Programmability of digital currency
1. Application of different
digital currency: fast, economic and safe payment and settlement; Bill finance and supply chain finance; The real right of collateral is digitalized
e-money: the seller sends the buyer's payment instructions to the seller's acquiring bank through the payment gateway; The acquiring bank obtains the authorization from the issuing bank through the bank card network, and sends the authorization information back to the seller through the payment gateway; After obtaining the authorization, the Seller shall send the buyer the shopping completion information. If payment acquisition and payment authorization cannot be completed at the same time, the seller should send payment acquisition request to the acquiring bank through the payment gateway, and transfer the transaction funds from the buyer to the seller's account. The final inter-bank settlement is completed by the payment system between banks
2. Different characteristics
digital currency is characterized by low transaction cost, fast transaction speed and high anonymity
e-currency is characterized by anonymity, saving transaction cost, saving transmission cost, small holding risk, flexible and convenient payment, anti-counterfeiting and anti repetition, and non traceability
Digital currency can be divided into three categories: completely closed, unrelated to the real economy and only used in specific virtual communities, such as world of warcraft gold; It can be purchased in real currency but not converted back to real currency, and can be used to purchase virtual goods and services, such as Facebook credit; It can exchange and redeem with real currency according to a certain ratio. It can purchase both virtual goods and services and real goods and services, such as bitcoine-money: e-cash based on the Internet environment and keeping the binary data representing the value of money in the hard disk of the computer terminal; An electronic wallet that keeps the value of money in an IC card and can be circulated out of the bank payment system
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.
Blockchain 1.0: programmable currency. Programmable currency is a flexible and almost independent digital currency. Bitcoin is a kind of programmable currency, which makes the flow of value in the Internet possible. Blockchain constructs a new digital payment system, in which people can conct barrier free digital currency transactions or cross-border payment. Moreover, e to the characteristics of decentralization, tamper proof and trustworthiness, blockchain can guarantee the security and reliability of transactions, which will have a subversive impact on the existing monetary system. Blockchain 1.0 sets a new starting point for currency, but there is still a long way to go to build a global unified blockchain network
blockchain 3.0: programmable society. With the further development of blockchain technology, e to its decentralization and distrust function, the application of blockchain will go beyond the financial field. Blockchain 3.0 will not only extend its application to social governance fields such as identity authentication, audit, arbitration and bidding, but also include instry, culture, science and art. By solving the problem of distrust, blockchain technology provides a general technology and global solution, that is, it no longer establishes credit and shares information resources through a third party, so as to improve the operation efficiency and overall level of the whole field. In this application stage, blockchain technology will be used to connect all people and devices to a global network, scientifically allocate global resources, realize the global flow of value, and promote the development of the whole society into a new era of intelligent interconnection
electronic money refers to the exchange of a certain amount of cash or deposit from the issuer and the acquisition of data representing the same amount. By using some electronic methods, the data is directly transferred to the payment object, so that the debt can be paid off. Strictly speaking, consumers pay traditional money to the issuers of electronic money, and the issuers store the equal value of traditional money in the electronic devices held by consumers in electronic form. In short, when we deposit money into our bank account, there will be an extra number in the bank account, which means how much money we have saved. In this process, we give the banknotes in our hands to the bank, and the bank adds a number to us, which is our electronic currency<
digital currency:
is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy. It can not be completely equivalent to the virtual currency in the virtual world, because it is often used for real goods and services transactions, not limited to online games and other virtual space. On January 20, 2016, the people's Bank of China held a seminar on digital currency, announcing that it is developing and striving for the early launch of digital RMB. At the meeting, many experts discussed the overall framework of digital currency issuance, national digital currency in currency evolution, cryptocurrency issued by the state, etc
"the issue of digital currency will make China's economy programmable to a certain extent, and make the economic and financial regulation have a clearer direction, and the whole network distributed accounting mode implemented by digital currency will effectively enhance the credit of China's economy." However, Yao Qian, deputy director of the science and Technology Department of the people's Bank of China and head of the preparatory group of the digital currency Research Institute, also told the media that there is no timetable for the issuance of legal digital currency at present.
why
let's take a look at the current definition of DCEP
Digital legal tender
in addition to being different from legal paper money in carrier, it has the same function as paper money: value scale, circulation means, payment means and value storage
this is also the function of paper money
the issuance of DCEP is based on 100% reserve and will circulate with cash currency, that is, M0 issuance
although the central bank's digital currency was slowly launched after the rise of blockchain technology, it is not pure blockchain technology, but only uses some technologies related to blockchain
we all know that the commercial application of block chain technology still faces many problems, such as concurrency, data storage and so on
a country with a large population like ours, if we use blockchain technology in a strict sense, it will not be able to carry it at present<
Wanxiang blockchain analysis:
from the information disclosed by the people's Bank of China, DC / EP does not use the real blockchain like Libra
although digital currency is not a token in the blockchain, it is similar to the token in the blockchain in the key features of non double flower, anonymity, unforgeability, security, transitivity, separability and programmability
therefore, DC / EP still belongs to token paradigm rather than account paradigm
the central bank is responsible for the maintenance of the DC / EP issuance registration subsystem, which is centralized and does not need to run consensus algorithm, so it will not be subject to the performance bottleneck of the blockchain
in DC / EP, blockchain is used to confirm the right registration of digital currency and plays an auxiliary role
each country's base currency issuance is increasing every year
therefore, the central bank's digital currency improves the bearing property of money. Paper money is naturally suitable for the atomic world, and digital currency is more suitable for the consumption scenarios in the bit world
the supply is definitely the same as that of the previous monetary system, increasing every year.
