导读：手撕白皮书为韭菜研习社从学习、研究出发，由分析师团队从方案、技术、经济、团队，以及撰写、逻辑等维度对白皮书进行分析解读的栏目。所有评论基于白皮书及网络公开信息，不涉及对白皮书所属区块链项目的评价，亦不构成任何投资建议。任何依据本栏目内容进行的判断、投资行为，韭菜研习社不承担任何责任。
All comments are based on the White Paper and on public information on the Web, and do not involve an evaluation of the block chain projects covered by the White Paper, nor do they constitute an investment proposal. Any judgement, investment behaviour based on the contents of this section does not entail any responsibilities on the part of the Institute.
项目要点
项目名称：ShareX
Item name: ShareX
项目定位：全球区块链股权流通生态体系
Project positioning: a global chain-of-share flow ecological system
项目愿景：让天下没有难管理的资产，让天下没有难交易的股权
Project vision: no unmanageable assets in the world, no untradable shares in the world
项目属性：公有链（以太坊平台代币）
Project Properties: Public Chains (in the Taiwan Platform for coins)
韭菜星级：★★☆☆☆
Celebrity Star size: Cyclopsium
概述
SHAREX 的目标是成为中国乃至全球最大最活跃的未上市公司股权交易平台。基于区块链特性，一方面，SHAREX将打造基于区块链技术的企业股权管理系统，另一方面则是为未上市公司股权交易提供一个基于区块链的交易平台，使得任何股权持有者均能方便快捷地实现未上市公司股权的流通交易。
The goal of SHAREX is to be the largest and most active unlisted company trading platform in China and the world. Based on block-chain characteristics, SHAREX, on the one hand, will build an enterprise equity management system based on block-chain technology, and, on the other hand, provide a block-based trading platform for unlisted company-equity transactions, making it easier for any equity holder to quickly effect unlisted company-equity transactions.
商业模式——模式传统，合规风险大
business model - model tradition, compliance risk
ShareX白皮书指出目前在股权投资领域有两大痛点：一方面股权持有者面临着股权无法流通退出的难题，另一方面则面临着无法以较低资金和畅通渠道投资明星企业的难题。
The White Paper on ShareX notes two major pains at present in the area of equity investment: on the one hand, equity holders face the challenge of not being able to move out of equity, and on the other hand, they face the difficulty of not being able to invest in star businesses with lower capital and easy access.
从白皮书看，ShareX项目的主要目的为两个：
According to the White Paper, the main objectives of the ShareX project are two:
（1）非上市公司股权流通、转让平台；
(1) Platforms for the circulation and transfer of shares in non-listed companies;
（2）非流通股份的代币交易。
(2) Transactions in currencies other than negotiable shares.
从白皮书中流程上看，ShareX业务和传统的股权转让、交易平台没有区别。白皮书的商业模式部分，只是在原有股权交易中，增加了区块链的concept，在支付环节加入了Token。
From the flow of the white paper, there is no difference between the ShareX business and traditional stock transfer and trading platforms. The business model part of the white paper only adds concept to the block chain in the original stock exchange and includes Token in the payment chain.
现阶段对于股权转让和交易来说，区块链并不是必须技术，即没有提供传统模式无法提供的功能，也没有比传统模式具有更好的安全性和效率。
At this stage, for equity transfers and transactions, block chains are not technologically necessary, i.e. they do not provide the functions that the traditional model cannot provide, nor are they more secure and efficient than the traditional model.
相对的，对于非流通股份通过代币形式进行流通，在国内的金融管控环境下是否合法还是一个疑问。虽然ShareX已经与两家律师事务所进行了合作，但代币项目的擦边球特性，注定了合规将成为模式不可规避的风险之一。
In contrast, it remains doubtful whether non-negotiable shares are legal in the domestic financial regulatory environment. Although ShareX has cooperated with two law firms, the edged nature of the token project is bound to become one of the risks to which the model is inescapable.
股权的转让和交易属于股份制公司的权益支付和转移，主要还是在各国家和地区的工商系统管理下去执行，其交易流程和相关权益的认证需要工商监管部门去监控和背书。
Transfers and transactions of equity belong to the payment and transfer of equity interests of joint-stock companies, mainly managed by the business systems of individual countries and regions, and the certification of their trading processes and associated interests requires monitoring and endorsement by the business regulatory authorities.
ShareX的前身为“潜力股”股权转让服务平台，可以算作“成熟”的商业模式。而区块链在该商业闭环中更多是一种数据管理的增强手段，并非核心构成。
ShareX, formerly a “potential” equity transfer service platform, can be counted as a “mature” business model. Block chains are more of an enabler of data management in this business circle, and they are non-core.
技术能力——以太坊上发Token
Technical Capacity - Token from Taiyo
ShareX白皮书的技术部分比较薄弱，只是给出了一个照本宣科的框架性描述。虽然白皮书阐述了ShareX的五层架构，但其内容只是对各层作用的一个宽泛说明。
The technical part of the White Paper on ShareX is relatively weak, giving only a frame-of-the-book description. While the White Paper describes the five layers of ShareX’s architecture, its content is only a broad description of how it works at all levels.
