<p>作者：Federico Carrone, Roberto Catalan；翻译：Block unicorn</p>
<p>以太坊正在崛起，成为一个通用的金融后台，降低构建金融服务的成本和复杂性，同时提高速度和安全性。几十年来，互联网加速了沟通，但未能建立一个中立的系统来定义所有权或强制履行义务。经济活动转移到线上，但缺乏相应的权利、记录机制和管辖机制。以太坊通过将这些功能嵌入软件中，并通过一组分布式验证者来强制执行，填补了这一空白。</p>
<p>市场依赖于产权，而产权又依赖于可靠的系统来记录所有权、支持转让和强制履行义务。价格传达稀缺性和偏好，从而实现大规模协调。技术进步不断降低信息传输和行动同步的成本。以太坊进一步扩展了这一模型，降低了跨境建立和验证所有权的成本。</p>
<p>从互联网原生到全球基础设施</p>
<p>以太坊的早期创新在于引入了具有明确定义经济属性的可编程数字资产。发行者可以设定货币规则、设计稀缺性，并将资产集成到应用程序中。在以太坊出现之前，这类实验需要构建网络并说服他人提供安全保障，这一过程仅限于技术实力强的团队。以太坊用共享安全机制和通用环境取代了冗余的基础设施建设，将发行从资本密集型活动转变为软件驱动的活动。</p>
<p>更深远的发展是认识到以太坊可以以更透明和更少运营负担的方式重构传统金融服务。金融机构在授权、对账、监控、争议解决和报告方面投入了大量资金。消费者界面建立在复杂的内部系统之上，旨在防止错误和不当行为。以太坊用共享账本、可编程执行环境和加密强制机制取代了其中的一些机制。由于核心功能委托给软件，而不是在每个机构内反复开发，行政复杂性得以降低。</p>
<p>以太坊通过提供实时更新的共享账本、可编程的规则定义空间和加密执行机制，减轻了机构的负担。它并不取代金融机构，而是改变了它们必须自行构建的金融系统的部分。发行变得更简单，保管更安全，管理对专有基础设施的依赖减少。软件、信任与降低摩擦一些经济学家将交易成本分为三种摩擦：三角测量、转移和信任。三角测量涉及经济参与者如何识别彼此并达成协议。转移涉及价值如何在他们之间流动。信任涉及义务的执行。传统金融架构通过规模、专有系统和中介之间的协调来管理这些摩擦。以太坊消除了中介，从而减少了这三种摩擦。开放市场支持资产和价格发现。数字价值可以在几分钟内全球即时结算，无需多个层级的代理银行。义务可以自动执行并公开验证。这些功能并不取代机构的职能，而是将一些工作从机构转移到软件，从而降低成本和操作风险。新进入者可以立即受益。他们可以依赖数千名工程师维护的基础设施，而无需构建自己的结算、保管和执行系统。业务逻辑被转化为代码。义务可以自动化。结算变得瞬时。用户保留保管权。这扩大了可行商业模式的范围，使企业能够服务于现有企业认为过小或过于复杂的市场。拥有一个全球单一账本也改变了操作动态。许多机构运营多个数据库，需频繁对账且容易出错。以太坊维护一个持续更新且不可追踪的可复制记录。冗余和可恢复性成为默认属性，而不是昂贵的内部特性。安全性遵循相同的模式。以太坊不依赖于保护集中式数据库，而是将验证工作分散到众多独立参与者之间。篡改历史记录需要大量协调，并且成本极高。信任源于系统设计，而非机构承诺。这些特性催生了看似传统但成本结构截然不同的服务。国际转账可以使用数字美元，而不是代理银行网络。贷款可以通过代码执行抵押规则。地方支付系统可以在没有专有标准的情况下互操作。经济不稳定地区的个人可以在不考虑当地货币体系脆弱性的情况下存储数字资产。清算、保管、对账、监控和执行等功能从组织流程转移到共享软件。公司可以专注于产品设计和分销，而无需维护复杂的内部基础设施。由于基础设施是共享的，扩展是通过用户获取实现的。价值积累在应用程序上，而不是冗余的内部系统上。这种影响在金融系统脆弱的市场中最为明显。在货币不稳定或支付网络缓慢的经济体中，以太坊可以立即提供功能改进。在发达市场，回报可能看起来逐渐，但随着更多工具和流程变得可编程，它们将逐渐积累。机构转型与长期动态许多金融工具是异质的。公司债券就是一个典型例子。它们的条款因到期日、票息率、契约、抵押品和风险而异。交易依赖于双边谈判和负责维护记录及执行义务的中介。以太坊可以数字化表示这些金融工具，跟踪所有权，并自动执行条款。合同保持其特定性，而治理变得标准化和可互操作。这预示着机构架构的转变。监管和法律系统仍然至关重要，但企业和软件可以执行的边界正在变化。机构正在从基础设施提供者转变为服务设计者。维护传统系统的公司与依赖共享基础设施的公司之间的成本结构将出现分歧。以太坊已经作为一种替代金融轨道运作。它的可靠性、众多独立开发的客户端、广泛的现实应用、活跃的研究社区以及对开放性和验证的承诺使其与其他区块链网络区别开来。这些特质满足了持久金融基础设施的要求。</p>
<h3>结论</h3>
<p>以太坊将核心金融摩擦转化为软件功能。这改变了构建和运营金融服务的经济模型。人才和资本从运营转向产品设计创新。机构变得更加精简和高效。采用以太坊的企业将拥有更低的运营成本和竞争优势。</p>
<p>技术变革通常始于现有企业无法满足需求的细分市场。随着系统的成熟和成本的降低，更广泛的采用变得可能。以太坊遵循了这一路径。最初服务于互联网原生社区，它扩展到新兴市场，以满足用户对可靠金融工具的需求，如今它正在努力通过简化金融公司的创建和运营来提升主流市场。</p>
<p>更深层次地说，软件正逐渐成为金融基础设施的组织原则。</p>
<p>以太坊体现了这一转变。它是否能够成为金融基础设施的基础，将取决于监管和机构的适应能力，但经济激励越来越倾向于开放、可验证和具有韧性的系统。</p>

ETHE

<p>以太坊正在通过降低金融服务的成本和复杂性来革新全球金融。它提供了共享账本、可编程环境和加密执行，简化了操作并增强了安全性。这一基础设施使新进入者能够在没有专有系统的情况下受益，从而实现更广泛的商业模式，并改善金融系统，特别是在脆弱经济体中</p>

<p>Authors: Federico Carrone, Roberto Catalan; Translator: Block unicorn</p>
<div class="lb-trans"><p>作者：Federico Carrone, Roberto Catalan；翻译：Block unicorn</p>
