Digital currency exchange
what is digital currency
digital currency can be used to describe all electronic currencies, including virtual currency and cryptocurrency. Digital currency is a kind of electronic currency without any physical form. Because of its functions and inherent attributes, it is the same as the standard illegal fixed currency, and can also be referred to as the network version of cash. Digital currency is invisible. People need to use and hold it through devices that can be connected to a specific network
T1: eth (the first public chain at present, the underlying platform of Shanzhai coin breeding, and in the speculation of eth2.0) EOS (community consensus + DAPP possible explosion + defi can also join + drop out of high cost performance) Zec (anonymous leader)
T2: Yas (UBI concept, low market value, great potential) atom (cosmos, advantage new public chain), XRP (the decline in 2019 has not risen, so the upward space is still very large) Polkadot dot (Boca, the goal is to surpass Ethereum) KSM (Boca pioneer)
T3: Ada (potential) NEO (myth of 1000 times of the last bull market), ont (strong village), Iost (Iost is currently undervalued, DAPP is also in good development)
there are platform coins in the coin circle, corresponding to HT, BNB, MX
1、 Different definitions:
1. Electronic currency:
refers to the currency paid by electronic means
2. Digital currency:
is a virtual currency based on node network and digital encryption algorithm
Electronic currency: Based on computer technology, it can be widely used in the fields of proction, exchange, distribution and consumption. It has many functions such as financial savings, credit and non cash settlement2. Digital currency:
e to some open algorithms, digital currency has no issuers, so no one or institution can control its issuance; Because the number of algorithm solutions is fixed, the total amount of digital currency is fixed, which fundamentally eliminates the possibility of inflation caused by the overuse of virtual currency; Because the transaction process needs the approval of each node in the network, the transaction process of digital currency is safe enough
Third, the same point:the circulation mode of e-money and digital money is two-way circulation
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e-money is the virtualization of the value scale of real money and the function of payment means. It is a kind of money without monetary entity. Electronic currency is an invisible currency based on highly developed electronic technology
the value of e-money is transferred from the consumer to the seller through the sales terminal, and then the seller redeems the money. The e-money held by the merchant is sent to the e-money issuer to redeem the money, or to the bank. The bank debits the corresponding amount on its account, and then the bank settles with the issuer through the clearing institution
electronic money can transfer money value directly among the holders. It does not require the intervention of third parties, such as banks. This is also the essential difference between electronic money and traditional cash card and transfer card. p>
On November 9, 2019, the central bank has not launched digital currency
in 2014, the Central Bank of China set up a special research team to conct in-depth research on the framework of digital currency issuance and business operation, key technologies of digital currency, issuance and circulation environment, and legal issues
in January 2017, the central bank officially established the digital currency Research Institute in Shenzhen
in September 2018, the Institute of digital currency built a trade finance blockchain platform
On July 8, 2019, at the launching ceremony of the digital finance open research program and the first academic seminar, Wang Xin, director of the Research Bureau of the people's Bank of China, disclosed that the State Council has officially approved the research and development of the central bank's digital currency, and the central bank is engaged in corresponding work in organizing market institutions
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benefits of digital currency
the digitalization of central bank's currency helps to optimize the central bank's monetary payment function, improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest bearing asset to meet the holder's reserve demand for safe assets, and can also become the lower limit of bank deposit interest rate. It can also become a new monetary policy tool
at the same time, the central bank can affect the bank deposit and loan interest rate by adjusting the digital currency interest rate of the central bank, and help to break the zero interest rate lower limit
The Internet of things in China refers to a network concept in which information sensing devices such as GPS, laser scanners, etc. connect any item with the Internet according to the agreed protocol for information exchange and communication, so as to realize intelligent identification, positioning, tracking, monitoring and management. The rudiment of the Internet of things is just like the early form of the Internet, local area network, which shows a great prospect
digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English. It is an 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
risk
digital gold currency is a form of physical currency, whose deposits are measured in gold rather than legal currency. Therefore, the purchasing power fluctuation of digital gold currency is related to the gold price. If the price of gold goes up, it becomes more valuable. If the price of gold goes down, it loses value
