2019年6月19日，由清华大学金融科技研究院区块链研究中心举办的区块链与监管主题沙龙第六期“All You Need to Know About the Blockchain-从共识机制到智能合约”在五道口金融学院成功举办。
On 19 June 2019, the sixth issue of Sharon's block chain and regulatory theme, “All You Need to Know About the Blockchain - From Consensus Mechanisms to Smart Contracts”, organized by the Centre for the Study of Block Chains of the Institute of Financial Science and Technology of the University of Qinghua, was successfully organized at the Five-Portal School of Finance.
本期沙龙邀请到区块大陆科技有限公司首席科学家及创始人杨扬作为分享嘉宾。杨扬获得清华大学电子工程系学士学位、帝国理工金融工程专业硕士学位，在纽约和香港从事投资银行与金融科技创新业务超过十年，曾主导西班牙银行区块链项目落地。本次沙龙中，杨扬就区块链技术的理论实践和为金融与监管科技带来的发展机会发表主题演讲，并与在场参会行业人士、学者展开讨论。杨扬从区块链的两条主线发展为线索，展开本次主题分享，分别为：1. 共识发展的历程；2. 从智能合约与区块链治理的角度认识区块链项目的演变。 以下是部分嘉宾观点。
Sharon invited Yang, the chief scientist and founder of the Continental Science and Technology Corporation, to participate as a guest in this event. Yang was awarded a bachelor’s degree in electronic engineering, a master’s degree in imperial science and finance engineering, from Qinghua University, and over a decade in investment banking and financial science, technology and innovation in New York and Hong Kong, leading the Spanish Bank’s block chain project. In Sharon, Yang made a presentation on theoretical practices in block-chain technology and development opportunities for finance and regulatory science and held discussions with industry and scholars present at the meeting. Yang’s two main lines from Qinghua University were developed as a lead for this theme sharing: 1. The history of consensus development; 2. Understanding the evolution of the block chain project from the perspective of smart contracts and block-chain governance.
- 共识发展的历程
杨扬首先从技术的角度出发，以区块链共识机制的演化路径为线索入手，阐明了共识机制的起源、设计思路与激励模型，并探讨了比特币挖矿为人们带来的思考。
Yang began from a technical point of view, starting with the evolutionary path of the block chain consensus mechanism, clarifying the origins, design ideas and incentive models of the consensus mechanism and exploring the thinking that bitcoin mining brings to people.
根据热力学第二定律，一个孤立系统内的熵减需要做功。基于这个理论，一个分布式记账系统可看作是一个孤立系统，其中的熵减就是共识的达成，那么在区块链中也存在从无序到有序，消耗成本达成共识的过程。这里的“成本”指代计算机资源、能量的消耗以及通信次数等。
According to the second law of thermodynamics, entropy in an isolated system requires work. Based on this theory, a distributed accounting system can be seen as an isolated system, where entropy reduction is a consensus, and there is a process in the chain of blocks, from disorderly to orderly, to cost-consumption. Here, “cost” refers to computer resources, energy consumption, communications, etc.
