Digital currency financial asset status
It is understood that hundreds of merchants in at least six countries in Europe have begun to accept payments in some mainstream digital currencies. The United States, the Netherlands, Japan and other countries have also become fertile ground for the development of blockchain technology and the digital currency industry. From the current point of view, although digital currency has not truly become a legal currency in circulation, its financial asset status has been continuously improving.
In October, the People’s Bank of China’s legal digital currency launched a tens of millions of “airdrop” models in Shenzhen, and released a new generation of legal digital currency DCEP worth 200 yuan each to nearly 50,000 Shenzhen residents, and connected more than 3,000 offline in Luohu area In shops, citizens who have won the lottery are encouraged to go to the store to consume, and realize the offline payment and circulation of China’s first batch of digital currencies. Favorable policies have accelerated the blowout of blockchain projects, thousands of new projects have surfaced, and the blockchain industry has ushered in a period of high development. As an important part of the blockchain technology ecology, the financial status of digital currency is rising.
With the promotion of the implementation of blockchain technology, the global central bank’s cryptocurrency market battle has become increasingly fierce. At present, 18 of the more than 60 central banks in the world have publicly acknowledged the development or issuance of their own CBDC. Central banks in at least 4 countries have publicly issued digital currencies, while the other 14 are also developing digital currencies or interacting with third parties. Blockchain software vendors started the pilot program together. At the same time as the global cryptocurrency market is becoming more and more fierce, the circulation of tokens and cross-border payments will become important application scenarios for legal digital currencies.
Market demand has given rise to product supply. With the promotion of global governments and banks, many companies have begun to accelerate the deployment of blockchain. The new generation of global payment digital currency UBDC is also born based on the current financial environment. UBDC will focus on the global payment field, aiming to use the attributes of encrypted currency to achieve barrier-free circulation of global value and borderless payments, while creating a freer, faster and safer blockchain mall transaction open source system.
Compared with the existing digital currency system, UBDC has two main advantages. First, UBDC combines blockchain technology to create the most valuable token in the encryption industry. In the future, it will be able to circulate and exchange with the legal digital currencies of all countries in the world to help the digitalization of the global economy. Second, UBDC will create an undifferentiated, globally integrated digital financial ecosystem, link 39 million offline merchants worldwide, form a huge offline circulation network, realize multi-scenario applications of digital currency, and solve the problems faced by existing digital currencies. The problem of value islands.
Break offline barriers
Although digital currency has created countless wealth myths, the financial world still has many doubts about it. In the final analysis, no matter how high the price of the currency is, as long as it cannot link the physical scene, lacks circulation performance, and is just a string of network passwords, it is difficult to break through the value bottleneck. Take Bitcoin as an example. Bitcoin now has a high status in the field of financial assets and has become the most dazzling business card in the blockchain finance field. But Bitcoin has never been able to achieve widespread circulation and payment. The reason is still to be attributed to the value island problem of the Bitcoin network.
There are two important reasons for the generally low acceptance of digital currencies in the physical industry. First, the financial attributes of digital currencies are unclear and lack value credibility. Second, the problem of block chain network congestion has become the norm, and it is difficult for merchants to receive payment in time. Therefore, during the development of the business process, UBDC will give priority to solving these two problems.
First of all, for the issue of public trust, UBDC will cooperate with existing well-known payment networks, such as Alipay and WeChat, to use existing payment networks to achieve value endorsement. This will make UBDC encrypted wallets expected to be accepted by 39 million merchants in the future, and can even achieve zero threshold docking with offline entities in most industries.
Secondly, in the transaction process of the traditional blockchain network, each transaction transfer and other procedures require a long confirmation time. UBDC will optimize the transaction confirmation process by creating a state channel between consumers and UBDC. Consumer transactions will be directly settled through UBDC’s liquidity pool, so that merchants can also receive payments instantly. In this way, the UBDC wallet can achieve low procedures, low latency, and free transactions of mainstream virtual currencies.
Of course, the offline circulation scene, as an important part of the landing ecology, will also create an ecological closed loop for the circulation and delivery of UCBDtoken. Under the ecosystem of the UBDC credit consumption platform, a data sharing economic ecosystem that enables users to also enjoy the right to economic benefits, ensures the authenticity of transaction data, and can realize the interactive value of multiple scenarios. Here, the process of users contributing their own data is no longer a free behavior, but can obtain corresponding incentives, which also enables users to have more equal rights in the entire income relationship. We can regard it as a new, fair and mutually beneficial data sharing economic ecology.
New model of digital economy
In recent years, with the acceleration of economic globalization and the increase in international financial interaction scenarios, third-party payment platforms have gradually occupied the market. As claimed by the central bank’s legal digital currency, digital currency is the core of value, and it is not a competitive relationship with a third-party payment platform, but a partner. The same is true for UBDC. UBDC will leverage existing payment fields to achieve a strong alliance with payment institutions such as Alipay, WeChat, UnionPay, and paypal. Using the existing payment network as a tool and UBDC as the value token, Unicom’s online and offline interaction scenarios break the value barrier of digital currency and realize digital currency payment in the true sense.
UBDC actually uses blockchain technology as the core carrier and landing ecology as the basic strategy to promote the implementation of global blockchain technology. UBDC is built based on blockchain technology and maintains the encryption properties of the digital currency itself. While improving the security of the payment system, it also has the advantages of anti-tampering, no additional issuance, and transaction transparency.
In the UBDC wallet, because any intermediate node cannot delay the transaction and change the filtering, it can guarantee the objectivity, authenticity and non-tampering of the point-to-point transaction information recorded in the shared ledger, thereby also solving the problem caused by third-party payment Of payment risk. At the same time, UBDC transactions are carried out automatically, the funds arrive in the account immediately, and the payment can be completed within a few seconds. UBDC does not belong to anyone, so the payment cost is also lower.
On the other hand, UBDC’s offline scenes are variously matched, which can not only be applied to convenient scenes such as international trade exchanges between enterprises, personal cross-border travel, and foreign exchange without intermediary fees. It is also possible to create a set of shared currency agreements based on the current payment network. This set of agreements can not only be used to develop digital currency-based multi-currency credit cards, asset securitization, digital currency P2P business, crowdfunding business crowdsourcing, etc. The new digital economy model can also reduce the resistance in the financial system and enhance the efficiency of the operating system.
Estimated according to the current progress, UBDC is expected to cover the global cross-border payment field within 2 years. At that time, UBDC will also use blockchain technology as the underlying architecture to link to more physical scenes and extend to tourism, culture, catering and other industries, so that UBDC will have strong financial attributes and generate greater social value. In the future, UBDC will also work with well-known international group companies and a large number of blockchain developers to create a wide range of application scenarios and a super cooperation ecology around the fields of finance, payment, consumption, real estate and STO.
