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8 Decimal View:Vocean——开启万亿级数字债券大时代

前言:

比特币的诞生,距今已经10年。去年巅峰时期,加密数字货币总市值高达8238亿美元,已经成为一个不容忽视的独立经济体。这个快速崛起的金融市场已经具备全球化的现货和期货交易,但仍然缺少一个低风险的固定收益类金融产品,来满足风险厌恶型投资者的需求,或供投资者进行资产配置。最近,由华尔街顶级金融机构高管创办的金融项目Vocean进入公众的视野,他们的目标是万亿级蓝海市场——债券。

本文选取Vocean Group的《Vocean 开启万亿级数字货币债券大时代》和八维研究院原创出品的Vocean Is Introducing a Crypto Bond — Disintermediating the Four Thousand Year Old Centralized Bond System以飨读者。

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在传统金融市场中,全球股权类资产规模是80万亿美元,低风险、固定收益的债权类资产规模是100万亿美元。借此,数字货币债券领域同样会出现一批币安量级的企业。Vocean 正是怀着这样的雄心而成立,目前基础开发工作已经接近尾声,第一只加密数字货币债券将在11月正式发行。

Vocean债券发行管理解决方案

Vocean是一个去中心化的金融合约生态系统。通过搭建一套完整的数字货币金融合约基础框架和配套设施,使用户可以非常简单、低成本地发起各种标准化或定制化的金融合约,包括债券、期权、互换及其他金融产品和衍生品。同时,还可以为基于Vocean发行的金融合约提供流动性和快速的资产管理部署和风控服务。

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任何一个数字货币的项目都可以借由Vocean来发行债券。早期为了建立良好的业务基础,Vocean将债券的发行方锁定为具备稳定现金流收入的数字货币交易所和矿池,以及排名前50的优质区块链项目,它们有相对较强的债券兑付能力,同时也有助于快速获取大量用户。

通过Vocean发行数字货币债券的流程,相比传统债券得到大幅度简化,同时应有的信息披露和项目评级等风控手段会做得更好。具体流程如下:

  1、债券发行人在Vocean生态系统中提交项目披露和债券发行协议;

  2、社区和投资者基于系统提供的评级维度和标准对项目评级;

  3、投资者和债券发行人协商条款并签订协议,协商完成后协议上链;

  4、投资者在链下发行网络认购债券,认购完毕后,以集合竞价机制来给债券定价;

  5、发行后,债券管理合约管理自动定期发放给投资人摊销支付;

  6、托管账户用来托管发行人抵押资产和投资人的认购资金,并跟踪债券管理账户中保证金水平,如果到期清偿完毕将自动关闭账户,如果低于托管账户维持水平,将通知发行人追加,如果一定期限内仍不足,投资人将取得托管账户对抵押资产的控制权。

数字货币债券的价值

债券是一种非常重要的金融产品,无论是项目方还是投资方都有巨大的需求,在数字货币领域同样如此。

首先,让项目更加公开透明。尽管区块链技术倡导公开、公正、自治精神,但是目前还没有建立起非常高效的信息沟通机制,大多数用户和投资者对项目的进展依然不了解。通过Vocean发行债券,必须要经过一套由社区参与者发起的公开、透明、完整的评级调研分析,并需要按照要求定期公开披露关键信息,在这种机制中,越是优质的项目,通过发行债券提升自己的透明度、强化品牌和声誉的意愿越高;

其次,有了严谨的评级报告做支撑,机构投资者进入数字货币金融市场的意愿将大幅提升。项目方如果想吸引机构投资者的支持,发行债券是非常理想的手段之一;

同时,由于加密数字货币领域的特征,项目可以发行基于自有通证的债券,来有效地降低公开市场上的流通量。尤其在当前市场比较低迷的情况下,项目方可以通过短期减少流通量进行市值管理。