拜占庭将军容错技术（BFT）来源于拜占庭将军问题，最早在1982年由计算机学家Leslie Lamport提出。在拜占庭罗马帝国中，将军之间只能通过尉官来传递信息，如何找到一种算法，让大多数节点能够保持一致的军事行动，而不受到坏节点（例如，叛徒）的影响？这也就是区块链共识要解决的双花问题：如何解决一个比特币可能存在因不当操作被重复支付的问题。Lamport给出的解决方案之一是口头协议，在口头协议中无法得知尉官的话是否被篡改，为了保证将军发送的消息是真实的，需要反复和其他节点进行验证。口头协议是递归的，其最大容错率是33%，算法复杂度近似于O(N^N)。由于其复杂度高，随着节点数量的增加，口头算法难以在应用于现实场景。1999年，两名美国计算机学家Barbara Liskov和Miguel Castro提出了改进算法PBFT，引入数字签名的方式确保尉官传递的信息不会被篡改。数字签名的使用改进了口头协议中的反复逐次验证尉官传递的信息真伪的步骤，将通信复杂度降低为约O(N^2)，相比于BFT得到了提升。
In the Roman Empire of Byzantine, the General of Byzantine’s faulty technology (BFT) originated in the question of General Byzantine’s payment for improper operation, first raised by the computer scientist Leslie Lamport in 1982. One of the solutions offered by Lamport was an oral agreement, in which it was impossible to know whether the Captain’s words had been tampered with, and in order to ensure that the information sent by the General was true and needed to be tested repeatedly and by other nodes. The verbal agreement was a fallback, with a maximum margin of error of 33 per cent, and the complexity of the calculation was similar to that of O (NN). Given its complexity, with the increase in the number of spots, oral algorithms were difficult to apply.
比特币挖矿：资源的耗费还是价值的创造？
bitcoinmining: cost of resources or creation of value?
比特币具有块链结构，每10分钟生成一个不超过1MB大小的区块，记录这期间验证过的交易内容，每个区块衔接到链尾部从而构建成链状结构。比特币的挖矿过程是记账的过程，每挖出一个块，矿工便会获得一定数量的奖励。激励机制由两部分组成：第一部分是固定奖励，目前挖出一个块会获得12.5个比特币；第二部分是收取的手续费，由创建交易的用户自愿提供给矿工。由于矿工需要拥有足够的算力才能够进行挖矿并获取回报，所以在比特币挖矿过程中，任何一个黑客没有经济学上的动力破坏比特币的挖矿。如果有人想要在挖矿过程中作恶，首先需要付出沉没成本，如购买大量挖矿设备等，这一点导致黑客在经济学上没有作恶动机，整个挖矿过程是自洽的。
Bitcoin has a chain structure, generating up to 1MB-sized blocks every 10 minutes, recording the content of the transactions verified during this period. Each block is connected to the end of the chain to build a chain structure. Bitcoin's mining process is a bookkeeping process, and for each piece to be excavated, miners get a certain amount of incentive. Incentives consist of two parts: the first is a fixed incentive to dig up a block that will now receive 12.5 bits of bitcoins; the second is a charge that the user creating the transaction will volunteer to the miners.
比特币的挖矿需要消耗大量电力，将作为稀缺资源的电力耗费于比特币挖矿遭到了人们的质疑。研究显示，2018年4月，全球范围内比特币挖矿的总电力消耗约等于整个爱尔兰国家的电力消耗水平，而当时比特币的产生总价值可以和爱尔兰整个国家的M1总值相当。从价值角度而言，比特币这种新兴技术创造价值的效率非常高。
Bitcoin mining requires large amounts of electricity, and the use of electricity as a scarce resource for bitcoin mining has been questioned. Research shows that in April 2018, the total electricity consumption of bitcoin mining globally was about the same as that of Ireland as a whole, when the total value of bitcoin production was comparable to the value of the country’s M1.
比特币挖矿也为过剩产能带来了革新。在我国西南部存在大量尚未并网的小型水电资源，其中有一部分小型水电站在进行比特币挖矿业务。2019年4月，国家发改委发布了《产业结构调整指导目录》，指出需要淘汰落后产能，这些小型水电站企业有可能被淘汰掉。虽然这些小型水电站没有并入电力主网，但是通过用于比特币挖矿，这些小水电站同样将挖矿获得的价值传递到外界，它们以将电力数字化的方式创造着价值。换言之，由于比特币的出现，电力创造价值的过程不一定完全需要通过电缆，也可以通过通信通路实现。
In April 2019, the National Development Commission issued a directory of guidelines for industrial restructuring, pointing out the need to phase out backward capacity, and the possibility that these small hydropower plants could be eliminated. Although these mini-hydro plants are not integrated into the main power grid, by digging mines in Bitcoin, these small hydropower stations also transmit the value gained by mining mines to the outside world, and they create value in a way that digitizes electricity. In other words, because of the emergence of Bitcoin, the process of generating value from electricity does not necessarily need to be entirely cabled, but also through communications.
