Ethereum securities

1.

1、 Different definitions:

1. virtual currency:

virtual currency refers to non real currency

digital currency:

digital currency is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy

3. Cryptocurrency:

cryptocurrency is a kind of transaction medium that uses cryptography principles to ensure transaction security and control the creation of transaction units

4. Token (token):

a kind of article whose shape and size are similar to currency, but the scope of use is limited and has no currency effect, and its token is the homonym of token in English

Second, the characteristics are different:

1; It can also be said that virtual currency is personalized currency. In another way, it can also be called information currency

2. Digital currency:

is an unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities

Cryptocurrency:

cryptocurrency is based on the decentralized consensus mechanism, which is opposite to the banking and financial system relying on the centralized regulatory system

4. Token (token):

usually needs to be exchanged for money, used in shops, playgrounds, mass transportation and other places, as a voucher to use services and exchange goods

extended data

at present, digital currency is more like an investment proct, because it lacks a strong guarantee agency to maintain its price stability, and its role as a value measure has not yet appeared, so it can not be used as a means of payment. As an investment proct, digital currency cannot develop without trading platform, operating company and investment company

digital currency is a double-edged sword. On the one hand, the blockchain technology it relies on has been decentralized and can be used in other fields except digital currency, which is one of the reasons why bitcoin is popular; On the other hand, if digital currency is widely used by the public as a kind of currency, it will have a huge impact on the effectiveness of monetary policy, financial infrastructure, financial market and financial stability

2. Don't be fooled. China does not recognize the legitimacy of any virtual currency.

3.

1. about the variability of blockchain

2. eth, if most people agree to modify the chain, that is, variability, then they can modify the blockchain records and contracts

3. etc, blockchain records and contracts can't be modified, that is, they can't be tampered with

4. here are the advantages and disadvantages of the two methods

   The advantage of

5. variability is that people can make timely changes to make the right decisions. Therefore, modifying the specification is more practical than finding loopholes

6. non modifiability means that no matter how smart people are at that time, it is impossible not to make mistakes. Therefore, when problems arise in this scheme, it is best to find and solve the loopholes through the existing legal framework

7. differences in development

8. eth, whether it is intentionally arranged or since its birth, the core decisions of blockchain are made by Ethereum foundation with the participation of the community and most of them are developed by it

9. etc, the decision-making of blockchain is mainly decided by the feedback of three loose, collaborative teams with community participation

10. in any case, anyone can put forward improvement suggestions for the two kinds of blockchains. This is the benefit of open source, and it is also very common. You will find that developers of the two chains communicate with each other through GitHub and reddit. I hope to improve the frequency of communication in order to achieve the common goal

11. about compatibility

12. at present, the two kinds of blockchains are compatible with each other. Contracts or applications written by eth can be applied on etc, and vice versa

13. eth, focusing on ewasm, is committed to providing a platform for more and more developers, while the issue of contract security is secondary, such as viper

14. etc focuses on making developers create more secure contracts, such as viper, iohk research, at the cost of consuming the number of potential developers

15. it's obvious that both chains can accept each other, regardless of whether their wishes are the same or not. My view is that the number of developers is not necessarily related to the quality of the proct

16. about the transaction speed

17. eth, the average is 25 seconds, which will be shortened after upgrading

18. etc, with an average time of 14 seconds, maintained at 10-14 seconds after upgrade, according to ecip-1010 and ecip-1036 protocols

19. about the block capacity

20. eth, with the daily trading volume of eth graally reaching 5 million, the block capacity is graally saturated. This situation is similar to the recent transaction cost of bitcoin. This problem can be solved by expanding the block capacity by increasing the default fuel limit

21. ETC­， At present, there is still a lot of room for block capacity. As more and more people accept etc, the block capacity will also increase, just like eth

22. about community

23. eth, mainly discuss on reddit

24. etc, mainly discuss on slack

25. about monetary policy

26. eth, the planned supply is growing steadily, resulting in an average inflation of 3% in eth blockchain in its life cycle