</div><p>Ethereum is rising to become a universal financial backend, reducing the cost and complexity of building financial services while improving speed and security. For decades, the internet accelerated communication but failed to establish a neutral system for defining ownership or enforcing obligations. Economic activity moved online, but lacked corresponding rights, record-keeping, and jurisdictional mechanisms. Ethereum fills this gap by embedding these functions in software and enforcing them through a distributed set of validators.</p>
<div class="lb-trans"><p>以太坊正在崛起，成为一个通用的金融后台，降低构建金融服务的成本和复杂性，同时提高速度和安全性。几十年来，互联网加速了沟通，但未能建立一个中立的系统来定义所有权或强制履行义务。经济活动转移到线上，但缺乏相应的权利、记录机制和管辖机制。以太坊通过将这些功能嵌入软件中，并通过一组分布式验证者来强制执行，填补了这一空白。</p>
</div><p>Markets rely on property rights, which in turn rely on reliable systems to record ownership, support transfers, and enforce obligations. Prices convey scarcity and preferences, enabling large-scale coordination. Technological advancements continuously reduce the cost of information transmission and action synchronization. Ethereum further expands this model by reducing the cost of establishing and verifying ownership across borders.</p>
<div class="lb-trans"><p>市场依赖于产权，而产权又依赖于可靠的系统来记录所有权、支持转让和强制履行义务。价格传达稀缺性和偏好，从而实现大规模协调。技术进步不断降低信息传输和行动同步的成本。以太坊进一步扩展了这一模型，降低了跨境建立和验证所有权的成本。</p>
</div><p>From Internet Native to Global Infrastructure</p>
<div class="lb-trans"><p>从互联网原生到全球基础设施</p>
</div><p>Ethereum's early innovation lay in introducing programmable digital assets with clearly defined economic attributes. Issuers could set currency rules, design scarcity, and integrate assets into applications. Before Ethereum, such experiments required building networks and convincing others to provide security guarantees, a process limited to technically strong teams. Ethereum replaced the redundant construction of infrastructure with shared security mechanisms and a universal environment, transforming issuance from a capital-intensive activity into a software-driven one.</p>
<div class="lb-trans"><p>以太坊的早期创新在于引入了具有明确定义经济属性的可编程数字资产。发行者可以设定货币规则、设计稀缺性，并将资产集成到应用程序中。在以太坊出现之前，这类实验需要构建网络并说服他人提供安全保障，这一过程仅限于技术实力强的团队。以太坊用共享安全机制和通用环境取代了冗余的基础设施建设，将发行从资本密集型活动转变为软件驱动的活动。</p>
</div><p>A more far-reaching development was the recognition that Ethereum could restructure traditional financial services in a more transparent and less operationally burdensome way. Financial institutions invest heavily in authorization, reconciliation, monitoring, dispute resolution, and reporting. Consumer interfaces are built on complex internal systems designed to prevent errors and misconduct. Ethereum replaced some of these mechanisms with a shared ledger, a programmable execution environment, and cryptographic enforcement mechanisms. Because core functionality is delegated to software rather than being repeatedly developed within each institution, administrative complexity is reduced.</p>