共识机制的发展：不断引入新秩序
如何减少工作量证明PoW使用的能量消耗？最开始人们使用增加通信次数的方式达成共识，之后通过增加能量损耗的方式减少通信次数，现在为了减少能量损耗，还需要引入一个新的秩序或者共识。现在一般采取两种做法，一种是减少共识的容错率，另一种是不做全局共识，只做局部共识，减少共识的质量。
How to reduce the amount of work that supports PoW’s energy consumption? When consensus is first reached by increasing the number of communications, and then by reducing the number of communications by increasing energy losses, a new order or consensus is now needed to reduce energy losses.
降低共识容错率的典型案例是瑞波共识。瑞波是一个为银行体系提供服务的开放网络项目，实现快速支付交易和自动清算功能，其主要竞争对手是全球电汇SWIFT以及最近出现的Libra。瑞波共识假设每一个节点有不低于80%的概率是好节点，并且两个互不信任的节点之间可以通过三方来实现信任。例如，假设节点A与节点B之间相互不信任，但是节点A与C相互信任，节点C与B相互信任，那么节点A不需要直接信任节点B，节点之间的信任可以一级一级传递。瑞波共识的容错率为20%，共识达成的成本与节点数量线性相关。
The typical case of reducing the consensus error rate is the Ribo Consensus. Ribo is an open network project that serves the banking system, with fast-payment transactions and automatic liquidation functions, the main competitors being the global wire transfer SWIFT and, more recently, Libra. The Ripo Consensus assumes that each node has no less than 80% probability of a good node, and that trust can be achieved through three parties between the two nodes of mistrust. For example, assuming node A and Node B are not trusted, but node A and C trust, node C and B trust, so node A do not need direct trust, node B, and trust between node B can be transferred at the first level. The Ribo Consensus has a fault rate of 20%, and the agreed cost is related to the node line.
牺牲全局共识的一个典型案例是2017年的明星项目Tango，它使用低附加值的IoT的共识算法，在验证时只随机验证两条链，并不遍历每个状态，从而保证算法复杂度为常数。Tango项目通过牺牲全局共识、只做局部共识换取了速度。
A typical case at the expense of global consensus is the 2017 star project Tango, which uses a low-value-added IOT consensus algorithm that only randomly validates two chains at the time of validation and does not go through every state, thus ensuring that algorithm complexity is constant. The Tango project has gained speed by sacrificing global consensus, with only partial consensus.
另一种方法是比特币的闪电网络。在主网上，每十分钟可以打包一笔交易。由于主网打包速度比较慢，交易先通过节点内网进行清算，再将结果与主网确认。闪电网络在局部是中心化交易过程，以牺牲了全局安全性的方式实现快速支付目的。
Another approach is the Bitcoin Flash Network. On the main web, a transaction can be packaged every 10 minutes. Because of the slow pace of packing the main web, the transaction is cleared through the node network, and the results are confirmed with the main network.
上面提及的案例所具有的技术特点适用于不同的应用场景。为了同时实现降低消耗能量、实现全局共识、速度快三点，也可以选择使用权益证明PoS共识机制。PoS共识机制来源于朴素思想：持有大量比特币的节点大概率不会作恶。基于这一思想，PoS共识机制设计为，挖矿难度取决于拥有通证的数量，拥有越多的通证，挖矿难度越低，所以PoS的能量损耗远小于PoW。PoS主网缺少算力竞争，其总算力远小于PoW主网，容易遭受其他PoW主网的攻击。
The PoS consensus mechanism is based on the simple idea that holding a large number of bitcoins is likely to be harmless. The PoS consensus mechanism is designed to make mining difficult depending on the number of passes available, the greater the number of passes available and the lower the difficulty of mining, so that PoS’s energy loss is far less than PoW. PoS main network lacks arithmetic competition, and its total power is far less than that of the PoW main network, which is vulnerable to attacks by other PoW main networks.
