本文来自微信公众号：高山书院（ID：gasadaxue），作者：梁信军（复星集团联合创始人），整理：朱珍，头图来自：视觉中国
三个层面理解元宇宙概念
元宇宙人人都在讲，但到底什么是元宇宙？我认为可以从三个层面去理解。
Everyone's talking about the metacosystem, but what is the metacosystem? I think it can be understood on three levels.
首先，基础理解，不要太纠结这个名字，元宇宙说白了，就是“下?代互联网”。对于下一代互联网的理解，很多人认为是物联网，也有人说是区块链、高速移动互联网、AI、AR/VR等等，总而言之，把这些所有的都加起来，就是下一代互联网。
First of all, the basic understanding is not to dwell too much on the name, the meta-cosmos is to say, "The next generation of the Internet? The next generation of the Internet." The next generation of the Internet is understood by many as a network of things, or as a block chain, high-speed mobile Internet, AI, AR/VR, and so on, all of which, in sum, are added to the next generation of the Internet.
当我们讨论什么是元宇宙的技术，什么是元宇宙的黑科技，什么是元宇宙颠覆式的发展的时候，最基础的层面其实可以从刚才提到的这些技术角度去解剖式地理解一下。
When we discuss the technology of the meta-cosmos, the black technology of the meta-cosmos, and the subversive development of the meta-cosmos, the most basic dimension can actually be understood in terms of the techniques just mentioned.
其次，进阶版理解，可以认为元宇宙是?类生存状态的进化。人类社会正处于从物理生存状态逐步向数字生存状态迁移的阶段，肖风首次提出了这样的概念。
Next, the step-by-step understanding is that the meta-cosmos is considered to be the evolution of the type of survival . Human society is in the process of moving from physical to digital survival, a concept that was first introduced by Shao Feng.
那么关键是，在这样的迁移之后，必然带来国家、种族、公司、平台等边界的模糊。无国界、无疆界的人会越来越多，所以跨国界、跨平台的合作会变得更普遍更高效，成本也会更低。
The key, then, is that such a move will inevitably lead to the blurring of borders among countries, races, companies, platforms, and so on. With more and more people without borders, cross-border and cross-platform cooperation will become more common and more efficient and less costly.
反过来，在元宇宙进行投资和创业，太过于拘泥于某一个国家或者某一个平台，那肯定不是元宇宙创业的方向。
Conversely, investing in and entrepreneurship in the meta-cosmos is too much for a country or a platform, and that is certainly not the direction in which the meta-cosm is to start a business.
最后，高阶版理解，要从生物进化的角度去理解，元宇宙是人类协作的新阶段。
Finally, the high-level version understands that the meta-cosmos is a new stage in human collaboration from the point of view of biological evolution.
从技术角度来看，PC互联网（WEB1.0）和移动互联网（WEB2.0）时代，主要解决了信息高速自由流动的问题，而元宇宙，或者说WEB3.0，其核心是在信息高速自由流动之外，增加了价值的高速?由流动。
From a technical point of view, in the era of the PC Internet and the mobile Internet 价值的高速自由流动有非常多的功能性的拓展和展现形态，比方说目前我们已经看到的就是Token的激励机制的出现。也正是由于价值的高速自由流动，使得在元宇宙的世界里，所有商业形态的基础设施都自带了金融功能。 The high-speed free movement of values has many functional patterns of expansion and demonstration, for example, what we have now seen is the emergence of incentives for Token. It is precisely because of the high-speed free movement of values that in the world of the meta-cosmos all forms of business have their own financial functions. 在这个基础之上，又催生了DAO（去中心化分布式自治组织，Distributed/Decentralized Autonomous Organization）这种新的分散合作、共享价值的后公司化经济组织形态。 On this basis, DAO is the new form of decentralized, post-corporateized economic organization that shares values. WEB3.0带来的“价值自由流动”这件事，我们不知道最后究竟会发展成什么样子，发展出什么方向，目前只能初步粗浅地看到这两个方向。 With regard to the “free flow of values” brought about by WEB 3.0, we do not know exactly what will eventually happen and in which direction these two directions can only be seen initially and superficially. 更重要的是要从人类文明进化史角度来看问题，价值的自由流动其实可以做到让遥远的、没有信任和社交关系的人和物，低成本、远程、实时进行互联协作，持续地去完成一件重大的事情。 More importantly, from the point of view of the evolution of human civilization, the free flow of `strong' values can actually make it possible for distant, untrustworthy and socially related people and things to work together in a low-cost, remote, real-time way and to do something important on a continuous basis. 人类在进化过程中，之所以能战胜其他生物，最后脱颖而出，最重要的是我们之间相互协作的意识、能力和系统。元宇宙实际上给人类的相互协作系统创造了一个新的高度。 In the process of evolution, humans are able to overcome other creatures, and finally emerge, above all, from our senses, abilities and systems of collaboration. The meta-cosmos actually creates a new altitude for the human system of collaboration. 如果从外星球来看，元宇宙相当于把地球上七八十亿人类个体联合到一起，变成了一个超级“地球人类”的巨人，这个巨人有自己的大脑和目标导向，有性格，也有良好的环境反应能力。 If, from the outside planet, the meta-cosmos is equivalent to bringing together the seven or eight billion individual human beings on the planet into a super-human giant with its own brain and goal orientation, character and good environmental responsiveness. 关于元宇宙概念的理解，先讲到这里。接下来我们从艺术家的角度来具象化地理解下什么是元宇宙。 Here's the idea of the meta-cosmos. And then we visualize what is the meta-cosmos from an artist's point of view. 四部电影理解元宇宙 “元宇宙”这个词最早出现在《雪崩》那本书中，现在大家又重新提出来这个概念，从艺术家的角度，这里有四部电影我认为很有助于我们去理解元宇宙。 The word “concord” first appeared in the avalanche book, and it has now been re-emerged. From the artist's point of view, there are four films here that I think are very helpful to us in understanding the universe. 首先是《阿凡达》。《阿凡达》给我们的启示是，就像现在我们每个人在社交媒体里有各自的账号，未来，可能就是在元宇宙中有各自的数字孪生体。 First of all, Avatar. The message of Avatar to us is 这是一个意识高度拟合、受主人控制的数字孪生体。数字孪生体不是简单的虚拟人，Ta可以帮我们完成所有的沟通，记住所有需要记住的事情，但同时，在Ta的世界里，Ta有真实的人格和人生轨迹。 It's a high-conscious, master-controlled digital twin. The digital twin is not a simple virtual person, and Ta can help us complete all the communication, remembering all the things that need to be remembered, but at the same time, in the world of Ta, Ta has a true personality and a life trajectory. 第二个电影是《头号玩家》。《头号玩家》非常好地揭示了元宇宙另一个特征：即元宇宙不仅仅是一种虚拟经济。在元宇宙中，现实经济跟虚拟经济，现实价值跟虚拟价值，是可以完全互通融合的。元宇宙并不是人类内卷的结果，在《头号玩家》中我们可以看到，物理世界里的资产可以在线上的比赛中使用，而在线上比赛得到的奖品又可以把物理肉体送到想去的天堂。 The second film is Players Number One. The first player is an excellent example of another feature of the meta-cosm: the meta-cosmos is more than just a virtual economy. In the meta-cosmos, real and virtual economies, real and virtual values can be fully integrated. The meta-cosm is not the result of an inner human volume. In the first player, we can see that assets in the physical world can be used in online games, and the prizes in online games can bring physical bodies to heaven where they want. 第三部是几个月前刚刚上映的《失控玩家》。《失控玩家》讲的是纯AI的人格。在一个巨大的游戏中，因为Bug出现了失控了的纯AI人格，这个人格不受真实玩家支配，可以自主进行各种游戏。 The third is The Uncontrollable Player, just a few months ago. Uncontrollable Player is talking about pure AI personality. In a huge game, Bug appears to be an uncontrollable AI personality, which is free from real players and free to play all kinds of games. 最后一部电影是《黑客帝国》。《黑客帝国》主要讲的是AI控制世界之后跟人类的战争和如何与人脑相处的问题。这是我们人类最终迟早要面对的问题。 The last film is The Hacking Empire. The Hacking Empire is about the war with humanity after AI took control of the world and how to live with the human mind. This is the problem that we humans will have to face sooner or later. 今后任何一个公司、一个种族、一个国家成长得如何，很大程度上取决于Ta怎么应用AI。如果应用得很好，进步就会很快，应用得不好，进步得就很慢。反过来，AI对于人脑的应用程度也决定了它发展的速度。最终，人脑是被AI武装起来的新型大脑，AI是被人脑不断激发的新型技术。 The extent to which any company, race, country is growing in the future depends to a large extent on how Ta applies AI. If applied well, progress is quick, poorly applied, and slow. In turn, AI’s application to the human brain determines the pace of its development. 马修的元宇宙 2020年1月，美国知名早期风险投资基金EpyllionCo的管理合伙人马修（Matthew）写了一篇文章《The Metaverse: What It Is， Where to Find it， and Who Will Build It》，对元宇宙给出了非常好的定义，把元宇宙“是什么”和“不是什么”，即元宇宙充分和必要的两个边界进行了定义。 In January 2020, Matthew , management partner of the well-known Early Risk Investment Fund of the United States, wrote an article The Metaverse: What It Is, Where to Find it, and Who Will Build It, which provided a very good definition of the meta-cosm, “what” and “not what”, i.e., the two boundaries that were sufficient and necessary for the meta-cosm. 两年过去了，他的观点中虽然需要进一步修订，但还是有很多可圈可点的地方，在这里跟大家分享一下。 Two years later, while his views need to be further refined, there is still much to be done to share with you here. 他认为，元宇宙有以下几个特征： In his view, the metaspace has the following characteristics: 第一，元宇宙是持久的，永远不会“重置”“暂停”或“结束”，它会无限地存在下去，永不停止，除非地球毁灭了。但只要有一两个计算机存在，它就不会被毁灭。这一点跟游戏是有本质性差别的。 First, the meta-cosmos is lasting and will never be “replaced” “suspension” or “end”, which will last indefinitely, and will never cease unless the Earth is destroyed. , but as long as one or two computers exist, it will not be destroyed. This is fundamentally different from the game. 第二，元宇宙是与现实保持同步和实时的，它将是一种活生生的人生体验，每个人可以持续地、实时地去体验。相当于一个人可以活两种完全不同的人生，并且物理世界和元宇宙的生活会完全交融，互相产生影响。即元宇宙的际遇会影响物理世界的感受，反过来，物理世界的快乐和成功也会作用于元宇宙。 Second, the metaspace is synchronized and real-time with reality, and it will be a living life experience that each person can experience on a continuous and real-time basis. is the equivalent of a person living two very different lives, and life in the physical world and the meta-cosm will be fully integrated and affect each other. That is, the encounters of the meta-cosmos affect the feeling of the physical world, and, in turn, the joy and success of the physical world will also work in the meta-cosm. 第三，元宇宙是一个充分运作的经济体。在元宇宙中，个人和企业都能够创造、拥有、投资和销售数字资产，和现实世界一样，可以在元宇宙里通过工作和投资来创造价值、享受价值。 Third, the metaspace is a fully functioning economy. In the metacosystem, individuals and businesses can create, own, invest and sell digital assets, and, like the real world, can create value and enjoy value through work and investment in the metacosystem. 第四，元宇宙具有前所未有的数据的互通性，不会存在孤岛和不同的平台完全不兼容、标准和围墙完全不一样的现象。 