Emerging network virtual currency
the old bit era and biter. New Yuanbao net, Xigu net and jucoin net.
according to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have legal compensation and mandatory monetary attributes, is not a real currency, does not have the same legal status as currency, cannot and should not be used as currency in the market, and citizens' investment and transaction of virtual currency are not protected by law
response time: December 10, 2020. Please refer to the official website of Ping An Bank for the latest business changes
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1. Litcoin (LTC) is an improved version of digital currency inspired by bitcoin (BTC). It was designed and implemented by a programmer who worked in Google. It was released on November 9, 2011. Lightcoin and bitcoin have the same implementation principle in technology, but the creation and transfer of lightcoin is based on an open source encryption protocol, which is not managed by any central organization
2. Sunshine coin (SSC for short) is sponsored by Liu Chunyang, vice president of Jinhua express delivery Association of Zhejiang Province, instrial entrepreneur and philanthropist of express delivery instry. As a legal person, Zhejiang Dongyang Yueyin Technology Co., Ltd. is registered with the formal instry and Commerce Bureau, with a registered capital of 10 million yuan. With this as the backing and support, the sunshine elite team affiliated to the company launched the first virtual coin sunshine coin
The English name of Vicat is onecoin, which is a kind of Internet virtual currency term created by the government and is suspected of pyramid selling fraudin 2017, CCTV announced the list of 350 fund pyramid schemes, with Vicat in the list
in May 2018, Zhuzhou County Procuratorate of Hunan Province prosecuted the last four suspects involved in the third batch of the "3.15" Vicat money online pyramid scheme case supervised by the Ministry of public security to the court
4. Amazon coin
Amazon announced in early February 2013 that it is expected to launch Amazon coins in the United States in May 2013. Amazon coins is a new virtual currency that allows U.S. users to buy apps, games and props in the kindle fire. Amazon will provide tens of millions of US dollars of Amazon coins at that time to let users try and consume the apps, games and props in the app on the kindle fire for free
5. Eth is a kind of digital token of Ethereum, which is regarded as "bitcoin version 2.0". It adopts the blockchain technology "Ethereum", which is different from bitcoin. It is an open-source public blockchain platform with intelligent contract results, and a resonance network composed of thousands of computers around the world. Developers need to pay eth to support the application. Like other digital currencies, ether currency can be bought and sold on the trading platform
1、 Common analysis of virtual currency (1) bitcoin solution is designed and created by Japanese programmer Nakamoto (alias) in 2009, and it is the most successful and controversial network currency at present. Bitcoin scheme is based on P2P network architecture, which has been operating in the world, and can be used for all kinds of virtual and real goods and services transactions
In theory, if the existence of network currency affects the demand for the central bank's liabilities, and then interferes with the central bank's open market operation, it will have an impact on a country's monetary policy and price stability. However, from a practical point of view, the premise of network currency affecting price stability includes the following three aspects:(1) from the analysis of the impact on the amount of money, although it is difficult to analyze the extent to which the network currency scheme creates money in the case of lack of information
However,however, most Internet money systems operate in prepaid mode, that is, issuing Internet money when the real money is exchanged in and withdrawing money when the real money is exchanged out. In the famous network currency scheme, the supply of money is stable and the supply is small, but we still need to be vigilant whether it can ensure that the money supply will maintain a stable level in the long run, and the impact of the change of exchange rate between network currency and real currency
(2) from the analysis of the impact on the speed of money circulation, the use of cash and money statistics, the impact of the technological innovation brought by the network currency scheme on the speed of money circulation is not clear
as an Internet instry, it largely depends on the number of active internet currency scheme users. If the network currency is widely accepted, it will have a substitution effect on the real currency of the central bank, thus recing the use of cash in transactions
in this case, the scale of the central bank's balance sheet will be reced, and its ability to influence short-term interest rates will also be weakened. The central bank will need to fight against risks through ways such as setting minimum reserves for cyber currencies. Substitution effect will aggravate the difficulty of monetary statistics and affect the relationship between monetary statistics and inflation, which is not concive to the realization of long-term price stability. In addition, the issuance of network currency outside the central bank and the expansion of virtual credit will have an impact on the central bank's interest rate decision in the economy and weaken the central bank's monetary control
(3) from the analysis of the interaction between network currency and real economy, network currency can act as a real commodity trading medium and have an impact on real GDP
