声音钱

关键点

• 声音钱是一种先于互联网的概念，它启发了比特币和区块链技术的发明。
• 如果钱有几种可以量化的属性，并且这些属性被编码为ETC，那么钱就可以被认为是健全的。
• 一个重要的属性是 稀缺， ETC 从其 固定排放曲线获得哪些排放曲线 导致一个 已知的未来供应
• 如果一个项目没有 已知的未来供应量，维护者可以任意将某一货币的值从持有人处升高。
• 这种风险仍然存在于没有 固定排放曲线的的所有链路上，包括以太基姆TM 。

一. 导言

强大经济的支柱，稳定的提供者，健康的 时间首选的激励者，繁荣的创造者。 健全的钱是解决在更广泛的世界上滥用集权造成的许多问题的办法。 并且是激励创建比特币的核心概念。

From the Austrian School of Economics many of the theories behind Bitcoin, including Sound Money, saw their philosophical gestation. Decades before Bitcoin was technologically conceivable, economists such as Ludwig von Mises, Fredreick Hayek and Milton Friedman were professing the dangers of fiat money and the advantage of systems of finance that are free from manipulation by central authorities. 几十年前，比特币技术上可以想象，经济学家，如Ludwig von Mises， Fredreick Hayek和Milton Friedman都在公开揭露金钱的危险以及中央当局不操纵的金融系统的好处。 几十年前，比特币技术上可以想象，经济学家，如Ludwig von Mises， Fredreick Hayek和Milton Friedman都在公开揭露金钱的危险以及中央当局不操纵的金融系统的好处。

声音金钱的财产

Money is the lifeblood that transports energy and information around an economy, which is why well-designed currency is critical for a functional society. It was identified that money must serve three purposes: as a unit of account, a store of value, and a medium of exchange. These three functions are facilitated by several properties, which were intentionally engineered into the design of Bitcoin and inherited by ETC: 经查明，货币必须有三个目的：作为一个记帐单位，一个价值储存和一个交易媒介。 这三个功能得到了几个 属性的帮助，这些属性被故意设计为比特币，由ETC继承：

• Divisibility: ETC is divisible up to 18 decimal places. This means that ETC can be split into 1,000,000,000,000,000,000 smaller units if needed. Denominations of ETC can be written in wei, the smallest ETC unit currently available. 这意味着，如果需要，ETC可以分成1,000,000,000,000,000,000个较小的单位。 这意味着，如果需要，ETC可以分成1,000,000,000,000,000,000个较小的单位。 ETC 的提名可以在 wei中写出，它是目前可以使用的最小的ETC 单位。
• Durability: ETC is incredibly durable. It is ultimately just information, so it can be stored on a computer or in a digital wallet, or even offline on a piece of paper or metal. This makes ETC much more durable than traditional forms of money like paper currency which can be easily destroyed or lost. 它最终只是信息，因此它可以储存在计算机或数字钱包中， 或甚至离线于纸张或金属。 这使得ETC比像纸币这样易于销毁或丢失的传统货币更持久。
• Fungibility: Each ETC is worth precisely what it’s valued at on the market. One ETC won’t have different values based on previous ETC transactions—unlike some currencies where older bills are often worth less than newer ones. This is called fungibility, and it’s a property ETC shares with physical commodities like gold and silver. 一家电子交易公司不会因以前的电子交易而产生不同的价值——与旧账单价值往往低于较新账单的某些货币不同。 一家电子交易公司不会因以前的电子交易而产生不同的价值——与旧账单价值往往低于较新账单的某些货币不同。 这被称为可换性，它是一个与金银等有形商品共享的财产ETC。
• Durability: ETC is incredibly durable. It is ultimately just information, so it can be stored on a computer or in a digital wallet, or even offline on a piece of paper or metal. This makes ETC much more durable than traditional forms of money like paper currency which can be easily destroyed or lost. 它最终只是信息，因此它可以储存在计算机或数字钱包中， 或甚至离线于纸张或金属。 这使得ETC比像纸币这样易于销毁或丢失的传统货币更持久。
• Portability: ETC is highly portable. You can carry it on a thumb drive, phone, write it down on paper, or remember it as a seed phrase. 您可以在一台缩略图驱动器、手机、在纸上写下它，或将其记为种子词句。 您可以在一台缩略图驱动器、手机、在纸上写下它，或将其记为种子词句。
• Scarcity: ETC has a finite supply that will be released over time. This makes it scarcer than most other forms of currency. 这比大多数其他形式的货币都要稀少。 这比大多数其他形式的货币都要稀少。

已知的未来供应

ETC has all the properties of Sound Money. It’s decentralized, uncensorable, divisible, transferable, fungible, durable and scarce. The cornerstone of a blockchain's sound monetary policy is scarcity via a known future supply. Just like Bitcoin, but unlike Ethereum™, Classic has a fixed emission curve. A fixed amount of ETC created as a block reward for miners, which means that holders of ETC can accurately calculate the total amount of ETC in existence at any point in time. 它是分散的、不可分的、可分割的、可转让的、可互换的、可互换的、耐久的和稀缺的。 它是分散的、不可分的、可分割的、可转让的、可互换的、可互换的、耐久的和稀缺的。 区块链健全的货币政策的基石是通过 已知的未来供应 稀缺性。 就像比特币，但不同于埃瑟姆TM，经典有 固定排放曲线。 作为矿工区奖励创建的 固定数量 ETC 这意味着ETC持有人能够在任何时间准确计算ETC的总量。