<div class="lb-trans"><p>更深远的发展是认识到以太坊可以以更透明和更少运营负担的方式重构传统金融服务。金融机构在授权、对账、监控、争议解决和报告方面投入了大量资金。消费者界面建立在复杂的内部系统之上，旨在防止错误和不当行为。以太坊用共享账本、可编程执行环境和加密强制机制取代了其中的一些机制。由于核心功能委托给软件，而不是在每个机构内反复开发，行政复杂性得以降低。</p>
</div><p>Ethereum alleviates the burden on institutions by providing a shared ledger that is updated in real time, a programmable space for defining rules, and cryptographic enforcement mechanisms. It doesn't replace financial institutions, but rather changes which parts of the financial system they must build themselves. Issuance becomes simpler, custody more secure, and management less reliant on proprietary infrastructure. Software, Trust, and Reduced Friction Some economists categorize transaction costs into three types of friction: triangulation, transfer, and trust. Triangulation involves how economic participants identify each other and reach agreements. Transfer involves how value flows between them. Trust involves the enforcement of obligations. Traditional financial architectures manage these frictions through scale, proprietary systems, and coordination between intermediaries. Ethereum eliminates intermediaries, thereby reducing all three types of friction. Open markets support asset and price discovery. Digital value can be settled instantly globally within minutes, without the need for multiple layers of correspondent banks. Obligations can be executed automatically and verified publicly. These functions do not replace institutional functions, but rather offload some work from institutions to software, thereby reducing costs and operational risks. New entrants can benefit immediately. They can rely on infrastructure maintained by thousands of engineers without having to build their own settlement, custody, and execution systems. Business logic is translated into code. Obligations can be automated. Settlement becomes instantaneous. Users retain custody. This expands the scope of viable business models, enabling businesses to serve markets that existing businesses deem too small or too complex. Having a single global ledger also changes operational dynamics. Many institutions operate multiple databases, requiring frequent reconciliation and are prone to errors. Ethereum maintains a continuously updated and untraceable replicable record. Redundancy and recoverability become default attributes, not costly internal features. Security follows the same pattern. Instead of relying on protecting a centralized database, Ethereum distributes verification work among numerous independent participants. Tampering with historical records requires massive coordination and is extremely costly. Trust stems from system design, not institutional promises. These characteristics