The influence of network money on real money supply depends on two aspects: one is the substitution effect of virtual economy on real economy; the other is the substitution effect of virtual economy on real economy; The second is the crowding out effect of Internet money on real money, that is, with the increase of the total amount of Internet money, the amount of cash held by the public in real life decreases, resulting in the decrease of cash / deposit ratio and the increase of money multiplier. In reality, the network virtual currency scheme will not affect the price stability at this stage, and the money flow speed will not be significantly affected in the short and medium term. However, the interaction between network currency and real economy deserves attention (2) financial stability risk when the virtual currency scheme operates outside the banking system, the most important factor of financial instability lies in its connection with the real economy, namely exchange rate and exchange market. Obviously, the closed network currency scheme and the one-way flow network currency scheme are not affected, so we should focus on the two-way flow network currency scheme. The value of two-way network currency depends on the level of money supply and demand in the exchange market. A big difference between network currency and real currency is that the network currency scheme is not based on the country or currency region, and the influence of virtual economy intensity, trade or proction capacity on its exchange rate is limited. The price of virtual money and its fluctuation depend on five factors:(1) money supply and other actions taken by currency issuers. For example: to achieve a fixed or semi fixed exchange rate by intervening in the market
(2) the network currency scheme shows network externality, and its monetary value depends on the number of users and merchants. As the number of consumers and businesses increases, their monetary value will increase accordingly. In addition, the exchange rate of network currency with small transaction volume fluctuates more(3) the virtual community with clear and transparent policies and advanced security measures is easier to boost confidence and the currency is stronger
(4) the reputation of network currency issuers in fulfilling their commitments. There is no "lender of last resort" in the virtual community, and the trust gained by the issuer is crucial to the exchange rate of internet currency
(5)
speculation on the future value of Internet money and cyber attacks on virtual communities. Due to the immaturity of the system, low trading, speculative activities and network attacks, the two-way network currency scheme is inherently unstable
qualitative. At present, the trading volume of these network currencies is small and the correlation with the real economy is low, so the stability of the financial system will not be affected. However, if Internet money becomes a substitute for traditional money in the future, it will bring instability to the financial system and even distort the relative prices of goods and services. The impact of network currency system on the financial system largely depends on the number of active users and the number of merchants who are willing to accept virtual currency for real transactions. In addition, virtual currency has only exchange value and no use value. Generally, network currency is not based on assets with intrinsic value and is not supported by central bank credit. At present, these network monetary systems are not allowed to lend
or borrow funds, so it can not pose a threat to the stability of the financial system, but we should pay close attention to its development. If there is any change in the future, it will undoubtedly have an impact on the financial system
in a specific virtual community, virtual currency payment activities have evolved into a "real" payment system, facing typical risks related to the payment system: credit risk, liquidity risk, operational risk and legal risk. The nature, scale and ration of these risks are largely determined by the design of the system or the degree of lack of liquidity, so it is difficult for the network virtual currency scheme to avoid or control these risks. According to the core principles of payment system (CP) issued by the bank for International Settlements (BIS), the network virtual currency scheme does not conform to most of the contents of CP, and does not belong to the systemically important payment system. Therefore, it will not cause
or transmit shocks in the global financial system. At present, there is no systematic risk in the network currency system outside these virtual communities
2. Lack of corresponding supervision and protection mechanism
in the real economy, the central bank plays the role of lender of last resort and has no default risk, so it can take actions in the case of payment crisis or unpredictable liquidity shortage to avoid chain reaction. However, in the network virtual currency scheme
it is impossible to use network currency as settlement asset. Because network currency simply depends on the credibility of the issuer, it can not be widely accepted as a means of payment, so network currency can not be regarded as a safe currency. In addition, commercial banks are required to accept prudential supervision, which reces the possibility of default, and the security of money in commercial bank accounts is higher than that of network currency. A fundamental risk of network currency is that the settlement institution of network currency scheme is not subject to any supervision, no institution is responsible for its behavior, and there is no investor / depositor protection mechanism, which causes the user to bear all the risks
supervision and the anonymity, invisibility and difficulty in tracking of its transactions, the network virtual currency scheme is very easy to be used by terrorist activities, fraud, money laundering and other illegal activities. At present, many government departments in many countries are considering whether to recognize or
legalize these virtual schemes and bring them into the scope of supervision, so as to support the innovation of currency and payment forms, protect the rights and interests of consumers and financial stability, and inhibit the use of virtual currency schemes to engage in criminal activities
at present, the uncertainty of the legal status of the virtual currency scheme may also bring challenges to the government authorities (5) reputation risk of monetary authority the reputation of Monetary Authority (central bank) is the key factor to determine the effectiveness of monetary policy. The public's trust in fiat money is closely related to the image of the central bank, which pays close attention to its reputation. The ECB defines reputation risk as the risk of deterioration of reputation, credit or public image. As the network currency scheme is related to money and payment, it is generally believed that it belongs to the responsibility of the central bank, so we should be alert to the reputation risk it may bring to the central bank. However, in the case of small scale, the impact of the failure of the network currency scheme is limited, but its high volatility and instability also aggravate the possibility of failure and attract extensive media coverage. If the network currency is allowed to develop continuously without
