Alchemint's Opinion on Stablecoin

2018年4月17日-18日期间，新加坡新跃社科大学（SUSS）联合 Longhash 在新跃社科大学举办了为期两天的全球普惠区块链峰会。Alchemint 的 CTO Chris Qi 先生代表 Alchemint 参加了本次峰会，并就“稳定币”这一主题表达了 Alchemint 的看法。新跃社科大学李国权教授也出席了本次峰会，并在欢迎辞中分享了他对于通证经济的看法。

The Singapore University of Social Sciences (SUSS) and Longhash organised the Global Inclusive Blockchain Conference on 17-18 April 2018 in SUSS. Chris Qi, the CTO of Alchemint, represented Alchemint at this conference and shared our views on the Topic of "Stable Coins". SUSS Professor David Lee also attended this conference and expressed his views on Token Economy in his welcome speech.

李国权关于通证经济的观点

David Lee's Opinion on Token Economy

李教授被尊称为“新加坡区块链之父”。在致欢迎辞时，李教授再次向观众表达了他对通证经济的看法。

Professor Lee is known as the "Father of Blockchain in Singapore". Professor Lee expressed his views on Token Economyagainto the audiencewhen addressing the welcome speech.

由于重构了“价值—工作均衡模型”，李教授认为通证经济能够真正解决公司制度中常见的利益冲突问题：在区块链的生态社区里，无论是矿工、投资者、使用者，还是项目团队，都会因为通证经济（激励）的存在，并基于共同的利益（维护和发展区块链）而去建立信任以及付出努力。更重要的是，他们所获得的激励与其贡献大小呈正相关。

Since the "Value-work Equation" was reconstructed, Professor Lee believes that Token Economy can really remove Conflict Interests which often exist in the corporate system: In blockchain ecological communities, whether you were miners, investors, users, or project team, youwillcreate trust and work hard for thecommon interests(maintaining or developing the blockchain) because of Token Economy (incentive). More importantly, the relationship betweenrewards they earned and theircontribution presents positive correlation.

李教授同时指出，通证集资是通证经济的基础环节。遗憾的是，通证集资在一些国家是被禁止的，而新加坡监管当局则对通证集资秉持着相对公正的态度。

Professor Lee pointed out that Initial Crypto-Token Offering is one of the basic steps in TokenEconomy. Unfortunately,Initial Crypto-Token Offeringhas been banned in some countries, while the authorities in Singapore maintains a neutral attitude towardInitial Crypto-Token Offering.

李教授继续说道，通证一般被分为三种：权益型通证，使用权型通证以及介于前两者之间的第三种通证。按照新加坡的监管政策，权益型通证的集资需要遵守既有的金融法规；使用权型通证则不受法规监管。第三种通证的集资处于法律灰色地带，但是当局并没有扼杀这类项目。项目团队可以向新加坡金融管理局申请进入“沙盒”，如果能够从“沙盒”顺利毕业，那么这类通证就可以在新加坡集资了。

Professor Lee continued, Tokens generally fall into three categories: Security Tokens, Utility Tokens and the third Tokens between the formers. According to Singapore's regulation policies, the fundraising ofSecurity Tokensneed to comply with existing financial regulations; Utility Tokens are not subject to regulations. The third Tokens are in the legal grey zone, but authorities do not stifle these projects. Project teams can submit an application to MAS for entering "Sandbox". If they successfully graduate from "Sandbox," then these Tokens could do public-sale in Singapore.

最后李教授补充道，新加坡欢迎那些促进创新的通证集资，不欢迎以投机圈钱、洗钱逃税为目的的通证集资。对于通证集资市场，新加坡金管局认为投机行为尚未达到需要出手打击的程度，所以目前主要是在提醒民众理性投资。

Finally, Professor Lee added that Singapore welcomesInitial Crypto-Token Offeringfor innovation and does not welcome thoseInitial Crypto-Token Offeringfor the purpose of speculation, money laundering or tax evasion. For theInitial Crypto-Token Offeringmarket, MAS believes the speculation has not yet reached the level that MAS must to strike it. Therefore, their current purpose is to remind people of rational investment.

Chris Qi 对于稳定币的看法

Chris Qi's Opinion on Stablecoin

圆桌讨论：价格稳定的加密货币, Dapps 和开放式区块链

Panel Discussion: Stable Coins, Dapps and Open Blockchain (Chinese)

在自我介绍环节，Chris 说 Alchemint 希望成为区块链行业应用层的基础设施，在涉及到价值转移的环节里都可以用我们的稳定币 SDUSD, 比如 NEO 生态中的 Dapps 项目。

In the self-introduction section, Chris said that Alchemint hopes to become the application layer infrastructure of blockchain industry. As long as value transfer appears, people could use our stablecoin SDUSD, such as the Dapps projects in NEO ecosystem.

