我要为区块链行业正名。很多人说区块链没用，没有实际价值。我就要创造一个传统世界有的，但用区块链效率更高的组织，去践行我的理想，去推动行业的进步。除了FCoin，我还会用通证经济的思想，去参与更多的项目。
I want to be known for the block chain industry. Many say that the block chain is useless and of no real value. I want to create something in the traditional world, but I want to use the block chain as a more efficient organization to pursue my ideals and drive the industry forward.
——FCoin张健
- Fcoin Zhang Jian.
对话时间：6月25日20：00—22:30
Dates of dialogue: 25 June 2000 from 20:00 to 22.30 p.m.
微信社群：三点钟火星财经创始学习群
Micro-Credit Community: Three o'clock Foundation Learning Group for the Mars Finance Book
对话嘉宾：
Dialogue guests:
张健：FCoin创始人。曾任火币网CTO，并创立了火币数字货币与区块链研究中心。同时，张健也是国内区块链启蒙与畅销书之一《区块链：定义未来金融与经济新格局》的作者。2018年5月，发起FCoin数字资产交易平台，探索实践数字资产交易平台的自治型社区发展方向。
Zhang Jian: Founder of FCoin, who used to be the CTO of the Treasure Network and created the Digital Currency and Block Chain Research Centre. At the same time, Zhang was one of the authors of one of the country’s block chains: Enlightened Block Chains: Defining New Future Financial and Economic Patterns. In May 2018, the Fcoin Digital Assets Trading Platform was launched to explore the autonomous community development orientation of the Digital Assets Trading Platform.
王峰：火星财经发起人、蓝港互动集团（HK.8267）董事长、共识实验室创办人，以及极客帮创始合伙人。
Wang Feng: Founder of Mars Finance, Chairman of the Blue Harbour Interactive Group (HK 8267), Founder of the Consensus Laboratory, and Founder Partner of the Tourist Society.
6月25日晚，FCoin创始人张健做客由余额链赞助的火星财经王峰十问第二十一期。
On the evening of 25 June, the founder of Fcoin, Zhang Jian, was sponsored by the balance chain for the twenty-first issue of the Martian Monument.
以下为王峰十问张健对话实录，经火星财经（ID：hxcj24h）整理：
The following is an account of Wang Feng's 10 questions and is compiled by the Martian Economy (ID:hxcj24h):
王峰：Hi，大家晚上好，欢迎来到火星财经“王峰十问”的第二十一期。给大家介绍今天来的嘉宾：FCoin创始人张健。
Wang Feng: Hi, good evening to welcome you to the twenty-first issue of the Martian Finance Book, “Chancellor Ten Asks.” I would like to introduce you to our guest today, Mr. Zhang Jian, founder of FCoin.
先让我们看一看他的经历：2013年开始接触数字货币；2014年，开发了区块链信息查询网站qukuai.com以及比特币钱包“快钱包”，同年加入火币，曾任火币网CTO，并创立火币数字货币与区块链研究中心；2016 年下半年，从火币离职，创办博晨科技；2018年3月，联合创办歌者资本；5月，发起FCoin数字资产交易平台，探索实践数字资产交易平台的自治型社区发展方向。著有《区块链：定义未来金融与经济新格局》《金融科技：重构未来金融生态》等。
Let us first look at his experience: exposure to digital money began in 2013; in 2014, qukuai.com and the Bitcoin wallet “Quick Wallet” were developed; in the same year, they joined the tender network CTO and created the Centre for Digital Currency and Block Chain Studies; in the second half of 2016, they left the tender to create morning technology; in March 2018, co-founder capital; and in May, the Fcoin Digital Asset Trading Platform was launched to explore the direction of the autonomous community development of the practical digital asset trading platform. In this case, the Block Chain: Defining the New Patterns of Future Finance and the Economy, Financial Science and Technology: Reconstructing Future Financial Ecology.
“对话思想先锋，直面风口浪尖”一直是“王峰十问”的特色所在，今天请到的嘉宾张健，是一名站在“风口浪尖”的弄潮者，他所创办的Fcoin，今年5月底横空出世以来，上线十几天，交易额就超过了交易所第二名到第七名的交易量总和，彻底撼动了传统交易所列强林立的旧格局，成为了2018年数字货币交易所领域，乃至整个区块链行业最大的一匹黑马。
“Dialogue thought vanguard, face-to-face” has always been a feature of Wang Feng's 10th question, and today's guest, Zhang Jian, is a man standing at the tip of the wind, who created Fcoin, the largest black horse in the field of the digital currency exchange in 2018 and in the entire sector of the chain since he left the world empty at the end of May.
树大招风易，人红是非多。Fcoin的火爆，引发的争议范围之大，波及范围之广，远远超过了我们的想象，几乎可以说，这就是一场堪比互联网3Q大战、百团大战的区块链交易所混战。围绕Fcoin，我们有太多想知道和想了解的，就让今晚火星财经的“王峰十问”火力全开，不留死角，给大家还原一个最真实透明的Fcoin吧！下面，开始我们今天的“王峰十问”吧。张健，你准备好了吗？
The fire of Fcoin, which caused much controversy, much wider than we thought, could almost be said to be an Internet 3Q and a 100th World War as a chain exchange. Around Fcoin, we have so much to know and we want to know, so let's get rid of the Queen's Question of tonight's Martian Finance. Let's get back to it the most authentic and transparent Fcoin. Let's start today's Queen's Question. Zhang Jian, are you ready?
直面“七宗罪”
王峰：6月21日开始，网上铺天盖地都是关于你和FCoin的报道，一下子就炸了。那几天你是怎么过的？有没有觉得自己火了？
Wang Feng: Since June 21, you and FCoin have been covered online, blowing up. What happened to you in the last few days? Do you feel that you're on fire?
张健：哈哈，这个问题最好回答。我太忙了，因为成长太快，完全无限顾及火没火。甚至很长一段，没时间吃饭、睡觉……
Zhang Jian: Ha-ha, that's the best answer to that question. I'm too busy because I grow up too fast to be completely fireless. Even for a long time, I don't have time to eat, sleep...
王峰：赞誉者众，尤以薛蛮子对你赞不绝口，宝二爷则不惜以被踢出群为代价，为你不断发视频小广告。质疑者亦众，一向低调的币安老板赵长鹏，从不接受媒体采访，即使在币安发生重大事故的时候，也均是由“币圈一姐”何一出面解释，而此次他却多次撰文抨击“交易即挖矿”模式。下一个问题，先让你揪心一下，我整理了一下媒体和业界对Fcoin及“交易即挖矿”模式的各种“抨击”，主要有以下7条，听起来有点像“七宗罪”：
Wang Feng: The hymn praises you, especially on behalf of Hanko Xue, and Master Po, at the expense of being kicked out of the group, has continued to advertise video clips for you. Questioners, too, have never heard from the media, and even in the case of a major incident in the currency, have been explained by the “sister in the currency ring” who has written many times about the “trading or mining” model. The next question is that I've sorted out the media and industry's “shocks” against Fcoin and the “trading or mining” model, mainly seven articles that sound like the “seven crimes”:
1. 刷单。（某媒体报道）
1. Billing (a media report).
2. 庞氏骗局。（圈中某知名经济学家）
2. Ponzi scheme. (A well-known economist in the circle)
3. 市场破坏者，全返利的商业模式不会长远。（某交易所创业者）
3. Market spoilers, fully profitable business models will not be long term (one exchange entrepreneur).
4. 高价ICO。“不但是变相ICO，而且是高价ICO。”（赵长鹏语）
High-priced ICO. “not only disguised ICO, but also high-priced ICO.” (Cho Chang Peng)
5. 庄家。“你关心分红，交易所在关心你的本金。”（赵长鹏语）
Banker. “You care about the dividends, the exchange is concerned about your capital.” (Cho Chang Peng)
6. 拉盘。“如果一个交易所，没有手续费收入，盈利模式是靠平台币的上涨，不拉盘如何生存。”（赵长鹏语）
“If an exchange has no revenue from fees and fees, the profit model is based on the rise of the platform currency and how to survive without pulling a plate.” (Cho Chang Peng)
7.玩资金盘。成也资金盘，败也资金盘。（数字货币趋势狂人）
7. Play with the money plate. Win, lose, lose. (Digital currency ecstasy)
貌似长鹏更懂你，哈哈。以上这些抨击，你领认哪条？最不能接受哪条？
It's like Long Peng knows you better. Ha-ha. Which one of these criticisms do you recognize? Which one is the most unacceptable?
赵长鹏相关评价
Zhao Chang Ping's evaluation
张健：以上抨击一个都不认领，所有都不能接受，我从轻的开始说。
Zhang Jian: None of these criticisms has been accepted, none of them acceptable, and I will start lightly.
