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トークンの流動性リスクと Bancor Protocol
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Akinori Machino
October 12, 2017
Technology
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トークンの流動性リスクと Bancor Protocol
Akinori Machino
October 12, 2017
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Transcript
τʔΫϯͷྲྀಈੑϦεΫͱ Bancor Protocol Akinori Machino 2017.10.12@BlockChips #3
• ౦ژେֶཧֶՊଔۀɾಉେֶӃதୀ • ిࢠॻ੶Ͱͷىۀ • SmatNews ॳظϝϯόʔ • ࣗಈӡసλΫγʔʗࣗಈӡసόε •
ݱࡏݸਓͰ׆ಈத @amachino Akinori Machino ܦྺ • ҉߸௨՟ʗϒϩοΫνΣʔϯ • EthereumʗεϚʔτίϯτϥΫτ • ICO ͷ݈શԽʗඪ४Խ • τʔΫϯΤίϊϛʔͷઃܭ ࠷ۙͷڵຯͱ׆ಈ
ࠓ͓͍ͨ͜͠ͱ
҉߸௨՟ / ICO ͷ๊͑ΔϦεΫ
ϦεΫͱ͍ͬͯ৭ʑ͋Δ όϒϧԽ ๏ن੍ ϋοΩϯά ྾ ՝੫ ࢿٗ ࢿܾۚࡁ๏ ICOΓಀ͛ ICOېࢭྩ
SEC ༗Ձূ݊ੑ લࣜࢧखஈ Ծ௨՟๏ ίΞ vs ϚΠφʔ ങ͍ἤΓ The DAO ࣄ݅ FOMO ηΩϡϦςΟ ϓϥΠόγʔ ϋογϡύϫʔՉ ٕज़ऀෆ ച্ܭ্ PoW vs PoS εέʔϥϏϦςΟ தࠃہ աظ ࡶॴಘ Mt.GOX ࣄ݅ ϚωʔϩϯμϦϯά ே ϏοάϒϩοΫ vs ϨΠϠʔ̎ ϘϥςΟϦςΟ ࡏՁ ΧϯλʔύʔςΟʔϦεΫ ΠϯαΠμʔ
ϦεΫͱ͍ͬͯ৭ʑ͋Δ όϒϧԽ ๏ن੍ ϋοΩϯά ྾ ՝੫ ࢿٗ ࢿܾۚࡁ๏ ICOΓಀ͛ ICOېࢭྩ
SEC ༗Ձূ݊ੑ લࣜࢧखஈ Ծ௨՟๏ ίΞ vs ϚΠφʔ ങ͍ἤΓ The Dao ࣄ݅ FOMO ηΩϡϦςΟ ϓϥΠόγʔ ϋογϡύϫʔՉ ٕज़ऀෆ ച্ܭ্ PoW vs PoS εέʔϥϏϦςΟ தࠃہ աظ ࡶॴಘ Mt.GOX ࣄ݅ ϚωʔϩϯμϦϯά ே ϏοάϒϩοΫ vs ϨΠϠʔ̎ ϘϥςΟϦςΟ ࡏՁ ΧϯλʔύʔςΟʔϦεΫ ΠϯαΠμʔ ͠·ͤΜ
ྲྀಈੑϦεΫ τʔΫϯཚཱʹΑΔ
ྲྀಈੑϦεΫʁ
ྲྀಈੑͱ “Ϟϊͷۚͷ͢͠͞”
ྲྀಈੑϦεΫͱ “ചΓ͍ͨ࣌ʹചΕͳ͍͜ͱ”
ྫʣBTC → JPY ͷྲྀಈੑ
None
{ { ചΓ͍ͨਓ ങ͍͍ͨਓ
ങ͍͍ͨਓ͕͍Δ͔ΒചΕΔʢަͰ͖Δʣ
τʔΫϯ͕ཚཱ͢ΔͱͲ͏ͳΔ͔
ϝδϟʔͳτʔΫϯҎ֎औҾྔ͕গͳ͘ͳΔ ചΓ͍ͨ࣌ʹങ͍ख͕ݟ͔ͭΒͳ͍ ࢿ࢈͕Ԙ௮͚ʹͳΔ
ྲྀಈੑϦεΫ τʔΫϯཚཱʹΑΔ
ͦΕΛղܾ͢Δʢ͔͠Εͳ͍ʣͷ͕
None
• Bancor ͷಡΈํʮόϯίʔϧʯ • ܦࡁֶऀέΠϯζ͕ఏএͨ͠ੈք௨՟ʹͪͳΜ໊ͩশ • 20176݄ʹ ICOʢ$150MΛௐୡʣ • Ethereum
ϕʔεͷϓϩδΣΫτ • “εϚʔττʔΫϯ” Λൃߦ͢ΔͨΊͷϓϩτίϧ • ϓϩτίϧͰ͋ͬͯτʔΫϯͰͳ͍ • ެࣜͷεϚʔττʔΫϯͱͯ͠ BNT Λൃߦ • Bancor Protocol BNT ͕ͳཱͯ͘͢Δ • εϚʔττʔΫϯʹྲྀಈੑϦεΫ͕ͳ͍