以下是 Chris 的主要观点：

The opinions of Chris as shown below:

为什么需要稳定币？

Why Do We Need Stablecoins?

比特币诞生的背景是对现有货币体制的不满以及对货币市场化的憧憬，中本聪的白皮书标题写得很清楚，“一种点对点的电子现金系统”。因此比特币是冲着希望成为货币这个目标去的。中本聪发明比特币是为了让人们用，而不是拿来炒。

The background of the birth of Bitcoin are the dissatisfaction with the existing monetary system and the ambiguity of currencies marketization. The title of the white paper by Nakamoto Satoshi is clearly written, "Bitcoin: A Peer-to-Peer Electronic Cash System". Therefore, the goal of Bitcoin is becoming a currency. Nakamoto invented Bitcoin for people to use it instead of speculating.

遗憾的是，由于比特币价格的巨大波动性，导致其无法成为被广泛接受的支付手段。区块链应用目前无法在商业上落地，主要原因也是通证价格的暴涨暴跌导致这些项目无法被市场所接受。

Unfortunately, due to the huge volatility of Bitcoin's price, it is unable to be widely accepted by people as means of payment. What is more, Blockchain applications cannot currently be commercialized since the main crux that the huge fluctuations in the price of Tokens, prevents these projects from being accepted by the market.

因此我们需要一种价格稳定的数字货币，它具备数字货币在技术上的优势，同时兼有法币在购买力上的稳定性。

Therefore, we need a cryptocurrency with a stable price, it must possess the technical advantages of other cryptocurrencies, and have the stability of the purchasing power as fiat currency, too.

业内设计稳定币的主要路径

Approaches to Designing Stablecoins

1. 基于实物资产抵押，比如USDT；

2. 基于数字资产抵押，比如DAI;

3. 无抵押但基于数量理论，比如Basecoin。

1. Physical Collateral Backed, such as USDT;

2. Crypto Collateral Backed, such as DAI;

3. Non-collateral Backed but based on Quantity Theory of Money, such as Basecoin.

Alchemint 是基于数字资产抵押的稳定币方案。

The approach of Alchemint belongs to Crypto Collateral Backed.

业界对 Stablecoin 的价值发现正在被逐步唤醒。尽管信仰者对比特币给予了很高的期望，认为总有一天比特币能被广泛接受，并且在使用过程中不需要考虑法币价格，成为本位币。但从现实情况来看，这个目标并没有前进的趋势，购买力的巨大波动始终是难以逾越的障碍。随着业界对区块链商业化、落地化的呼声越来越强烈，这个行业必须加速摆脱概念和炒作阶段。在这个过程中，我们认为Stablecoin 是目前唯一的解决方案。

The consciousness of industry on Stablecoin is gradually being awakened. Although believers place high expectations on Bitcoin, deem that Bitcoin can be widely accepted as Global Standard Currency on fine day with no need to consider the price of fiat currency. However, this goal does not show signs of success as a practical matter because the huge fluctuation in purchasing power has always been an insurmountable obstacle. Owing to the more and more higher appeal from the industry for commercialization and landing of blockchains, the industry must accelerate casting of the concept designs and speculation. In this process, we believe that Stablecoin is the only solution at present.

Alchemint的稳定机制是什么？

What Is the Stability Mechanism of Alchemint?

SDUSD 是 Alchemint 推出的锚定美元的稳定币。Alchemint 通过设置 SDUSD 的目标价格（1美元），以及围绕目标价格的一系列风控措施实现与美元的锚定。

SDUSD is a stablecoin pegged USD invented by Alchemint. Alchemint sets the target price of SDUSD ($1) and takes a series of risk control measures around the target price for the purpose of pegging USD at 1:1.

首先是超额抵押，每生成1个 SDUSD，需要抵押价值高于1美元的数字资产；其次，当抵押物价格下跌时，系统会采取一系列风险控制措施并处置抵押物；最后，Alchemint 会通过多种资产抵押、跨链以及现实资产上链的方式，进一步地规避抵押物价格波动的风险，以扩大稳定币 SDUSD 的供应量。

First is overcollateralization. For every SDUSD issued, digital assets whose value is more than $1 is required to be mortgaged.

Second, when the price of collateral declines, the system will take a series of risk control measures and do collateral disposal.

Finally, Alchemint will use the method of multiple assets collateral, cross-blockchain, and Integrating the Real-world Assets with Blockchain to further avoid risks of fluctuations in collateral prices and enhances the supply of stablecoin, SDUSD.