“在加州的内华达山脉里淘金盛行的时候，近在咫尺的中央谷地再肥沃也没有人会去安心耕种了。”谈及当下火热的区块链行业，一位互联网投资人这样向《中国经营报》记者说道。
& & ldquo; when gold was found in the Nevada Mountains in California, no one would be able to grow in the near-foot central valley. & & rdquo; on the burning sector of the block chain, an Internet investor told a reporter of the China Business.
即使有新华社等权威媒体、工信部等部门和部分业内人士一再强调，区块链仍处于早期发展阶段，但比特币等数字货币的造富神话，使这个新兴的技术领域仍吸引了大批怀着暴富梦想的玩家。
Even though authoritative media such as Xinhua, the Ministry of Trade and Communications and some sectors of the industry have repeatedly stressed that block chains are still at an early stage of development, the myth of digital money-rich, such as Bitcoin, still attracts a large number of players with violent dreams in this emerging technological field.
《中国经营报》记者从区块链的产业和当前热度较高的应用场景入手，带来专题报道，深入分析区块链追捧者的“道”与“术”。
China Business journalists began with the industry of the block chain and the current high-heat application scene, bringing feature stories and an in-depth analysis of the & ldquao; & & rdquao; & & & & & rdquao; and & & & rdquao;
7月23日下午，北京东四十三条的四合院内，一场区块链项目的路演正在进行。按照组织方JRR（一家主要从区块链项目孵化、投资的机构）的负责人张璐介绍，这是一个“圈子内”的活动。
On the afternoon of 23 July, a road show on the block chain project is under way in Beijing’s 43-block courtyard. According to the head of the organizer JRR (a body that hatches and invests mainly from the block chain project), it is a & ldquo; inside the circle & & rdquo;
PPT里，所有项目和公司的名称都是英文，公司注册地亦是海外，创始人团队、高管也几乎是清一色的外国人。除此之外，现场还有4家专门投资区块链项目的投资机构代表、以及十余家区块链媒体。不过这些项目方负责人几乎大部分是中国人。
In the PPT, all projects and companies are named in English, the company is registered abroad, and the founders, executives, and almost all foreigners. In addition, there are four representatives of investment agencies specializing in investment block chain projects, as well as more than a dozen block chain media.
据悉，这些项目所处领域分别是在线音乐平台、芯片、移动支付等。
These projects are known to be in the areas of online music platforms, chips, mobile payments, etc.
路演结束后，《中国经营报》记者上前分别询问这些刚刚赢得满堂喝彩的项目方负责人：“在中国大陆地区落地业务，你们的竞争对手有哪些？”回答分别是腾讯音乐、网易云音乐、阿里系的虾米音乐，此外，还有联发科、微信支付、支付宝、银联、美团、VISA……
At the end of the road show, China Business journalists asked each of the project leaders who had just won a lot of credit: &ldquao; and who were your competitors in the mainland China region? & & rdquao. The answers were tasting music, web-yun music, Ari's shrimp music, in addition to UNDG, micro-mail payments, payment of treasures, Silver Union, USA, VISA&helip; and …
有趣的是，当记者对这些项目落地产生疑问时，在场的人士未直接回答，却反问道：“本是区块链圈内人士的活动，为何会有传统媒体参与进来？”
Interestingly, when journalists questioned the location of the projects, the persons present did not answer directly, but instead asked: &ldquao; why was the traditional media involved in the activities of the individuals in the chain of blocks? & & rdquao;
记者在采访中发现，这场略显神秘的“圈内聚会“，实质上是一场吸引入局者的“密谋活动”。
In the interview, the journalist found that the somewhat mysterious & ldquao; the inner circle & ldquao; in essence, the & ldquao; and the conspiracy & rdquao;
“这个圈子是有点封闭的，常见的就那几个。”张璐说，“币圈的人常常会在国内外的几个城市飞来飞去。我们经常不约而同地出现在同一个航班里，甚至座位都连在一起。今天在座的人几乎大部分是熟悉面孔。”
& & ldquo; this circle is a little closed, often just a few. & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & &, & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &, & & & & & & & & & & & & & & & & & & & & & & & & &,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
在张璐所说的币圈是区块链业内的一大群体，与之睥睨的是链圈。
The coin ring referred to in Zhang Yiu is a large group within the block chain industry and is associated with it.