通过这样可靠度大幅提升的评级报告,结合履约信用记录,机构投资者可以更加容易地形成投资决策。尤其在当前的熊市中,机构投资者需要花费较大的精力在做资产配置调配,通过对优质债券的投资,可以有效解决现金流问题,获得很好的收益。

立足数字货币,贯穿新旧债券市场

Vocean不仅要再造一个加密数字货币领域的债券市场,还将通过区块链技术,改造传统债券市场。

传统金融世界中,债券的流通依赖于监管机构和各类中介机构的信用背书,发行系统除却监管审批外,还涉及承销商、审计、律师、评级、托管、登记和结算等众多机构,耗费巨大。中介机构的存在,增加了信息不对称和内幕交易,隔离了各个金融系统,很难衡量和控制跨系统风险,是造成金融危机频发的重要诱因。

今年8月13日,世界银行宣布将发行第一个基于区块链技术的加密债券Bond-i,泰国、中国等多家也陆续着手基于区块链技术的债券发行实验。未来,Vocean也将利用自身的技术和业务积极,将业务延伸到传统债券市场。

从传统债券到数字货币债券,华尔街顶级团队再出征

Vocean核心团队来自华尔街顶级金融机构的高级管理层。创始人Jerry Zhong毕业于清华大学,拥有UC Berkeley的MBA学位,曾任摩根士丹利副总裁,负责债券发行和管理大规模应用程序开发,在上市科技公司NextLink Communications领导开发团队,并创立了UC Gateway和Wisetel Consulting。核心成员Daniel Xue 来自GE Capital,曾领导数十亿美元的项目融资和管理,Jason Yu 曾在思科和甲骨文担任高级项目经理。

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除此之外,Vocean团队还和外部优秀团队建立了和良好的合作关系,包括世界顶级跨链技术研发团队Cosmos。Vocean研发的链间管理协议,解决了不同链上交易的协调与管理的难题。

Vocean是由全球排名第八的加密数字货币交易所Bibox旗下孵化器BiboxLab和全球知名加密数字货币基金Node Capital联合孵化的首个项目, 并获得了韩国顶级基金Blockwater, 以及Alpvew Capital、Lockwood Group,Aligement Group等知名基金的投资。

Vocean is Introducing a Crypto Bond

-Disintermediating the Four Thousand Year Old Centralized Bond System

作者:Remi Gai @ 八维研究院

8 Decimal Capital Overview:

In 2016, the Bank for International Settlements estimated that the outstanding global bond debt amounted to $127 trillion and SIFMA estimated the U.S. bond market to be around $39 trillion (according to a study conducted by Federated Investors).Vocean is a blockchain company dedicated to building one of the world’s first crypto bond and financial contract marketplaces as a bond management system built on smart contracts instead of traditional intermediaries.The platform encompasses a technologically advanced use-case and provides the components necessary for a robust decentralized financial ecosystem as bond trading on Ethereum will begin in December 2018.

Bonds have existed since 2400 BC, with deep roots in our financial system. At a variable or fixed interest rate, bonds are fixed-income investments used by entities (corporations or governments) to raise money and finance a variety of projects for a defined period of time. In 2016, the Bank for International Settlements estimated that the outstanding global bond debt amounted to $127 trillion and SIFMA estimated the U.S. bond market to be around $39 trillion (according to a study conducted by Federated Investors).

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Ben Bartlett, Berkeley’s Vice Mayor, believes that blockchain technology and crypto bonds have the potential to ultimately revolutionize public finance.

In December 2017, when the Trump administration implemented a tax decrease for corporations, Ben Bartlett, Berkeley’s Vice Mayor and a strong advocate of the crypto bond, had the idea to use blockchain technology to revolutionize public finance. According to Ben Bartlett:

“Currently, governmental entities sell their bonds to banks who then resell the bonds to numerous intermediaries before reaching an investor. Each intermediary charges fees and markups. The UC Berkeley Haas Institute estimates that bond issuers lose approximately $4 billion annually as a result of this process. Furthermore, the costs of issuing and administering bonds make it impossible for small investors and regular people to purchase them. As a result, the people are losing out on a major form of wealth building.”