give rise to services that appear traditional but have vastly different cost structures. International transfers can use digital dollars instead of correspondent banking networks. Loans can enforce collateral rules through code. Local payment systems can interoperate without proprietary standards. Individuals in economically unstable regions can store value in digital instruments without considering the fragility of local monetary systems. Functions such as clearing, custody, reconciliation, monitoring, and execution are shifted from organizational processes to shared software. Companies can focus on product design and distribution without maintaining complex internal infrastructure. Because the infrastructure is shared, scaling is achieved through user acquisition. Value accumulates on the application, not on redundant internal systems. This impact is most pronounced in markets with fragile financial systems. In economies with unstable currencies or slow payment networks, Ethereum can immediately deliver functional improvements. In developed markets, returns may appear gradual, but they will accumulate as more tools and processes become programmable. Institutional Transformation and Long-Term Dynamics Many financial instruments are heterogeneous. Corporate bonds are a prime example. Their terms vary depending on maturity date, coupon rate, covenant, collateral, and risk. Transactions rely on bilateral negotiations and intermediaries responsible for maintaining records and enforcing obligations. Ethereum can digitally represent these financial instruments, track ownership, and automatically enforce terms. Contracts retain their specificity, while governance becomes standardized and interoperable. This heralds a shift in institutional architecture. Regulatory and legal systems remain crucial, but the boundaries of what can be enforced by businesses and software are changing. Institutions are evolving from infrastructure providers to service designers. Cost structures will diverge between companies maintaining traditional systems and those relying on shared infrastructure. Ethereum already operates as an alternative financial track. Its reliability, numerous independently developed clients, extensive real-world applications, active research community, and commitment to openness and verification distinguish it from other blockchain networks. These qualities meet the requirements of persistent financial infrastructure.</p>
