ADF test of digital currency

1.

1、 Different monetary attributes

1. digital currency:

digital currency belongs to legal tender

2. Wechat:

wechat belongs to the third-party payment instrument

3, Alipay:

Alipay belongs to the third party payment tool. p>

2. Different issuers

1. Digital currency:

the issuer of digital currency is the central bank

2. Wechat:

the clearing Party of wechat is a commercial bank

3, Alipay:

Alipay's settlement party is commercial bank. p>

extended data

in the third-party payment mode, the buyer uses the account provided by the third-party platform to pay for the goods (to the third party), and the third party notifies the seller of the arrival of the goods and requires delivery; After receiving the goods, inspecting the goods and confirming, the buyer shall notify the third party for payment; The third party transfers the money to the seller's account

digital currency can be considered as a virtual currency based on node network and digital encryption algorithm. The core characteristics of digital currency are mainly reflected in three aspects:

1. Due to some open algorithms, digital currency has no issuing subject, so no one or organization can control its issuing

Because the number of algorithm solutions is determined, the total amount of digital currency is fixed, which fundamentally eliminates the possibility of inflation caused by the overuse of virtual currency

3. Because the transaction process needs the approval of each node in the network, the transaction process of digital currency is safe enough

2.

At present, whether a digital currency is a valuable currency basically belongs to the "angel wheel" stage. There are three criteria to determine whether a digital currency is a valuable currency: one is the team, the other is the economic model, and the third is the instry demand

The randomness of the

team is too great, so we will not discuss it here. This paper first makes a detailed analysis of the economic model of digital currency. In the following article, the author will analyze some digital currencies according to different instries

Strictly speaking, the economic model involved in this paper is not completely equivalent to the concept described in economics. Especially in digital currency, currency consensus mechanism and incentive mechanism

Consensus mechanism is the strategy and method for each node in the blockchain system to reach an agreement, which should be selected flexibly according to the different types of system and application scenarios

common consensus mechanisms include pow, POS, dpos, pbft (and its variants), etc. In addition, based on the different application scenarios of blockchain technology and the characteristics of various consensus mechanisms, this paper evaluates the technical level of various consensus mechanisms according to the following dimensions:

A) compliance supervision: whether super permission nodes are supported to supervise the nodes and data of the whole network

b) performance efficiency: the efficiency of reaching a consensus and being confirmed

Resource consumption: CPU, network input and output, storage and other computer resources consumed in the process of consensus

d) fault tolerance: the ability to prevent attacks and fraud

1 instry background

looking for Instry pain points: asset management needs professional team and knowledge, but now most digital currency investors do not have it; The fluctuation of digital money market is huge, and investors can't keep the value of assets in the falling market

2 own advantages

in the stock and futures markets for many years, has a mature and high-quality asset management team; AI big data team has strong technical strength

3 Market Research

after market research, it is estimated that the market value of asset management will be about US $1 billion in the next five years

4 total amount of digital currency

after considering the expected asset management market value, development cycle and difficulty, we will consider issuing 2 billion pieces of XT based on Ethereum erc20 digital currency, and never issue additional ones

5 allocation method

early stage investors hold 10%, teams hold 20%, business operation 10%, community construction 10%, and investors hold 50%

6 digital currency release / repo mechanism

the release mechanism can be divided into three categories:

the first category: the money holding part of business operation is fully unlocked, and the purpose is limited to business and operation activities

the second type: the release mechanism of community construction is that community members release exclusive information, cooperation platform release exclusive project progress and so on. According to the number of participating IDS, the corresponding proportion of XT is released (publishers and participants get 50% each) until all the releases are completed (after the release, the follow-up reward comes from the platform profit pool)

the third category: investors hold the mainstream digital currency, conct asset management in the platform, release a certain amount of XT according to the exchange ratio, and the early investors and the team hold part of it synchronously and unlock it according to the proportion

the repo mechanism is: 50% of the profit (in XT) will be returned to the holder; The rest goes into the platform profit pool, and 50% of XT in the profit pool is destroyed monthly until the total number of XT is 1 billion; The rest will be used as platform ecological construction fund

7 digital currency equity

profit sharing: holding XT is for platform users, and they can enjoy 50% of platform profits

platform Governance: participating in platform activities, enjoying XT awards and airdrop activities of other project parties

function customization: Based on platform AI big data, investors can purchase services optimized for indivial trading strategies

3.