Fourth, the meta-cosmos has unprecedented data interoperability, and 这里我再给它加了一点，就是价值的互通性，元宇宙具备前所未有的数据和价值的互通性。这也是识别真假WEB3.0的核心标志之?，就是去看它的设计逻辑，看平台上的数字信息和价值是不是充分开放和互通的。 Here I add one more thing to it: the interoperability of values, the interconnectivity of the meta-cosmos with unprecedented data and values. This is also the central symbol of the recognition of the fake WEB 3.0? 这里我给大家举一个例子。 Here I give you an example. 在以太坊上，原本有一个非常大的期权交易所Hegic，市场占有率约80%，但是仅仅半年多的时间内，后起之秀Opyn一下子就超过它，市场占有率达到了94%。是什么原因呢？ At Etheria, there would have been a very large options exchange, Hegic, with a market share of about 80%, but in just over six months, Opyn overtaken it, with a market share of 94%. What is the reason? 主要是Opyn一开始的设计就很特别，它把自己创设的每一款期权产品都做成了Token，其实你可以理解成NFT，就是把每一个标准化的期权都做成了可交易的标准化的Token，这个Token就是ERC2.0，它可以自由地流动跟交易，相当于是一个公共设施，能够方便别的交易协议和产品来调用这个协议，可以组合和标准化。 The main thing is that Opyn was designed in a very special way from the beginning to become Token for every option that he created, which you can understand as NFT, which is to make every standardized option a tradable, standardized Token, or ERC 2.0, which can move and trade freely, which is equivalent to a public facility that can facilitate the use of other trading agreements and products, which can be combined and standardized. 这是一个非常先进的理念。很多人在设计产品的时候，想的都是通过什么渠道怎么销售给B端或者C端，但是Opyn不一样，除了B端或者C端，它想的还有“协议”和智能合约。 It's a very advanced idea. In designing products, many people think about how to sell to B-end or C-end, but Opyn doesn't think about B-end or C-end, but it also thinks of "agreements" and smart contracts. 这样一来，它的用户就拓展了，不再局限于和人类用户做交易了，它还可以和其他协议进行交易，把自己嵌入到其他的协议中去。这一点小小的改变，就使得它迅速超越了完全照搬传统期权交易模式的Hegic。 As a result, its users have expanded and are no longer limited to trading with human users; it can also deal with other agreements, embedding itself in other agreements. This small change has made it quickly beyond Hegic, which reproduces the traditional options model entirely. 这个例子可以很好地说明，价值跟数据的高度互通性，将是元宇宙里核心应用的一个典型特征。 This example is a good illustration of the high degree of interoperability of values and data that would be a typical feature of the core applications in the meta-cosm. 第五，元宇宙的内容是由参与者创建的，即UGC模式（User Generated Content）。这里我觉得他讲得还不够充分，所以我加了一点：创建者也更多地享有这个价值，这是非常重要的，这也是另外一个识别真正WEB3.0的核心标志之一。 Fifthly, the content of the metacosystem was created by the participants, i.e. the UGC model . Here I think he's not saying enough, so I added one thing: the creator also has more of this value, which is very important, and which is one of the other central signs for identifying the real WEB 3.0. 此外，还有其他一些核心标志：比如整个社区规则的管理权甚至控制权会持续去往DAO组织形态进化，控制权不会简单的固定在某一个群体上。 In addition, there are other core symbols: for example, the right of administration or even control of the entire community rules will continue to evolve towards the shape of the DAO organization, and control will not simply be fixed to a particular group. 识别是否是真正的WEB3.0的第四个核心标志是：在元宇宙里的应用，需要最大限度利用元宇宙自带金融工具的优势，将金融模型、价值分配模式从一开始就引?到商业模式中。 The fourth central indication of whether identification is a true WEB 3.0 is that applications in meta-cosmos require maximizing the advantages of meta-cosm financial instruments, drawing financial models, value distribution models from the outset? 如果不自带这几种属性，都不能算作是真正的WEB3.0的东西。 Without these properties, it cannot be counted as the real WEB 3.0. 著名风投公司A16Z有一句名言，把我说的这几点总结得非常好——最好的创作者掌握NFT，最好的NFT项目演变成DAO，最好的DAO使用DeFi。 The famous A16Z company has a famous quote, summarizing very well what I have said — the best creators own NFT, the best NFT project evolves into DAO, and the best DAO uses DeFi. “最好的创作者掌握NFT”，也就是创作者通过NFT的方式确认他可以永久地拥有自己创作产品的价值； “The best creator owns the NFT”, i.e. the creator confirms through the NFT that he can permanently have the value of his own creative product; “最好的NFT项目演化成DAO”，就是最好的NFT如果想要做大，最终一定要进行去中心化和分散化，让更多有智慧的人愿意长期跟你一起创作； “The best NFT project evolves into a DAO” is that the best NFT, if it is to be large, must eventually be decentralised and decentralized so that more intelligent people will be willing to work with you on a permanent basis; “最好的DAO使用DeFi”，也就是最好的DAO，还是要把金融系统嫁接进去。 “The best DAO uses DeFi”, or the best DAO, is to marry the financial system. 这三句话讲得很简洁，但也讲得很深、很透。 These three words are very concise, but they are also very deep and very clear. 当然马修也提到“元宇宙不是什么”，这个也能非常好地理清大家一些思路。 And, of course, Matthew also said, "The metacosystem is not something," which is also very good at providing some sense of geography. 首先，它不是虚拟空间。所以它跟“第二人生”是不一样的。“第二人生”不是一个可运作的经济体的，它只是一个可以游玩的虚拟空间。 First of all, it's not a virtual space. So it's not like Second Life. Second Life is not a working economy, it's just a virtual space to play. 第二，它不是虚拟现实。所以我刚才提到元宇宙是物理和虚拟的实时交互，不是单纯的一个虚拟现实。有沉浸式体验当然最好，没有沉浸式体验也没有问题，因为它的核心不是这个。 Second, it's not a virtual reality. So I just mentioned that meta-cosmos is a real-time interaction between physics and virtuals, not just a virtual reality. A immersion experience is certainly the best. No immersion experience is no problem, because it's not at its core. 第三，它也不是虚拟人。我待会就会说说元宇宙中的4种角色。 Third, it's not a virtual person. I'll talk about four characters in the meta-cosmos later. 第四，它不是游戏。因为游戏没有跟你的生活体验始终保持同步。 Fourth, it's not a game. because the game is not always synchronized with your life experience. 第五，它也不是新的应用商店。不是简单地说你可以到上面去买很多的软件，它“是你的享受和价值创造的平台”，最后这句话是我加的。 Fifth, it's not a new app store. It's not simply that you can go up there and buy a lot of software, it's a platform for your enjoyment and value creation, and I added the last sentence. 第六，它不是一个新的UGC平台。元宇宙给用户提供了一个创建资产和售卖服务的空间。这里我再加了一句：“并且让这些用户可以永久地享受数字资产的这些价值，不会被剥夺，不会被关掉，不会被平台屏蔽掉、封掉”。 2017年9月，梁信军在高山书院硅谷站交流学习 二、相比移动互联网，元宇宙的主要进化 账户主体 首先是账户主体的变化。我认为至少有4种形态的账户：人、物、AI、过去的人。 The first is the change in the subject matter of the account. I think there are at least four types of accounts: people, things, AI, people of the past. 人的账户跟现在是一样的，比如你在WEB2.0中的各种账户；此外，还有物的账户，发达的互联网技术下，未来物的账户会百倍千倍的增长；第三种账户是AI的账户，即《失控玩家》中那样的账户；第四种账户是生存过的，但现在已经去世的过去的人的账户。 The human account is the same as it is now, for example, in your various accounts in WEB 2.0; in addition, there are accounts of goods, with advanced Internet technology, that will grow hundreds and thousands of times more; in the third account, the account of AI, the account of the Uncontrollable Player; and in the fourth account, the account of the deceased, the account of the past. 我们想象一下，如果是今年出生的宝宝，他是元宇宙的原生人类，可能在他三岁的时候，他就会有一个数字的孪生体，我们可以叫Ta阿凡达。那么以后这些小朋友之间互换联系方式的时候就很可能不再是互换手机号、邮箱、WhatsApp账号，而是互相介绍他们的阿凡达了。 Let's imagine that if this is a baby born this year, he's an original human being in the Woncosmos, and maybe when he's three years old, he'll have a digital twin, and we'll call him Ta Avanda. Then it's very likely that these kids will no longer exchange cell phone numbers, mailboxes, whatsApp accounts, but rather introduce each other to Avanda. 这个阿凡达是由小朋友自己塑造的，性格甚至性别可能跟小朋友完全一样，也可能是完全相反。比如一个内向害羞的小朋友可能塑造了一个开朗奔放的阿凡达，并且这个阿凡达在元宇宙里还过得风生水起，那么这也可能会影响现实中的这个小朋友，他会发现，原来人生还可以这样过！因此逐渐产生了一些改变。 This Avatar is shaped by children themselves, who may have exactly the same personality and even gender, or the opposite. For example, an introverted shy little friend may have shaped an avatar, and this avatar is still alive in the meta-cosm, which may also affect the reality of this little friend, who will find that life can still be like this, and that there has been some change over time. 还有一种可能性，如果技术足够发达，一个现实中的人知道自己命不久矣，那他也可以把自己的意识、记忆和人格上传到网络，他会上传到哪里？首选的肯定是自己的阿凡达，因为这个阿凡达不仅有主人在元宇宙世界里所没有的经历，还有主人从小到大发生过的所有的社交信息。 There is also the possibility that, if the technology is sufficiently developed and a real person knows that his life is near, he can also upload his consciousness, memory and personality to the Internet. Where does he go? The first choice must be his own Avatar, because this Avanda has not only the experience of his master in the metaspace world, but all the social information that he has had since he was a child. 这样一来，如果多年未见的老朋友在元宇宙相见，可能根本就分不清对方是真人还是阿凡达。这样的角色也是永久存在的。 So, if old friends who haven't seen each other for years meet each other in Wonco, it's probably hard to tell if they're real or Avatar. And that role is permanent. 如果再把合约和程序也当做一种账户的话，那可以算作元宇宙中的第5种账户，如果把它们只是当做AI，那就是4种账户形态。 If the contracts and procedures were to be treated as an account again, they could be counted as the fifth account in the meta-cosm, and if they were to be treated only as AI, they would be the four types of account form. 原生经济规模化 目前互联网经济大部分是一种映射经济，从物理的经济活动映射到网上。但是在元宇宙，不单纯只是现实经济的线上映射，它也有线上经济的映射，但更多是原生的，并且现实和线上经济之间价值是交互的，规模还会非常大。 The Internet economy is now largely a map of the economy, from physical economic activity to the Internet. But in the meta-cosmos, it is not just a line map of the real economy, it also has a map of the online economy, but it is more original, and the value of the reality and the online economy is interactive and very large. 核心新增：价值的自由流动 相比过去信息的?由流动，元宇宙中信息流动之上，价值的自由流动才是最核心的变化。 Compared to past information? From the flow of information in the meta-cosmos, the free flow of values is the most central change. 大家可以看到，90年代到现在，全世界绝大部分大市值的公司，前10名的1/3甚至1/2都是互联网公司，为什么？它干的就是这一件事情：信息自由流动。 As you can see, in the 1990s and now, the vast majority of the world's major market-market companies, the top 10 of which are one third or even one in two, are Internet companies. Why is it doing this thing: the free flow of information. 