1、刷单这个，算是最轻的。说这个的人，应该是以不了解我们机制居多。“交易即挖矿”的本质是通过交易费用返还FT（相当于交易所的”股份”）的行为，让交易者成为交易所的主人，这是模型设计的初衷。所以挖矿行为一定会产生巨大的交易量，但这个量，都是用户交易，和平台”刷量”造假是两码事。因为我们要把收入的80%（最近是100%）分给FT持有者，如果我们自己刷量，哪有这么多钱分？
This is the smallest one. This is supposed to be because we don't know much about our mechanisms. The essence of “trading is mining” is the act of returning the transaction costs to the FT (equivalent to the exchange’s shareholdings), which is the original idea of the model design. So mining must produce a huge amount of transactions, but this amount is a user’s transaction, and the platform’s “brushing” is a double thing. Because we want to share 80% of the revenue (recently 100%) with the FT holders, and if we do this, how can we get so much money?
我们的机制本质杜绝了平台刷量，都是用户交易。如果大家了解比特币的原理，就明白挖矿是怎样一个行为。你一定要用刷量的思路去套，那比特币矿机本质也是刷量，没区别。
Our mechanism, by its very nature, prevents platform brushing. If you understand the principles of Bitcoin, you know what mining is like. You have to do it with a brush. That bitcoin machine is a brush, no difference.
2、旁氏骗局、庄家、拉盘、玩资金盘。这几个就不正面回答了，请参考比特币的原理及历史，看看一路走来被套了多少这个帽子。现在还有人说比特币是庞氏骗局呢，说这些的人，否定的不是FCoin，否定的是整个加密数字经济的价值。
Two, the Ponzi scheme, the dealer, the zipper, and the money game. These answers are not positive. Please refer to the principles and history of Bitcoin and see how many hats have been put on all the way. Now there are those who say that bitcoin is a Ponzi scheme, and that it is not Fcoin that rejects the value of the entire encrypted digital economy.
3、市场破坏者，全返利的商业模式不会长远。这个也算是比较温柔的，我的回复是，第一，我们不是全返利，交易所长期会有收入的20%用于研发及运营，有很强的可持续性。第二，全返交易费，是我们FT的发行方式，不了解通证经济原理的人，可能需要一定时间才能理解。
Three, the market spoilers, the business model of full return will not be long-term. This is a softer one, and my answer is, first, that we are not back, that the exchange will have 20% of its long-term revenue for R & D and operations, and that it will be very sustainable. Second, the full transaction fee will be the way our FT is issued, and it will take some time for people who do not know the economics of translator to understand it.
4、高价ICO这个，最搞笑。第一，币安就是借助ICO起来的，上线了无数啥也没有却募得巨资的项目，居然评价别人高价ICO，神经错乱了吧？第二，很多人用我们没发行出来的总量，去统计我们的市值，本身就是错误。没发行出来的FT，既不能交易，又不能参与分红，本来还不存在，硬要算市值，完全是混淆概念。币圈没有一个项目这样算市值的。第三，以我们的交易量、分红率、活跃交易人数、增长速度来看，现在估值不是高，而是很低。
The first is that the currency is built up through the ICO, with nothing on the line, but with huge sums of money, to evaluate the higher prices of the ICO. Secondly, it is wrong for many people to use our unpublished aggregates to account for our market value. The unpublished FT, which is neither tradable nor red, does not exist, is a total confusion. There is no market value for a single item in the currency circle. Third, in terms of our volume, the red rate, the number of active traders, and the rate of growth, the valuation is not high, but very low.
全球最高交易量背后
王峰：在CoinMarketCap上查不到FCoin的交易量，外界只能根据白皮书中设定的分红机制和你们官方公布的分红量反推交易额。这个交易额的上涨堪称疯狂。有消息称，6月15日，FCoin的单日交易量高达307亿元，超过了OKEx（97亿元）、币安（92亿元）和火币（54亿元）之和，不知道是不是你们有意放出，这个数据真实可信吗？
Wang Feng: On CoinMarketCap, the amount of FCoin's transactions could not be detected, and the outside world can only rely on the red scale set out in the White Paper and on the amount of red inverted transactions officially announced by you. The increase in this amount is crazy. According to the news, on June 15, Fcoin's single-day transactions amounted to $30.7 billion, exceeding the sum of OKEx ($9.7 billion), coins ($9.2 billion) and coins ($5.4 billion).
CoinMarketCap尚未收录FCoin的交易量
CoinMarketCap transactions not yet recorded in FCoin
张健：这个数据本身就无法造假，因为我们要真金白银把手续费分出去的，收到过我们分红的FT持有者，都明白者这意味着什么而且，随着我们网站的研发进展，我们将逐步完成全面的资产透明，到时大家更加能够验证数据的真实性。
Zhang Jian: This data cannot be faked by itself, because if we want real silver and silver to split the fees, and if we have received our share of the FT, we all know what that means, and as we develop our website, we will move towards full asset transparency, and then we will be more able to verify the authenticity of the data.
机制决定，无法造假。每个环节都要真实。否则根本运转不起来。这是很多人，没有仔细思考，想清楚的地方。
The mechanism decides, it can't be faked. Every link has to be real. Otherwise, it doesn't work. It's a lot of people who don't think, think, think.
王峰：问题来了，为什么CoinMarketCap、非小号、TokenClub等第三方数据统计机构都没有收录你们的数据？
Wang Feng: Here's the question: Why do third-party statistical agencies such as CoinMarketCap, non-small, TokenClub and others not record your data?
张健：由于FCoin发展太迅速，导致我们核心团队都是满负荷运转，所以在渠道和市场方面投入很小。CoinMarketCap本来就是一个反应非常迟钝的网站，很神秘，大家应该都知道。非小号我认识他们的一个创始人，但也没有时间主动推进对接。但好像他们有我们的一些数据，应该很快会上。TokenClub也认识，但估计都是时间原因还没对接。要知道，我们从5月21日正式发布，到现在不过才一个月出头啊。都是速度惹的祸啊！
Zhang Jian: Since the FCoin development was too rapid for our core team to operate at full capacity, little investment has been made in channels and markets. CoinMarketCap was a very slow-reacting website, mysteriously known to all. I knew one of their founders, but I didn't have time to move forward. But as if they had some of our data, it should be soon. TokenClub also knows, but it's probably not time. You know, we've been officially released since 21 May, but it's only a month ago.
王峰：因为返利和分红机制的原因，这些成交量当中应该有大量的量化交易盘，你如何看待这些资金，你方便在这里透露一下，它们在总成交量中占到多大比例？
Wang Feng: For the reasons of the return and distribution mechanisms, there should be a large number of quantitative trading plates in these transactions. How do you look at these funds? You can easily tell here how much they account for the total turnover?
张健：我们没有统计量化交易的比例，目前是全力在应对增长带来的各种压力。但我们可以看到，所有交易类型，都在快速增长。社区的形态，正在多元化。
Zhang Jian: We don't have a quantitative scale of transactions, and we're doing everything we can to deal with the pressures of growth. But we can see that all types of transactions are growing rapidly. Community patterns are diversifying.
王峰：依据FCoin“挖矿收入倍增计划”，邀请好友交易返佣比例会有一个50%、20%、10%、5%逐渐递减的分段函数，从最新公告来看，目前已经到了10%的阶段。返佣减少，吸引力下降，用户就有可能迁移。套用互联网金融圈子里常用的话，叫“撸口子”，用户们各家都撸，撸完就走。这些所谓的交易者可能像蝗虫一样，飞向下一个麦田，到那时FCoin拿什么提升交易量？
Wang Feng: According to FCoin's Multiplier Mining Income Scheme, there is a 50%, 20%, 10%, and 5% step-down function that invites friends and friends to trade back to domestic service, which, according to the latest announcement, is now 10%. The return of domestic workers is reduced, the attraction is reduced, and users are likely to move. Using the usual words in the Internet financial circles, called "crowds", the users are all entangled. These so-called traders may fly to the next wheat field like locusts, and by then what do Fcoin take to raise the volume of transactions?
张健：基本上不用担心这个问题。一个成熟的市场，只要有利差，哪怕很微小，都会有人追逐。另外，我上个问题也提到了，除了追逐利差，社区的交易形态已经多元化，因为流动性和深度的缘故，各种类型资金，都愿意到FCoin进行交易。所以完全不用担心撸完的问题。另外我设计的机制，即使邀请好友返佣降到0%，也不会影响大多数用户的交易，因为100%的交易费返还，还会持续很长时间，仍然极具吸引力。
Zhang Jian: There is no need to worry about this problem. A mature market, with benefits, even small ones, will be pursued. Moreover, as I mentioned in my previous question, apart from pursuing profit spreads, the community has diversified trading patterns, because, because of liquidity and depth, all types of money are willing to trade in FCoin. So there is no need to worry about the problem.
