<p>作者：Federico Carrone, Roberto Catalan；翻譯：Block unicorn</p>
<p>以太坊正在崛起，成為一個通用的金融後台，降低構建金融服務的成本和複雜性，同時提高速度和安全性。幾十年來，互聯網加速了溝通，但未能建立一箇中立的系統來定義所有權或強制履行義務。經濟活動轉移到線上，但缺乏相應的權利、記錄機制和管轄機制。以太坊通過將這些功能嵌入軟件中，並通過一組分佈式驗證者來強制執行，填補了這一空白。</p>
<p>市場依賴於產權，而產權又依賴於可靠的系統來記錄所有權、支持轉讓和強制履行義務。價格傳達稀缺性和偏好，從而實現大規模協調。技術進步不斷降低信息傳輸和行動同步的成本。以太坊進一步擴展了這一模型，降低了跨境建立和驗證所有權的成本。</p>
<p>從互聯網原生到全球基礎設施</p>
<p>以太坊的早期創新在於引入了具有明確定義經濟屬性的可編程數字資產。發行者可以設定貨幣規則、設計稀缺性，並將資產集成到應用程序中。在以太坊出現之前，這類實驗需要構建網絡並説服他人提供安全保障，這一過程僅限於技術實力強的團隊。以太坊用共享安全機制和通用環境取代了冗餘的基礎設施建設，將發行從資本密集型活動轉變為軟件驅動的活動。</p>
<p>更深遠的發展是認識到以太坊可以以更透明和更少運營負擔的方式重構傳統金融服務。金融機構在授權、對賬、監控、爭議解決和報告方面投入了大量資金。消費者界面建立在複雜的內部系統之上，旨在防止錯誤和不當行為。以太坊用共享賬本、可編程執行環境和加密強制機制取代了其中的一些機制。由於核心功能委託給軟件，而不是在每個機構內反覆開發，行政複雜性得以降低。</p>
<p>以太坊通過提供實時更新的共享賬本、可編程的規則定義空間和加密執行機制，減輕了機構的負擔。它並不取代金融機構，而是改變了它們必須自行構建的金融系統的部分。發行變得更簡單，保管更安全，管理對專有基礎設施的依賴減少。軟件、信任與降低摩擦一些經濟學家將交易成本分為三種摩擦：三角測量、轉移和信任。三角測量涉及經濟參與者如何識別彼此並達成協議。轉移涉及價值如何在他們之間流動。信任涉及義務的執行。傳統金融架構通過規模、專有系統和中介之間的協調來管理這些摩擦。以太坊消除了中介，從而減少了這三種摩擦。開放市場支持資產和價格發現。數字價值可以在幾分鐘內全球即時結算，無需多個層級的代理銀行。義務可以自動執行並公開驗證。這些功能並不取代機構的職能，而是將一些工作從機構轉移到軟件，從而降低成本和操作風險。新進入者可以立即受益。他們可以依賴數千名工程師維護的基礎設施，而無需構建自己的結算、保管和執行系統。業務邏輯被轉化為代碼。義務可以自動化。結算變得瞬時。用户保留保管權。這擴大了可行商業模式的範圍，使企業能夠服務於現有企業認為過小或過於複雜的市場。擁有一個全球單一賬本也改變了操作動態。許多機構運營多個數據庫，需頻繁對賬且容易出錯。以太坊維護一個持續更新且不可追蹤的可複製記錄。冗餘和可恢復性成為默認屬性，而不是昂貴的內部特性。安全性遵循相同的模式。以太坊不依賴於保護集中式數據庫，而是將驗證工作分散到眾多獨立參與者之間。篡改歷史記錄需要大量協調，並且成本極高。信任源於系統設計，而非機構承諾。這些特性催生了看似傳統但成本結構截然不同的服務。國際轉賬可以使用數字美元，而不是代理銀行網絡。貸款可以通過代碼執行抵押規則。地方支付系統可以在沒有專有標準的情況下互操作。經濟不穩定地區的個人可以在不考慮當地貨幣體系脆弱性的情況下存儲數字資產。清算、保管、對賬、監控和執行等功能從組織流程轉移到共享軟件。公司可以專注於產品設計和分銷，而無需維護複雜的內部基礎設施。由於基礎設施是共享的，擴展是通過用户獲取實現的。價值積累在應用程序上，而不是冗餘的內部系統上。這種影響在金融系統脆弱的市場中最為明顯。在貨幣不穩定或支付網絡緩慢的經濟體中，以太坊可以立即提供功能改進。在發達市場，回報可能看起來逐漸，但隨着更多工具和流程變得可編程，它們將逐漸積累。機構轉型與長期動態許多金融工具是異質的。公司債券就是一個典型例子。它們的條款因到期日、票息率、契約、抵押品和風險而異。交易依賴於雙邊談判和負責維護記錄及執行義務的中介。以太坊可以數字化表示這些金融工具，跟蹤所有權，並自動執行條款。合同保持其特定性，而治理變得標準化和可互操作。這預示着機構架構的轉變。監管和法律系統仍然至關重要，但企業和軟件可以執行的邊界正在變化。機構正在從基礎設施提供者轉變為服務設計者。維護傳統系統的公司與依賴共享基礎設施的公司之間的成本結構將出現分歧。以太坊已經作為一種替代金融軌道運作。它的可靠性、眾多獨立開發的客户端、廣泛的現實應用、活躍的研究社區以及對開放性和驗證的承諾使其與其他區塊鏈網絡區別開來。這些特質滿足了持久金融基礎設施的要求。</p>