如果再加上价值的自由流动，其价值不可想象。基于Token的激励模型，是元宇宙或者区块链上价值自由流动的功能最大化的一个技术基础。它能够汇聚人类众多个体的微薄力量，长期持续地去完成一件伟大的事情，并且让这些提供支持的人长期、有保障地获得回报。 An incentive model based on Token is a technical basis for maximizing the functionality of the free flow of values in the meta-cosmos or in the chain of blocks. It can bring together the meagre power of many human beings to do a great thing on a long-term and sustainable basis and give those who support it a long-term, secure return. 所以大家提到Token，不要简单地把它当做是加密币，当做是法币的替代和挑战，它更多的是元宇宙价值激励模型的物质基础，没有Token，这种激励机制是不存在的。 So you mentioned Token, not simply as an encrypt currency, as an alternative to and a challenge of French currency, but more as the material basis of the meta-cosm value incentive model, without Token, which does not exist. 同样的，Token还塑造了?类创造、创作、经济协作的新形态——DAO。 Similarly, Token has shaped? New forms of creativity, creativity, economic collaboration — DAO. 有?个说法是，2020年属于DeFi，2021年属于NFT，?2022年将会是属于DAO的?年。 Yes? It says that 2020 belongs to DeFi, 2021 to NFT, 2022 to DAO? 讲到DAO，有的人觉得很遥远。其实某种程度上，分布式记账的BTC、ETH都是基础的DAO组织形态；稍微复杂一点的DAO组织形态我们可以用Helium的例子来给大家讲讲。 Speaking of DAO, some people feel distant. To some extent, the distributional BTC and ETH are the basic DAO organizational patterns; the slightly more complex DAO organizational patterns we can share with you in the example of Helium. BTC和ETH都是分布式计账的形态。那么，什么是分布式记账？ Both BTC and ETH are distributed accounting patterns. So, what's distributed accounting? 以BTC来说，它现在的规模有7000多亿美元，跟新加坡币的发行量差不多。新加坡银行为了维护这7000多亿美元的流动清算、结算，有非常庞大的央行系统，有一到两份灾备，还有一大群人维护它。 In the BTC’s case, it is now more than $700 billion, similar to the Singapore dollar’s circulation. The Bank of Singapore has a very large central bank system, one or two disasters, and a large group of people to defend it, in order to maintain the more than $700 billion in liquidity clearing and settlement. 但BTC没有中央银行，没有中央处理器，它全靠成千上万台计算机下载了一个BTC共识的账户，取得BTC的记账权，为BTC的清算结算记账，通过自身记账的工作量来获得系统自动生成的奖励，从而维持生存。 BTC, however, does not have a central bank, does not have a central processor, downloads a BTC-consensual account on thousands of computers, obtains rights to account for BTC, takes accounts for BTC's liquidation settlement, receives incentives generated automatically by the system through its own booking workload, and thus sustains its survival. 虽然这些成千上万的计算机与计算机之间，计算机的拥有者之间彼此可能都是不认识的，但是它们都相信这个合作是可以长期维持的，它们维护这个系统一定会公平的、长期的获得属于自己的奖励，正是这些成千上万份微薄的力量，汇聚成了BTC这7000多亿美元规模的价值载体，或者说是价值传输体。 While the owners of these tens of thousands of computers and computers may not know each other, they all believe that this cooperation can be sustained over the long term, and that they will be awarded fair and long-term rewards of their own for maintaining the system, which is the tens of thousands of meagre forces that bring together the more than $700 billion value carrier, or a value transmitter, of the BTC. 这就是典型的基础的DAO组织形态。 This is the typical basic DAO pattern. ETH要复杂一点，在ETH上，不仅有BTC的功能，它还要处理一大堆的智能合约。当今绝大部分的智能合约都是基于ETH的，所以ETH这个网络要承载所有智能合约的交互和处理问题。 The ETH is more complex than having a BTC function, it's also dealing with a lot of smart contracts. The vast majority of smart contracts today are based on ETH, so the ETH network has to carry all the interaction and handling of smart contracts. 但ETH一样没有中央处理器，也没有一个集团公司在处理和维护，它同样也是靠成千上万台信任协议、力量微薄的计算机来参与的。 The ETH, like the ETH, does not have a central processor, nor does it have a group company that handles and maintains it, and it is also involved with thousands of trust agreements and thinly powered computers. BTC和ETH汇聚的是众多计算机的力量，而Helium汇聚的是众多个体的微薄资?和地理位置资源。 BTC and ETH bring together the power of many computers, while Helium brings together the meagre resources of many individuals? Helium是一个为低能耗物联网设备与互联网连接互通所建立的点对点无线网络，致力于运用无线通讯和区块链技术建设全球分布式无线网络，模式与5G有点像。 Helium, a point-to-point wireless network established to connect low-energy consumer networking equipment to Internet connectivity, is committed to building a global distributed wireless network using wireless communication and block chain technology in a mode similar to that of 5G. 据?信部统计，2021年年底，中国5G基站共142.5万个，总量占全球60%以上，相当于全球有235万个5G基站。整体投资多少我们不清楚，但仅2021年中国三?基础电信公司的5G投资额达1849亿元，约291亿美元。 According to the Ministry of Information, at the end of 2021 there were a total of 1,425,000 5G stations in China, accounting for more than 60 per cent of the world's total, which is equivalent to 2.35 million 5G stations globally. We do not know how much to invest in as a whole, but only in 2021 China 3? 而Helium自2013年创立到2022年1?，Helium区块链上已经有50万个热点基站，接近当前5G基站数量的21%。一共融过大概1.648亿美金。 And Helium, which was created in 2013 until 20221?, already has 500,000 hotspot base stations on the Helium block chain, close to 21% of the current 5G base stations. About $164.8 million has been melted. & nbsp; Helium是怎么做到的？ How did Helium do it? 简单来说，它设计与出售两个设备，是不同功率的发射基站，成本大概一个100-500美元。用户可以上网购买这个装备，接上电，挂在自家窗户上。 In short, it designs and sells two equipments at different power bases at a cost of about $100-500. Users can buy the equipment online, receive electricity, and hang it on their own windows. 如果有另外一台基站或者智能设备接收到了你的信号，它就会在地图上标记出你这台基站的整个空间覆盖面。在这种情况下，系统会根据这个覆盖空间的大小每个月或每个星期自动发放奖励，Helium的奖励Token叫HNT。 If there is another base station or smart device that receives your signal, it will mark the entire spatial coverage of your base station on the map. In this case, the system will automatically issue an incentive based on the size of the space covered, and Helium's reward, Token, is HNT. 在2020年4月份刚发行的时候，HNT的价值是0.18美元，而现在，已经到了30美元了。假设我们投资了一个500美元的发射装备，在过去，我一个月拿到两枚HNT，那是毫无意义的，而现在则开始不一样了。 When it was first released in April 2020, HNT had a value of $0.18, and now it's $30. Assuming we invested a $500 launch equipment, I had two HNTs a month in the past, which was meaningless, and now it's different. 另外，这种奖励机制也是建立在发射基站的工作效率上的，比如在已经有很多基站的地方放置新设备所得到的回报一定会比基站稀少的地方得到的回报小。这样一来很多人就会刻意去寻找基站少的地方进行发射设备的安装和维护。很快，越来越多的人和地理位置都进入到了这个基础设施的构建工作中来，也会得到这个项目持续的回报。也就是网络的维护和运营者成为了网络的价值拥有者。 In addition, such incentives are based on the efficiency of launching stations, for example, where there are already a lot of base stations and new equipment must be rewarded less than where the base stations are scarce. Many people will then deliberately look for fewer sites for the installation and maintenance of launch equipment. Soon, more and more people and geographic locations will enter into the construction of the infrastructure and will receive the project’s ongoing return. 5个月前Helium才有28万个基站，现在已经有50万个了。如果有一天变成2800万的基站（我相信这天一定会到来），你认为HNT值多少钱呢？当然，这个项目最大的风险是，政府将来会不会把它给封掉，得要看它有没有干扰5G通信。 There are only 280,000 base stations in Helium five months ago, and half a million now. If one day it becomes 28 million base stations 这是一个汇聚众多个体的微薄资?、地理位置资源的DAO的形态的项目。 This is a project that brings together small amounts of individual resources, geographical resources in the form of DAOs. 那么，更高层次的，怎么把人的智慧、创造力、对行业和项目的深刻理解也汇聚到一起呢？这才是未来人类巨形工作应该完成、应该具有的特征。 How, then, does a higher level bring together human intelligence, creativity, and a profound understanding of industry and projects? That is the characteristic of the future of the great work of humanity. 就目前而言，DAO还是很难完成这样的工作，因为DAO还存在很多问题。 For the time being, it is still difficult for DAO to do this because there are many problems with DAO. DAO的决策大多是自下而上的。一旦处理的信息过多，就容易出现决策效率慢、反应能力弱的问题，原因可能有以下几个： Decision-making in DAO is mostly bottom-up. Once too much information is processed, problems of slow decision-making and low responsiveness can arise for a number of reasons: ①信息传递慢。分布式组织中，?法保证所有?同时接收到信息； 1 slow transmission of information. distributed organization. ②意见统一慢。每个人都有自己的想法，在出现分歧后，难以在短时间消除； 2 is slow to unite. each person has his or her own ideas, which are difficult to overcome in a short period of time when differences arise; ③治理结构的设计问题； ④权力未适当分配。 当然，DAO也在进化。 Of course, DAO is evolving. BanklessDAO就是一个很好的例?，他们把组织架构分为三层：治理层、核?团队层、?会和项?层。 A good example is the BanklessDAO, which divides the structure of the organization into three layers: governance, nuclear, team, assembly, and division. 治理层决定BanklessDAO的战略管理和核心事务；核心团队层负责监督、协调、批准grants等组织职能；工会层和项?层平级并行，工会层是整个DAO的人才池，核?团队层的协调员会根据不同情况组织各?会向具体项?输送人才。 The governance level determines the strategic management and core affairs of the BanklessDAO; the core team level supervises, coordinates, approves organizational functions such as grants; the union level and the Quantities? 可以看到，当?个DAO有明确的?标导向、以项?输出为?标时，适当的从上?下的?作流程和权?的集中是可行且必要的。通过设置合理的治理框架，自下而上赋予工会内部人员明确且清晰的权利与义务。反过来，人员可以自上而下的进行决策从而提高效率。在透明化治理的前提下，权利本身由社区赋予，而社区成员也可以监督拥有执行权力的人，从而形成有效制衡。 As can be seen, when a DAO has a clear-cut – indicator orientation, with an output?, with an output?, it is appropriate to go from top to bottom? A concentration of processes and powers? is feasible and necessary. By establishing a sound governance framework, workers are given clear and clear rights and obligations from top to bottom. In turn, people can take top-down decisions that increase efficiency. With transparent governance, the power itself is vested in the community, and community members can monitor those with executive power, thus creating effective checks and balances. 那么，什么样的项目需要DAO这样的模式呢？ So, what kind of project needs a model like DAO? 