People often talk about these initiatives in the context of digital money supply. In fact, more than 90% of the money in circulation has become digital money. In most instrial countries, only about 10% of the money is in the form of physical cash. The central bank is making a huge investment to further accelerate and simplify the digital payment process. In the US, the Federal Reserve will soon unveil a new solution, fednow. It can support nationwide real-time electronic payment. In addition to the United States, Britain, Australia, Mexico and Nigeria have also built and deployed similar infrastructure
1. The most authoritative one is the notice of the Bank of China on the unified use of RMB currency symbols on February 3, 1994. The notice reproced on various websites shows that the RMB symbol stipulated by the Bank of China is "one horizontal ￥". However, it is difficult for some websites to display "two horizontal" and "two horizontal" Generally speaking, "two horizontal" and "two horizontal" are used as symbols The error is displayed as "Yiheng ￥". It is not known whether the websites that reprinted the notice also displayed the symbol in error. Because the people's Bank of China is the Central Bank of China, many people, even accounting professionals, question whether this regulation of the Bank of China has universal legal effect
2. Google on the Internet displays the relevant words of currency symbols of various countries. Without exception, the symbol of RMB is "one horizontal ￥", while the symbol of yen is "two horizontal #"
3. Sogou input method, press and hold shift and the top 4 keys to display & quot; One horizontal ￥ & quot; For this symbol, the corresponding symbol of RMB input by Sogou input method is "Yiheng ￥"< Some people think it's "two horizontal" and "two horizontal", The main reasons are as follows:
1. It was not until March 1, 1955 that the people's Bank of China issued the second set of RMB that the symbol of RMB was formally determined. Because the unit of RMB is "Yuan", and & quot; Yuan & quot; The Chinese phonetic alphabet is "Yuan", so the symbol of RMB is & quot; Yuan & quot; The first letter "Y" in Chinese phonetic alphabet. In order to distinguish between "Y" and Arabic numerals, we add two horizontal lines to the word "Y" and write "two horizontal lines" &, The pronunciation is still yuan. From then on, people began to use this symbol to express RMB, and use it as the head symbol when writing digital amount. It is clearly stated here that it is to add two horizontal lines. Before the people's Bank of China denies this, it seems that no one has the right to change it
2. Many bank passbooks, documents and documents of tax bureau are marked with "two horizontal ￥" They think that the bank's passbook, documents and documents of the tax bureau are the blueprint, and they don't doubt whether they are right or wrong.)
3. The book "finance" written in black and white in the university accounting major is "two horizontal and two horizontal"
4. Another humorous way of saying this symbol is that once a woman marries her husband, she will be rich, so the word "Daofu" is the symbol of money
5. Computer language can't recognize "two horizontal" and "two horizontal" in programming This symbol should be replaced by "Yi Heng Yuan"
6. Press and hold the ALT key, continuously type the four numbers 0165 on the keyboard, and then release the ALT key to display "two horizontal & # 165;" It's a symbol
see, the second point is that the symbol of RMB is "&" 165; " There are many reasons and they are well founded. Don't argue in the future. It's y plus two horizontal lines
conclusion: & Press and hold the ALT key, continuously input four numbers 0165 on the keyboard (ALT)
The difference between digital RMB and digital currency< Digital RMB is equivalent to cash, with government credit endorsement. Digital currency is a kind of deposit financing, which is not suitable for deposits within the compensation scope of Bancassurance regulations
digital currency has anonymity
General cash and digital currency have one thing in common, that is, they are similar in anonymity. Cash has a drawback. It can't be tracked at all. You don't know who it is. Digital currency can be tracked. In this way, it has great attraction for the central bank and for the compliance
digital currency has programmability
electronic currency represents a series of digital symbols in the accounts of financial institutions, and then the transaction is the increase or decrease of numbers between accounts. Digital currency is a computer code displayed in the distributed ledger, and transaction is an exchange of computer programs between accounts or addresses. The first is that the total amount is controllable. Since digital currency has a set of preset algorithms to issue and run, we can set the total amount and issuing speed at the beginning of the algorithm. Once the algorithm is set, it cannot be changed. In this way, hyperinflation can be avoided