27. etc, before 2025, inflation will reach 3%, and then the total supply will reach 200 million etc, and then there will be deflation

    As for the regional distribution of trading volume, China accounts for 20%, South Korea 25% and the United States 25%
    In etc, China accounts for 50%, South Korea 25% and the United States 10%
    About securities, at present, investors do not have the option to trade securities. Recently, one of eth's ETFs, trading open-end index funds, was denied by the regulators

28. etc owns etc trading trust, which allows investors to own etc instead of the asset itself

4. According to the Shanghai headquarters of the people's Bank of China, in recent years, speculation related to virtual currency (such as ICO, IFO, IEO, IMO and STO) has been in vogue, prices have gone up and down, and risks have gathered rapidly. Relevant financing entities raise funds from investors or virtual currencies such as bitcoin and Ethereum through illegal sale and circulation of tokens. In essence, they are illegal public financing without approval. They are suspected of illegal sale of token bills, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes, which seriously disrupt the economic and financial order

on September 4, 2017, the people's Bank of China and other seven ministries and commissions issued the "notice on preventing the financing risk of token issuance", which cleaned up the ICO and virtual currency trading venues. The scale of domestic virtual currency transactions decreased significantly, effectively avoiding the impact of virtual currency prices on China's financial market.

5. When I first answered this question, it was on the 70th day of the crowdfunding period of EOS (a crowdfunding day of EOS is 23 hours). At that time, there was a lot of sadness under this answer, because it had dropped from the high of $3 in the initial crowdfunding period to nearly $0.50. When I started talking, there was little attention. In the next two months, the subscription price of EOS has been hovering around this position. If we follow up the subscription, one eth can get about 500 EOS, then the revenue should exceed most of the participants

reviewing the financing of EOS, we not only set many records of ICO, but also a significant milestone in the whole history of open market financing. During the 350 day subscription cycle, 200000 people participated in ICO, accumulating 7.2 million ether coins. According to the market price of the day, the total amount reached US $4.3 billion, which is close to the total IPO amount of Google (US $2.7 billion) and twitter (US $2.1 billion). It is the largest ICO in history so far. It's very worthwhile to make a comprehensive summary. I very much hope that what I write can penetrate the surface of the facts, catch the essence hidden behind, and become a part of historical records

EOS's ICO uses Ethereum's smart contract to complete the automatic subscription and allocation of funds. There is no middleman, and there is no role of investment bank and underwriter of traditional securities listing. This is a primary market. The total number of EOS coins is 1 billion, of which 900 million are distributed to subscribers and 100 million are reserved by block.one. All the funds obtained from the subscription belong to block.one company. Meanwhile, according to the subscription agreement, these funds directly become the profits of the company, and there is no other responsibility and obligation relationship with the subscribers, nor the responsibility and obligation to maintain and develop the EOS software and network. The main network of EOS will be launched by the loosely organized technology forum community, The network operation funds are automatically generated by the code rules, and new EOS tokens are issued to pay to the block procer nodes

in the process of ICO, the secondary market (exchange) is fully opened at the same time. After the completion of the subscription in the primary market, the general financing will enter the secondary market for a period of time. However, the financing cycle is as long as 350 days. The obtained Ethereum EOS token can enter the secondary market for circulation on the same day, resulting in a large number of turnover transactions, The prices of the two markets fluctuated simultaneously

after the end of ICO, the total market value of EOS was US $11 billion, ranking fifth in the list of digital currencies. BCH (US $17 billion), which is closer to fourth place, is more than twice as big as ripple (US $24 billion), which is third place. Compared with the total funding of $4.3 billion, according to the popular view of ICO, it is only three times as much

6.

If the stop loss is set well, the general platform will have the corresponding stop loss setting. The BTC stop loss setting is about 3%, and the ETH stop loss setting is 5%. You can set your own acceptable stop loss

examples are as follows (this is a diagram specially cut in the simulation disk):

when setting, you need to check the box corresponding to stop loss and then set your own stop loss and stop loss as needed

7.