我们为什么要挖矿？是因为我们想让交易者持有我们的“股份”。所以说，一旦说的股份都回归社区，我觉得是一个非常好的状态。很多人都认为，挖完客户大量流失。这个非常奇怪。交易所是干嘛的？交易所是来交易的，不是来挖矿的。挖矿是我们FT的发行机制，但它不是交易所能够成立、能够运转的核心。大家明白吗？我给你举个例子，就像比特币一样，挖矿是它的发行机制、是它的共识机制。但比特币的目的不是用来挖矿的，比特币是用来支付的。大家可以去看一下中本聪的白皮书。
Why do we dig mines? Because we want traders to hold our shares? So, once the shares are returned to the community, I think it's a very good state. Many people think it's a good thing to dig out a lot of customers. This is very strange. What is the exchange doing? The exchange is trading, not digging. Mining is the distribution mechanism of our FT, but it is not the core of the exchange that can be formed and run. You know? Let me give you an example, like Bitcoin, where mining is its distribution mechanism and its consensus mechanism. But Bitcoin is not used to dig mines, and bitcoins are used to pay.
王峰：传统的交易所，交易机制相对成型，很久没有创新了，就是垒人头，人头必然带来交易量。你们FCoin在交易机制上实现了创新，“交易即挖矿，拥有即分红“，对用户而言，过去交易是支付成本，现在交易成了利润环节。你是怎么想到这样一个机制的？
Wang Feng: The traditional exchange, the trading mechanism, which has been relatively uninnovated for a long time, is the head of the base, and the head of the head is bound to produce the volume of the transaction. You Fcoin have made an innovation in the trading mechanism, which, for users, used to be a cost-payer and now a profit-making link. How did you think of such a mechanism?
张健：这个问题非常好。我能在这样一个看似相对成型的市场，作出颠覆式的创新，有三个核心原因。
Zhang Jian: This is a very good question. There are three central reasons why I can make subversive innovations in a market that looks like a relatively well-formulated one.
一是公心。我常常私下说，做公有链，没有公心，是不会成功的。短暂看似的”成功”，也不会持久。交易所在区块链这个以去中心化为旗号的行业下，反而成为了最中心化的存在。割韭菜、刷量、黑幕、盗币、爆仓不一而足，越来越失去大众的信任。所以发自公心是无比重要的。对，还有天价上币费，等等吧。
One is justice. I often say in private that being a public chain, without justice, will not succeed. A short-term "success" will not last.
二是对比特币的深刻理解。我自己的区块链书，已经影响了很多人，我在书中提到，比特币和区块链是”天才的发明”。没有深刻理解比特币的机制，比特币为什么能成功，就很难理解FCoin。我在书中，首次用利益循环模型，解释了比特币为什么能成功。
The second is the deep understanding of Bitcoin. My own block-chain has affected many people, and I mentioned in my book that bitcoin and block-chains are "genius inventions." Without a deep understanding of Bitcoin's mechanisms, it's hard to understand how Bitcoin works. In my book, for the first time, I explained why bitcoin succeeds.
三是对通证经济的认知升级和深刻思考。这个我已经在很多场合提交过，这里不赘述了。
The third is an upscaling and in-depth reflection on the mediocre economy. I've already submitted this on many occasions, not to dwell on here.
你是最懂中本聪的人？
You're the smartest person in the world?
王峰：FCoin白皮书中有这一段阐述，颇具一些革命者气质，“FCoin不是传统意义的公司，它迈出了数字资产交易平台向社区进化的关键一步。FCoin社区是一个公开透明的、Token化的组织，FCoin Token（FT）代表交易平台的所有权益”。
Wang Feng: This paragraph is set out in the FCoin White Paper and is quite revolutionary: “FCoin is not a traditional company, it takes a crucial step forward in the evolution of the digital asset trading platform to the community. The Fcoin community is an open and transparent Token organization, and the Fcoin Token (FT) represents all the interests of the trading platform.”
简而言之，就是用通证经济模式做交易所。利用通证经济改造原本极度中心化、利润丰厚到惊人的交易所，把大部分利益还给了交易者（也就是你们所谓的“矿工”）。
In short, the exchange is conducted using the mesmerized economic model. Using the mesmerized economy to transform an exchange that is extremely central and profitable, most of the benefits are returned to the traders (the so-called “miners”).
在我看来，这似乎与中本聪的比特币设计思想一脉相承，不由想到，经营了多年的、处在区块链行业顶端的交易所，一直是在用传统中心化的模式来运行的！对中心化的反叛，应该就是FCoin野蛮生长的原因。
In my view, this seems to be in line with the design thinking of medium-breathing bitcoin. It goes without saying that the exchange, which has been operating for many years at the top of the block chain industry, has been operating in traditional centrist patterns. The rebellion against centralization should be the cause of FCoin’s barbaric growth.
我观察到，你在接受一些媒体的采访中，作为一个此前鲜少在媒体露面的，CTO背景的理工男，你用“是比特币之后最伟大的创新”，“真正懂你的人，都会惊叹你设计的精妙”这样的语言来描述你的设计构想，你愿意在这里再分享一下其中“伟大”和“精妙”之处吗？哈哈。
I observed that in an interview with some of the media, as a scientist with a CTO background who was rarely present in the media before, you described your design in words such as “the greatest innovation after Bitcoin” and “who really knows you, would be surprised by the fineness of your design”, and would you like to share it here again?
FCoin白皮书节选
Excerpt from FCoin White Paper
张健：好的，我简要的回答一下这个问题。前段时间我开了Twitter，披露了关于FT的核心理解。
Zhang Jian: OK, let me answer this briefly. I started Twitter earlier and revealed the core understanding of the FT.
关于FT的核心观点之一：FT本质是在利用通证经济的思想做一次变革生产关系的实践。变革生产者和消费者关系、或者说变革服务提供者和用户之间关系。把二者从利益上的对立关系，变为统一关系。这可能人类历史上首次推动公司制度向社区制度进化的大规模实践。
One of the core ideas on FT is that the essence of FT is to use the idea of a mediocre economy as an exercise in transforming productive relationships. Changing producer-consumer relations, or the relationship between service providers and users. Turning the two from an antagonistic relationship of interests to one of unity.
关于FT的核心观点之二：FT是未来通证经济的完美样板，甚至是BTC2.0。与类似比特币等数字货币（Coin）不同的是，FT这样的通证（Token）不仅有利益循环机制（类似比特币），还有利益回馈机制（大多数字货币不具有），即有明确的分红作为价值中枢。所以，FT正在翻开加密经济的新一页。
The central point of view on FT is that FT is a perfect model of the future tremor economy, even BTC 2.0. Unlike digital currencies such as Bitcoin (Coin), FT-like is not only a revolving mechanism (like bitcoin), but also a profit-backing mechanism (which most currencies do not have), i.e. a clear bonus as a centre of value. So, FT is turning a new page on the encrypted economy.
另外，FT也是通向数字货币投资的一个门户，因为FCoin只上线市场上最优质的币种，持有FT就能分到FCoin交易的所有币种，傻瓜型价值投资，极为简单。
In addition, the FT is a gateway to investment in digital currencies, as FCoin is only available in the best currencies on the online market, and possession of the FT is allocated to all the currencies traded by FCOin, which is an investment in stupid value, which is extremely simple.
张健Twitter截图
Jang Twitter screenshot
FT是和比特币机制的一脉相承之处。大家其实仔细研究就会发现，比特币难度调整１４天调整一次。这个难度调整是怎么调整的？比如说我们研发出更好的矿机、更先进的矿机，那他就能迅速把比特币挖完，但事实上并没有，比特币还是按照原有的速度去释放，为什么呢？就是因为他有难度调整机制。
The FT is a link to the Bitcoin mechanism. When you look closely at it, you find that bitcoin is difficult to adjust for 14 days. How does this difficulty adjustment happen? If we develop better machines, more advanced ones, then he can quickly dig up bitcoins, but it does not. Why is bitcoin released at the same pace?
和比特币类似的是，大家发现比特币是一种通过机制的设计让市场去调节他的矿机算力的增长和难度的匹配，这样的话就就会导致他是一个按照最初设计是四年之内都是线性释放的这样一个机制。
Similar to Bitcoin, it is found that bitcoin is a match between the growth and difficulty of his miner computing power through the design of a mechanism that allows the market to regulate it, so that it would lead to a mechanism that, as originally designed, would be linearly released within four years.