“链圈和币圈是区块链早期的一种划分，链圈的人被认为主要是研究技术以及商用开发的，币圈的人则专注于投资。”某区块链媒体创始人王鑫这样告诉本报记者：“早期的币圈人士大多还是投资公司和项目，后来随着项目落地尝试、数字货币种类增加，币圈和链圈就慢慢混在一起了。”
& & ldquo; chains and coin rings are an early division of the block chain, where people are thought to be mainly research technologies and commercial developments, and where the currency circles focus on investment. & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ; & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & & & ; & & & & & & & & & & & & & & & & ; & & & ; & & & & ; & & & & & & & & & & & ; ; & & & & & & & & & ; & & & & & & & & ; ; & & ; & & & & & ; & ;
混在一起的重要原因之一，是区块链与数字货币间密切的关系。
One of the important reasons for mixing is the close relationship between the block chain and the digital currency.
从路演现场情况看，每一个企业都提到了已经、或准备发行数字货币。就区块链的基本属性，特别是目前热度最高的公有链（区块链中的一种形态）的特性来看，要让普通用户使用开发者设计的公有链，并深度挖掘内在价值，势必要给予用户相应的激励，这些激励只以token的形式交到用户手上，即所谓的数字货币。
Each enterprise mentions that it has issued, or is preparing to issue, a digital currency. In terms of the basic properties of the block chain, especially the public chain, which currently has the highest heat (a form in the block chain), to allow ordinary users to use the public chain designed by the developers and to dig deep into its intrinsic value, it is necessary to give users the incentives to do so, which are delivered only in the form of token, the so-called digital currency.
而token的价值，也在某种程度上体现了这个区块链网络的价值。
Token's value, on the other hand, reflects to some extent the value of this block chain network.
目前，国内已经有迅雷等企业做出了一系列尝试。在今年5月，本报记者对迅雷CEO陈磊的采访中，对方表达了建立起迅雷区块链生态的蓝图：“需要打造一个迅雷的区块链闭环生态，其中要有足够多的、优秀的上层区块链应用。”
So far, there have been a series of attempts by such enterprises as the Thunderbolts. In a reporter’s interview with the ThunderCeo Chen in May this year, the reporter presented a blueprint for the establishment of a rapid minefield chain ecology: &ldquao; the need to build a fast-trapped block chain with a high number of high-level upper-block chain applications. & rdquao;
在迅雷的区块链生态中，链克为该网络中的token，可购买上层应用的服务。
In the rapid-mined block chain ecology, the chain-gram is the Token in the network, where services can be purchased for upper-level applications.
“应用场景越丰富，品类越多，token的流通就越顺畅，token和链的价值就越高。如果流通场景少甚至没有，那么token的价值就是零，就是空气币。”一位链克持有者吕淳（化名）这样表达了token的价值。
& & ldquo; The richer the application scene, the more the variety, the smoother the token flow, the higher the value of the token and the chain. If the circulation scene is less or less, then the token value is zero and the air currency. & rdquo; this is the expression of the Token value by a chain-k holder, Lui Sun.
而在当日的路演现场，某区块链项目咨询公司的运营负责人张鹏告诉记者，token需要流通在一个可消化的场景中（即能够流通，可换取某些服务或物品），如此一来，token乃至区块链才会拥有现实资产的支撑与背书，即使流入二级市场，有现实价值参考，可在一定程度上避免泡沫。
On the scene of that day, Zhang Peng, the operator of a block chain consulting firm, told journalists that token needed to circulate in an digestable setting (i.e., it could circulate in exchange for certain services or goods), so that token and even the block chain would have the backing and endorsement of real assets, and even if it entered the secondary market with a realistic reference, the bubble could be avoided to some extent.
“但现有的区块链项目中，有90%都无法落地。所以你看到的大部分数字货币都是空气币。”张鹏说，“这是我们在过去几年观察到的结果，具体原因有很多，包括用户使用习惯、商用不成熟、机制设计漏洞、监管政策等。”
& ldquo; but 90% of the existing block chain projects cannot land. So most of the digital currency you see is air currency. & & & ldquo; Zhang Peng says, & ldquo; this is the result we have observed in the last few years, for a number of reasons, including user habits, commercial immaturity, mechanism design gaps, regulatory policies, etc.
但现场的每一个项目方或已经发币，或准备进行ICO（首次币发行），或即将登陆数字货币交易所。
However, each of the parties on the site has either issued a currency, or is preparing to conduct an ICO (first-time issue) or will be on the digital currency exchange.
移动支付项目Bizkey的负责人Scarlett Zhang便向本报记者透露，在去年完成A轮融资后，未有其他融资，也不再计划进行融资，公司正寻求登陆数字货币交易所。
Scarlett Zhang, the head of the mobile payment project Bizkey, revealed to journalists in this newspaper that, following the completion of the A round of finance last year, no other financing was available and no further financing was planned, and the company was seeking access to the digital currency exchange.