我认为，所有需要跨境、跨地区、分布式的东西都需要DAO，比如科研、教育以及需要接力创造的东西等等。因为一定是全世界的科学家一起协作才能创作更多的成果，全球的师资放在一起才会有最好的教育。所以某种程度上，高山书院已经具有初步形态的DAO的模样了。 I think that everything that needs to be cross-border, cross-regional, and distributed requires DAOs, such as scientific research, education, and something that needs to be made by relay. Because scientists all over the world must work together to create more results, teachers all around the world will have the best education. So, to some extent, the high mountain bookstores already look like DAOs in their initial form. 我很喜欢看刘慈欣的小说，我也觉得他是中国最有想象力的科幻小说作家，但是我不赞同他的一个观点，他认为人类要么奔向星际，成为星际物种，要么玩元宇宙内卷。 I love the novels of Liu Xiahin, and I think he's China's most imaginative science fiction writer, but I don't share his view that humans either run to the stars, become interstellar species, or play in the meta-cosmos. 我认为他的想法是错误的。有元宇宙这样一个工具，我们才有机会汇聚全人类将近80亿人的微薄资源，共同去完成各种有益于人类的大事，而不是内卷。 I think his idea is wrong. With a tool like the meta-cosmos, we have the opportunity to pool the meagre resources of nearly 8 billion people across the globe to work together on great things that benefit humanity, not on the inside. 比如说，马斯克的公司SpaceX冒着巨大的、甚至有可能破产的风险，去做移民火星这件事情，其实是不公平，也是低效率的。他做的是人类文明进化的战略性方向的事情，应该汇聚整个人类的力量来做。 For example, the Mask company SpaceX risked enormous, if not potentially bankrupt, being unfair and inefficient to migrate to Mars. What he did was a strategic direction for the evolution of human civilization, and it should bring together the power of the human race as a whole. 如果把SpaceX也做成像DAO这种组织形态，把整个目标切成无数个简单的小项目，用项目导向来设置DAO，让参与DAO的每个个体在未来也能长期享受DAO带来的价值，这样就能汇聚巨大的力量，人类奔向火星的速度也会更快一点，成为星际物种的可能就更大一些了。 If the SpaceX is also made into an organization like the DAO, cutting the entire target into numerous simple small projects, setting up the DAO with project orientation, and allowing each individual participating in the DAO to enjoy the value of the DAO in the long term in the future, it will bring together enormous forces, and humans will travel faster to Mars, making it more likely that they will become interstellar species. 2018年3月，梁信军在高山书院以色列站交流学习 三、元宇宙的投资 元宇宙项目的特点 与很多?认为的不同，?些元宇宙的项?经济规模已经很?了。下面我给大家举几个例子： Unlike a lot of people who think it's different, what's the size of a meta-cosmos? The size of the economy is already great. Let me give you a few examples: （1）DeFi 据Defillama数据，2022年1?3日，DeFi全?锁仓量（TVL，可以理解为美元存款数）已经达到了2533.6亿美元，创历史新?。其中，以太坊链上锁仓量1578.7亿美元，而?年前才150亿，可见发展速度之快，规模之大。 According to Devillama, 1 and 3 days in 2022, Defi All? The lockdown volume has reached $253.36 billion, making history? （2）NFT NFT诞生于2014年，2021年NFT开始大规模产生交易，交易的形态主要表现为数字化的艺术品的交易。据PayPal报告，NFT2021年全年交易?额超过了440亿美元，而同期全球艺术品市场交易额约为501亿，非常接近。 NFT was born in 2014, and in 2021 the NFT began to generate large-scale transactions, mainly in the form of digitized works of art. According to PayPal, NFT traded throughout the year 2021? More than $44 billion, compared to about $50.1 billion in the same period in the global art market, which is very close. （3）稳定币 (3) Stable Currency 我们再来看稳定币。 Let's look at the stable currency. 2021年，稳定币市场已经由年初的272亿美元膨胀?年底的1610亿美元，非常大。 In 2021, the stable currency market expanded from $27.2 billion at the beginning of the year to $161 billion at the end of the year, a very large one. （4）风险投资 (4) venture capital 2021年，超过330亿美元资金进?加密领域，占全球所有行业风险投资资金的5%，其中第四季度的投资额超过105亿美元，比2020全年的总和还要多。 In 2021, more than $33 billion was spent? In the area of encryption, which accounts for 5 per cent of the global venture capital of all industries, investments in the fourth quarter exceeded $10.5 billion, more than the total for 2020. （5）公开合规持有的交易型加密资产规模 (5) Size of transactional encrypted assets held in public compliance PayPal统计，公开交易的?特币基?资产规模已经从?年前的200亿美元增?近400亿美元，翻了一番。?各类ETP、私营企业和上市公司在2021年末总共持有约150万枚比特币，价值约700亿美元，约占流通总量的10%。 PayPal, open trade? Tequila? The size of assets has increased from $20 billion a year ago? Nearly $40 billion, doubles. 综上可知，元宇宙的经济规模非常大，并不是十分遥远，它已经到来了，就近在眼前。 As you can see, the economy of the meta-cosmos is so large, not so far away, that it has arrived and is near. 高山书院2017级同学、朗闻资本管理合伙人沈康提过，只有颠覆性、高成长的经济模式才算是属于元宇宙，所以不要轻信分析师的股票“元宇宙”标签。 It is only a subversive, high-growth economic model that is considered to belong to the Woncosm, so don't trust the stock “Megasmos” labels of analysts. 2018年，沈康在高山书院印度站交流学习 所谓的颠覆性，主要体现在哪里呢？这里我还是引用我很认可的沈康同学的观点： Where are the so-called subversives? Here, I quote what I agree with Shenkang: ①WEB3.0或者说元宇宙是建设者和用户的互联网，而不再是WEB2.0平台们拥有的互联网。也就是说元宇宙带来的经济价值更多的是由建设者来享有，而不是平台控制者享有。 1WEB3.0 or the meta-cosmos is the Internet of builders and users, rather than the web of WEB 2.0 platforms. means that the economic value of the meta-cosmos is more to be enjoyed by builders than by platform controllers. ②代币（Token）是链接整个WEB3.0?络的纽带。稳定币是将传统金融市场与原生加密市场连接起来的桥梁。 2 Generations is the link to the entire WEB 3.0? ③看WEB3.0领域的项目：要看项?的战略思考和产品定位是不是以Token等WEB3.0特有和原?的东?为核?来展开的。创新型和?命性的东?往往不能再?原有的思维框架，WEB3.0最重要的意义在于从技术上实现了“Sovereign Individual”，即主权个?的价值主张，不依托任何平台可实现点对点的信息和价值传送。 除此之外，我加上的一点是，看WEB3.0的项目除了看Token，还可以看项目实施是否采?DAO这样的组织形态，如果采用了这种组织形态，当然更具有颠覆性。 In addition to that, I add that the WEB 3.0 project, in addition to Token, can see whether the project is being implemented? The organizational pattern of DAO, if adopted, is certainly more subversive. 元宇宙投资的三大现实方向 （1）现金流，看DeFi 在元宇宙投资里面，如果要看现金流，肯定要看DeFi。 In Woncos investments, if you want to see cash flow, you'll have to look at DeFi. DeFi的规模已经非常大，现在DeFi资金池里沉淀的存款是真实的美元存款，在质押贷款方面，已经完胜银行了。2021年DeFi实现了爆炸性增长，从150亿涨到了2533亿美元。 DeFi is already very large, and now that the deposits deposited in the DeFi pool are real dollar deposits, it has won the bank over the pledge loan. DeFi increased explosively in 2021, from $15 billion to $253.3 billion. 在DeFi上千亿规模化以后，已经经历过了市场暴跌的现实压力测试，并且高分通过。在2021年5月19日那一周，比特币从高位58000美元跌至最低31000美元，跌幅达到了47%，而ETH则从4100美元跌至最低1900美元，跌幅达到了53.7%。 In the week of 19 May 2021, Bitcoin fell from a high of $58,000 to a low of $31,000, reaching 47 per cent, while ETH fell from $4,100 to a low of $1,900, reaching 53.7 per cent. 在整个DeFi贷款里，所有的贷款都是质押贷款，而质押品80%都是比特币和ETH，当质押品跌成这个样子之后，当时整个系统近千亿美元的存款，坏账不?6亿，坏账率只有不到1%，所以我说DeFi是高分通过了现实的压力测试。 In the entire DeFi loan, all the loans were pledged, while 80 per cent of the pledges were bitcoin and ETH, and when the pledge fell like this, the system had nearly $100 billion in deposits, bad debts? 600 million, bad debts of less than 1 per cent, so I said that DeFi had passed the real pressure test. 我认为DeFi的模式设计非常精巧。2021年初，圣路易斯联邦储备银行发表了一篇关于DeFi的论文，指出DeFi可能有助于建立一个更加健全和透明的金融基础设施。 I think the DeFi model is very elaborate. In early 2021, the Federal Reserve Bank of St. Louis published a paper on DeFi, pointing out that DeFi could help to build a more robust and transparent financial infrastructure. 目前以太坊网络上最大的DeFi贷款协议Aave已经推出了针对机构投资者的“AavePro”，允许机构通过白名单的形式进入去中心化的借贷市场。随着MetaMask Institution和Fireblocks等满足机构安全标准的钱包和托管服务在过去一年的成熟，CeFi（中心化金融）与DeFi的融合也将进入爆发期。 At present, Aave, the largest DeFi loan agreement on the Taiwan network, has introduced “AavePro” for institutional investors, allowing institutions to enter the centralized lending market through white lists. As wallets and hosting services, such as MetaMask Insurance and Fireblocks, which meet institutional safety standards, mature over the past year, CeFi and DeFi are about to break out. DeFi和稳定币生态满足了投资者对于收益率的渴望，即在传统金融实际收益率依然为负的环境下，DeFi可以为借款人提供更高的收益，且收益中很大一部分将是诸如稳定币贷款所产生的利息这种绝对收益的回报。 DeFi and stable currency ecology satisfy investors'desire for a rate of return, i.e., in an environment where traditional financial real rates of return remain negative, DeFi can provide higher returns to borrowers, and a large part of the proceeds will be in return for absolute gains such as interest earned on stable currency loans. 另一方面，机构投资者的参与将可能导致DeFi市场的收益率降低，或者说变得更有效率，融资和套利机会将变得越来越少。在散户市场，Fintech公司将很可能直接为用户提供钱包入口，并为闲置资金提供“DeFi收益”。 On the other hand, the involvement of institutional investors could lead to lower returns in the DeFi market, or become more efficient, with fewer opportunities for financing and arbitrage. In the bulk market, it is likely that Fintech will directly provide a wallet entrance to users and “deFi returns” for idle funds. （2）用户和流量，看NFT (2) Users and traffic, see NFT NFT从2014年就诞生，市场在2021年终于爆发，2021年也被称为“NFT之年”。 NFT was born in 2014, the market finally erupted in 2021 and 2021 was also known as the “NFT year”. 2021年，NFT的基本交易形式还是数字化的艺术品交易，而NFT在今年的流行已经使得虚拟资产经济变得更为开放，比如游戏平台为了跨界合作，接受了无限期对于其IP的许可，并让用户永久保留其在元宇宙中的道具。 In 2021, the basic form of the NFT deal was also a digital art trade, and this year's prevalence of NFT has made the virtual asset economy more open, for example, a game platform that accepts indefinite IP licences for cross-border cooperation and allows users to retain their props permanently in the metacosystem. 同时，NFT的金融化进程也被快速推进，不仅NFT碎片化能够帮助散户获取高额藏品的风险敞口，而将NFT作为贷款抵押品的尝试也已经开始。但目前的NFT市场仍然面临盗版、储存和流动性等诸多方面问题。 At the same time, the financialization process of NFT has also been advanced rapidly, not only by the fragmentation of NFT, which can help bulk households gain access to high-value collections, but also by the beginning of attempts to use NFT as collateral for loans. But the current NFT market still faces many problems, such as piracy, storage, and liquidity. NFT对整个元宇宙的贡献可以从很多方面来体现。 The contribution of NFT to the entire metacosystem can be seen in many ways. 