使用类似PoS共识机制的一个明星项目叫做Cosmos IRIS，引入了惩罚机制Slash抵御贫穷攻击。如果节点主动作恶、蓄意恶性攻击，投票代币会被没收4%，节点会被列入黑名单三个月；如果节点产生丢块、服务器下线等失误，投票代币会被没收0.1%，节点会被列入黑名单一个月。这里存在的一个问题是对“主动作恶”的界定，如何将“主动作恶”这一行为抽象成计算机代码并写入主网？对于这一问题，Cosmos IRIS暂时没有给出明确的答案。
A star project using a PoS-like consensus mechanism, Cosmos IRIS, introduced a punitive mechanism, Slash, to counter poverty attacks. If nodes commit malicious and deliberate malicious attacks, the vote tokens are confiscated by 4%, the nodes are blacklisted for three months; if nodes cause drops, server lines, etc., the vote coins are confiscated by 0.1%, and the node is blacklisted for one month.
在PoS的基础上，可以进一步引入外来秩序。委托权益证明（Delegated Proof of Stake，以下简称DPoS）便是其中一种，它由BM（Daniel Larimer）提出，共识机制类似美国选举总统的方式，不需要进行挖矿，持币人所持有的通证相当于选票，通过投票方式选出票数最高的21个节点成为出块节点。这种方式保证了可扩展性极高并且速度很快，但是使得票更容易集中在拥有大量通证的大户手中，使得去中心化程度不高。
The trust certificate (Delegated Proof of Stake, hereinafter DPOS) is one of these, which was proposed by BM (Daniel Larimmer), a consensus mechanism similar to the way in which the United States elects its president, which does not require mining, a currency holder holding a pass equivalent to the vote, and a vote of 21 of the highest number of votes as the point of exit. This ensures a very high degree of expansion and speed, but makes it easier to concentrate votes in the hands of large households with a large number of certificates, making it less central.
区块大陆发明的共识算法DPoW（Delegate Proof of Work）采用了另一种方式，将共识和出块去耦化，采用挖矿和投票双重机制，有效地将工作量证明PoW和焚烧证明PoB的优势相结合，保证了共识的高性能和去中心化，同时保证了高频短时间出块，具有非常高的TPS。
The Consensus algorithm, DPoW (Delegate Proof of Work), which was invented on the block continent, uses another approach, i.e., the coupling of consensus and blocks, the twin mechanisms of mining and voting, which effectively combines workload proof of PoW and incineration to prove PoB's advantages, guaranteeing the high performance and centralization of the consensus, while ensuring that the high frequency of short-term exits have a very high TPS.
- 从智能合约与治理认识区块链项目的演变
源于朴素思想：持有大量比特币的节点大概率不会作恶。基于这一朴素
stems from the simple idea that holding a large number of bitcoins is probably not bad at all. On the basis of this simple idea
区块链的第二条主线从智能合约与区块链治理角度展开，介绍了区块链项目的演变过程，包括区块链公链项目的起源与现状、典型公链项目介绍、智能合约及其法律地位、以及对于区块链的认知与思考。
The second main line of the block chain was developed from the point of view of smart contracts and block chain governance and described the evolution of the block chain project, including the origin and status of the block chain public chain project, the description of the typical public chain project, the intelligent contract and its legal status, and the perception and reflection of the block chain.