但是FT也是一样，FT的挖矿其实是跟两个因素有关，第一是交易量，第二是价格。但你去研究模型，你会明白FT的释放速度是跟交易量成正比，但是又跟价格成反比。但是交易量又决定FT的价值，从而决定它的价格。所以说这几个因素的相互作用就会导致FT的释放会是线性增长。这个模型可能稍微复杂一点用语言来描述，但是其实写到纸面并不复杂，大家有兴趣的话可以自己去研究。
But the same is true of FT mining, which is related to two factors, the first to the volume of transactions and the second to the price. But if you look at the model, you'll understand that the speed of FT release is in direct proportion to the volume of transactions, but inverse to the price. But the volume of transactions determines the value of the FT, so that the interaction of these factors can lead to linear growth in the release of the FT.
王峰：你是什么时候开始这个构想的？最初几个人参与的？这个思想是谁先提出来的？很多人说之前有人尝试过，但没有像你今天这样成功？
Wang Feng: When did you start this idea? The first few were involved? Who initiated this idea? Many say that it was tried before, but it was not as successful as you are today.
张健：这个构想，是以公心开始、以比特币原理为出发点，并随着对通证经济的认知升级，逐步打磨成型的。大概是从去年下半年开始酝酿。最早源于对于透明的理解，对于透明在交易所生态实践的渴望，后来逐渐扩展到机制的创新，模型的设计，在FCoin上线前夕，整个模型的设计才确定下来。整个模型设计完成，都是我一个人完成，但和周围的朋友、合作伙伴有过很多讨论，也获得了很多启发。
Zhang Jian: The idea is to start with a common sense, take the bitcoin principle as a starting point, and gradually take shape as the permeability of the translator economy rises. It started, probably, in the second half of last year. The first came from an understanding of transparency, a desire for transparency in exchange eco-practices, a gradual expansion into innovation of mechanisms, the design of models, and the design of the entire model was determined just before the Fcoin went online. The whole model design was done by me alone, but there was much discussion and inspiration with friends and partners around it.
目标是颠覆交易所？
The target is to destabilize the exchange?
王峰：我很好奇，为什么在这个时候推出通证经济模式的交易所？是不是因为数字货币行业熊市的关系？如果行业处于上行阶段，投资者们，包括新进入者，都能轻松做大做强赚到钱，是不是这个模式就不会这么快被点燃？
Wang Feng: I wonder why a translator’s exchange should be launched at this time? Is it because of the digital money industry’s bear market? If the industry was at an advanced stage, investors, including new entrants, would be able to make money and make money easily, would it not have been ignited so quickly?
张健：我推出的时机，赶上数字货币行业的熊市，完全是偶然。我们是努力尽快加速，也没有预料到，正好赶上数字货币的熊市。至于是不是上升阶段就不会这么快，我想可能是这样，熊市阶段，我们变得更加突出了。
Zhang Jian: The timing of my launch to catch up with the bear market in the digital money industry is a coincidence. We're trying to speed up as quickly as possible, and we're not expecting to catch up with the bear market in the digital currency.
王峰：去年的币安是在很快的时间内崛起的，今天的FCoin也是，为什么这个行业变革这么快？
Wang Feng: Last year's currency rose in a very short time, and today's FCoin, why is the industry changing so fast?
挑战者和擂主的角色变换如此之快，令人目不暇接，这好比重量级选手拳击赛，你作为挑战者，刚一上台就成了擂主，然后其他的挑战者就围攻上来，令你成为被挑战者。短短一个月的时间，经历了这两个角色变换，你感觉如何？
The roles of challengers and champions are changing so fast and incredibly fast, as in the case of the heavyweight boxing competitions, where you, as a challenger, take up the stage and the other challengers attack, making you a challenger. In just a month, after these two roles have changed, how do you feel?
张健：我没有时间感觉，我被事情在推着往前走。我最大的体会是，没有时间停下，只能拼命向前。
Zhang Jian: I don't have time to feel that I am being pushed forward. My biggest feeling is that I have no time to stop but to move forward.
王峰：FCoin成为行业的颠覆者之后，三大交易所纷纷应对，币安和OKEx采用了加盟模式，火币则启动了生态分红，各有对策。你可曾想到过会有今日的局面？平心而论，你是否认为，交易所依托交易而产生暴利的时代即将结束？
Wang Feng: After FCoin became a saboteur of the industry, three major exchanges responded, currency security and OKEx adopted the association model, and the gunbacks started the eco-redging, each responding. Have you ever thought of what will happen today? To be sure, do you think that the era of exchange-based profit-making is coming to an end?
张健：是的。我认为，这是交易所在回归，向比特币回归，向区块链的精神回归。我做这个事，也是向中本聪致敬，感谢他开启了伟大时代。
Zhang Jian: Yes. I think it's the exchange that's returning, to Bitcoin, to the spirit of the block chain. I am also paying tribute to Nakamoto for his great time.
张健：很多人误以为我要颠覆交易所，是因为我深度参与过交易所，其实不是。我的初衷，是实践通证经济。交易所恰好是我最熟悉，也最能彻底实践通证经济的样本。交易所改造成Token+Blockchain的架构，我希望明天上半年可以全面完成。由于我们已经有了制度革新的基础，技术的进化就容易很多。
Zhang Jian: A lot of people mistook me for trying to sabotage an exchange because I was deeply involved in it, but not. My original intention was to practice the merciless economy. The merciless economy is exactly what I know best, and I know it most thoroughly.
另外，我今天还会发布另一个践行通证经济的产品，FInsur，用通证经济改造保险业。这是我首次对外披露。这个项目我作为顾问设计了整个经济模型。马上会开启募资，也会很快投入运营。
In addition, I will publish today another product, FInsur, that practises the mediocre economy, which transforms the insurance industry. This is my first external disclosure. I designed the entire economic model as a consultant for this project. I'll start raising money soon, and I'll be operational soon.
壁垒能不能挡住后来者？
Can't the barriers stop the later ones?
王峰：很多人认为这个模式其实就是价格战，有点像互联网领域的补贴大战，而我们觉得，打价格战的领域，往往都没什么技术壁垒。赵长鹏说“FCoin模式没什么壁垒，大家都可以做”，他这样说了，也确实号召大家做了。
Wang Feng: A lot of people think that this model is a price war, sort of like a subsidy war in the Internet, and we think that there are often no technical barriers in the area of price warfare. Zhao Chang Peng says that the FCoin model has no barriers, and everyone can do it.
我注意到尽管有几十家交易所宣称要采用“交易即挖矿”的模式，但更多的还是处在拿来做噱头在一级市场进行融资的阶段。尽管市面上已经有少量的效仿者上线了这样的机制，都鲜有成绩。我咨询了数位交易量化的朋友，说他们接入API根本跑不起来。这到底是什么原因造成的？现在你可以解释一下。
I noticed that, despite dozens of exchanges claiming to use the “trading or mining” model, more were at the stage of financing at the level-I market. Even though there were already a small number of emulators on the market, there was little success. I consulted a number of quantified friends who said they couldn’t get away with the API.
张健：其实壁垒非常高。你可以想像，我们才上线半个月，产品技术远没达到最优状态的时候，就承载了全球最大的交易量和订单量，这个技术水准，即使是一线交易所，也不敢说完全没问题。何况大量新入的交易所，几乎是跑不起来的。交易所如果要承载海量交易，门槛不是很低，而是极高。
Zhang Jian: The barriers are very high. As you can imagine, when we have only been on the line for half a month and the technology of the product is far from optimal, we carry the largest volume of transactions and orders in the world, a level that, even in a single exchange, is unlikely to be entirely fine. Besides, a large number of new exchanges are almost impossible to run. The threshold for an exchange to carry sea volume transactions is not very low, but very high.
王峰：我的感觉，近期有大量的交易所开张，几乎有当年团购市场百团大战的势头。你认为，一个交易所的核心竞争力是什么？对新进入者来说，又有什么技术壁垒？
Wang Feng: My feeling is that there have been a lot of exchanges opening in recent times, almost with the momentum of the 100th World Cup. What do you think the core competitiveness of an exchange is? What are the technical barriers to new entrants?
张健：1、技术，海量的交易。2、信任，启动的基础。3、机制，通证经济的深刻理解。我们的模式，几乎是无法复制的。
Zhang Jian: one, technology, big trade. Two, trust, the basis for start-up. Three, mechanism, deep understanding of the translator economy. Our model is almost impossible to replicate.
王峰：FT经济体系设计得非常出色，除此之外，在数据并发承载、安全、资产透明化上，都没有明显的硬伤，至少目前看是如此。我也很惊讶于FCoin的产品完成度，几乎没有短板。无论是用户体验还是UI设计都明显领先于业内大部分交易所。我听说甚至有头部交易所在学习你们的UI。可否在这里向我们披露一下你们的团队情况？FCoin从立项到上线，花费了多长时间？
Wang Feng: The FT economic system has been so well designed that there are no obvious hard wounds, at least for the time being, in terms of data integration, security, and transparency of assets. I am also surprised that FCoin's product is complete, with few short plates. Both user experience and UI design are clearly ahead of most of the exchanges. I hear there are even head exchanges learning about your UI. Can you tell us about your team here?