<h3>結論</h3>
<p>以太坊將核心金融摩擦轉化為軟件功能。這改變了構建和運營金融服務的經濟模型。人才和資本從運營轉向產品設計創新。機構變得更加精簡和高效。採用以太坊的企業將擁有更低的運營成本和競爭優勢。</p>
<p>技術變革通常始於現有企業無法滿足需求的細分市場。隨着系統的成熟和成本的降低，更廣泛的採用變得可能。以太坊遵循了這一路徑。最初服務於互聯網原生社區，它擴展到新興市場，以滿足用户對可靠金融工具的需求，如今它正在努力通過簡化金融公司的創建和運營來提升主流市場。</p>
<p>更深層次地説，軟件正逐漸成為金融基礎設施的組織原則。</p>
<p>以太坊體現了這一轉變。它是否能夠成為金融基礎設施的基礎，將取決於監管和機構的適應能力，但經濟激勵越來越傾向於開放、可驗證和具有韌性的系統。</p>

ETHE

<p>以太坊正在通過降低金融服務的成本和複雜性來革新全球金融。它提供了共享賬本、可編程環境和加密執行，簡化了操作並增強了安全性。這一基礎設施使新進入者能夠在沒有專有系統的情況下受益，從而實現更廣泛的商業模式，並改善金融系統，特別是在脆弱經濟體中</p>

<p>Authors: Federico Carrone, Roberto Catalan; Translator: Block unicorn</p>
<div class="lb-trans"><p>作者：Federico Carrone, Roberto Catalan；翻譯：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，成為一個通用的金融後台，降低構建金融服務的成本和複雜性，同時提高速度和安全性。幾十年來，互聯網加速了溝通，但未能建立一箇中立的系統來定義所有權或強制履行義務。經濟活動轉移到線上，但缺乏相應的權利、記錄機制和管轄機制。以太坊通過將這些功能嵌入軟件中，並通過一組分佈式驗證者來強制執行，填補了這一空白。</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>市場依賴於產權，而產權又依賴於可靠的系統來記錄所有權、支持轉讓和強制履行義務。價格傳達稀缺性和偏好，從而實現大規模協調。技術進步不斷降低信息傳輸和行動同步的成本。以太坊進一步擴展了這一模型，降低了跨境建立和驗證所有權的成本。</p>
</div><p>From Internet Native to Global Infrastructure</p>
<div class="lb-trans"><p>從互聯網原生到全球基礎設施</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>以太坊的早期創新在於引入了具有明確定義經濟屬性的可編程數字資產。發行者可以設定貨幣規則、設計稀缺性，並將資產集成到應用程序中。在以太坊出現之前，這類實驗需要構建網絡並説服他人提供安全保障，這一過程僅限於技術實力強的團隊。以太坊用共享安全機制和通用環境取代了冗餘的基礎設施建設，將發行從資本密集型活動轉變為軟件驅動的活動。</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>更深遠的發展是認識到以太坊可以以更透明和更少運營負擔的方式重構傳統金融服務。金融機構在授權、對賬、監控、爭議解決和報告方面投入了大量資金。消費者界面建立在複雜的內部系統之上，旨在防止錯誤和不當行為。以太坊用共享賬本、可編程執行環境和加密強制機制取代了其中的一些機制。由於核心功能委託給軟件，而不是在每個機構內反覆開發，行政複雜性得以降低。</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>以太坊通過提供實時更新的共享賬本、可編程的規則定義空間和加密執行機制，減輕了機構的負擔。它並不取代金融機構，而是改變了它們必須自行構建的金融系統的部分。發行變得更簡單，保管更安全，管理對專有基礎設施的依賴減少。軟件、信任與降低摩擦一些經濟學家將交易成本分為三種摩擦：三角測量、轉移和信任。三角測量涉及經濟參與者如何識別彼此並達成協議。