工信部信息中心工业经济研究所所长于佳宁表示，区块链项目的通证权益投资逻辑与传统股权融资逻辑完全不同，区块链项目即使进行股权融资，也会止步于天使轮或A轮。
The Director of the Industrial Economic Research Institute of the Information Centre of the Ministry of Trade and Communications, Yu Jia Ning, stated that the logic of the investment in communion equity of block-link projects was completely different from that of traditional equity financing, and that block-link projects, even if equity financing were to take place, would stop at the Angel or A wheels.
王鑫等多位业内人士这样向本报记者解释“登陆数字货币交易所”这一行为：这是类似于传统互联网企业的融资路径，互联网企业往往需要进行多轮融资后，最后申请IPO。但区块链项目企业在完成至多两轮融资后，传统的融资方式就此停止，随即开启类似于IPO的行动，通过ICO，获得资金，投资者获得token，而后登陆数字货币交易所，token流通性增加并获得溢价，ICO时的投资者可趁机获利出逃。
In this way, many insiders, such as Wang Xing, explain to journalists in this newspaper & & & & & & & & & & ; this is a financing path similar to that of traditional Internet companies, which often require multiple rounds of financing and end up applying for IPOs. But, after completing up to two rounds of finance, the traditional mode of financing stopped, and then started an IPO-like operation in which investors received token through ICO, and then totoken became more mobile and more expensive.
于是，ICO与登陆数字货币交易所的两个关键步骤，成为了区块链项目公司、投资者眼中的“IPO”。
As a result, two key steps of the ICO and the Arrival Digital Currency Exchange became & ldquao; IPO & rdquao in the eyes of the investors of the Block Chain Project.
但在各种因素的制约下，一个区块链项目从提出，到机制设计、网络搭建、ICO，再到登陆数字货币交易所，需要赢得投资人的认可，着实不易。
However, under the constraints of a variety of factors, a block chain project, ranging from the introduction of mechanisms to the development of networks to the ICO to the landing of a digital currency exchange, requires the approval of investors, which is not easy.
“你的这种担心可以说有些多余。实际上，已经有一条成熟的产业链了，他们游离于传统企业和互联网公司圈子以外，所以你们圈外人不知道。”某区块链媒体火球财经的一位作者说。
& ldquo; your fears are somewhat superfluous. In fact, there's already a mature chain of industries, they're out of the circle of traditional businesses and Internet companies, so you don't know from outside. ” one of the authors of a section of the chain media pyrotechnics says.
区块链项目、区块链媒体、社群、数字货币钱包、数字货币交易所，这是所谓产业链的雏形。
The Block Chain Project, Block Chain Media, Communities, Digital Currency Wallet, Digital Currency Exchange, is the prototype of the so-called Industrial Chain.
原快的创始人、区块链投资人陈伟星在接受本报记者采访时，通过介绍投资经历，也证实了这条产业链的存在。
The existence of this chain was also confirmed by the presentation of the investment experience by Chen Weising, the original founder and investor of the block chain, in an interview with the journalist in this newspaper.
“我投资前把整个区块链生态需要有哪些角色想明白了，比如需要有交易所、芯片、行情媒体、钱包、评级机构、分析管理数据的，然后每一个环节去投最好的。”陈伟星说。
& ldquo; before I invest, I figured out what role the whole block chain ecological needs are, such as the need for exchanges, chips, media, wallets, rating agencies, analysis of management data, and then the best at each link. &rdquao; says Chen Weising.
“现在的项目，能落地的只有极少数，而且大部分还是在美国，所以国内的项目要想获得资金，就必须要与后面的每一环合作，媒体和社群帮助宣传，然后找人代写ICO的白皮书，再想方设法将token塞进钱包，最后是让交易所的审核评估人员信服。”上述区块链媒体作者说，“讲好生态故事是每一个区块链项目必须要做的事情，让对区块链未来价值深信不疑的人或投机者掏钱，这是国内的产业链常做的事。”
& & & ldquo; now that only a very small number of projects are on the ground, and most of them in the United States, domestic projects must be funded by working with each of the following circles, with media and community helping to promote, then writing ICO's white papers, and finding ways to put token in their wallets, and finally convincing exchange reviewers. & & rdquo; the above-mentioned sector chain media authors say, & ldquo; good ecological stories are what every block chain project must do, so that people who have no doubt about the future value of the block chain or speculators can pay for it, which is common in the domestic industrial chain. & & rdquao;
路演结束后，张鹏向本报记者透露了该活动的主要目的：“现场的项目有不少已经被现场的机构投资了，所以这场路演，应该更多是给在座媒体和社群看的，将故事借此讲出来，因此他们更希望被圈子里的有影响的媒体、钱包看到。所以当圈外人，一个圈外媒体出现在现场，他们都会惊讶，读者群体与他们的定位不符合，甚至会被排斥在外。”
At the end of the road show, Zhang Peng revealed to the newspaper's reporters the main purpose of the event: “ many of the projects on the ground have already been invested in the field, so it should be more for the media and the community to tell the story, so they prefer to be seen by influential media and wallets in the circle. So when outsiders, outside media, are present, they are surprised that the audience is not in line with their position or even excluded.