首先，NFT为元宇宙带来更多非传统币圈的时尚?户。这些用户他们完全不了解加密币，仅仅只是喜欢时尚，比如NBA的拥趸，为了储存或够买某一个大V的NFT，就不得不注册成区块链用户。 First, NFT brings more non-traditional currency circles to the meta-cosmos? Households. users simply don't know the encrypt currency. They just like fashion, such as the NBA crowding, and in order to store or buy a large V NFT, they have to register as block chain users. 目前全球互联网用户数为46.6亿，而比特币用户数已达1.35亿人，所有数字货币用户数为2.2亿人，占比5%左右。预计到2025年，我们可以期待看到超过10亿用户，即达到2005年的互联网用户数，人口占比将超过20%。 At present, the number of Internet users worldwide is 4.66 billion, while the number of Bitcoin users has reached 135 million, and the number of all digital currency users is 220 million, or around 5%. By 2025, we can expect to see more than 1 billion users, or more than 20% of the population, reaching the number of Internet users in 2005. 这是有很大可能会实现的，因为首先大V能给元宇宙带来大批用户；此外，微软、FaceBook（Meta）进军元宇宙，如果转型成功，他们也会带来大量用户，其中Meta目前就有27亿用户。 This is very likely to happen because, first of all, Big V can bring a large number of users to the metacosystem; in addition, Microsoft, FaceBook NFT的第二个贡献，就是它能够真正帮助实现资产个人化回归。 The second contribution of 怎么理解呢？比如说你是某个WEB2.0平台上的大V，如果有一天不管是因为什么原因，平台控制者对你不满意了，就可能把你的账户封掉、关停，关停之后一切就结束了，你的几千万粉丝、你的好友、你的社交记录全都没有了。 How do you understand? For example, you're a big V on some WEB 2.0 platform, and if one day, for whatever reason, the platform controller is not satisfied with you, it could close your account, shut it down, shut it down, and then it's over, and your tens of millions of fans, your friends, your social records are all gone. 但有了NFT之后，这个事情就不一样了，你可以这样玩：给粉丝铸造并发行NFT，收费或者不收费都行。 But with NFT, it's not the same thing. You can play it like this: casting and distributing NFTs to fans, charging or not. 比如把粉丝资格证明或者Password制作成NFT，卖给或者送给粉丝，粉丝用这个NFT替代Password可以登录到WEB2.0的任何平台。 For example, a fan certificate or Password is made into a NFT, sold or given to a fan, who uses this NFT instead of Password to log on to any WEB 2.0 platform. 同时，在一个永远不会封掉的地方建立一个镜像的网站，把其他平台的所有数据100%的拷贝到镜像网站中，而这个镜像网站，只要凭借NFT就可以登陆。最终粉丝和社交资料都可以长期拥有。这也就是刚才我提到的大V可以给元宇宙带来大量用户。 At the same time, a mirror site is created in a place that will never be closed, where 100% of all data from other platforms are copied into the mirror site, which can be accessed with NFT. Ultimately, fans and social information can be used for long periods of time. That is, the big V that I just mentioned could bring a lot of users to the meta-cosmos. 当然，除了上面两个层面，NFT还有很多新玩法。 Of course, in addition to the top two levels, NFT has a lot of new ways to play. 比如我通过应用商店下载了一款付年费的软件，玩了一个月之后不想玩了，在WEB2.0的时代下，剩下11个月的费用相当于就白交了。但如果有了NFT之后，付费软件的开发者卖给我的是NFT，那我是可以在NFT的交易平台上将剩下的11个月的残值交易出去的。 For example, I downloaded an annual fee through an application shop, and I didn’t want to play for a month, and in the age of WEB 2.0, the 11-month fee was paid for nothing. If NFT was available, the developer of paid software sold me NFT, and I could trade the 11-month residual value on NFT’s trading platform. 对于用户来讲，这是非常友好的；而对于软件开发者，这种交易是点对点的，不涉及任何其他的金融服务体系，就不存在被中间平台收高额手续费的情况。 For users, this is very friendly; for software developers, such transactions are point-to-point and do not involve any other financial services system, so there is no high fees charged by intermediate platforms. 所以提到NFT，不要简单的理解为艺术品或者某些IP、电子版权的交易，我觉得NFT的价值要远远超过这个。 So when you talk about NFT, don't just think of it as an art deal or some IP or electronic right deal, and I think NFT's value goes far beyond that. （3）高成长：双向互联桥梁 虽然现在元宇宙已经达到了一定的规模，但我觉得从现实的世界迈向一个平滑运行的元宇宙，还是有很漫长的路要走。所以从此岸到彼岸，或者从彼岸到此岸，需要一个很好的双向桥梁，而这就是机会诞生的地方。 Now that the meta-cosmos has reached a certain size, I think there is still a long way to go from the real world to a smooth-run meta-cosmos. So from here to the other side, or from the other side to the other side, we need a good two-way bridge, and that's where the opportunity is born. ①现实世界与元宇宙之间的桥 1 Bridge between the real world and the meta-cosmos 在元宇宙迈向它的未来之前，我们需要各种桥梁来产生规模的经济活动。这里面有几个非常有意思的公司可以拿来出给大家分享下。 Before the meta-cosmos moves to its future, we need bridges to generate economies of scale. There are a few very interesting companies that can share them. 其中一个公司叫Mask Network。 One of the companies is called Mask Network. 它的逻辑很简单，就是在传统的WEB2.0的平台比如Facebook、Youtube或者Twitter上建立一套服务，这套服务主要是方便任何平台上下载了Mask network的用户进行交流沟通。他们彼此之间可以发送NFT、其他加密币，电子宠物狗或者自己的创作等等，并且，一旦平台将他们的账户关停，还可以将自己所有的资料、好友关系都带走，完全不受平台的限制。 Its logic is simple: to create a service on traditional WEB 2.0 platforms, such as Facebook, YouTube or Twitter, which essentially facilitates the downloading of Mask network users on any platform for communication. They can send NFTs, other encrypted currency, electronic pet dogs or their own creations to each other, and, once the platform shuts down their accounts, they can also take all their information, friends and friends away from the platform. 此外，用户对这套服务的学习成本也很低，他们不用转换平台退回到Mask Network的界面，只需要继续在原来的平台使用就行，还能体验更多新的功能，并且平台主还无法将这些功能废除掉。 In addition, the cost of learning about the service is low for users, who do not have to convert the platform back to the Mask Network interface, need to continue using the original platform, experience more new functions, and the platform owner is not yet in a position to remove them. 这有点像在封建割据的互联网平台上，构建一个让平台看不到的互通的桥梁，其实就在做WEB2.0的APP跟元宇宙之间的桥梁，让平台之间的价值和信息的迁移变得更流畅。 It's kind of like building a bridge that is not visible to the platform on a sealed Internet platform, actually a bridge between the WEB 2.0 APP and the meta-cosmos, making the movement of values and information between the platforms more fluid. 这个模式我觉得非常有意思，而且我相信这样的公司，将来会有病毒式爆发性的用户增长。 This model is very interesting to me, and I believe that companies like this will grow in the future with viral outbreaks. 另外一个公司就是Smart Token。 Another company is Smart Token. 他们做了一个叫做TokenScript浏览器，或者说是一个插件，下载安装这个插件之后，就可以读懂所有Token的信息，这就使得所有面向WEB1.0、2.0的商户可以面向WEB3.0的用户去销售产品和服务。 They made a TokenScript browser, or a plugin, which, when downloaded and installed, would enable them to read all Token information, allowing all businesses to sell products and services to WEB 3.0 users. 举例来说，新加坡的电信公司想要把上网的数据服务卖给菲律宾和印尼的客户，因为菲律宾和印尼很多客户都在玩Axie Infinity的游戏，游戏用户原则上需要支付不少的上网费全天上网或者挂机，从而获得游戏奖励Token，卖掉Token之后可以用来支付生活费。这个游戏目前日经济规模已经超过了王者荣耀。 For example, Singapore’s telecommunications companies want to sell online data services to their clients in the Philippines and Indonesia, because many Philippine and Indonesian clients are playing the Axie Infinity game, and game users in principle have to pay a lot for Internet access throughout the day or to hang up in order to get a game reward for Token, which they can use to pay for their living expenses when they sell Token. The game is now larger in scale than the King’s glory. 为了实现他们的目标，新加坡的这个电信公司就给所有Axie Infinity的用户空投广告，告诉他们未来一两个月可以凭借任何Token来领取数据服务的优惠券，这个优惠券可以用来支付上网费。就这样，Smart Token的技术支持就让本来是WEB2.0的商户接触到了WEB3.0的用户。 In order to achieve their goals, Singapore’s telecommunications company advertises all Axie Infinity users, telling them that they can use any Token voucher for data services over the next month or two, which can be used to pay for Internet access. In this way, Smart Token’s technical support allows businesses that are already WEB 2.0 users to access WEB 3.0. 还有一家叫Meta Mask Institutional的公司，简称MMI。 There is also a company called Meta Mask Instituteal, known as MMI. MMI体系其实就是一个钱包，让传统的金融机构替用户保留区块链钱包的密钥，转币的时候机构自动帮用户签名。它可以让传统金融机构的普通用户买卖任何加密资产，并且不用担心资产的安全问题，因为保管的责任是银行的。同时银行又可以监管这些资金不被非法使用。 The MMI system is a wallet that allows traditional financial institutions to keep the key to the block chain wallet for their users, and to sign automatically for them when they transfer money. It allows ordinary users of traditional financial institutions to buy and sell any encrypted assets, without worrying about the safety of the assets, since it is the responsibility of banks to keep them safe. 在这种情形下，可以很方便地把WEB1.0、2.0的金融公司的客户，非常便捷地接入到元宇宙服务中。 In such cases, the customers of WEB 1.0, 2.0 financial companies can easily be connected to meta-cosmos services. 我觉得这对银行来讲非常有意义，相当于改变了传统金融机构的运作模式。 I think it is very interesting for banks, which is tantamount to a change in the way traditional financial institutions operate. ②Layer1与Layer2之间的桥 2Layer1-Layer2 bridge Layer1就是第一代区块链，Layer2是1.2版本的区块链。 Layer1 is the first-generation block chain, and Layer2 is the 1.2 version of the block chain. 区块链的安全，由数据可获得性、可用性，还有执行层这三个方面来构成。但是如果这三个角色都要一个区块链来完全承担，就会造成整个网络非常的拥堵和臃肿。 The security of the block chain is composed of three aspects: data availability, availability, and the enforcement layer. But if all three players are fully covered by a block chain, it can cause a very crowded and swollen network. 而如果把区块链中安全性要求相对不是那么高的执行部分切分出来，装到Layer2上去，这样整个区块链就可以做到非常高效率，高性能，同时保持了非常高的安全性。 And if the safety requirements in the block chain were to be removed from the executive part, which was not so high, and installed on Layer2, then the entire block chain would be very efficient and performance-oriented, while maintaining a very high level of security. 如果建立这两者之间的桥梁，也是非常有价值的，可以大幅度降低区块链的成本。 The building of bridges between the two is also very valuable and can significantly reduce the cost of block chains. ③跨链的价值互通 除此之外，元宇宙中可能还会存在各种“小宇宙”，比如Facebook、微软他们自己的元宇宙，肯定会搞成独成体系的一套东西。他们之间的信息和价值要互通，就同样需要桥梁，所以建桥梁是非常重要的。 