FCoin交易界面
FCoin Trade Interface
张健：从立项到上线，筹备了半年左右的时间。大部分在练内功，做全新的交易系统底层架构。这也是为什么，我们一上线就可以承载如此巨量的交易。另外，UI设计方面，我们有着业内最优秀的团队，同时我个人也对产品有着深刻的积累和理解，这些都是不可复制的。
Zhang Jian: From creation to on-line, we've been preparing for about six months. Most of them are working on the inside, making the bottom structure of a whole new trading system. That's why we can carry such a huge amount of transactions on the line. And, in the UI design, we have the best team in the industry, and I personally have a deep accumulation and understanding of the product, all of which are not replicable.
王峰：你认为，依目前来看，你个人及团队的优势和劣势是什么？你目前面临哪些机会，又面临哪些威胁？
Wang Feng: What, in your view, are your personal and team strengths and weaknesses? What are the opportunities and threats you face?
张健：优势是：一、技术的积累与创新；二、对通证经济的深刻理解；三、社区信誉和品牌的积累。劣势是：我太累了。
Zhang Jian: The advantages are: first, the accumulation of technology and innovation; secondly, the profound understanding of the mediocre economy; thirdly, the accumulation of community credibility and branding. The disadvantages are: I'm too tired.
机会就是，我们站在了变革的转捩点。一点不夸张。时代变革的转捩点。因我们是在做一次用通证经济、区块链去改造生产关系的实践。未来不可限量。
The opportunity is that we stand at the turning point of change. No exaggeration. The turning point of the times. Because we're doing a business of transforming productive relationships with a translator economy and block chains. The future is limitless.
威胁就是，各种暗箭吧。最近崛起太快，天天有人造谣。动不动就说骗局、跑路啥的。哎。但我不担心，因为我们在做正确的事，光明磊落的事，符合未来的事。
The threat is, all kinds of dark arrows. They've been rising too fast, and there's a lie every day. They're lying and running. Hey, but I'm not worried because we're doing the right thing, and what's bright and what's right and what's right and what's right for the future.
FCoin会否对下半年行情带来损害？
Will FCoin cause damage to the second half of the year?
王峰：有人认为，随着返佣比例的降低，许多高频量化交易者会逐渐撤出，而此时FT价格也将大幅下跌。某种程度上，相对于一般投资者和平台，无论是分红还是FT，最大的受益者都是高频量化交易者。他们的撤出，似乎意味着在宏观层面上完成了一轮资金收割。更进一步，如果FCoin效仿者众多，加上几大头部交易所的百家、千家扶持计划，市场可能会出现更多的高频量化交易者，进而引发数字货币市场的一场整体性收割，如是，将对今年下半年的整体行情带来损害。你能同意这样的说法吗？
Wang Feng: Some argue that, as the return rate drops, many HF quantified traders will gradually withdraw, and FT prices will fall significantly at this time. To some extent, the biggest beneficiaries are HF quantified traders relative to ordinary investors and platforms, whether splits or FTs. Their withdrawal seems to mean a round of capital harvests at the macro level.
张健：量化交易不会撤出，更多的各种类型的交易会涌入。现在数字货币交易所不是交易太多，是太少，交易类型少，机构投资者少。因为我们手续费100%返FT会一直持续，保守估计数年以上。而那个时间，别说现有格局，这个数字货币生态，又会扩大N倍。百家、千家的计划，都是乱出招，对行业不会有太大影响。交易所门槛有那么低吗？
Zhang Jian: Quantified transactions will not be withdrawn, and many more types of transactions will come in. There are not too many, too few, too few, fewer types of transactions, fewer institutional investors. Because 100% of our transaction fees will go back to the FT for more than a year, a conservative estimate will continue.
王峰：甚至，有极端的市场声音认为，这一轮的市场下跌，也跟FT有关系，你觉得呢？还有人认为，已经有很多高频量化交易者换成法币套现离场了，再加上FT近50亿元的流通市值，形成了一个流动性黑洞。（我注意到，破产清算的Mt.Gox提币触发，总共也就是价值10亿美元规模）我不知道你此前有没有听到这样的声音，如果听到这些，你的心里会是什么滋味？
Wang Feng: What do you think, even extreme market voices think, that the fall of this round is related to the FT? It is also argued that there are already many HF quantitative traders who have moved out into French, and that the market value of the FT is close to $5 billion in circulation, creating a black hole in liquidity. (I noticed that Mt. Gox’s debunking trigger, worth a billion dollars in total) I don’t know if you heard it before, and if so, what would you feel in your mind?
张健：一个市场，短期上涨或下跌的原因非常复杂。远不是一两个因素决定的，否则投资也太容易了吧？
Zhang Jian: In one market, the reasons for short-term ups and downs are complex. Far from one or two factors decide, would it be too easy to invest?
流动性的提升，从长远看，一定是让行业受益。通证经济之所有有威力，最核心的价值，就是带来了流动性的质变。Token比传统股权，最深刻的改变，就是流动性提升。它会带来市场发行机制的进一步完善，协作成本进一步降低，信息不对称进一步消弭。
Token, the most profound change over traditional equity, is mobility. It will lead to further improvements in market distribution mechanisms, further reductions in the cost of collaboration, and further reductions in information asymmetries.
王峰：有你的狂热支持者（比如宝二爷以及你的许多投资者）认为，极具创新的FCoin模式，可能会持续吸引更多用户，甚至会将所有区块链投资者都圈进来，最终将有机会出现第一个拥有千万级用户的数字货币交易所。你认为这可能吗？换言之，你目前是否做了这样的目标预计？
Wang Feng: There are some of your fanatical supporters (such as Lord Po and many of your investors) who believe that the very innovative FCoin model may continue to attract more users, even bringing in all block chain investors, and eventually have the opportunity to have the first digital currency exchange with tens of millions of users. Do you think that is possible? In other words, have you made such a goal at the moment?
张健：由于我们的模式是颠覆性的，在通过区块链践行通证经济，改造生产关系，推动服务提供者和用户的关系由对立走向统一，并推动时代的前进。所以，未来的规模，只能畅想了。
Zhang Jian: Because of the subversive nature of our model, we can only think about the size of the future in terms of performing a hyphenic economy through a block chain, transforming productive relationships, moving service provider-user relations from antagonistic to a unified one, and moving the era forward.
FT价格急转直下，你预料到了吗？
王峰：FT的价格曾一路冲到1.25美元，随后快速下跌，呈现一个倒V字型走势，币价波动曲线如此陡峭，我断定你最初应该没料到。大起开局至今天的大落，这样的市场表现，是否会打乱你最初设计的FT经济蓝图？
Wang Feng: The price of the FT went all the way to $1.25, and then fell rapidly, showing an inverted V-word trend, and the currency curve was so steep that I'm sure you didn't expect it at first. Will this market performance disrupt your original FT economic blueprint?
倒V字型走势图
Invert V Font Maps
张健：可以说预料到了，也没有料到。我常常说，不要去预测市场的短期走势，因为那是徒劳的。长期来看，价格会围绕价值上下波动。所以关键是价值。FCoin的核心使命，是为社区创造价值。所以我常常提醒大家，不要太在意短期波动，要看长期价值。所以，并没有打乱我最初的设计。
Zhang Jian: It can be said that it was not expected or expected. I often said, "Don't predict the short-term course of the market, because it is futile. Prices fluctuate around values in the long run. So the key is value. The core mission of FCoin is to create value for the community. So I often warn you not to worry too much about short-term fluctuations, depending on long-term values. So, it didn't upset my original design.
王峰：你曾说过，对FCoin经济体系非常有信心，日后FCoin公链上线就写入智能合约，永不更改。经历一个月过山车一样的币价起落，你还依旧这样想吗？
Wang Feng: You said that you had great faith in the FCoin economic system, and that Fcoin’s chain would be written into a smart contract and never change. Do you still think so after a month of passing the price of a roller coaster?
张健：是啊，这个波动，和比特币早期比，大家懂的。没有经历过新生事物发展，特别是比特币的成长，很难理解这样的波动。为什么有这样大的波动呢？就是因为，这是一个新事物，全新的物种。大家还不知道怎么给它定价，我常常说，是早期市场价格发现功能还不成熟。但会越来越多人认知，越来越多人了解。大家看历史，任何新事物的早期，都被各种不理解，甚至冠以骗局啥的。马云推销互联网的时候，不还有人呢说他是骗子吗。
Zhang Jian: Yes, this volatility, compared to Bitcoin’s early understanding. It is difficult to understand the volatility without having experienced new developments, especially the growth of Bitcoin. Why such volatility? Because it is a new thing, a new species. I often say, it is an early market price discovery function that is not ripe. But more and more people will recognize it, and more and more will understand it.
