Virtual currency creation

1.

According to Beijing time on October 24, Jeff garzik is one of the few key developers of bitcoin's underlying software, so he knows the shortcomings of bitcoin's blockchain at his fingertips. So he decided to create a better digital currency

he named the currency metronome and said it would be the first virtual currency to be used on different blockchains

this mobility means that if a blockchain dies e to developers' infighting or no one is using it, metronome users can transfer their money to other places. Kajik said that would help metronome maintain its valuation and ensure its long-term survival. In order to create metronome, kajik founded the start-up company bloq. Metronome will be officially launched at the money 20 / 20 conference in Las Vegas on Tuesday, he said

metronome will be generated and supported by automatic distributed software, which is neither controlled nor changed by anyone. The software will start auctioning metronome currency in December and will retain and use the proceeds from the auction to drive the price of the currency. The rest of the project will be open source, so anyone can develop applications for metronome

bloq will provide developer tools for enterprise users. Of the 10 million metronome coins to be auctioned in December, bloq and other organizations that help create and promote metronome will keep 2 million of them. Every 24 hours, 2880 new metronome coins are born

metronome avoids problems that users often encounter when they want to transfer from one blockchain to another. That is, users must sell one cryptocurrency they own and then buy another. This creates transaction costs and may lose the potential appreciation of the currency sold. With metronome, none of this is a problem

when users want to transfer metronome to another blockchain, they will get a digital receipt. They can then send the receipt to another blockchain and add metronome to that blockchain

2.

The concept of bitcoin was founded by Nakamoto

On December 12, 2010, when bitcoin graally became a hot topic, he quietly left and disappeared from the Internet

As a descendant of samurai, Nakamoto was born in 1949 in Beppu, Japan. His mother, quanzi, was a Buddhist and brought him up in poverty

When his parents divorced in 1959, Nakamoto's mother remarried and immigrated to California with her three sons. Nakamoto and his stepfather don't get along well, but according to his younger brother Arthur, Nakamoto showed his talent in mathematics and science when he was very young, but also showed his "fickle and strange interest"

Nakamoto graated from Caltech, majoring in physics. Upon graation, he joined Hughes Aircraft and worked in defense and electronic communications. Later, Nakamoto worked for the U.S. military, and his experience was classified as a state secret. Now searching his files, his life is a blank

In 2008, in an e-mail group discussing information encryption on the Internet, he published an article outlining the basic framework of the bitcoin system. In 2009, he established an open source project for the system, officially announcing the birth of bitcoin. On December 12, 2010, when bitcoin graally became the climate, he quietly left and disappeared from the Internet

3. E-wallet is an independent program, which belongs to personal wallet after registration

4. Only Nakamoto himself knows that other people can't get the real answer

bitcoin is the first currency to realize the concept of "secret currency". In 1998, Wei Dai first expounded the concept of "secret currency" in cypherpanks mailing list, that is, a new form of currency that uses cryptography principles to control the issuance and transaction of currency, rather than relying on the central management organization. In 2009, Satoshi Nakamoto published the first bitcoin specification and its proof of concept in the cryptography mailing list. At the end of 2010, Nakamoto left the project and did not disclose much about his identity. Since then, many developers have devoted themselves to bitcoin projects, and the bitcoin community has grown rapidly
Nakamoto's anonymous identity often leads to groundless worries, many of which are related to the misunderstanding of bitcoin's open source features. Bitcoin's protocol and software are published publicly. Any developer around the world can view its code or develop their own modified version of bitcoin software. Just like current developers, Nakamoto's influence is limited to the changes he makes that are adopted by others. Therefore, Nakamoto does not control bitcoin. So, today, the question of the identity of the inventor of bitcoin may be the same as that of the inventor of paper
up to now, bitcoin is only a small-scale large-scale socialization experiment, while Ruitai coin and Qianjin card are the experimental objects of bitcoin.

5.