In addition to this, there may be a variety of “small universes” in the metaspace, such as Facebook, Microsoft, and their own metaspace, which will certainly be a unique set of things. To share information and values, they also need bridges, so it is very important to build bridges. 元宇宙里的创新和革命性技术 元宇宙里很多创新和革命性的技术，也是值得投资的。 Many innovative and revolutionary technologies in the metaspace are also worth investing. 一说到创新技术，很多人就想到AR/VR，实际上我们应该要多想一点，元宇宙的创新技术不仅仅如此。就目前能想到的就有区块链、AI、物联网、硬件AR/VR、高速移动互联网等等。下面我们一一来说一下。 When it comes to innovation, a lot of people think about AR/VR, and actually we need to think a little bit more about it, not only in the meta-cosm. For the time being, there are block chains, AI, the network of things, the hardware AR/VR, the high-speed mobile Internet, and so on. Here we go. （1）区块链 (1) block chain 区块链简单来讲，其实就是几个分布式（分布式计算、存储和AI、分布式带宽）加一个底层公链。 Simplely speaking, the block chain is a few distributions plus a bottom public chain. 为什么底层价值公链重要呢？ Why is the bottom value chain important? 举一个简单的例子，假如你有几千万，你真的愿意把所有的钱都放在支付宝或者PayPal里吗，虽然支付宝和PayPal交易费用低，更便捷。我相信更多的人可能还是选择银行，因为银行会有国家的背书，更加可靠。 To give a simple example, if you had tens of millions of dollars, would you really be willing to put all your money in payment treasures or PayPals, even though paying for treasures and PayPal transactions is less expensive and easier? I believe more people might choose banks, because banks have national endorsements and are more reliable. 同样的逻辑，如果你有几亿的加密资产，有希望永久储存下去的资产，你会选择什么样的链？你肯定会选择一个没有实际控制人，或者完全由社区投票来决定透明公开规则的公链。因为公链会永远存在，不会因为控制人的标准变化而消失。 Along the same lines, if you have hundreds of millions of encrypted assets and assets that hope to be permanently stored, what kind of chain would you choose? You will certainly choose a public chain that has no real control over people, or a public chain in which the community will vote exclusively to determine the rules of transparency and openness. Because the public chain will always exist and will not disappear as a result of changes in standards of control over people. 所以这就是为什么以太坊ETH、BTC很重要，有投资价值。 So that's why Etherburg, BTC are important and have investment value. BTC是没有实际控制人的，ETH虽然有创始人，但他也操控不了，他只控制了非常小的一点投票权，根本没有能力完全左右社区的意见，所以以太坊上的任何进化、规则的修改，需要所有持有以太坊的人的投票。 The BTC has no real control over people, and although the ETH has its founders, he cannot manipulate it. He controls only a very small amount of voting power and does not have the capacity to fully influence the views of the community, so any evolution, rule change in the courthouse requires the vote of all those who hold it. 除此之外，绝大部分的DeFi、NFT都依赖ETH。由于有这样一种交易生态的支持，使得ETH在元宇宙的经济覆盖面非常广。更重要的一点是，ETH一直在致力于降低其增发量。去年8?做了一次升级，每天会有更多的ETH被销毁，迄今已经有近50亿美元的以太坊被销毁，增发率降到3.1%左右，通胀率?幅下降。 In addition, the vast majority of DeFi and NFT are dependent on ETH. The economic coverage of ETH in the meta-cosm is very wide with the support of this trade ecology. More importantly, ETH has been working to reduce its growth. Last year, when an upgrade took place, more ETHs were destroyed every day. To date, nearly $5 billion has been destroyed, the rate of increase has dropped to around 3.1%, and the rate of inflation has fallen? 预计今年第二季度以后，可能要上线的ETH 2.0将完成由PoW（工作量证明）到PoS（权益证明）的转换。 It is expected that, after the second quarter of this year, ETH 2.0, which may be on line, will complete the conversion from PoW to PoS 在过去所谓的PoW机制，只要是台计算机，下载了ETH的协议，就可以参与记账；转换成PoS机制后，每台计算机必须要质押32个ETH之后才能参与记账。那对于没有ETH的计算机，就只能找人借了。对于有ETH的人，他就可以把ETH锁进自己的钱包，把投票权出借给志愿者计算机（矿工），计算机就可以参与记账，记账的一部分收益返还给出借ETH的人。这个行为就叫做Staking（权益质押）。 In the past, the so-called PoW mechanism, as long as it is a computer and downloads an ETH agreement, could be involved in bookkeeping; when converted to the PoS mechanism, each computer had to pledge 32 ETHs before it could be involved in bookkeeping. For computers without ETH, it could only be borrowed. For people with ETH, he could lock the ETH into his wallet and lend voting rights to volunteer computers 目前Staking的收益率是4.9%，预计转PoS后，全网ETH的Staking比例可以从当前的8%，上升到hashable预计的30%左右。Staking模式里，有现金流收益，同时本金也是不会损失的，因为它锁定在你自己的钱包里了，并且你随时可以解除绑定，今天解除，明天就能生效。 The current rate of return for Staking is 4.9%, and it is expected that, with the transition to PoS, the current 8% rate for ETH will rise to about 30% for Hashable. In the Staking model, there will be cash flow gains, and the principal will not be lost, because it is locked in your own wallet, and you can untie it at any time, today, and tomorrow it will be effective. 长远来看，作为加密领域的原?资产，ETH2.0的质押收益率可能有机会成为加密货币市场的风险最小化利率，即在元宇宙?，可将以太坊质押收益率类比为传统金融中美国国债所提供的无风险利率。如果这种情况发生，将使得以太坊能够影响更?泛的互联网经济。以太坊很有可能成为元宇宙底层价值的永久载体，并且成为低层经济的核心驱动体系。 In the long run, as an asset? The ETH 2.0 pledge rate may have the opportunity to be a risk-minimizing interest rate on the crypto-currency market, i.e., in the meta-cosmos? The risk-free rate of interest on US national debt in traditional finance can be compared to the rate of return on the talisman. If this happens, it will allow too much to affect the wider Internet economy. 当然，这个4.9%的收益率也是不可持续的，随着越来越多的现实的资金加入后，收益率会逐渐降低，可能到2.9%，1.9%都是有可能的。 Of course, this 4.9 per cent rate of return is also unsustainable, and as more and more realistic funds are added, the rate of return will gradually decline, possibly to 2.9 per cent and 1.9 per cent. BTC?前年增发率也很低，大概为1.8%左右，略低于黄金。机构投资者的?举进?使得比特币在2021年与标普500指数出现了明显的联动效应，比特币在2021年起整体上，同风险资产的相关性已经显著高于与通胀率的相关性，比特币越来越像一个风险资产，而不是数字黄金。 BTC? The previous year’s growth rate was also low, at about 1.8 per cent, slightly lower than the rate of gold. Institutional investors’ contribution? gave Bitcoin a clear correlation to the Papproach 500 index in 2021. Bitcoin, as a whole, has been significantly more relevant to the risk asset than to the inflation rate since 2021, and Bitcoin is becoming more and more like a risk asset than a digital gold. 但是我们也可以看到，在连续两年的动荡下，比特币以2020年的80%、2021年的60%年化收益率完全跑赢了主流传统资产，也高于美联储资产负债表同期19%的增速。当然，对比而言，ETH更有价值。 But we can also see that, in two consecutive years of turmoil, Bitcoin fully won mainstream traditional assets with an annualized rate of return of 80% in 2020 and 60% in 2021, which is also higher than the 19% increase in the Federal Reserve’s balance sheet for the same period. Of course, the ETH is more valuable in comparison. 目前区块链里分布式计算做得很好了，但分布式储存还不尽如人意，分布式AI也是很有创意的。 The distribution in the block chain is now well calculated, but distributional storage is less than satisfactory, and distribution AI is also very innovative. （2）AI 除了加强学习的AI，还有?格引擎AI、分布式AI。 In addition to the AI, which enhances learning, there's also the AI with the grid engine, the AI with the distribution. 为什么分布式AI如此重要？因为在未来元宇宙的储存世界里，数据的储存和收益权会有根本改变，不再在平台上，而是在智能合约里。数据的收集、分析、数据资产的确权和交易都会有根本性改变。数据的可得性会变得极其简单，但由于脱钩问题，数据之间的交流会变得困难。 Why is distributed AI so important? Because in the world of storage in the future meta-cosmos, there will be fundamental changes in data storage and profit rights, no longer on platforms, but in smart contracts. There will be fundamental changes in data collection, analysis, real rights to data assets, and transactions. Data availability will be extremely simple, but it will be difficult to communicate between data because of decoupling problems. 为了防止数据集中到中心化AI时被窃取，就需要在数据隐私完全得到保护的前提下，使用分布式的AI处理分布式的数据，产生分布式的结果。 In order to prevent the theft of data when centralizing AI, it is necessary to use distributed AI to process distributed data and produce distributed results, while data privacy is fully protected. （3）高速移动互联网 (3) High-speed mobile Internet （4）物联网 (4) Things Network 物联网的价值不仅仅是因为其爆炸性的增长，最重要的是物联网能提供在元宇宙中活生生的体验，与物理世界进行交融交互。这就需要实现现实环境和活动的全面映射，虚拟世界要与现实世界实时同步，这个数据量是非常大的，成本也会极其高，如果不解决这个问题，元宇宙的实时体验是很难做到的。 The value of material networking is not only because of its explosive growth; most importantly, it provides a living experience in the meta-cosm, interacting with the physical world. This requires a full mapping of the real environment and activities, and the real-time synchronization of the virtual world with the real world is a huge amount of data that can be extremely costly, and without that, real-time experience of the meta-cosm is difficult to achieve. 咱们高山书院2017级的沈康同学投资的一个公司，他们最近在做的事情有点类似于Helium，但跟Helium不同的是，他们不是去跟5G竞争，而是做了一些创新。 One of the companies where we've been investing in Shenkang at the high mountain school level of 2017, they've been doing something a little similar to Helium, but unlike Helium, they're not competing with 5G, they're making some innovations. 他们做的是一个极低功耗、超短程仅覆盖几十米远距离的窄带宽物联网网络，并且不需要自己生产发射基站，而是利用现有的智能设备，比如智能门铃、智能路灯、智能摄像头等等，只要有发射功能，都可以注册成为发射基站。同时，这个系统会根据发射基站的覆盖效率生成Token奖励。 What they do is a very low-capacity, very short-range narrow bandwidth network that covers only a few dozen metres away, and they do not need to produce their own launch base. Instead, they use existing smart devices, such as smart doorbells, smart street lights, smart cameras, and so on, to register as a launch site whenever they have launch capability. At the same time, the system generates a Token reward based on the coverage efficiency of the launch site. 这样的模式下，这个物联网的数据内部传输成本非常低，因为都是点对点分布式的传播。 In this model, the internal transmission costs of the data that the object is networked are very low, as they are distributed in a point-to-point distribution mode. 此外，涉及到从物联网传输到高速互联网或者元宇宙中去的时候，也可以使用Token激励的模式来进行。