白皮书提及ShareX的三个技术特点：去中心化、隐私保护和高安全性。
The White Paper refers to three technical features of ShareX: decentralisation, privacy protection and high security.
其中前两点可以说是区块链技术的通用描述，而对于第三点的高安全性，白皮书中只是表达了“我们会重视安全性设计”的设计。但在技术描述方面，没有任何提及。
The first two of them can be described as a generic description of block chain technology, while for the third, high security, the White Paper simply expresses the design of “We will value safety design.” But there is no mention of technical description.
其他如智能合约锁定股权、从白皮书描述看，ShareX的本质是在以太坊的基础上发
Others, such as intellectual contracts locking in equity, as described in the White Paper, the essence of ShareX is based on the Etherms.
行了一个Token。
Okay, a Token.
经济系统——锚定美金的兑换券
economic system > - coupons anchored in United States dollars
ShareX平台存在两种代币：潜力币（SEXC）与潜力券（SEXT）。其中SEXC为平台官方TOKEN，而SEXT则是锚定美金的兑换币，两者之间不可兑换。
The ShareX platform has two currencies: the Potential Currency (SEXC) and the Potential Bond (SEXT). The SEXC is the official TOKEEN of the Platform, while SEXT is an anchor dollar convertible currency, which is not convertible between the two.
SEXC用于平台使用费、挂牌费、交易佣金等，并且引入了币龄概念，持币数量和币龄将成为评估能否成为承兑商的考量因素之一，以及评估年终奖励数量的考量因素之一。
SEXC is used for platform usage fees, listing fees, trading commissions, etc., and has introduced the concept of currency age, which will be one of the factors to be taken into account in assessing whether or not to be a recipient, as well as in assessing the number of end-of-year awards.
SEXT则用来支付股权对价，以应对代币价格波动带来的股份价值不稳定性。SEXT需要用户与平台兑换，也可以反向兑换为美元法币。
SEXT is used to pay equity swaps to deal with the volatility of the value of shares due to price fluctuations in currencies.
SEXC作为以太坊代币，其使用与激励并无特殊之处，白皮书也没有详细说明。而对于SEXT，白皮书中声称锚定美金，并且进行1:1兑换。但白皮书中没有提及SEXT如何确保与美元的1:1锚定，通过何种质押方式确保资产不会超发？这些都没有答案。
In the case of SEXT, the White Paper states that the United States dollar is moored, with a 1:1 exchange. But the White Paper does not mention how SEXT ensures the 1:1 anchor with the dollar, and what kind of pledge is to ensure that the assets do not exceed the limit?
通证发行——私募比例过高，抛压大
certificate issuance - over-representation and over-pressure
ShareX平台官方Token为潜力币SEXC，是基于 ERC20 标准的以太坊代币，基于以太坊智能合约实现。白皮书没有提及总发行量，根据网络公开信息查询，SEXC总发行量为10亿枚，增发、销毁机制不明。
The official Token of the ShareX platform is SEXC, which is based on the ERC20 standard and is based on an ERC20 standard, and is based on the Taiwan Smart Contract. The White Paper does not refer to total circulation, which, according to a web-based open information query, amounts to 1 billion copies, with an unknown distribution and destruction mechanism.
面向投资人募集：50%；
团队及早期贡献者：20%；
生态激励基金：20%；
市场拓展、社区运营：10%。
team and early contributors: 20 per cent;
ecological incentive fund: 20 per cent;
market outreach and community operations: 10 per cent.
投资人募集50%，占比很大，且锁定情况不明。团队和早期贡献者20%，六个月后解禁20%，此后按季度解锁10%，算是中规中矩。
The group and the early contributors are 20%, released 20% after six months, and then unlocked by 10% on a quarterly basis.
团队资源——团队略显瘸腿，资源底气足
team resources -- a little crippled team with a lot of resources
ShareX CEO 李刚强为潜力股平台创始人。从商业模式分析我们也看到，ShareX平台即为潜力股平台引入区块链技术的版本，在商业模式上一脉相承。
ShareX CEO Lee is the founder of the potentials platform. From business model analysis, we also see that the ShareX platform has introduced a version of block chain technology for the potentials platform, which is embedded in the business model.
此外，核心团队包含互联网产品专家、技术开发者，在金融、营销、投资方面也有一定基础，但在区块链领域的技术人才、安全和风控专家方面有欠缺。
In addition, the core team, which includes Internet product specialists, technology developers and has a certain foundation in finance, marketing and investment, lacks technical expertise, security and wind control specialists in the area of block chains.
资源和投资人方面，ShareX的底气比较足。投资机构包含了节点资本、梅花天使和九鼎JLab等知名投资者，显示出团队的资源聚合能力。
In terms of resources and investors, ShareX has a strong bottom line. The investment agency includes well-known investors, such as node capital, clubs angels, and JLab, demonstrating the team’s ability to pool its resources.
声明：本文中内容和评分等均不构成对相关项目的投资建议。韭菜有风险，投资需谨慎。
Statements: The contents and ratings in this paper do not constitute an investment proposal for the project in question.
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