染色币与BTS：暗含的区块链公链思想
2010年，Gavin Andresen首先提出了区块链公链的概念，他把比特币网络当作底层基础设施，赋予比特币“染色”的抽象概念，其通过标记区块链中的比特币，记录外部资产的所有权和转让等信息。Gavin Andresen的这个想法暗含着将区块链网络当作基础设施的概念，但是染色币本身存在两个问题，一个问题是比特币脚本语言图灵不完备，另一个问题是比特币作为底层公链速度太慢，并且随着比特币价格高涨，它已经不适合继续承担这个角色。
In 2010, Gavin Andresen first introduced the concept of a block chain public chain, using the Bitcoin network as a base infrastructure, giving Bitcoin the abstract concept of “colouring” and recording information on ownership and transfer of external assets by marking bitcoin in the block chain. Gavin Andresen’s idea implicitly implies the concept of a block chain network as an infrastructure, but there are two problems inherent in dyed coins: one is that the bitcoin script is not perfect and the other is that bitcoin is too slow as the bottom public chain and that it is no longer fit to continue playing that role as Bitcoin prices rise.
另一个暗含公链思想的项目是Bitshares（BTS）比特股，它瞄准资产发行的细分市场，以BTS发行的通证bts作为抵押发行新资产。BTS通过DPoS的机制选出27位见证人，由见证人给BTS发行的资产喂价。BTS上发行的资产通过喂价逐日盯市，并产生抵押品的变动。BTS的规则提供了一个发行新资产的平台，在该平台上可以发行任何资产。BTS存在的缺陷在于，其喂价系统还不够完善，并且所有发行的资产都存在错向风险。
Another project that implies a public-chained idea is the Bitshares (BTS) Bits Unit, which aims at a segmented market for the issuance of assets, issuing new assets with BTS-issued hyphens as collateral. BTS selects 27 witnesses through the DPos mechanism to feed BTS-issued assets. BTS issues the assets at daily prices and creates changes in collateral. BTS rules provide a platform for the issuance of new assets, on which any assets can be released. BTS has a flaw in its feeding system, which is not sufficiently developed, and all issued assets are at risk of being misdirected.
智能合约的法律地位：与书面合同相同的约束力
Legal status of an intelligent contract: the same binding force as a written contract
智能合约其本质是将文字性约定使用计算机代码实现与执行。在2017年7月，SEC对智能合约给出了定义，通过“智能合约”实现某些功能的自动化并未从美国联邦证券法的范围中消除该行为（”The automation of certain functions through this technology, “smart contracts,” or computer code, does not remove conduct from the purview of the U.S. federal securities laws”）。换言之，智能合约是使用计算机代码签订的合同，合同双方使用数字签名签订了这个代码合同，具有与书面合同相同的约束力。
In July 2017, the SEC defined an intelligent contract, and automation of certain functions through “smart contracts” did not eliminate the act from the scope of United States federal securities law (the agreement of certain functions through this technology, “smart contracts”, or compute code code code, does not move into the context of the paper contract). In other words, an intelligent contract is a contract concluded using a computer code, and the parties use digital signatures to enter into the code contract, which is as binding as a written contract.
区块链网络与云网络不同。云网络是算力的总和，而区块链网络的总算力受限于能力最低的节点。这使得区块链的资源有限，如果有些智能合约运行了多次循环，网络的稳定性就不能得到保证。目前对于这个问题的解决方案大致可分为两种，第一种是gas机制，智能合约的发起方需要为合约的每一步提前付费；第二种是stake机制，开发者通过质押所持有的通证获得一定比例的整个网络的资源来运行合约。
The network of blocks is different from the network of clouds. Cloud networks are the sum of the sum of the values, while the total power of the network of blocks is limited to the least capable nodes. This limits the limited resources of the chain, and the stability of the network cannot be guaranteed if some smart contracts run multiple cycles.