轉移涉及價值如何在他們之間流動。信任涉及義務的執行。傳統金融架構通過規模、專有系統和中介之間的協調來管理這些摩擦。以太坊消除了中介，從而減少了這三種摩擦。開放市場支持資產和價格發現。數字價值可以在幾分鐘內全球即時結算，無需多個層級的代理銀行。義務可以自動執行並公開驗證。這些功能並不取代機構的職能，而是將一些工作從機構轉移到軟件，從而降低成本和操作風險。新進入者可以立即受益。他們可以依賴數千名工程師維護的基礎設施，而無需構建自己的結算、保管和執行系統。業務邏輯被轉化為代碼。義務可以自動化。結算變得瞬時。用户保留保管權。這擴大了可行商業模式的範圍，使企業能夠服務於現有企業認為過小或過於複雜的市場。擁有一個全球單一賬本也改變了操作動態。許多機構運營多個數據庫，需頻繁對賬且容易出錯。以太坊維護一個持續更新且不可追蹤的可複製記錄。冗餘和可恢復性成為默認屬性，而不是昂貴的內部特性。安全性遵循相同的模式。以太坊不依賴於保護集中式數據庫，而是將驗證工作分散到眾多獨立參與者之間。篡改歷史記錄需要大量協調，並且成本極高。信任源於系統設計，而非機構承諾。這些特性催生了看似傳統但成本結構截然不同的服務。國際轉賬可以使用數字美元，而不是代理銀行網絡。貸款可以通過代碼執行抵押規則。地方支付系統可以在沒有專有標準的情況下互操作。經濟不穩定地區的個人可以在不考慮當地貨幣體系脆弱性的情況下存儲數字資產。清算、保管、對賬、監控和執行等功能從組織流程轉移到共享軟件。公司可以專注於產品設計和分銷，而無需維護複雜的內部基礎設施。由於基礎設施是共享的，擴展是通過用户獲取實現的。價值積累在應用程序上，而不是冗餘的內部系統上。這種影響在金融系統脆弱的市場中最為明顯。在貨幣不穩定或支付網絡緩慢的經濟體中，以太坊可以立即提供功能改進。在發達市場，回報可能看起來逐漸，但隨着更多工具和流程變得可編程，它們將逐漸積累。機構轉型與長期動態許多金融工具是異質的。公司債券就是一個典型例子。它們的條款因到期日、票息率、契約、抵押品和風險而異。交易依賴於雙邊談判和負責維護記錄及執行義務的中介。以太坊可以數字化表示這些金融工具，跟蹤所有權，並自動執行條款。合同保持其特定性，而治理變得標準化和可互操作。這預示着機構架構的轉變。監管和法律系統仍然至關重要，但企業和軟件可以執行的邊界正在變化。機構正在從基礎設施提供者轉變為服務設計者。維護傳統系統的公司與依賴共享基礎設施的公司之間的成本結構將出現分歧。以太坊已經作為一種替代金融軌道運作。它的可靠性、眾多獨立開發的客户端、廣泛的現實應用、活躍的研究社區以及對開放性和驗證的承諾使其與其他區塊鏈網絡區別開來。這些特質滿足了持久金融基礎設施的要求。</p>
</div><h3>Conclusion</h3>
<div class="lb-trans"><h3>結論</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>以太坊將核心金融摩擦轉化為軟件功能。這改變了構建和運營金融服務的經濟模型。人才和資本從運營轉向產品設計創新。機構變得更加精簡和高效。採用以太坊的企業將擁有更低的運營成本和競爭優勢。</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>技術變革通常始於現有企業無法滿足需求的細分市場。隨着系統的成熟和成本的降低，更廣泛的採用變得可能。以太坊遵循了這一路徑。最初服務於互聯網原生社區，它擴展到新興市場，以滿足用户對可靠金融工具的需求，如今它正在努力通過簡化金融公司的創建和運營來提升主流市場。</p>
</div><p>More profoundly, software is gradually becoming the organizing principle of financial infrastructure.</p>
<div class="lb-trans"><p>更深層次地説，軟件正逐漸成為金融基礎設施的組織原則。</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>以太坊體現了這一轉變。它是否能夠成為金融基礎設施的基礎，將取決於監管和機構的適應能力，但經濟激勵越來越傾向於開放、可驗證和具有韌性的系統。</p>
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以太坊正在成為全球金融的新後端