比如现在很多IDC（互联网数据中心）或者家庭，他们的带宽不少都是闲置的，用不完的，这个时候就可以注册成为物联网和高速互联网之间的数据桥梁，根据桥梁的数据通过性来获得系统的奖励。 In addition, it is possible to use the Token incentive model when it comes to transfer from the object network to the high-speed Internet or the meta-cosm. For example, many IDC or families, whose bandwidth is mostly idle and not exhausted, can then be registered as a data bridge between the object network and the high-speed Internet, and receive a systematic reward based on the data of the bridge. 这样的话就会自动形成一个极其廉价的、分布式的、可信时空标签物联网体系，并且这套体系跟高速互联网是互通互联的。 This would automatically result in an extremely cheap, distributed and credible network of time and space labels, which are interconnected with the high-speed Internet. 所以我认为，物联网发展会有跟多革命性的技术。 So I think there's a multi-revolutionary technology for the development of the network. 最近，谷歌为了自动驾驶，用NeRF在虚拟世界中重建了旧金山市，非常逼真。 Recently, Google rebuilt the city of San Francisco in the virtual world with NeRF for autopilot. （5）硬件VR/AR (5) Hardware VR/AR VR/AR也非常重要，它更好地改变了输入输出的节奏和成本。但需要注意的一点是，有沉浸式体验肯定是很好的，没有沉浸式体验也没有关系。因为它不是根本性的东西，元宇宙的核心是增加了价值的互性通和自由流动性。 VR/AR is also very important, and it better changes the rhythm and cost of input output. But one thing to note is that immersion experience is certainly good, and it doesn't matter whether it is immersed. Because it is not fundamental, it is at the heart of the meta-cosmos that interoperability and free movement of values are increased. 总体而言，这5个方面都是我认为值得投资的方向。 In general, these five areas are the direction that I think is worth investing in. 新的颠覆式革命技术范式 我认为就是Smart Token。正如前面提到的沈康的观点，要看项?的战略思考和产品定位是不是以Token等WEB3.0特有和原?的东西为核?来展开的。 I think it's Smart Token. Like Shenkang said earlier, it depends on the point. Is strategic thinking and product targeting based on something unique and original to Token and the WEB 3.0? 中心化平台会怎样嬗变 由于有大量去中心化技术的存在，那么在去中心化的基础设施的加持之下，中心化的平台可以变得更小、更专，聚焦于提供最好的用户体验，通过更多的外接去中心化的API，可以减少自身投入，更快地获得回报。相当于在?泛的去中?化基础设施?持下做?性能的layer2。 Because of the existence of a large number of decentralized technologies, the centralized platform could become smaller and more specialized, with a focus on providing the best user experience, and with more outward decentralized API, it could reduce its own input and yield faster returns. 所以将来的中心化平台，更适合小规模的创业团队，比如前面我提到的Opyn。 So the future centralization platform is better suited to small-scale entrepreneurial teams, such as Opyn, which I mentioned earlier. 生态应用 其实，元宇宙才刚刚起步，谁也搞不清楚将来元宇宙的经济究竟是什么样的？但这并不妨碍我们用现在WEB2.0的模式和语言去尝试思考诠释一下，可能在未来看来是全错的，但是也可能会有一些指导意义。 Indeed, the meta-cosmos is just beginning, and no one knows what the economy of the future meta-cosmos is. This does not prevent us from trying to interpret it in the current WEB 2.0 model and language, which may seem entirely wrong in the future, but may have some guidance. （1）金融 首先看看金融。在支付这一块。稳定币的支付系统，几乎可以完美替代现有所有的金融支付，而且规模和安全性都已经足够了。现在只要有互联网的地方，只要10分钟（外太空的话再加上光速跑的时间），就可以完成任何一笔转账交易。 First, look at finance. At this point, the payment system that stabilizes the currency is a perfect substitute for almost all the financial payments available, and the size and security are enough. Now, with 10 minutes of Internet access 在银行体系这块，现在DeFi的质押贷款模式已经完全胜出了。因为它们每15秒检查一下坏账，即便在质押品暴跌一半的过程中，整个系统的坏账率不到1%。即便有坏账，它还有坏账的准备池，大概有0.8%的利息划归到拨备池，另外它还有用户保险基金等等。 In the banking system, DeFi’s mortgage model has now been fully won. They examine bad debts every 15 seconds, even in the course of a bust of the pledge, the system’s bad debt rate is less than 1%. 期货、期权，已经在区块链里面成型了，当然目前还缺很多东西，缺信用市场的产品、缺保险。 Futures, options, are already in shape in the block chain, although there is still a lot missing, a lack of credit market products and a lack of insurance. （2）社交 其次，我们来看看社交。在突破领主控制、封闭式社交的技术出现的情况下，比如刚才提到的Mask Network，现在的很多中心化的、封闭式平台会受到比较大的挑战，崩塌是迟早的事情。 Secondly, let's look at socialization. In the event of the advent of master control and closed socialization techniques, such as Mask Network, as mentioned earlier, many of the central, closed platforms are now more challenged, and collapse will take place sooner or later. 所以就需要现在这些已经享有巨大利益的平台进行自我改革，但是它愿意放弃现有利益、愿意自我革命吗？很难，当然改革比不改革好。 So there is a need for self-reform in these platforms, which already enjoy great benefits, but is it willing to abandon existing interests and to revolutionize itself? It is difficult, of course, to reform better than not. （3）游戏 (3) Game 再讲一下游戏。 Let's talk about the game again. 当今最成熟的链游是Axie Infinity这样的游戏，它最成功的地方就是引入了GameFi，就是把金融系统、价值分配系统引入到游戏中了，并且还在控制权上进行了让步。但其实这还是在品质和体验并不算好的情况下，做这一点改变就有了这样的成功。 The most mature chain of events today is the game of Axie Infinity, the most successful of which is the introduction of GameFi, which introduces the financial system, the value distribution system, into the game, and makes concessions on control. But that is what happens when quality and experience are not good enough. 它还不算真正的链游，那么真正的链游是什么呢？ It's not really a chain trip. So what's a chain trip? 区块链游戏跟传统游戏的最核心的差别，就是将资产的所有权完完整整地归还给玩家。换句话说，就是允不允许玩家把?身的/道具转换成为NFT，NFT化后的玩家虚拟物品是真正属于的有价资产，任何法篡改NFT化的资产数据，也不能禁?它的流通，这样?来玩家的和道具将拥有极?的流动性在市场上任意买卖，会为持有者带来价值。 The difference between the 另外，还要看游戏的内容多大比例上是UGC，还要看UGC模式中，新增价值多少返回到创造者；看Token持有?、游戏参与者多?程度可以参与平台治理，看平台是否绝对控制规则的制定和执?。 Also, to see how much of the game content is UGC, and how much value is added to the creator in the UGC model; to see Token holding?, how many participants in the game are involved in the governance of the platform, and whether the platform has absolute control over the development and enforcement of rules. 如果这几条都符合，那就是非常好的链游了。 If they all fit, it's a very good chain. 这里也提一下非常有名的Roblox。 And here's a very famous Roblox. Roblox是一个对儿童进行计算机3D教育，同时又有非常强的游戏功能的教育软件。孩子不用编程就可以制作3D的物品，家长也都非常支持。目前用户大部分是14岁以下的儿童。 Roblox is a computer 3D education software for children with a very strong play function. Children can make 3Ds without programming, and parents are very supportive. 我认为一方面它的游戏品质还很差，像素低，体验不是很好，这样14岁以上的用户不好留住；第二个方面如果把它放在元宇宙的角度去衡量的话，它没有价值共享，也没有所有权回归上还存在问题，它不能算是典型的元宇宙公司，如果做出改变，还是有很大的空间的。 I think, on the one hand, its game quality is poor, its pixels are low, its experience is not good, so users over 14 years of age are not well retained; on the other hand, if it is measured from a meta-cosm perspective, it has no value sharing or problems with the return of ownership, and it is not a typical meta-cosm company, and if change is made, there is still much room for it. （4）数据经营模式的改变 (4) Changes in the data business model 刚才已经讲到，在元宇宙里，数据将不再在平台上，而是在智能合约里。这种数据是对全世界完全公开的，第三方可以看任何数据。 As we have just said, in the meta-cosmos, data will no longer be on the platform, but in smart contracts. This data is completely open to the world, and third parties can see any data. 虽然数据权个人的，但现在WEB2.0的平台里，很多都是将数据的收益权当成自己的，利用数据来完成各种商业交易。 While data rights are personal, many of the WEB 2.0 platforms now use data as their own, using data to complete various business transactions. 在区块链在元宇宙世界里，数据的经营方式会有根本的改变，平台没有数据。现在就有几个公司，比如说像InfStones还有DeBank，它们发明了类似于谷歌以前的这种搜索引擎爬虫，它可以低成本、快速的把智能合约里的数据爬出来。 There's a fundamental change in the way data operate in the meta-cosmos. There are now several companies, like InfoStones and DeBank, that have invented search engines like Google, that can crawl out of smart contracts at low cost and fast. 对于那些拥有巨大用户的平台，现在是靠数据生存跟发展，它将来靠什么？ What is the future of a platform with a huge user base that is now dependent on data for survival and development? 元宇宙股票 我讲几个带有元宇宙标签的股票。 I'm talking about a few shares with a dollar cosmos label. 一个就是有待改进的Roblox（股票代码：RBLX）。 One is Roblox. 还有一个公司目前还没有完全完成，它的代码是CND，其实就是USDC的母公司，最近上市不太顺。 There is also a company that is not yet fully completed and whose code is CND, which is the parent company of USDC and which has recently been marketed poorly. 另外我觉得要看有元宇宙A计划和行动的一线巨头。 And I think it's up to the giants with plans and actions in the Woncosmos A. 比如说Meta，很多人对Meta的看法都停留在新用户有多少增长，广告有多少增长，广告客户的预算会减少等等层面，很少有人看他在元宇宙增长空间的看法，其实这是短视的。当然它要在元宇宙中发展，还是有一些刚才提到的核心的瓶颈需要解决的问题。 Meta, for example, has a lot of people’s perception of meta in terms of how many new users have grown, how much advertising has grown, how much advertising budgets will decrease, and so on. Few people see his view of the space in the meta-cosm, which is short-sighted. Of course, it has to develop in the meta-cosm, and there are some core bottlenecks that need to be addressed. 还有微软，它最近花了670亿美元收购了动视暴雪，其实也是向链游进军的一个方向。除了做游戏之外，它还有非常大的To B业务，To B业务有可能比To C业务更容易成功。 And Microsoft, which recently spent $67 billion on the purchase of blizzards, is actually a way forward in the chain. In addition to playing games, it has a very large ToB operation, which is likely to be more successful than ToC. 2018年11月，梁信军在高山书院印度站交流学习 四、元宇宙会衍生出的元问题 元宇宙可能会衍生出很多的元问题，在这里我主要讲三点。 There may be a lot of meta-problems in the meta-cosm, and here's three main points. 历史潮流、建墙政策 肖风讲到，原宇宙其实是人类的一种数字生存的新形态。数字生存的生活形态的发展，它很大可能会重现所有人类在物理世界里走过的路：从原始的共产主义走到封建主义，再走到现代社会主义。 Shawn says that the original universe is actually a new form of digital survival for human beings. The development of digital life patterns is likely to recreate the path of all human beings in the physical world: from primitive communism to feudalism to modern socialism. 原始的共产主义走到封建的时候，诸侯王国一个人有一块土地，彼此之间土地、资产、人口、人才、技术等等，都不能自由流通。 