regulation, the central bank may be considered as dereliction of ty and affect its reputation (6) the risk of investors' loss
for exchange value, the public has a higher recognition of the investment value of network virtual currency, and it is investment based transactions that accelerate the formation of virtual currency market. Like other investment markets, participants in virtual money market will also face potential losses caused by market risk, credit risk and policy risk. Take bitcoin as an example: from 2009 to early 2010, bitcoin was worthless; In the summer of 2010, bitcoin trading began to enter the golden
period. As the supply was far less than the demand, the value of online trading began to rise. In early November, bitcoin was silent at 29 cents for many days, and then jumped to 36 cents; In February 2011, bitcoin continued to appreciate, and its exchange rate with us dollar
reached 1:1; In 2013, the price of bitcoin achieved a "Big Bang" growth, and hit US $1242 on November 29, 2013, surpassing the gold price of US $1241.98/ounce in the same period. Fierce price fluctuations make market participants face huge speculative risks. Unlike mature capital markets such as stocks and bonds, the depth of bitcoin market is insufficient, and it is mainly held in the hands of large investors with low degree of diversification. Bitcoin price is easily affected by large investors' buying and selling behavior, and also easily manipulated by speculators. At the same time, different countries have different attitudes towards bitcoin, Germany, the United States and other countries hold an open and supportive attitude, and Thailand, Brazil and other countries regard bitcoin related activities
as illegal. Every country's attitude and measures will have a significant impact on the price of bitcoin, especially in the short term
virtual currency is always inferior to real currency< br />
1. Q coin
Q coin, referred to as QB, also known as QQ coin, Tencent Q coin, etc. Usually its exchange rate is 1q currency = 1 RMB, with Tencent paipai net transactions are generally 10% off
QB is a virtual currency launched by Tencent, which can be used to pay for QQ bank number, QQ member service and other services. Tencent q-coin, through the purchase of QQ card, telephone recharge, bank card recharge, network recharge, mobile phone recharge card, one card recharge card and other ways to obtain
The face value of QQ card is 10 yuan, 15 yuan, 30 yuan, 60 yuan, 100 yuan and 200 yuan respectivelythere is another kind of electronic cryptocurrency, qqcoin, which is not related to each other
2. Litecoin
litecoin, abbreviated as LTC, currency symbol: Ł; It is a kind of network currency based on "peer-to-peer" technology. It is also an open source software project under MIT / X11 license. It can help users make instant payments to anyone in the world
lightcoin is inspired by bitcoin (BTC) and has the same implementation principle in technology. The creation and transfer of lightcoin is based on an open source encryption protocol and is not managed by any central organization
3, infinite coin
infinite coin (hereinafter referred to as IFC) is a new digital currency, which has more circulation advantages than bitcoin, and fills the short board of bitcoin in the field of commercial circulation and promoting commercial operation. The positioning of unlimited money is to serve the daily life of small transaction payment
one transaction of infinite coin needs three confirmations, each confirmation takes three seconds, and the transaction confirmation speed is very fast. Because bitcoin transaction needs 6 confirmations, which takes about 1 hour, and lightcoin transaction takes 15 minutes, infinite coin is used in daily common transactions, which is more practical
infinite coin was released on June 5, 2013. Based on scrypt POW algorithm. A block is generated in 30 seconds. In the initial block, there are 524288 infinite coins in each block. After that, for every 86400 blocks generated, the number of coins in the block is halved, with a total of 90.6 billion. The difficulty of mining is adjusted every hour
Quark coin is not the currency in real life, it exists safely in the computer of global networkquark network is protected by six most advanced encryption algorithms to ensure that it can become a digital ledger. The whole network uses each of the six functions to generate a proof of work, and the coin maker must "verify" these transactions to ensure that each coin increase is real and effective
only regular computer can participate in ensuring that it can maintain a highly secure peer-to-peer network, which makes it more decentralized
quark coins can only be g up through the CPU of regular computers. In the first 36 weeks, a total of 247605120 quark coins will be g out. Since March 30, 2014, the annual quark coins set at 1050000 can enter the market through "digging", and the block reward will never be less than one, which is currently two
Zetacoin is an open-source digital currency based on SHA-256 algorithm. The initial coin mining is 160 million coins, and the subsequent annual inflation is a better incentive, To keep the hash of the network is not pure transaction cost The total number ofzetacoin is 160 million, 1000 zets per block and half of 80640 zets per block
this is also a distributed (decentralized) digital currency. Unlike the sha256 mining algorithm used by bitcoin, LTC adopts scrypt algorithm. Scrypt algorithm uses sha256 as its subroutine, and scrypt itself needs a lot of memory. Each hash is used as the seed of the input, and then it needs a lot of memory to store another pseudo-random sequence to generate the pseudo-random points of the sequence and output the hash value. In the mining of BTC (bitcoin), it is not enough to rely on simple graphics card mining (it takes about ten to dozens of days to dig a BTC with general configuration graphics card). The emergence of various expensive mining machines has raised the threshold for ordinary people to get BTC through mining, while LTC has certain advantages in using PC graphics card mining This passage comes from Zhihu.)