since there is no specific financial regulation to regulate digital gold money suppliers, they operate in a self-regulation way. Digital gold money suppliers are not banks, so banking regulations are not applicable. However, the global digital currency Association, founded in 2002, is a non-profit association of online currency operators, convertors, merchants and users. This association supervises the users' reports and ratings the reputation of the convertor. The rating operation is confirmed by the users' reports
criticism
digital gold money suppliers and changers have been accused of being intermediaries of fraulent hyip schemes. In January 2006, business week reported that shadowcrew used the e-gold system, involving a large number of online groups whose identity information was stolen. However, the chairman of e-gold claimed that he would not compromise on any criminal activities using e-gold
E-cash, like paper money, has no value in itself. It only depends on the credit of the issuer to reflect its value. It is a kind of digital information composed of 0 and 1 signed by the bank through electronic means, so it is also called digital currency. It is different from the credit card used now, because the credit card itself is not money, it is just a means of transfer, and e-cash itself is a kind of money, it can be directly used to buy goods. Although it is the same as gold coin and paper money, it does not need physical entity like them. Instead, it can make electronic payment only through data exchange to realize the function of cash. E-cash has the following characteristics:
one is the rapidity of mobile. It can send cash to distant places instantaneously through the network, so it has extremely fast mobility. Because it is a kind of digital information, like the usual data, it can be put in the computer and transmitted by the network. Moreover, it can be sent directly to the store terminal by the consumer terminal, so there is no need to pay the service charge to the intermediate settlement institution. However, because it can transfer large amounts of money to distant places instantaneously, it also increases the monitoring difficulty of financial management institutions, and also causes tax, legal, exchange rate instability and other problems
The other is the anonymity of payment (i.e. it is impossible to know who originally owned the money). Using cash can also achieve anonymity, but it is difficult to achieve it when using electronic settlement services (such as credit card). With the electronization of various social systems, there is a tendency to automatically collect personal secret information. Payment behavior is often the source of all kinds of personal secret information. Therefore, the use of e-cash will be an effective means of self-defense in the future computer society. However, the anonymity of e-cash will also provide the convenience of money laundering for money of unknown origin, so we should try to prevent it The third is to improve the safety. Because the security measures it adopts are far more perfect than the current credit card, much safer than checking accounts and savings accounts, and will not be stolen or robbed like banknotes and coins Fourthly, it can save cost. Banknotes need to be printed, transported, preserved, counted, anti-counterfeited and secured, which requires a lot of expenses. It is reported that the annual cost of transporting tangible currency in the United States is as high as US $6 billion, and that in the United Kingdom is as high as 200 million pounds. The cost of money settlement and transportation between the world bank system accounts for 5% of its total management fee. All these expenses can be saved when using e-cashthe basic structure of SPC telephone exchange
the main task of SPC telephone exchange is to realize the connection of calls between users. It is divided into two parts: voice equipment and control equipment. The telephone equipment mainly includes various interface circuits (such as subscriber line interface and trunk line interface circuits) and switching (or connecting) networks; In the crossbar switch, the control equipment mainly includes the marker and the recorder, while in the SPC Switch, the control equipment is the computer, including the central processing unit (CPU), memory and input / output equipment. Program controlled exchange is essentially a kind of exchange which uses computer to control stored program. It compiles various control functions and methods into programs and stores them in memory. It controls and manages the work of the whole exchange system by using the scanning data of external state and stored program
1. Switching network
the basic function of switching network is to establish the connection path between the calling and called users through the connection command of the control part according to the call requirements of users. In the crossbar switch, it uses all kinds of electromechanical connectors (such as crossbar connector, coding connector, reed connector, etc.), and in the program-controlled switch, it mainly uses the air separation switching network composed of electronic switch array and the time division switching network composed of memory and other circuits
2. Subscriber circuit
the function of subscriber circuit is to realize the connection between various subscriber lines and switches, which is also called subscriber line interface circuit (SLIC). According to the switch system and application environment, there are many types of subscriber circuit. For program-controlled digital switch, there are mainly analog subscriber line circuit (ALC) connected with analog telephone and digital subscriber line circuit (DLC) connected with digital telephone and data terminal (or terminal adapter)
the analog subscriber line circuit is an interface configured to adapt to the analog user environment, and its basic functions are as follows:
battery feed: the switch feeds the common telephone through the subscriber line
overvoltage protection: to prevent the switch from being damaged by voltage surge or Overvoltage on the subscriber line