Ethereum Classic's fixed emission curve was introduced by ECIP-1017. The emission schedule, also known as 5M20, reduces the block reward by 20% every 5,000,000 blocks. Socially, this block reward reduction event has taken the moniker of "The Fifthening." 排放计划也称为5M20，每5,000,000个区块奖励减少20%。 从社会上来说，这个积分奖励减少活动抓住了"第五个"的怪物。

注：由于uncrocle率的波动，确切的排放额将略有偏差，但不会有很大的偏差。

固定排放曲线 意味着通货膨胀率是可预测的，就ETC而言，随着时间的推移，通货膨胀率正在不断下降。 随着网络数值的增加，所有ETC的数值都会根据这一速率可预测地增加。 而不是未来可能低得多的一些未知费率。 A fixed emissions curve means that the rate of inflation is predictable, and in the case of ETC, is continually decreasing over time. As the value of the network increases, the value of all ETC increases predictably according to this rate, rather than some unknown future rate that could be much lower. ETC's commitment to a fixed emission curve is enshrined into both the protocol and its social layer, and thanks to Proof of Work, any hard fork that attempts to manipulate inflation will result in a permanent chain split, massively disincentivizing such a change to the point of it being extremely unlikely to be contemplated, let alone be attempted, let alone be successful.

已知的未来供应 不仅为遗留系统提供了一个繁荣的替代系统。 但也在区块链中发挥关键的社会技术作用，以此作为保持项目分散化的基础。 区块链的货币政策是所有参与者自愿参与的共同协议。 它使所有各方在经济上保持一致，帮助防止各团体积累对他人的不公平影响。 这种坚定不移的中立态度是所有参与者平等享有的权利。

Sound money, and it's ability to hold value over time, is a core property of the incentivization mechanisms that encourage participation, as while it does not guarantee that an asset will appreciate, it at least provides a means to calculate future earnings potential given the future growth of a project. It means that holders are guaranteed to benefit fairly from a project's upside. 这意味着持有人保证能够从项目本身中公平受益。 这意味着持有人保证能够从项目本身中公平受益。

不健全的钱

不要是纤维或加密货币， 通过通货膨胀或货币贬值重新分配资金，是该书中用错误的权威感对中央规划人员进行干预的最古老的伎俩之一。 在困难时期，它们不可避免地利用这一机制来确保船舶倒下。 那些控制城堡钥匙的人将是生命工艺中的第一位， 他们能够重新分配任何仍然存在价值的舞弊，牺牲货币持有人的利益， 当然，以安全和稳定为名的所有人都是如此。

这个故障状态是一种只有在没有足够分散的项目中才能存在的风格拉。 This failure state is a type of rugpull that can only exist in projects that are not sufficiently decentralized. The redistribution of value away from holders to some specific group (be it miners, stakers, or developers) can only happen when the balance of power is uneven, such that some participants can push through changes to the protocol that put their interests before others.

已知的未来供应 的替代品是 未知的未来供应导致无限程度的通货膨胀或贬低货币。 在少数情况下，通货膨胀可能是不明显的，并随着市场的每天波动而消失。 但这还是等于对货币持有人征税，他们不享受 Cantillon Effect 的直接利益。

In extreme cases, chains with a policy of maintaining an unknown future supply can lead to Zimbabwe-like hyperinflation, which is an ever-present dark cloud that hangs over all holders of these currencies. Although these projects may not need to turn on the inflation tap today, it may become "necessary" for whatever reason in the future. Be it development funding issues or the race to the bottom of competing with other chains' Proof of Stake yields, without the precedent of a fixed emission curve, the central organizing committee of such projects can easily conjure up any number of justifications for appropriating value away from holders as the only way for the project to continue. 尽管这些项目在今天可能不需要开启通货膨胀触发，但无论出于何种原因，这些项目今后都可能变得“必要”。 不论是开发资金问题，还是与其他链产量证明进行竞争的 赛跑到底 没有固定排放曲线先例， 这类项目的中央组织委员会可以很容易地提出从持有人手中调拨价值的任何理由，这是项目继续进行的唯一途径。

一些加密货币促销商，也许是无意促销商， 使他们的同伴相信 固定未来供应 所提供的制衡是一个障碍， 假定不拥有这种资产符合持有人的金融利益。

The idea of ultrasound money, a synonym of unsound money, means that the future supply of a currency is unknown, and while maintainers pinky-promise that it will never be higher than it needs to be, that could be anything from zero to infinity. An ultrasound future supply is subject to tinkering based on an undefined and unpredictable criterion, meaning its central authority reserves the unrestricted right to redistribute funds away from holders in the future. 超声波 未来供应需要根据一个未定义和不可预测的标准进行修饰。 它的中央当局保留今后不受限制地从持有人处再分配资金的权利。

Yeah, your boring old car might be safe, but check out this bad boy over here. We removed the breaks and seat belts, so now it's ultrasafe. 我们拆除了间歇和安全带，所以现在是超越了。 我们拆除了间歇和安全带，所以现在是超越了。

• Ultraseound Money Ultrasafe车辆的宣传者

令人遗憾的是，与埃瑟姆类不同的是，也许在今后为吸引利益担保品而提供选择性。 EtherumTM 是许多加密货币项目之一，它维持了 未知未来供应的政策， 这又意味着持有人面临未来无限通货膨胀的风险。