compared with BTC, litecain has made a little improvement in technology. If BTC is gold now, LTC is silver for the time being
the biggest advantage of litecoin is that it can confirm the authenticity faster. The virtual currency is designed and maintained by Charles Lee. Bitcoin transactions need to be verified, and the average verification time is more than 10 minutes. Most transaction websites need 1 hour to verify. The average transaction confirmation time of liteoin is 2.5 minutes. Developers claim that shortening the verification time increases the practicability of virtual currency. The bitcoin mining efficiency of customized machine and AMD GPU is the highest, making it almost unprofitable for miners using CPU mining. Litecain's mining excludes GPUs and custom processors, so it doesn't rely too much on a small number of professional miners
ppcoin
ppcoin (PPC) was released on August 19, 2012, which has improved the original technology of BTC. Use proof of make and add the concept of coin age
ppcoin is a bifurcated project of bitcoin, which aims to achieve energy efficiency and maintain the best performance of the original bitcoin as far as possible. The unit price of ppcoin is US $0.22 and the total currency value is US $4 million
ppcoin does not have a fixed upper limit of money supply, but it does not mean that ppcoin has obvious inflation compared with bitcoin. Bitcoin can be compared to gold. The annual inflation rate of gold is about 1-3%. Although gold has no known upper limit of money supply, we still know that it is a reliable scarce commodity
ppcoin has two types of casting: work certificate and equity certificate. The coinage rate of working proof is affected by Moore's law, which depends on the doubling of our working proof ability. What we all know is that Moore's law will eventually come to an end. By then, the ppcoin of inflation may be close to the gold level. The annual maximum inflation rate of certificate of equity is 1%. At the same time, ppcoin's transaction costs were destroyed to fight inflation. So on the whole, the coin design of ppcoin is still a very low inflation design in the future, which can be comparable with bitcoin<
ppcoin's reward is similar to lottery, which will determine the winning probability according to the number of ppcoin held by miners. Sunny king, one of the founders, said that their design is based on a new concept of long-term energy efficiency
terracoin
terracoin (TRC) was released on October 26, 2012, with a total currency of 42 million. The speed of each block is 2 minutes, slightly faster than LTC. There is not much special in technology, similar to the proction of BTC halved every four years
however, the operation team seems to have a strong business background and may be better than other bitcoins in circulation. The development of virtual currency is getting more and more attention. Now some teams with business background will accelerate the development of virtual currency
namecoin
namecoin is a distributed domain name system based on bitcoin technology. Its principle is the same as bitcoin. The first release date of this open source software is April 18, 2011
namecoin is generated from an original block which is different from bitcoin's main trading block. It uses a new blockchain, which is independent of bitcoin's blockchain. Because it is based on bitcoin, the security, distribution, robustness, encryption and migration of domain names are guaranteed mathematically. You can dig bitcoin and namecoin at the same time
this project was discussed and proposed by bitdns, which is mainly dissatisfied with the defects of DNS. The only top-level domain name of namecoin is. Bit. It costs namecoin to register a. Bit domain name
in addition, Q currency, Shanda currency, starting point currency and various online game currencies are also virtual currencies.
network virtual currency can be roughly divided into
the first category is familiar game currency. In the era of stand-alone games, the protagonist accumulates money by knocking down the enemy, entering the gambling house to win money, and using these to buy Herbs and equipment, but it can only be used in his own game console. At that time, there was no "market" between players. Since the establishment of Internet portal and community, the realization of game networking, virtual currency has a "financial market", players can trade game currency
the second type is the special currency issued by the portal website or instant messaging service provider, which is used to purchase the services in the website. The most widely used is Tencent's q-coin, which can be used to purchase membership, QQ show and other value-added services
the third kind of virtual currency on the Internet, such as bitcoin (BTC), Fuyuan coin (FTC), Wright currency (LTC), etc. bitcoin is an electronic currency proced by open-source P2P software. Some people also translate bitcoin as "bitcoin", which is a kind of network virtual currency. It is mainly used for Internet financial investment, and can also be directly used in daily life as a new currency.
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