2017年夏天大学毕业的小金（化名）在同学眼中，已经是一位赢在起跑线上的人。刚毕业时，已经自食其力赚到约20万元。
In the summer of 2017, Kim, who graduated from college, was already a winner on the start-up line.
小金向本报记者透露，20万元均来自为区块链项目方代写ICO白皮书，每次的报酬是2万~3万元。2017年至2018年上半年，9次代笔的劳务费成了小金的第一桶金。
Kim told reporters that $200,000 came from writing a white paper on ICO for the block chain project, with a remuneration of $20,000 to $30,000 each. Between 2017 and the first half of 2018, nine generations of labour fees became the first barrel of gold.
“刚开始写白皮书很费劲，因为太专业，很生涩，后来会借鉴其他项目的白皮书，因为都是大同小异的。至于里面写的什么，我也没完全搞懂，但是一般有套路，那就是模式不能写的太清晰，也得稍微让人看懂一些，但技术细节要很专业。”小金说，其中不乏有的项目重复发币，多次发布白皮书。
& & ldquo; it's hard to start writing white papers, because they're too professional and ingenious, and then they draw on other items, because they're very different. I don't fully understand what's written in them, but there's usually a set of ways in which models can't be written too clearly and have to be slightly understood, but technical details are very professional. ” gold novels, many of which repeat money and publish white papers.
在2017年年中，被誉为“区块链网红”“比特币首富”的李笑来也曾说过类似的话。彼时，在ICO还未被国内监管机构叫停之前，通过得到APP平台累计了大量社群粉丝的李笑来，通过多次ICO成为了舆论当中区块链创业明星，但每一次发布的白皮书均显晦涩，到后来ICO时，李笑来表示不再发布白皮书，理由是：“反正你们也看不懂。”
In 2017, Li laughter, known as “ ” “ Bitcoin's richest & rdquo; also said the same thing. At the same time, before the ICO had been shut down by the domestic regulatory authorities, through the laughter of Li, who had received a large number of social fans from the APP platform, became a star in the chain of public opinion through the ICO, but each published white paper was obscure, and then when ICO, Li laughed to stop publishing the white paper on the grounds that & & ldquo; you didn't understand it anyway. & & rdquo;
“现在整个行业中普遍是比较扭曲的，这是财富效应在激励，而并不是创造价值。绝大部分创业者可能连中本聪的白皮书也没看，自己的白皮书也没好好写，代码也没好好看过，后面怎么发展也没好好想，只想怎样才能拿到更多钱。”陈伟星如是说。
& & ldquo; the industry as a whole is now generally distorted, and this is an incentive for wealth rather than for value creation. Most entrepreneurs may not even look at the white paper, their own white paper is not well-written, their code is not well-read, and they don't think about it, just how to get more money. & & rdquao; Chen Weising is like saying.
陈伟星向本报记者表达了对当前众多区块链项目的看法：“现在整个市场有资本红利，财富效应明显，泡沫就起来了。”
Chen Wei Xing has expressed his views to this newspaper reporter on the current multiplicity of block chain projects: & & ldquo; now the whole market has a capital dividend, the wealth effect is obvious, and the bubble rises; & & rdquao;
毫无疑问，从ICO开始，到登陆数字货币交易所，这是一个使资产获得翻倍的大好时机。一位不愿透露姓名的以太坊早期投资者向本报记者介绍了财富爆发的过程：“我在2014年年初时，在美国一次偶然经历，得知了以太坊这个项目，那时ETH（以太币）不到10块钱，现在已经涨到近2000块，我拿到了200多倍的收益。”
There is no doubt that starting with the ICO, and going to the Digital Currency Exchange, this is a good time to double assets. An early investor in Etherburgh who was reluctant to reveal his name told his reporter about the process of the wealth eruption: “ I had an occasional experience in the United States in early 2014, when I learned about the Etheria project, when it was less than 10 dollars, and now it's nearly 2,000 dollars, and I got more than 200 times the return.