群友Terry：平准基金算是操纵市场行为，个人感觉和全靠社区决定治理方式有违背，请问如何可以更好的执行？
Terry: The Equalization Fund is a form of market manipulation, and there is a personal perception of a conflict with community-based decision-making on how to govern. How can it be better implemented?
张健：如果平准基金能操纵市场，这样的话，所有的监管部门、政府部门介入跟随我们平台介入都是操纵市场，其实你不能这么理解。我们不是操纵市场，我们是平抑市场，什么叫操纵市场呢?就是你自己去打牌，去操纵市场。平准基金的作用是在FT基本面没有变化的情况下出现异常的暴涨暴跌，由于我们是个新物种和新事物，市场发现价格机制还不成熟。所以说很容易受到谣言，受到各种各样情绪的波动，但FT的基本面并没有变化，所以说我们不希望FT的暴涨暴跌去影响大多数人利益。虽说它是一个早期的机制，随着这个市场的成熟，这个机制就会退出。
Zhang Jian: If a equalization fund can manipulate the market, then all regulators and government departments are involved in following our platform to manipulate the market, which you can't understand. We're not manipulating the market, we're flattling the market, what is it? You're playing cards, you're manipulating the market. The equity fund's role is an abnormal surge and collapse in the absence of changes in the basics of the FT. Because we are new species and new things, the market finds price mechanisms immature. So it's easy to say that it is subject to rumours and fluctuations from a variety of emotions, but the basics of the FT have not changed, so we don't want the FT to jump and fall to affect most people's interests.
王峰：是的，新物种。产业历史上小米，今日头条都有这样的经历。我继续问你，单就市值来说，以流通市值反推总市值，FT“市值”曾达到过500亿元（58赶集做到这个市值用了13年），现在也有350多亿元，一度是BNB、HT市值的总和，你觉得这合理吗？在中国，比FT“市值”还高的互联网公司可能不会超过30家，以这么高的“市值”作为创业起点，这将对FCoin的后续战略影响是什么？会更积极还是相对保守？
Wang Feng: Yes, new species. The industry has had this experience on its headlines today. I continue to ask you, in terms of market value alone, what would the “market value” of the FT, which had amounted to $50 billion (13 years of the market value of 58), and now more than $35 billion, which is the sum of the market value of the BNB and HT, make sense. In China, Internet companies that are higher than the “market value” of the FT might not exceed 30, using the “market value” as a starting point for starting a business, and what would this have had for FCoin’s subsequent strategy? Would it be more positive or conservative?
张健：是的，我刚才解释了这个问题。用我们没发行出来的总量，去统计我们的市值，本身就是错误。没发行出来的FT，既不能交易，又不能参与分红，本来还不存在，硬要算市值，其实是混淆概念。币圈没有一个项目这样算市值的。
Zhang Jian: Yes, I just explained the problem. It's a mistake to use the sum we don't issue to account for our market value. The unissued FT, which is neither tradable nor involved in the dividends, does not exist. It's confusing. There is no market value in the currency circle.
这和传统金融市场的非流通股，完全不是一个概念。“挖矿”是区块链创造的全新概念，理解比特币的成长，就会明白。所以我们的“市值”，是随着我们创造的“价值”，逐渐提升起来的。
This is not a concept at all of the traditional non-flowing shares of financial markets. “mining” is a completely new concept created by the chain of blocks, and understanding the growth of bitcoin will make sense. So our “market value” is rising up with the “value” that we create.
FCoin的上币策略是什么？
What's FCoin's upper currency strategy?
王峰：在投票上币模式出现之前，传统交易所上币流程基本处于黑箱阶段，高昂的上币费用一直广为诟病。根据金融科技分析公司Autonomous Research今年4月发布的一份报告，加密代币上市交易所的市场价格一般是100万美元，如果要获得更快的流动性，则需支付300万美元；加密货币交易所向代币收取的上市费用，是传统交易所向证券收取的费用的十倍。
Wang Feng: The traditional exchange process was largely black-boxed until the voting model emerged, and the high cost of the upper currency was widespread. According to a report published by the Financial Science and Technology Analysis Company Autonomous Research in April this year, the market price for the encrypted token exchange was generally US$ 1 million, with US$ 3 million to be paid if faster liquidity was to be achieved; the indexing fee charged by the encrypted currency exchange to the currency was ten times the price charged by the traditional exchange for securities.
即使是采取投票上币，项目方同样也将承担巨额的资金成本压力。以火币为例，根据火币HADAX在2月12日至28日的第一轮投票结果，排名前三的项目投票数量都达到了千万级别，投票所实际占用的资金分别为4793万元、4439万元、4365万元。
Even with a vote on the dollar, the project side will also bear a huge financial cost pressure. For example, in the first round of voting on the tender HADAX, which took place from 12 to 28 February, the number of votes on the top three projects reached tens of thousands, with the actual amount of money spent on the vote being $47.93 million, $44.39 million, and $43.65 million, respectively.
对于项目方而言，如果不缴纳高额的上币费或具备雄厚的资金实力，就无法在主流交易所上市，进而面临在激烈市场竞争中被边缘化的风险。很多项目方都期待有一家对他们更为友好的交易所出现。在交易所上币管理这点上，你认为是否有革新机会？目前你们的上币策略是什么？这个群里很多人关心。
Many projects expect a more friendly exchange for them. Do you think there are opportunities for innovation in the management of the exchange’s currency? What is your upper currency strategy?
张健：是的，这是一个非常好的问题。目前高额的上币成本，甚至造成了劣币驱逐良币的后果，也造成了会吆喝的比能做事的人能赚到更多钱。这是个恶性循环，长此以往，会导致币圈的大萧条，甚至已经开始发生了。
Zhang Jian: Yes, that is a very good question. The current high cost of the upper currency, which has even resulted in the expulsion of the lower currency, has also created more money to drink than to do. It is a vicious circle that, in the long run, will lead to a Great Depression in the currency circle, which has even begun to occur.
如果从长期来看，大量会圈钱的项目获得上币机会，最终是缺乏价值支撑的，对行业长期发展非常的负面。所以，我认为有巨大的革新机会。我们的目标，是让真正有价值的项目获得流动性，以激励团队，激励社区，形成正反馈。所以，我们绝不会收“上币费”。我们会努力探索，推动市场化机制在币圈的良性循环。降低门槛，但严格披露，保障公众利益。具体的策略，我们会逐步发布。
If, in the long run, a large number of expensive projects get upper currency opportunities that ultimately lack value support and are very negative for the long-term development of the industry. So, I think there are great opportunities for innovation. Our goal is to make truly valuable projects mobile in order to motivate the team, motivate the community and generate positive feedback. So, we're never going to take a “upcord.” We'll try to explore and promote a virtuous circle of market-based mechanisms in the currency circles. Lower the threshold, but strictly disclose, and safeguard the public interest.