以太坊：第一条区块链公链的诞生
Etheria: The birth of the first chain of blocks / strong >
以太坊在2014年由Vitalik Buterin推出，是世界上第一条真正意义上的公链，在上面可以运行智能合约，以解决比特币不适合做公链的问题。ETH是以太坊的通证，用于支付运行智能合约所需要的成本gas。每次运行智能合约收取的gas价格会发生变动，所以智能合约并非每次都能成功被运行。由于矿工需要出块才能运行智能合约，所以矿工倾向投入资源去计算数学难题而不是运行智能合约。以太坊经常会出现堵塞的情况，难以支持大型应用。
Ether was launched in 2014 by Vitalik Buterin, the world's first true public chain, where smart contracts can be operated to solve the problem that Bitcoin is not suitable for public chains. The Ether is a portal to pay for the cost of running smart contracts, Gas. Every time there is a change in the gas price charged for operating smart contracts, smart contracts are not always successful. Since miners need a block to run smart contracts, miners tend to invest resources to calculate mathematical difficulties rather than to run smart contracts.
以太坊上发行数字资产和通证使用Solidity语言。早期发行的数字货币或者通证有很多漏洞，后期通过推行ERC20和ERC721模板，帮助发行人开发标准化安全的智能合约。Solidity为了增强它的稳定性，不能与外部进行沟通，需要使用预言机Oracle充当外部数据接口，作为数据交换的桥梁。
In order to enhance its stability, it cannot communicate with the outside world, using the Predictor Oracle as an external data interface and as a bridge for data exchange.
稳定币：避险作用大于支付功能
Stable currency: the risk avoidance function is greater than the payment function
稳定币是指价格与法定货币挂钩的数字资产和通证，具有避险功能。稳定币的类型可以分为两种，一种是以法定为抵押发行的稳定币，如Tether的USDT、Gemini的GUSD等。以这种方式发行的稳定币因审计不公开、涉嫌超额发行等因素受到质疑。另一种是以其他通证作为抵押物，按照一定规则管理的稳定币，如BTS的bitCNY等。这种方法发行的稳定币可能会出现错向风险，但是比使用法币质押的方式透明度更高。目前稳定币主要起到避险功能，而非应用于支付场景。
Stable currency means digital assets and transhipments that are price-linked to legal currency. Stable currency types can be divided into two types of stable currencies that are legally issued as collateral, such as the USDT of Tether, and the GUSD of Gemini, among others. Stable currency issued in this way is challenged by factors such as audit secrecy, suspected of being issued in excess of value.
EOS：独特的通证经济模型与资源分配模式
EOS: Unique economic models and resource allocation patterns/strang>
EOS主网在2018年上线，创始人为BM，是目前最快的区块链公链主网，具有速度快、容量大、可支持大规模应用的特性。EOS在社区治理方面率先提出了仲裁庭的机制来管理和服务社区。仲裁机构ECAF（EOS Core Arbitration Forum）专门用于裁决智能合约产生的争端与纠纷。一旦产生纠纷，受害者可以向ECAF提出诉求、提交证据，等待仲裁。仲裁过程中，ECAF会首先发出冻结相关账户指令，随后向相关人员发送仲裁令。在作出仲裁后，会向节点要求修改某个地址的私钥。这种设计机制引起不小争议，也为区块链技术未来的治理方式带来新的挑战。
In 2018, the EOS main network, the founder of which is BM, is the fastest-growing network of block chains with fast, large capacity and features that support large-scale applications. In community governance, EOS has taken the lead in proposing an arbitral tribunal mechanism to manage and service the community. The arbitration body EOS Corporation Forum is dedicated to adjudicating disputes and disputes arising out of smart contracts. In the event of a dispute, the victim can file a claim with the ECAF, submit evidence, and wait for arbitration. During the arbitration process, the ECAF will first issue an order to freeze the relevant account and then issue an arbitration order to the person concerned.