ringing: to feed the ring stream to the called telephone
Supervision: monitor the on-off status of the subscriber line with the help of the scanning point to detect the off hook, on hook, dialing pulse and other subscriber line signals of the telephone, and transmit them to the control equipment to indicate the user's busy and idle status and connection requirements
coding and decoding (codec): using encoder, decoder (codec) and filter to complete the analog-to-digital and digital analog exchange of voice signal, so as to interface with digital exchange network of digital exchange
hybrid: 2 / 4-wire conversion of subscriber line to meet the four wire transmission requirements of codec and digital switching
test: provide test port for user circuit test
these seven functions are often represented by the first letter abbreviation (borscht). For the analog SPC exchange, no encoding and decoding function is needed; In the digital program-controlled exchange, except for the increment molation mode used in some small exchanges, most of the others use PCM encoding and decoding mode. Digital subscriber line (DSL) is an interface set to adapt to the digital user environment. It is mainly used to connect with various data terminal equipment (DTE) such as computer, printer, VDU and telex through line adapter (LAM) or digital telephone set (sopho-set)
3. In and out repeater
in and out repeater is the interface circuit between the trunk line and the switching network, which is used to connect the trunk line of the switch. Its function and circuit are closely related to the switching system used and the signal mode of inter office trunk line. For the ATU, its function is to realize the interface between the analog trunk line and the switching network. The basic functions generally include:
sending and receiving the line signals indicating the trunk line status (such as idle, occupied, responded, released, etc.)
forward and receive the transceiver signal representing the called number
power supply and signal tone
provide the received line signal to the control equipment
in the simplest case, if the repeater of a switch is connected to another switch through a real trunk line and uses subscriber loop signaling, the function and function of the analog repeater is equivalent to a "telephone"
if other more complex signal modes are adopted, the repeater shall realize the corresponding voice and signaling transmission and control functions
the function of digital trunk interface unit (DTU) is to realize the interface between digital trunk and digital switching network. It transmits trunk signaling through relevant time slots of PCM to complete the basic functions similar to those of analog repeater. But because the digital trunk line transmits PCM group digital signals, it has some special problems of digital communication, such as frame synchronization, clock recovery, code type exchange, signaling insertion and extraction, that is to solve the connection problems of signal transmission, synchronization and signaling coordination
the basic functions of digital relay interface unit include frame and multiple frame synchronization code generation, frame adjustment, zero suppression, code type transformation, alarm processing, clock recovery, frame synchronization search and inter office signaling insertion and extraction, etc. just like borscht of analog user circuit, the above eight functions of digital relay unit can be summarized as gazpacho< The main task of the control part is to execute storage programs and various commands according to the requirements of external users and internal maintenance management, so as to control the corresponding hardware and realize the exchange and management functions
the main control equipment of SPC exchange is microprocessor, which can be divided into centralized control and decentralized control according to its configuration and control mode. In order to better adapt to the requirements of software and hardware molarization, improve the processing capacity and enhance the flexibility and reliability of the system, the degree of decentralized control of the program-controlled switching system is increasing, and the partially or completely distributed control mode has been widely used.
ETL is Ethereum digital currency
Ethereum is an open source public blockchain platform with smart contract function, which provides decentralized Ethereum virtual machine to process point-to-point contract through its special cryptocurrency ether (ETH)
the concept of Ethereum was first proposed by vitalik buterin, a programmer, from 2013 to 2014, inspired by bitcoin, to the effect of "next generation cryptocurrency and decentralized application platform", and began to develop through ICO crowdfunding in 2014
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features:
1. Decentralization. Blockchain technology does not rely on additional third-party management institutions or hardware facilities, and there is no central control. In addition to the self-contained blockchain itself, each node realizes information self verification, transmission and management through distributed accounting and storage. Decentralization is the most prominent and essential feature of blockchain
2. Openness. Blockchain technology is based on open source. In addition to the private information of all parties involved in the transaction is encrypted, the data of blockchain is open to everyone. Anyone can query blockchain data and develop related applications through the open interface, so the information of the whole system is highly transparent
3. Independence. Based on consensus specifications and Protocols (similar to various mathematical algorithms such as hash algorithm used by bitcoin), the whole blockchain system does not rely on other third parties, and all nodes can automatically and safely verify and exchange data in the system without any human intervention