如何直面监管？
How can 王峰：任何形式的分红，都有巨大的全球性合规风险。以FT为代表的一类平台币，具有分红收益、投票权等特点，而分红正是证券的基本属性，因此FT被监管机构认定为证券的可能性会很大。在我看来，政策监管的不确定性，是未来FCoin面临的重要风险。一旦被认定为证券，就需要按照现有证券监管的法律法规，面临牌照化监管、预先审批等挑战。对此，你是否已经考虑过应对措施？ In my view, the uncertainty of policy regulation is an important risk for future FCoin. Once identified as securities, there is a challenge of licensing, pre-approval, and so on, in accordance with existing securities regulation laws and regulations. In this regard, have you considered the response? 张健：现在有两种性质平台币，一种是积分，一种就是股票，我们这种平台币类似于股票。毫无疑问，因为他带着分红，有收益，还有投票权等各种各样的权利。但是我认为它又不是现在的股票，它是未来的股票。现在那套法规体系去监管未来形式的股票，我觉得是有一些问题的，所以我们叫它通证，并不叫他股权。 Zhang Jian: There are now two kinds of platform coins, one of which is credits, and one of which is a stock, which is similar to a stock. There is no doubt, because he has a bonus, a gain, a right to vote, and so on. But I think it's not a current stock, it's a future stock. Now that the regulatory system is regulating stocks in the future, I think there are some problems, so we call it a pass, not a stake. 监管必将经历一次认知升级。在很多的尝试和努力之后，一定会发现用原有的金融监管办法和条例，很难去监管这些新兴的高流动性资产。这个时候，监管层就愿意去发展出一套新的体系，FCoin愿意配合，并且提供包括技术在内的多方面的支持。我们也愿意投入研究，为构建一套全新的监管体系贡献自己的力量。监管未来的发展方向是公众化的监管，比如传统的上市公司，普通用户是无法监管他的，因为个人不可能跑到公司去盘点它的存货，检查资产还在不在，但数字资产交易所随时都可以查看资产还在不在。所以我认为，公众化、自治化一定是监管的方向。 As a result of many attempts and efforts, it will be difficult to regulate these emerging high-mobility assets with pre-existing financial regulations and regulations. At this point, the regulatory community is willing to develop a new system, and FCoin is willing to cooperate and provide support, including technology. 王峰：在6月21日，你在巴比特记者的采访中提到，“我们就在一个新旧世界的转折点上，新的世界要有一套新的监管规则的建立，而不是用传统的金融的规则去套“。未来监管应该以怎样的姿态迎接资产数字化的大潮，这也是你前段时间一直反复思考的问题。在火星财经“王峰十问”这里，能否把你近期关于这个问题的所思所感，与大家做个分享？ Wang Feng: On June 21, in an interview with a journalist from Babbitt, you said, “We need a new set of regulatory rules at a turning point in the new and old world, rather than in the form of traditional financial rules.” What should future regulation take to meet the trend in the digitization of assets, a question you have been thinking about all the time. Can you share your recent thoughts on this issue with you here in the Martian Finance Book, “The 10th Asks of the King?” 张健：其实短期变化很难预测。但长期趋势看，全球范围内，谁能够在数字资产的监管上，真正抓住重点，有勇气和智慧建立一套新的监管体系，谁就能在全球下一轮的竞争中，取得先发优势。 Zhang Jian: In fact, short-term changes are difficult to predict. But the long-term trend is that globally, who can truly focus on the regulation of digital assets, have the courage and wisdom to build a new regulatory system, and who can pre-empt the next round of global competition. 关键点是，不能用原有的金融监管条文、规则去套。本来已经很吃力了，再往数字加密世界套，根本走不通的。 The key point is that you can't use the old rules and regulations for financial regulation. You can't go to digital encryption. 安全！安全！安全！ Clear! Clear! Clear! 王峰：安全问题，从来都是众多交易所头上高悬的一把达摩克利斯之剑，粗略统计，比特币已经被盗100万枚了，远到2014年的Mt.Gox破产，近到Bithumb被盗价值3200万美元的比特币，都引发了币市“黑天鹅“。作为一个技术行家，你认为交易所安全问题频发的原因是什么？ Wang Feng: Security, a sword of Damocles that has always been high on many exchanges, rough statistics, 1 million bitcoins have been stolen, Mt. Gox has been bankrupted until 2014, and nearly 32 million dollars worth of bitcoins have been stolen from Bittumb, triggering the currency market, the Black Swan. What do you think, as a technologist, is the reason for the exchange’s security problems? 张健：主要两个原因。一是，数字货币这种形式的资产，和大多数资产最大的不同就是完全数字化的存储形式，这也就造成了，极易被黑客攻击，盗取。在数字货币没出现前，黑客大量盗取的是信息，资产盗取很难这么直接，因为信息是数字的，而资产很多都是中心化的、线下的。但数字货币出现后，成了黑客的狂欢，只要盗取私钥，就能偷走你的资产。这是数字资产的特性决定的。 Zhang Jian: There are two main reasons. One is that the asset in the form of a digital currency, and most of the difference from that of a fully digitized form of storage, also makes it extremely vulnerable to hacking and theft. Before the digital currency does not appear, hackers steal a lot of information, and it is difficult to steal assets that are so direct, because the information is digital and many of the assets are centralized and wired. But when the digital currency emerges, it becomes a hacker's carnival, and if the private key is stolen, your assets can be stolen. This is determined by the nature of the digital asset. 第二，是大量交易所的专业度极差。数字货币交易所，是互联网+金融。既要有互联网的速度，又要有金融的严谨、专业，还要对于区块链资产有着深刻的理解，其实门槛极高。 The second is that a large number of exchanges are highly specialized. The digital currency exchange is Internet+finance. The threshold is very high, with both the speed of the Internet and financial rigour and professionalism, as well as a deep understanding of block chain assets. 王峰：尽管FCoin白皮书上强调自己是去中心化的，但我认为，从目前来看，这只是运营模式的去中心化。站在产品的角度，你和币安、火币、OKEx等都是中心化交易所，一场精心准备的DDoS攻击，就会让大家手忙脚乱。据CoinMarketCap数据，截至6月15日，全球数字货币交易所有11214家。国内一个资深的安全专家告诉我，这些交易所基本上没有整体的安全防护策略，交易系统没有经过安全审计、缺少安全加固是常见问题。经历了2个交易所的你，能否告诉我，情形果真如上面说的那样？ Wang Feng: Although the FCoin White Paper stressed that it was decentralized, I think that, for the moment, this is just a decentralisation of the business model. From the point of view of the product, you and the money, the gun, the OKEx, etc., are centralized exchanges, and a carefully prepared DDoS attack, which, according to CoinMarketCap, as of 15 June, had all 11214 digital currency transactions around the globe. A senior security expert in the country tells me that these exchanges have basically no overall security strategy, and that the lack of security audits and consolidation of the trading system is a common problem. 张健：你说的没错，我们是制度上完成了去中心化，而技术上，还需要一些时间。正如刚才所说，交易所持有大量用户资产，业务逻辑非常复杂，其实门槛极高。但由于缺乏监管，导致很多不成熟的团队，仅仅因为利润丰厚而进入这个市场，所以出问题的概率极大。有这样的意外，只是说明很多人对交易所的误解太深。 Zhang Jian: You are right, we are institutionally decentralised, and technically we need some time. As we have just said, the exchange holds a large number of user assets, the business logic is complex, and the threshold is extremely high. 王峰：更有人认为，交易所安全问题频发，很大一部分原因来自于交易所内部管理混乱，你同意这个看法吗？ Wang Feng: Do you agree with those who believe that a large part of the problem of exchange security stems from mismanagement within the exchange? 张健：同意，就是专业度极差。没有金融的严谨性，和数字资产安全的深刻理解。 Zhang Jian: Agree, it's a very poor profession. There is no financial rigour, and there is a deep understanding of digital asset security. 王峰：FCoin采用资产透明的模式，钱包地址公开，收益实时展示，相比其他中心化交易所，面临着更大的挑战。成交量越大，安全隐患也越大，相信很多黑客已经盯上了你们，FCoin在安全方面是如何设防的？ Wang Feng: FCoin uses asset transparency models, wallet addresses are open, returns are shown in real time, and faces greater challenges than other centralized exchanges. The greater the volume of transactions, the greater the security risk, the more many hackers are looking at you, and how is Fcoin secure? 张健：我经历目睹太多安全事件，深知安全对于交易所的重要。这个事情比较复杂，我只讲理念。首先是严谨的流程。漏洞就发生的流程的混乱。然而大多数交易所，完全没有金融严谨性的概念，就是互联网求快的打法，很容易出问题。第二，就是对数字资产深刻的理解。如何设计钱包架构、审计架构、各种严密体系的构建，这个需要经验的积累。很遗憾的事，目前很多从业者，不具备这样的经验。FCoin的对安全的追求，高于任何对发展速度的追求。 Zhang Jian: I have witnessed too many security incidents, and I know that security is important for the exchange. This is a complex matter, and I only talk about ideas. First, a rigorous process. 怎么评价赵长鹏和币安？ What do you say about Zhao Chang Ping and Yuan? 王峰：有趣的是，币安和FCoin都由两位交易所CTO出身的创业者创立，但是却都非常重视运营创新，币安去年迅速崛起也是因为率先在业内做了手续费返还和拉新激励，并最早受到了高频量化交易者的肯定。而这一轮交易所大战中，你们的对峙似乎也更为直接。你怎么评价赵长鹏和币安？你们之间有什么相似和不同？ Wang Feng: It is interesting to note that Yuan and FCoin were created by business starters from both exchanges of CTO origin, but they both attached great importance to business innovation, and that the rapid rise of the currency last year was also due to the fact that it was the first time in the business to return fees and boost new incentives, and was first recognized by high-frequency quantitative traders. During this exchange war, your confrontation seemed more direct. 