Money creation, also known as monetary expansion, is a financial behavior in which the central bank, commercial banks and non banks (institutions or indivials) work together to expand the amount of money in circulation in the banking system through the credit relationship

Controlling monetary expansion is one of the main tasks of the central bank

not all currencies in circulation need to be backed by cash, physical assets or government assets. The currency of a country is backed by the economic potential of the country or the legal tender law of the government. This potential also becomes the theoretical upper limit for the government to issue money

extended data:

model construction

b: real capital D: total capital C: cash withdrawal Rd: demand deposit reserve ratio RT: time deposit reserve ratio K: cash leakage rate = C / d

the first step of model construction

b = Rd × D + CD = B / (RD + k)

the second step of model construction

introce excess reserve re e: excess reserve ratio B = Rd × D + C + Red = B / (RD + e + k)

the third step of model construction

introce time deposit t (T, the proportion of time deposit to current deposit) B = rdxd + RT × T+C+ReD=B/(rd+rt × t+e+k

6. Maybe it's just the prejudice of a few people. The vast majority of fans who like NBA will support NBA all the time. Moreover, NBA players are updated quickly, and it's normal that some of them are not liked.

7. 1. Money supply refers to the process in which a country's banking system invests, creates, expands (or contracts) money into the economy in a certain period of time< Under the modern credit monetary system, the process of money supply generally involves four actors: central bank, commercial bank, depositor and borrower. The banking system plays a decisive role in the process of money supply. Money in circulation is supplied by banks, which is closely related to the assets and liabilities activities of central banks and commercial banks< Under the financial system of the central bank system, money supply is injected into circulation through the creation of basic money by the central bank and deposit money by commercial banks. This supply process has three characteristics: first, the main body of money supply is the central bank and commercial banks; ② The two entities create corresponding money respectively. That is, the central bank creates cash currency, and the commercial bank creates deposit currency; ③ Non bank financial institutions have an important impact on money supply< There are three basic conditions in the process of money supply in the banking system: 1. Complete credit currency circulation; 2; ② Carry out the system of deposit reserve; ③ Non cash settlement is widely used< The process of money supply can be divided into two parts: 1. The basic money supply provided by the central bank; 2; ② The creation of deposit money by commercial banks< The basic currency provided by the central bank goes out through its asset business, generally through three channels: (1) buying and selling foreign exchange gold in the foreign exchange market, changing the reserve assets; ② Buying and selling government bonds on the open market, changing the claims on the government; ③ Rediscount or refinance commercial banks and change their claims on financial institutions

7. Base currency refers to the sum of the currency held by the public in the circulation field and the reserves of the banking system. As the basis of deposit expansion and money creation in the whole banking system, its amount has a decisive impact on the total amount of money supply. Base currency = Cash + deposit reserve of banking system

8. The increase of the central bank's creditor's rights to commercial banks means the increase of the central bank's rediscount or refinance assets, which indicates that the base money injected into circulation through commercial banks will increase and lead to multiple expansion of money supply. On the contrary, if the central bank's creditor's rights to commercial banks decrease, it means that the central bank reces rediscount or refinance assets, and the money supply will shrink sharply

9. Money multiplier refers to the multiple relationship between money supply and base money. In the process of money supply, there is a multiplier effect between the initial money supply of the central bank and the final money formation of the society< Currency multiplier is mainly determined by currency deposit ratio and reserve deposit ratio. The currency deposit ratio is the ratio of cash in circulation to current deposits of commercial banks. The higher the currency deposit ratio is, the smaller the money multiplier is; The lower the currency deposit ratio, the greater the currency multiplier. Reserve deposit ratio is the ratio of total reserve to deposit held by commercial banks. Reserve deposit ratio also changes in the opposite direction with money multiplier

11. The endogeneity of money supply means that money supply is difficult to be directly controlled by the central bank, but is determined by all economic entities in the economic system. The exogenous nature of money supply means that money supply can be directly controlled by the central bank outside the economic system

12. China's current money supply has both the generality of market economy and the characteristics of transition economy, which makes money supply coexist in exogenous and endogenous. Generally speaking, the central bank still has a strong control over the money supply, but at the same time, with the deepening of reform and opening up, the endogeneity of money supply is also increasing< br />
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8. A documentary says that the Internet is developing too fast and widely, and everyone can't do without the Internet. So some people began to think of a general currency, bitcoin, which is mainly used on the Internet and has all the functions of real currency, but there is no such currency in the real world. I remember it was a Japanese who first put forward this idea, and then found a group of people to work together to start the plan.