The people's Bank of China has not issued digital currency for the time being, so there is no legal digital currency in China at present. At present, digital currency has not been recognized in China, let alone legal

at present, all kinds of digital currencies circulating in the market are basically on the edge of the law. China maintains a neutral attitude, but does not like speculation, which is also the basic attitude of the central bank{ RRRRR}

< H2 > development materials

digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English and the alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy

digital currency is different from the virtual currency in the virtual world, because it can be used for real goods and services transactions, not limited to online games. The early digital currency (digital gold currency) is a form of electronic currency named after the weight of gold. Today's digital currency, such as bitcoin, lightcoin and ppcoin, is an electronic currency created, issued and circulated by check sum cryptography. It is characterized by the use of P2P peer-to-peer network technology to issue, manage and circulate currency. In theory, it avoids bureaucratic examination and approval, so that everyone has the right to issue currency

4. The Chinese meaning of utxo is called: no cost transaction output
utxo is an account model in digital currency, which is different from our current bank account model< Taking transfer as an example, the current situation is:
I want to transfer 2000 yuan to Yiyi. I want to transfer 5000 yuan to her from my China Merchants Bank card. After transferring 2000 yuan to her, 2000 yuan will be dected from my China Merchants Bank account and 3000 yuan will be left
if it's utxo based on bitcoin, the situation is like this:
I have 5000 bitcoin, I transfer 2000 bitcoin to Yiyi, and 2000 bitcoin is consumed, right? be careful! This 2000 is not dected from my 5000 total. Instead, my total bitcoin will be divided into two parts (one is
2000, and the other is 3000). This is called "generating two new utxos": Yiyi takes 2000 bitcoin, and I take 3000 bitcoin myself. 3000 is my change
after the successful transfer, the 2000 bitcoin I gave Yiyi has been used and consumed, so it can no longer be called utxo. However, the 3000 bitcoin I gave my change has not been used yet, so it can also be called utxo, that is, the transaction output that has not been spent. Then, if I have 5000 bitcoins in total and I transfer them all to Yiyi, I just need to generate a new
utxo to Yiyi, and there is no need to change it
based on utxo, every transaction should confirm the situation before bitcoin and check whether bitcoin exists in my utxo. If not, the system will reject your transaction
in this way, the input and output of each transaction are related, which can be traced back to the birth of bitcoin, that is, the source of mining, through utxo
If I want to send the same utxo to two people, the system will only confirm the first one received. Once it is confirmed that utxo has been consumed, you can not transfer it to the next person, thus avoiding the problem of double payment
since the system only confirms the one received first, the problem arises. How does the system know who is first and who is second? Of course, the system knows, because the system has something called "time stamp".

5. There is no necessary connection. It does not necessarily mean that the central bank will appreciate or depreciate the RMB against the US dollar if it tightens the currency. To meet the Marshall condition, tightening the currency now is mainly to prevent inflation

6. It's necessary. It's a real proct of value. Similar to the early reborn, Ethereum, wave field.

7. Global chain WDC development team is the main member of Ethereum development team. The development team holds a large number of Ethereum. The value of global chain WDC is linked with Ethereum. Ethereum will rise, so will global chain WDC. Global chain WDC is held by global digital currency lovers for a long time.

8. CCB responded that on the evening of August 28, CCB carried out relevant functional tests on the mobile banking system. At present, this test has been completed. China Construction Bank also pointed out that the current online information is the test content in the process of technology research and development, which does not mean that digital RMB is officially issued. The current closed test of digital RMB will not affect the commercial operation of listed companies, nor will it affect the RMB issuance and circulation system, financial market and social economy outside the test environment.

9. As the current law of digital currency supervision is still blank, the legalization of digital currency is certainly not a good thing
digital currency can replace paper currency in the future, but it still needs a process. How to ensure the security of digital currency operation system needs technology and a certain amount of time to test.