Ethereum is a cryptocurrency whose market value is only lower than that of bitcoin. The emergence of Ethereum also makes up for the lack of scalability of bitcoin. After five years of development, Ethereum has accumulated a large number of fans. Ethereum's concise functional application highlights its own advantages, but Ethereum, which has been developing smoothly, has encountered a "blow", In an interview, SEC Chairman Jack Leighton made it clear that Ethereum was a security, which caused an uproar and led to a crisis of trust in Ethereum

some days ago, people have been worried that once Ethereum is identified as a security, most Ethereum transactions will be banned. Once Ethereum trading stops in the U.S. market for some reason, its currency price will plunge, and other Ethereum related cryptocurrencies will avalanche one after another, or even withdraw from trading. The blow to the coin ring is unimaginable

If Ethereum is really a security, the consequences will be unimaginable. After all, Ethereum has a very small position in the currency circle. Most people have Ethereum in their hands, which may make the Ethereum in the hands of investors depreciate significantly, which will bring a disastrous blow to the currency circle. Whether Ethereum can survive the disaster will make the exchange and investors sweat. For more details, please click

8. Sto profile
according to the block crypto report, the US NASDAQ Exchange is planning to launch the Tongzheng securities platform. To this end, NASDAQ is negotiating with symbiont, a blockchain technology enterprise, with a view to reaching relevant cooperation. This means that some start-ups or enterprises will be able to carry out more flexible financing under the supervision of corresponding regulations in the United States

some people think that sto is the 2.0 version of IPO, some people think that sto is a legal ICO, and even many people claim that the future will be the world of sto. Is sto really that amazing? Chain tiger finance will take you to understand sto quickly and comprehensively through the following five questions

what is sto and how is it different from IPO and ICO

STO, the full name of security token offer, is a kind of security offering with token as the carrier. Under a certain regulatory framework, through non-public offering and public offering to finance, we can token the existing financial assets or interests, such as company equity, debt, intellectual property, Trust shares, gold and jewelry and other physical assets, Can be transformed into digital assets on the chain

take the analogy between security token and securities. When buying securities, the transaction is signed on paper, while st confirms the ownership of assets through blockchain transaction

ICO is a decentralized way of financing through virtual currency. The start-up project can be financed by issuing a token, which can be used as a voucher for the future use of the corresponding blockchain project, and can also be traded in the secondary market, but it does not have physical assets as a basis

e to the unregulated and threshold restrictions, the issue cost is extremely low. This also leads to ICO is easy to breed a variety of illegal fund-raising, pyramid scheme fraud and other problems, with high risk
IPO is the most familiar financing method for most investors. Compared with ICO, IPO is expensive and time-consuming, which may take as long as six months or more to complete. It also needs to meet many conditions such as issuance regulations, regulatory requirements and information disclosure

sto is more like a buffer between IPO and ICO, which combines advantages and avoids risks. It not only has the property of securities, accepts the supervision of securities regulatory agencies in various countries, but also uses blockchain technology to achieve more efficient operation
What are the advantages of STO

sto is based on real assets and issued with token as a carrier. To some extent, sto is a legal and standardized ICO, which has achieved a good balance in terms of supervision, efficiency and cost

easy to regulate. Compared with the chaos of the market caused by ICO, the projects carrying out sto all need to go through the compliance review, and the project code, team backtracking, project procts, etc. will go through the strict screening. This can effectively eliminate inferior projects and purify the current chaotic market environment

expand financing channels. Compared with the high threshold of IPO, sto expands the field of securities token, reces the threshold of user access, and anyone and any asset can participate in it, which greatly improves the global liquidity of high-quality assets