When the original Communism came to feudal construction, each of the kingdoms had a piece of land, and there was no free flow of land, assets, population, talent, technology, etc. between them. 到了现代社会之后，首先从英国发轫，最主要的对封建制度的打破，就是在于要求生产要素高速地自由流动。 In modern society, the first to emerge from the United Kingdom and, above all, to break the feudal system, was the requirement for the free movement of factors of production at high speeds. 在这样的社会形态里面，所有资源会更高速地集中到先进生产力的方向去，产出更高的价值，同时还有更快的能力积累价值，从而对周围那些落后国家形成碾压式的优势，这是英国成长的故事。 In such a social pattern, all resources would be concentrated more quickly in the direction of advanced productivity, yielding higher values, and at the same time more rapidly building up the value of capabilities, thus creating crushing advantages for the backward countries around them, a story of British growth. 周围其他国家的选择无非两点，要么被毁灭掉，要么跟着进化，变成他的伙伴。 The choices of other countries around us are twofold, either destroyed or evolved to become his partners. 我相信在这个数字生存状态里，也是一模一样。当今已经封建割据成型的“巨大王国”平台们是不舍得拿它的用户跟数据资产进行迁移的，所以它会想尽一切办法，不让这些生产要素互相流动，这就是它现在在做的。 I believe that the same is true in the survival of this number. Today, the “big kingdom” platform, which has been built in feudal form, has no choice but to move its users and its data assets, so it will do everything in its power to prevent these factors of production from flowing across one another, and that is what it is doing now. 但是如果有些平台主动锐意改革，促进价值跟信息的流通，那么它的成长、它的价值增长、价值创造就会远超过那些僵化的平台，最终形成碾压式的优势。 But if some platforms are proactive in reforming and facilitating the flow of values and information, their growth, their value growth, their value creation will go far beyond those rigid platforms and eventually create crushing advantages. 如果你不做，会有革命性的人来做新的东西，把你们全部碾压掉。 If you don't do it, there will be revolutionary men to make new things and crush you all. 世界文明进展的历史浩浩荡荡，是不可阻挡的。 The history of the progress of world civilization is inexorable. 人类行为模式的变化 在元宇宙里面，一旦人的意识可以上传，那么必然将出现的一个问题就是，将来活在元宇宙的阿凡达算不算是个人？怎么界定？他一旦意识到自己永生了会出现什么问题？ In the metaspace, once a person's consciousness can be uploaded, the question that must arise is, is it personal that `strong' will live in the meta-cosm? How can it be defined? What's wrong with him when he realizes that he's immortal? 另外一方面，元宇宙中的杀戮和伤害怎么定义？这些都会是大问题。 On the other hand, what is the definition of killing and injury in the universe? These are the big questions. 无我才能大我 首先我想讨论的，是中心化和去中心化的问题。 First of all, I would like to discuss the issue of centralization and decentralization. 我个人完全不相信元宇宙未来全部是去中心化的，它一定是个去中心化的基础设施，再加上一些高效善治的中心化的平台组合而成的。 I personally do not believe that the future of the meta-cosmos is all decentralized. It must be a decentralised infrastructure, coupled with some of the central platforms for efficient and good governance. 这个平台如果是国家做的，就是数字国土；如果是企业做的，就是联盟链或者私有链等等。但底层的价值一定是储存在没有实际控制人的公链。 If the platform is made by the state, it is digital territory; if it is done by an enterprise, it is a chain of alliances or a private chain. But the bottom value must be stored in a public chain that does not actually control people. 高山书院的很多同学在运营的互联网公司都是中心化的，在元宇宙的冲击下，公司的进化方向是什么呢？或者有的同学想要在元宇宙里创办新的企业，那创业的方向是什么？在这里我给大家提几个比较重要的建议。 Many of the students at the Highland School are central to the Internet, and what is the evolution of the company in the face of the impact of the meta-cosmos? Or are some of them trying to start a new business in the meta-cosmos, and what is the direction of the start-up? Here, I have a few more important suggestions for you. 首先，一定要致力于减少创始人和资本对整个平台的实际控制力。 must, first and foremost, work to reduce the physical control of the founders and capital over the entire platform. 要把控制力要逐步地分散出去，尤其是要让整个商业所有的利益参与者共同来决定规则的制定和修改，这点是非常重要的，不是你的权力越大越好，权力越大越权集中，跟你玩的人就越少，规模越小，消失的就越快。 It is important to gradually decentralize control and, in particular, to involve all stakeholders of the business as a whole in deciding rules and changes. It is important that the greater the power, the greater the power, the greater the concentration of power, the fewer the people you play with, the smaller the size, the faster it disappears. 第二，要致力于更多的UGC。不要试图利用资本来碾压创造力，相反，要利用资本营造更好的善治土壤，让内容创造者永久地享受他的身份跟资产，并且更大比例地分享新创造的价值。只有通过UGC的方式，平台才能够繁荣。 Second, work on more UGCs. Rather than trying to use capital to crush creativity, capital is needed to create a better soil for good governance, allowing content creators to enjoy their identity and assets permanently, and to share the value of new creations in a larger proportion. 第三，要最大限度的利用元宇宙自带金融工具的优势，从一开始或者尽早的把价值分配模式引入到商业模式里去，如果没这个，将来也很难进化。 第四，要持续地往DAO的组织形态去进化。你要留住一个有创造力的人，要让创造价值的人源源不断地加入你，最好的方式就是用DAO的方式去组织。 总而言之，越是把自己的角色放小，越是放到无我的境界，才越能做大。 In short, the smaller the role, the greater the absence of me, the bigger the role. 2019年，梁信军在高山书院日本站交流学习 五、从生物演进的角度看元宇宙 最后，跟大家一起回顾一下生物的进化机制，再重新看一下为什么元宇宙有巨大的意义。 Finally, let's look back at the evolutionary mechanisms of life and look again at why the meta-cosmos is of great significance. 人类经过了38亿年的进化，最后成为地球上控制型物种，不是偶然的，是一个必然的结果。 It is not a coincidence that, after 3.8 billion years of evolution, humanity has finally become a controlled species on Earth, and it is an inevitable result. 从约35亿年前出现单细胞生物，整整发育了将近30亿年，一直到近6亿年前，才出现了拥有神经的水母。拥有神经之后，生命才能带对外界有反应，才会去往阳光、养分更好的地方。 From about 3.5 billion years ago, single-cell organisms developed for almost three billion years, until nearly 600 million years ago, a jellyfish with nerves emerged. With nerves, life can only react to the outside world, and it can go to a better place of sunlight and nutrients. 到5.5亿年前，出现了有中枢神经的扁虫，动物才真正有了导向性的行动，所有的神经都会先把信息集中汇报到中枢神经，中枢神经再来下达指令，趋利避害。 By 550 million years ago, when there were flatworms with a central nerve, animals actually acted in a guided manner, and all the nerves reported first to the central nerve, which then gave instructions to avoid harm. 到2.65亿年前出现了青蛙，才真正出现了爬行动物的大脑； It was not until 265 million years ago that frogs appeared that the reptiles brain actually appeared; 到2.25亿年前，出现了老鼠，进化出了大脑的边缘系统，它有点类似于游戏中的外挂。 By 225 million years ago, rats emerged and evolved the peripheral system of the brain, which is somewhat similar to the outer parts of the game. 到8000多万年前，老鼠的外挂系统才真正地转化为了大脑皮层的原型，大脑皮层而影响了人类的所有的事情。 Only more than 80 million years ago did the mouse's outer system really transform into a prototype of the cerebral cortex, which affects everything in humans. 大脑皮层可能也就一个大号的餐巾纸那么大，厚度才两毫米而已，但它决定了我们所有人的视觉、听觉、触觉、语言、动作、思维规划乃至个性。 The cerebral cortex may be as large as a big napkin, thick as two millimeters, but it determines the vision, hearing, touch, language, movement, mind planning and even personality of all of us. 然而即便如此，一直到10万年前，人类才进化出语言能力。 However, even so, it was only 100,000 years ago that humans developed their language skills. 语言对人类是极为重要的，因为有了语言就有了知识的快速传播，可以协调一群人，共同去完成一些复杂的任务，比如狩猎。 Language is of great importance to humanity, as it allows for the rapid spread of knowledge and the coordination of a group of people to carry out complex tasks, such as hunting. 大约4万~6万年前，第二代智人干掉了第一代智人。 About 40,000 to 60,000 years ago, the second generation of wise men killed the first generation of wise men. 比如北京的山顶洞人、欧洲的尼安德特人其实都比我们现在人的祖先要更高大强壮，但他们还是被干掉了。为什么？ Peking cavemen, European Neanderthals, are actually bigger and stronger than our ancestors, but they were killed. Why? 因为第二代智人在大脑皮层的基础上又发展出一个虚拟想象力，凭借虚拟想象力，他们组成了几千几万甚至是十几万人的部落，对仅有200-300人规模的第一代智人部落形成了碾压式的淘汰。 Because the second generation of wise people has developed a virtual imagination based on the cortex of the brain, and with virtual imagination, they have formed tens of thousands, if not 100,000, of tribes, with a crushing phase-out of the first generation of wise tribes of just 200 to 300 people. 10000年前出现城市。 A city came into existence 10000 years ago. 6000年前出现文字。文字的出现是非常重要的，因为它能够实现跨代际的知识传承，就比如我们现在学的牛顿力学是400多年前的知识。有文字记载后，知识可以进行跨地区、跨国别、跨时间来传播。而这个时候人类的大脑，经过了代代相传的知识武装。 Text came into existence 6000 years ago. Text is very important because it allows for intergenerational knowledge transfer, such as Newton mechanics, which we have learned more than 400 years ago. With writing, knowledge can spread across regions, across countries, across time. 上世纪90年代出现互联网之后，就相当于人类作为整个整体，出现了一个神经系统，有了信息的交互。 The advent of the Internet in the 1990s was tantamount to the emergence of a nervous system and the interaction of information as a whole. 但是信息人人都知道，却没有人做决策。而元宇宙的出现，对人类文明的进化的价值意义完全不亚于大脑皮层出现的价值。 But information is known to everyone, and no one makes decisions. And the emergence of the meta-cosmos is no less valuable than the evolution of human civilization. 元宇宙中的Token激励模式，其实就是一个非常好的连接方式，它就相当于大脑开始有多巴胺。有多巴胺之后，你就会做一些让自己快乐的事情，对身体长期有利的事情或者自我奖赏的事情。 The Token incentive model in the meta-cosm is actually a very good way to connect, which is like a brain that starts with multiplyamine. After multiplyamine, you do something that makes you happy, something that is good for your body for the long term, or something that rewards yourself. Token激励机制下，整个人类会凝聚成一个“地球人类”的巨大个体，有目标导向，有个性，有行为特征，会共同去完成一个特定的事业。 Under the Token incentive, the entire human race will be congregated into a huge individual, with a goal orientation, a personality, behavioural characteristics and a particular cause. 这是划时代的进步，是人类进化和迈向星辰大海的一个起点。 This is landmark progress, and it is a starting point for human evolution and progress towards the sea of stars. 本文来自微信公众号：高山书院（ID：gasadaxue），作者：梁信军（复星集团联合创始人），整理：朱珍
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