εϚʔττʔΫϯʹྲྀಈੑϦεΫ͕ͳ͍ʂ
ͳͥͦΜͳ͜ͱ͕Ͱ͖Δͷ͔ʁ
https://www.bancor.network/
Θ͔Γʹ͍͘
Bancor Protocol ͷجຊతͳߟ͑ํ ਓରਓͰަ͢Δ͔ΒྲྀಈੑϦεΫ͕ੜ͡Δ ൃߦମʹҾ͖औͬͯΒ͍͍͑ͷͰʁ
ަʹԠ͑ΔͨΊʹ४උ͕ۚඞཁ ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ ൃߦମ͕Ұఆྔ༻ҙ͍ͯͨ͠֎՟ΛͬͯަʹԠ͡Δ
օ͕Ұ੪ʹചΓ͍ͨͱࢥͬͨΒഁͯ͠͠·͏ ४උۚʹރׇϦεΫ͕͋Δ ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ ʘ ԁ Λ υ ϧ ʹ ସ
͑ ͯ ͘ ͩ ͞ ͍ ʗ ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ ʘ ԁ Λ υ ϧ ʹ ସ ͑ ͯ ͘ ͩ ͞ ͍ ʗ υϧ͕ͳ͘ͳΔ… ʘԁΛυϧʹସ͍͑ͯͩ͘͞ʗ
Ͳ͏͢Ε͍͍͔
ʮ४උ͕ۚރׇ͠ͳ͍Α͏ʹՁ֨ͱൃߦྔΛಈతʹมԽͤ͞ΕΑ͍ʯ
White Paper p5
None
None
None
ൃߦͨ͠εϚʔττʔΫϯͷ࣌Ձ૯ֹͷ20%ͷETHΛ४උ͓ͯ͘͠ ྫʣETH Λ४උۚͱͯ͠ CRR = 0.2 ͷ STKN Λൃߦ STKN
ETH STKN ͷ࣌Ձ૯ֹ = Ձ֨ × ൃߦྔ
४උۚΛ 1,000 ETH ༻ҙͯ͠ɺ2,000 STKN ൃߦͨ͠Βɺ1 STKN ͷՁ֨ 2.5 ETH
ྫʣETH Λ४උۚͱͯ͠ CRR = 0.2 ͷ STKN Λൃߦ STKN ETH 5,000 ETH = Ձ֨ × 2,000 STKN Ձ֨ = 5,000 ÷ 2,000 = 2.5 1,000 ETH
Bancor Protocol ͷ݅ࣜ ม ม ม ఆ ४උΛৗʹҰఆʹอͭΑ͏ʹՁ֨ɾൃߦྔɾ४උߴΛมಈͤ͞Δ
ചങ͢Δʹ૯ൃߦྔ͕૿ݮ͢Δ
STKN ͷߪೖۚ (ETH) ४උۚʹՃࢉ͞ΕΔ ETH STKN ETH STKN ߪೖ͞Εͨͷ STKN
৽نൃߦ͞ΕΔ ൃߦྔ61 Ձ֨61
STKN ͷച٫ۚ (ETH) ४උ͔ۚΒࢧΘΕΔ ETH STKN ETH STKN ച٫͞Εͨͷ STKN
ഇغॲ͞ΕΔ ൃߦྔ%08/ Ձ֨%08/
εϚʔτίϯτϥΫτʹΑΔࣗಈࣥߦ https://github.com/bancorprotocol/
ചങʹऔҾ૬खඞཁͳ͍ ͍ͭͰɺചΓ͍͚ͨͩചΕɺങ͍͍͚ͨͩങ͑Δ εϚʔτίϯτϥΫτ
धཁʹΑΓՁ֨มಈ͢Δͷैདྷ௨Γ
·ͱΊ • Bancor Protocol ʹΑͬͯɺྲྀಈੑϦεΫͷͳ͍ʮεϚʔττʔΫϯʯ ΛൃߦͰ͖Δ • εϚʔττʔΫϯɺ४උ (CRR) ͕ৗʹҰఆʹͳΔΑ͏ʹՁ֨ͱൃߦ
ྔ͕ࣗಈௐ͞ΕΔ • εϚʔττʔΫϯɺߪೖ͞ΕΔʹ৽نൃߦ͞Εɺച٫͞ΕΔʹഇغ ॲ͞ΕΔ • εϚʔττʔΫϯɺߪೖྔ͕ച٫ྔΛ্ճΔͱՁ্͕͕͍͖֨ͬͯɺԼ ճΔͱՁ͕֨Լ͕͍ͬͯ͘ • ४උۚͷཧՁ֨ɾൃߦྔௐɺEthereum ϒϩοΫνΣʔϯ্ͷ εϚʔτίϯτϥΫτͰߦΘΕΔ
ΑΓৄ͘͠Γ͍ͨํ
ิࢿྉ
Bancor Protocol ͷՁܾ֨ఆํఔࣜ T: τʔΫϯߪೖྔɺE: ࢧֹۚɺS: τʔΫϯ૯ൃߦྔɺR: ४උۚߴɺF: ݻఆ४උ
None
Double Coincidence of Wants
Token Changer & Token Basket