rece financing cost. Sto eliminates the need for middlemen, simplifies proceres, saves time, improves speed and reces costs. It is superior to IPO in terms of financing efficiency, financing time, financing cost, financing region and information symmetry. It is more suitable for entrepreneurship and innovation enterprises and high-tech SMEs

what is the development status of STO

there are some sto attempts in the current market, but they are still in the trial stage

in February 2018, the Canadian stock exchange (CSE) announced that it will launch a securities clearing and settlement platform based on Ethereum blockchain. Companies using this blockchain platform can raise funds from investors through stock token issuance (STO). Companies issuing tokens through CSE platform will be fully supervised by the corresponding securities commission

in June 2018, the securities and Futures Commission of the United States accepted the form d of exemption from registration submitted by blockchain.io according to regulation D. The exchange is also said to have won the approval of the French financial Prudential authority (autorit) é de contrle prudentiel et de r é Solution) registration. This is the first digital asset exchange to "register" with the two regulators at the same time

on September 11, 2018, Ethereum developer Stephane Gosselin announced a new proposal, security token - "erc1400". As a new standard, it combines the fungible of token with securities related business scenarios to design a set of common interfaces. The purpose of the new proposal is to facilitate users to issue securities on Ethereum in a legal and compliant manner

in October 2018, NASDAQ and symbiont negotiated to launch a new platform dedicated to token securities

what challenges does sto face

as an emerging market, the concept and vision of STO are undoubtedly beautiful, but there are still some problems to be solved in the actual financing application

first of all, sto is still in the exploratory stage. At present, no country has relaxed the Securities Law on the issue of securities tokens. In the case that the securitization token only token the traditional securities, from the perspective of the current law and supervision, sto has no great advantage

secondly, in order to make token compliance, how regulators will weigh the market, and the formulation of review standards and processes will also be a very cumbersome process

thirdly, the other side of excessive asset liquidity is the potential huge price fluctuation, which is also uncontrollable

finally, even if sto is implemented under the supervision of the token, but as long as the Internet, it is not immune from the threat of hackers, technical security is a key to be broken through

What do experts think of STO<

Fang Jun of Jung Finance said that sto is a vague concept. Is it for institutional financing or for the public? For institutional and corporate investors, there are existing equity arrangements

for the public, let's go for compliance. The SEC's specifications are clearly there. For institutional and corporate investors, isn't Nasdaq's LINQ already in compliance< According to Chen Yuzhang, sto is innovation, but it can't solve real problems

the underlying logic behind sto: who can find a good company better, retail investors (including big C) or professional institutional investors? Whose money do good companies prefer? Asset securitization is not a real demand, but a speculation. If blockchain wants to prove itself on STO, it needs to answer this question: how does it improve proctivity

xinruibao Chuzhuang said that the enterprise system of the company will be fragmented, and the resulting equity, creditor's rights, and even the currency itself will be redefined. The main area of future investment may no longer be equity in the traditional sense

sto may be the direction, and the specific morphological patterns need to be continuously evolved. Supervision is lagging behind, and new wine cannot be used in old bottles. In the capital market, supervision is never neutral, but a party participating in the game. And supervision has never been effective, supervision can not achieve its declared goal

according to Chen Zhipeng, a researcher of general securities economics, most of the existing STOs correspond to the company's equity, creditor's rights or real estate investment trust and other financial assets in reality. If only the existing securities are securitized simply, it is true that there is insufficient innovation and the generated value is limited. The purity is just a simple mapping of securities on the blockchain<

Friedman, chief executive of NASDAQ, once said: "if you decide to do ICO in a normative way, we are happy to find out if there is an opportunity to work with others."

it can be seen that Nasdaq, which is cautious about encrypted assets, is interested in issuing securitized tokens. As early as 2015, NASDAQ implemented the LINQ blockchain technology for securities trading

at a time when the global logic has turned to the pursuit of asset liquidity, NASDAQ's active exploration of STO will accelerate the arrival of the era of legalized ICO.

9. same.. But he helps you open an account. He has a performance appraisal