<div class="lb-trans"><p>以太坊通过提供实时更新的共享账本、可编程的规则定义空间和加密执行机制，减轻了机构的负担。它并不取代金融机构，而是改变了它们必须自行构建的金融系统的部分。发行变得更简单，保管更安全，管理对专有基础设施的依赖减少。软件、信任与降低摩擦一些经济学家将交易成本分为三种摩擦：三角测量、转移和信任。三角测量涉及经济参与者如何识别彼此并达成协议。转移涉及价值如何在他们之间流动。信任涉及义务的执行。传统金融架构通过规模、专有系统和中介之间的协调来管理这些摩擦。以太坊消除了中介，从而减少了这三种摩擦。开放市场支持资产和价格发现。数字价值可以在几分钟内全球即时结算，无需多个层级的代理银行。义务可以自动执行并公开验证。这些功能并不取代机构的职能，而是将一些工作从机构转移到软件，从而降低成本和操作风险。新进入者可以立即受益。他们可以依赖数千名工程师维护的基础设施，而无需构建自己的结算、保管和执行系统。业务逻辑被转化为代码。义务可以自动化。结算变得瞬时。用户保留保管权。这扩大了可行商业模式的范围，使企业能够服务于现有企业认为过小或过于复杂的市场。拥有一个全球单一账本也改变了操作动态。许多机构运营多个数据库，需频繁对账且容易出错。以太坊维护一个持续更新且不可追踪的可复制记录。冗余和可恢复性成为默认属性，而不是昂贵的内部特性。安全性遵循相同的模式。以太坊不依赖于保护集中式数据库，而是将验证工作分散到众多独立参与者之间。篡改历史记录需要大量协调，并且成本极高。信任源于系统设计，而非机构承诺。这些特性催生了看似传统但成本结构截然不同的服务。国际转账可以使用数字美元，而不是代理银行网络。贷款可以通过代码执行抵押规则。地方支付系统可以在没有专有标准的情况下互操作。经济不稳定地区的个人可以在不考虑当地货币体系脆弱性的情况下存储数字资产。清算、保管、对账、监控和执行等功能从组织流程转移到共享软件。公司可以专注于产品设计和分销，而无需维护复杂的内部基础设施。由于基础设施是共享的，扩展是通过用户获取实现的。价值积累在应用程序上，而不是冗余的内部系统上。这种影响在金融系统脆弱的市场中最为明显。在货币不稳定或支付网络缓慢的经济体中，以太坊可以立即提供功能改进。在发达市场，回报可能看起来逐渐，但随着更多工具和流程变得可编程，它们将逐渐积累。机构转型与长期动态许多金融工具是异质的。公司债券就是一个典型例子。它们的条款因到期日、票息率、契约、抵押品和风险而异。交易依赖于双边谈判和负责维护记录及执行义务的中介。以太坊可以数字化表示这些金融工具，跟踪所有权，并自动执行条款。合同保持其特定性，而治理变得标准化和可互操作。这预示着机构架构的转变。监管和法律系统仍然至关重要，但企业和软件可以执行的边界正在变化。机构正在从基础设施提供者转变为服务设计者。维护传统系统的公司与依赖共享基础设施的公司之间的成本结构将出现分歧。以太坊已经作为一种替代金融轨道运作。它的可靠性、众多独立开发的客户端、广泛的现实应用、活跃的研究社区以及对开放性和验证的承诺使其与其他区块链网络区别开来。这些特质满足了持久金融基础设施的要求。</p>
</div><h3>Conclusion</h3>
<div class="lb-trans"><h3>结论</h3>
</div><p>Ethereum transforms core financial frictions into software functionality. This changes the economic model of building and operating financial services. Talent and capital shift from operations to product design innovation. Institutions become leaner and more efficient. Businesses adopting Ethereum will have lower operating costs and a competitive advantage.</p>
<div class="lb-trans"><p>以太坊将核心金融摩擦转化为软件功能。这改变了构建和运营金融服务的经济模型。人才和资本从运营转向产品设计创新。机构变得更加精简和高效。采用以太坊的企业将拥有更低的运营成本和竞争优势。</p>
</div><p>Technological change often begins in niche markets where existing businesses cannot meet demand. As systems mature and costs decrease, wider adoption becomes possible. Ethereum has followed this path. Initially serving the internet-native community, it expanded to emerging markets to meet users' needs for reliable financial instruments, and today it is working to elevate the mainstream market by simplifying the creation and operation of financial companies.</p>
<div class="lb-trans"><p>技术变革通常始于现有企业无法满足需求的细分市场。随着系统的成熟和成本的降低，更广泛的采用变得可能。以太坊遵循了这一路径。最初服务于互联网原生社区，它扩展到新兴市场，以满足用户对可靠金融工具的需求，如今它正在努力通过简化金融公司的创建和运营来提升主流市场。</p>
</div><p>More profoundly, software is gradually becoming the organizing principle of financial infrastructure.</p>
<div class="lb-trans"><p>更深层次地说，软件正逐渐成为金融基础设施的组织原则。</p>
</div><p>Ethereum embodies this shift. Whether it can become the foundation of financial infrastructure will depend on the adaptability of regulation and institutions, but economic incentives are increasingly favoring open, verifiable, and resilient systems.</p>
<div class="lb-trans"><p>以太坊体现了这一转变。它是否能够成为金融基础设施的基础，将取决于监管和机构的适应能力，但经济激励越来越倾向于开放、可验证和具有韧性的系统。</p>
</div>

以太坊正在成为全球金融的新后端