EOS的通证经济模型与资源分配模式与以太坊的设计不同，具有自己的特点。EOS的通证发行10亿枚，其中1亿枚归Block.One基金会所有，剩下9亿通过一年众筹分发给公众。目前，EOS每年增发1亿通证，其中25%归出块节点所有，75%按照投票比例发放给所有节点。在EOS的DPoS中，节点获取奖励的最低标准是每天100个EOS，因此在EOS中，即便不作为出块节点，依然会得到收益。
The EOS meso-economic model and resource allocation model have their own characteristics, unlike the design of the Etheria. EOS circulars issue 1 billion copies, of which 100 million are owned by the Block. One hundred million are distributed to the public over the course of the year. Currently, EOS issues an additional 100 million passes per year, 25% of which are distributed to nodes, and 75% of which are distributed to all nodes in proportion to the voting rate. In EOS’s DPOS, the minimum standard for obtaining node awards is 100 EOS per day, so that in EOS, even if it is not a node, benefits are still available.
EOS的资源定义为CPU时间、内存和带宽，其中前两者尤为重要。开发者通过质押手上的通证获得相应比例的主网资源。例如，开发者通过手上持有的EOS质押换取CPU的时间，这样开发者不再通过使用gas的方式而是通过自己对于资源的估算来运行智能合约程序。等智能合约运行完毕，EOS的资源可以被再次释放，并换回质押的资源。EOS没有采取类似以太坊中使用的购买资源的方式，而是通过质押允许开发者免费使用网络资源。质押与资源比例按照Bancor协议定价，根据Bancor协议，智能合约可以在没有其他平等对手盘的情况下进行区块链数字资产买卖。该协议可以向任何资产根据给定的价格供需曲线，即便没有对手盘，也可以为资产提供流动性。所有的交易对手都不相互进行交易，而是都与分布式主网交易。EOS的内存资源使用Bancor协议分配。
EOS resources are defined as CPU time, memory, and bandwidth, the first two of which are particularly important. Developers obtain a corresponding proportion of the main network resources by pledging a pass on their hands. For example, developers exchange CPU time by using the EOS pledge held in hand, so that developers no longer operate smart contract procedures by using gas but by using their own estimates of resources.
区块链资源在EOS中非常昂贵，因为大部分EOS通证由少数人持有，而开发者所拥有的EOS资源很少。在这种情况下，创始人BM提出的解决方案是在EOS主网内通过租赁方式来获得资源。例如，用户A可以拿出一定的EOS通证来租赁用户B的CPU时间。这种设计方式使得一种去中心化的CPU时间交易所被开发出来，租期7天、14天、28天的CPU回购利率可以在市场上交易，这种方式类似于国债的回购协议市场。由如果从收益是EOS通证本位的角度而言，在EOS系统上这是一种无风险利率，EOS所有的资产都具有时间价值。这个利率推导出来的贴现因子可以用于EOS资产上的现金流贴现，所有现代金融理论和体系可以在EOS系统上实践。
The block chain resources are very expensive in EOS, because most of the EOS passes are held by a few and the developers have very few EOS resources. In this case, the solution proposed by the founder BM is to obtain resources on the EOS main network by leasing them. For example, user A can provide some EOS passes to lease the CPU time of user B. This design allows a decentralized CPU time exchange to be developed, with a lease term of 7 days, 14 days, 28 days CPU repurchase rates to be traded on the market, similar to the market for repurchase agreements for state debt.
区块链：类似生命存在的人工智能
block chain: artificial intelligence similar to life
区块链可以看作是一种没有目的的人工智能，他很像一种生命体，传播DNA但是进化路径自选，按照社会对于他的需求不断演变。例如，如果监管机构对他提出了合规要求，则在诸多利益相关方的参与下，他会逐渐发展成符合合规要求的形态。从这个意义上而言，区块链也可以看作是一种生命。
Block chains can be seen as an artificial intelligence with no purpose, like a living body that transmits DNA but chooses its evolutionary path and evolves according to society’s needs for him. For example, if regulators impose compliance requirements on him, he evolves into a form that meets compliance requirements, with the participation of a number of stakeholders. In this sense, a block chain can also be seen as a life.
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