's no problem to play for a day. Lanxia road nearby is a snack street, and the whole street is full of food