“区块链的真正获利者，都是2016年以前进入的，如今都拿到了百倍以上，甚至万倍的回报，此后往往都非常低调。但他们曾经获取的回报率非常让人垂涎。”张鹏说。
& ldquo; The real winners of the block chain, who entered before 2016, are now more than 100-fold, or even 10,000-fold, in return, and are often very low-key since then. The returns they've received have been very vexing. &rdquao; Zhang Peng says.
相比于以太坊、瑞波、EOS等已经成熟、且在业内外闻名的区块链项目，国内尚未出现与之睥睨的区块链应用和平台。
Compared to mature and well-known block chain projects such as Etheria, Rapo, EOS and others, there are no block chain applications and platforms in the country that are associated with them.
但资本市场的热情至今未减，从2017年末在全球股市飙涨的区块链概念股开始，再到遍地的区块链会议，去中心化、建立信任机制的愿景是诸多从业者长挂在嘴边的信条。
But the enthusiasm of capital markets has not diminished so far, starting with the concept unit of the block chain, which has soared in the global stock market in late 2017, and going to local block chain meetings, with the vision of decentralizing and confidence-building mechanisms that many practitioners have longed for.
本报记者注意到，除了7月23日的路演活动外，在全国各地的主要一二线城市，几乎每天都有类似的活动举行，查阅公司背景时，往往都注明注册地、服务器、高管团队均在海外。
In addition to the road show on 23 July, journalists in the newspaper note that similar events are held almost daily in the main second-line cities throughout the country, often with reference to the company's background, the place of registration, the server and the executive team are overseas.
Scarlett Zhang在向本报记者介绍项目落地时表示：“我们的业务核心是中国大陆，现在围绕海外市场展开。”
Scarlett Zhang, introducing the reporter to the site of the project, said: & ldquao; our core business is mainland China and now revolves around overseas markets. & rdquao;
记者质疑其中的矛盾性，她解释称：“国内的政策环境比较严苛，所以我们会选择在海外进行业务拓展，静观时变，一旦成熟就回来。”
Questioning the contradictions, the journalist explained: “ the policy environment in the country is harsh, so we choose to expand our business abroad, watch quietly, and come back as soon as it matures. & rdquao;
至于如何验证项目的可靠性，数字货币交易所火币方面向本报记者介绍了一套名为smartchain区块链资产的评估模型。团队可信度、技术先进性、市场活跃度、项目管理和战略定位是火币主要考察的类别。
As to how to verify the project’s reliability, this newspaper’s reporter was introduced to an assessment model called the smartchain block chain asset. The team’s credibility, technological sophistication, market dynamism, project management and strategic positioning are the main categories of identification for the tender.
火币方面坦言，区块链资产对应项目大多属于早期阶段，项目运营产生风险，由于流动性高，且价格变化快，波动性大，容易被过度炒作产生风险，此外，交易的匿名性可能涉及洗钱风险，世界各国也普遍缺乏相对完善的监管制度。
With respect to the currency, it is clear that most block chain asset counterpart projects are in the early stages, that project operations pose risks, that high liquidity and rapid price changes and volatility make them vulnerable to over-exploitation, and that the anonymity of transactions may involve money-laundering risks, and that there is a general lack of a relatively sophisticated regulatory regime around the world.
“目前大部分发币项目从本质上并没有真正利用区块链技术，只是打着区块链的旗号，获得了与实际价值完全不相符的估值。有的项目的所谓创新根本不去与实体经济融合，脱离了实体经济的需求，完全是投机甚至是欺诈的行为。” 阳光七星投资集团主席兼首席执行官吴征近日在接受本报记者采访时表达了自己对行业热度的看法，“区块链和AI等技术的意义是赋能，而不是颠覆。”
& & & ldquo; Most of the current money distribution projects do not really use block chain technology in essence, but simply flag the block chain and get valuations that are totally incompatible with real values. Some of the so-called innovations are simply not integrated with the real economy, are divorced from the needs of the real economy, and are purely speculative or even fraudulent. & & rdquo; U, Chairman and Chief Executive Officer of Sunshine Seven Investments Group, in an interview with a journalist in this newspaper, recently expressed his views on industry heat, & & ldquao; the meaning of block chain and AI technology is empowerment, not subversion. & & & rdquao;
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