张健：我之前发朋友圈说的，我本人很欣赏赵长鹏，不是开玩笑的。 其实我在火币的时候，和他没怎么接触过。但我最近看过赵长鹏的采访时视频，真的为他点赞。我觉得他的思路很清晰，判断问题能抓住关键，所以币安能取得现在的成就，不是偶然的。 Zhang Jian: As I said before in my circle of friends, I liked Zhao Chang Peng personally, not as a joke. In fact, I didn’t have much to do with him when I was in the sign. 如果我在原有的格局下，也未必能有机会棋逢对手。但我做交易所的目的不同，打法不同，就不一样了。我是在构建全新的社区型架构，和公司追逐利润的目的不一样。所以，我们的不同就是，表面都是在做交易所，其实是在做不一样的事。他做的是公司，以追求利润为目标，我做的是社区，以社区利益为目标。大家目标不同。打法完全不一样。 I'm building a whole new community structure, not the company's profit-seeking purpose. So, we're all on the surface, actually doing different things. He's doing the company, looking for profits, I'm doing the community, and I'm looking for the community's interests. Everyone has the same goal. 为何你有如此娴熟的商战能力？ Why do you have such great commercial skills? 王峰：赵长鹏发Twitter 抨击你的“交易即挖矿”，次日下午，FCoin就上线了BNB，且交易量甚至一度超过币安本身，很多人觉得这是你的营销奇招，打了场漂亮的公关战。你能否在这里透露当初上线BNB的决策过程？你是CTO出身，为何却拥有如此娴熟的商战能力？ Wang Feng: On Twitter, Zhao Chang Peng criticized your “trading is mining”, and the following afternoon, Fcoin went on to the BNB, and at one point it was even more than the coin itself, and many people thought it was your marketing trick to fight a beautiful public relations fight. Could you tell here about the decision-making process for the BNB? You're from the CTO, but why are you so skilled in business? 张健：哈哈，这个问题有意思，比较生动。当时他在微博抨击我们，我很能理解。毕竟在他看来，是商业竞争，动了利益就要反击。在我看来，社区的思路完全不一样。社区的思路是，大家都是社区成员，生态体系的一部分，以壮大社区，增强成员利益为核心。所以海纳百川是我坚持的思路。我们不会把任何人轻易视作竞争对手。我更愿数字加密经济能够真正腾飞，BNB的市值排名在Token里面非常靠前。 Zhang Jian: Haha, the question is interesting and vivid. I understand when he criticized us on Twitter. After all, in his view, it was a business competition that moved interests and responded to them. In my view, the thinking of the community is very different. The idea of the community is that we are all members of the community, that we are part of the ecological system, and that the interests of the community are strengthened. So Heiner Bichuan is my idea. We don't see anyone as a competitor. I prefer that the digital encryption economy can really leapfrog, and BNB's market position is very high in Token. 所以当需要一个回应的时候。我通过和合作伙伴探讨和思考，决定正面积极的回应。表达我的欣赏。同时上架一个有价值的币种。我是真心欣赏，不是开玩笑的。 So when it comes to a response, I decide to respond positively and positively by exploring and thinking with partners. Express my appreciation. At the same time, put on a valuable currency. I really appreciate it. I'm not kidding. 外界对你们是否存在误解？ Did the outside world misunderstand you? 王峰：你们新上的5种创新币种：BTM、ICX、ZIP、OMG、ZIL等都和FCoin的投资机构有关联，网上有人提出质疑：你实现了从项目到交易所的每一步的控制，各个参与方可能会有利益输送。外界对你们是否存在误解？ Wang Feng: Your new five innovative currencies: BTM, ICX, ZIP, OMG, ZIL, etc. are all connected to FCoin's investment agency, and there are questions online that you have control of every step from the project to the exchange, and that the various players may have interests. Are there any misunderstandings about you from outside? 张健：这个误解太大了。币圈现在非常小，币圈中的任何公司和组织，你都能做出这样一幅图。大家都有千丝万缕的联系，不信你们随便挑一个大的做一下。 Zhang Jian: That's a big misunderstanding. You can make a picture of any company or organization in the currency circle, and you have a lot of connections, and you can pick a big one, if you don't believe it. 所以归根结底，还是行业亟待良性发展，并扩大行业的规模，而不是争夺存量市场。这个图的答案就是，币圈太小，亟待扩大，哈哈。 So, in the end, it's the industry that has to deal with good development and expand the size of the industry, rather than compete for stock markets. The answer to this is that the currency is too small to expand. 王峰：从项目孵化到项目投资，再到项目交易，也是你构建的一个生态闭环？你憧憬中的FCoin生态是什么？ Wang Feng: From project incubation to project investment to project trading, it is also an ecological closed link that you have built. What is the FCoin ecology that you dream of? 张健：我憧憬的FCoin生态，是自治的，开放的，透明的，属于公众的。是的，FCoin不应该是属于我的，它的使命，就是回归社区，这是我设计这个机制的关键。所以，我会尽全力，达到这一点。另外，我绝不构造什么生态闭环，真正有生命里的生态，都是开放的、共享的、共赢的。这是区块链的精神所在。 Zhang Jian: My vision of the Fcoin ecology is self-governing, open, transparent, and public. Yes, the Fcoin should not belong to me, its mission is to return to the community, which is the key to my design of this mechanism. So, I will do my best to achieve it. And I will never construct any kind of ecological isolation that is truly living, open, shared, win-win. This is the spirit of the chain of blocks. 所以我另一个目的，就是要为区块链行业正名。很多人说区块链没用，没有实际价值。我就要创造一个传统世界有的，但用区块链效率更高的组织，去践行我的理想，去推动行业的进步。FCoin诞生的另一个背景，源自于此。所以除了FCoin，我还会用通证经济的思想，去参与更多的项目。 So I'm also trying to name the block chain industry. A lot of people say the block chain is useless and of no real value. I'm going to create something in the traditional world, but I'm going to use the block chain as a more efficient organization to pursue my ideals and promote progress in the industry. This is the other context in which FCoin was born. So, in addition to FCoin, I'm going to take part in more projects with mediocre economics. 目的不在于自己挣到钱，而是启发大家，让通证经济的大潮尽快来临。我愿意翻开这第一页，我希望更多的人，看到这一点。就想当初看到互联网的机会，互联网的红利一样。 The goal is not to earn money for yourself, but to inspire you to make the tide of the Translator economy come as soon as possible. I'm willing to turn this page, and I want more people to see it. 谈谈你和李林的关系 王峰：听说，你跟火币CEO李林有过一年多的合作经历，能否谈谈你们当时是如何共事的？你们现在关系如何？你在火币之前的主要经历是什么？这是最后一问。 Wang Feng: Can you tell us how you worked together for more than a year, as you heard, with the CEO Leelin? What is your relationship now? What is your main experience before it? This is the last question. 张健：我们当初认识是一拍即合，当场决定合作。之后也是并肩作战，互相理解。一起经历很多风风雨雨，我很怀念那段日子。李林是天生的创业者，拥有创业者需要的特质。这也是他能取得现在成就的原因。之后我离开火币，联系就不太多了。特别是火币后来发展壮大速度非常快，他也很忙。但我内心还是非常敬重他。觉得大家应该一起努力，实现区块链和数字货币的理想。 Zhang Jian: We knew it was a close match, decided to cooperate on the spot. Then we fought side by side and understood each other. I missed the day. Li Lin was a natural entrepreneur with the qualities needed by entrepreneurs. That was why he was able to achieve what he was doing now. 火币之前大多时候在创业，少数时间做投资，也不太成功。可能那个时候还需要积累。13年进入币圈，才翻开了新的一夜。感谢中本聪！ It's been most of the time before the gun started to start a business, it's a little time to invest, and it's not very successful. It's probably time to build up. It's been 13 years since the ring opened a new night. Thank you. 王峰：克莱顿·克里斯坦森在《创新者的窘境》一书中提到，破坏性技术出现之后，即使成熟企业试图推出新结构产品，来维护市场地位时，但新兴企业在制造成本和设计经验上，已经建立了不可逾越的优势。 Wang Feng: Clayton Christensen mentioned in The Innovator's Constituency that, after the advent of destructive technologies, even when mature firms try to introduce new structural products to maintain market position, emerging firms have built insurmountable advantages in terms of manufacturing costs and design experience. 如今，张健带着他的Fcoin破门而入，为自己打造了一个传统数字货币交易所的破局者形象。他给自己打开了一扇门，也为数字货币市场进入下一个时代开启了一扇门。 Today, Zhang has broken in with his Fcoin, creating himself the image of a breaker of a traditional digital currency exchange. He has opened a door to himself, and he has opened a door to the digital money market into the next era. 中国数字货币市场会更好吗？我们拭目以待。再次谢谢张健，感谢你今晚能做客火星财经的“王峰十问”，祝FCoin进展一切顺利！谢谢各位。 Will China's digital money market be better? We'll see. Thank you again, Zhang Jian. Thank you for being the “Hong Feng question” of the Mars book tonight, and wish Fcoin every success. Thank you all. 本文为火星财经原创稿件，未经授权不得转载。转载须在文章标题后注明：“文章来源：火星财经（ID：hxcj24h）”。若违规转载，火星财经有权追究法律责任。 This is the original of the Mars Book, which cannot be reproduced without authorization. Reproduced should state after the title of the article: “Source of the article: The Mars Book” (ID:hxcj24h). If it is reproduced in violation of the law, the Mars Book is entitled to legal accountability.
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