In the traditional financial industry, the issuing, trading, book-keeping, and clearing of financial contracts are operated by centralized agencies, such as banks and brokers. Although centralized systems provide trust in the traditional financial ecosystem, their fees remain high with low efficiency. Additionally, there are risks around information asymmetry and leakage, as well as frauds and scams, such as the Enron scandal and Ezubao Ponzi scheme.

With blockchain technology, the bond system can finally transition towards a more decentralized method, transforming the over 4,000-year-old system. Smart contracts allow financial contracts to be coded and transactions to be executed in a secure, traceable, and irreversible way without the need of third parties.

Group Vocean is a blockchain company dedicated to building one of the world’s first crypto bond and financial contract marketplaces. The marketplace is a bond management system built on smart contracts instead of traditional intermediaries such as brokers, underwriters and clearing houses, reducing transaction costs and increasing market transparency. To ensure scalability, contract matching is handled off-chain while only contract details are recorded on the blockchain, preventing congestion on Vocean’s Blockchain.

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Bond Issuing and Management on Vocean

Vocean offers a complete ecosystem to issue and trade bonds and derivatives without centralized agencies. To issue a crypto bond, the steps are as follows:

The bond issuer submits a Bond Offering Disclosure (BOD) to the Vocean Ecosystem with all the information necessary for investors to assess the project’s financial health. A credit rating system grades each project to help investors evaluate the project.The Bond Offering Agreement (BOA) is then submitted to the Vocean Ecosystem with all the investment requirements and terms. Vocean’s off-chain Bond Issuing Network (BIN) broadcasts the BOA to its community, in which private negotiation channels can be created between the issuer and bond investors. Once the terms are finalized, an Escrow Management Contract (EMC) is created for investors to sign the BOA and deposit their tokens.Investors can submit their supporting votes by subscribing to certain shares of the bond offering. The voting period ends when the hard cap is reached and all the voting shares are converted to investment shares of the bond. If the voting process fails, the bond issuance is cancelled and the EMC returns all of the voting shares to the voters.The crypto bond is finally issued and settled on the Vocean Blockchain. The crypto bond is managed by the Vocean Interchain Protocol (VIP) through a Bond Management Contract (BMC).

To mitigate the investment risks, Vocean also introduces several features such as amortized payment, escrow account, project disclosure, credit rating, fund release based on milestones, etc. Dynamic collateral management is also offered to respond to market price changes with built-in multi-layer safeguards, minimizing counter-party and operational risks. Additionally, Vocean is providing risk hedging tools to help institutional players enter the cryptocurrency system and satisfy their basic needs of risk management and mitigation.

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Vocean’s team has a strong financial and tech background comprised of Fortune 500 tech companies, research institutions, and financial banking enterprises.

Vocean is currently incubated by Biboxlab, an incubator launched by the digital asset exchange Bibox, and Node Capital, a venture capital firm focused on blockchain projects. The team is composed of highly qualified members with years of experiences in equity, fixed income, derivatives and risks management from financial companies such as Morgan Stanley, Citi, and GE Capital. The core technology team also hails from a strong Fintech background working for companies including Morgan Stanley, Barclays, and Bloomberg, as well as leading technology companies such as Microsoft, Cisco, Google, and Oracle.

Vocean is ready to disrupt the bond and financial ecosystem with blockchain technology. Overall, the platform encompasses a technologically advanced use-case and provides the components necessary for a robust decentralized financial ecosystem. Voicean’s platform encompass a wide range of features, including bond issuance, trading marketplace, hedging infrastructure, credit rating system, dynamic collateral management to risk management. As for timing, Vocean is solving the current lack of fixed income asset derivatives in the cryptocurrency market. Bond trading on Ethereum will start in December 2018, and we are excited to see the transformational changes Vocean can bring to the bond industry.

Sources:

Group Vocean whitepaper: https://vocean.io/.

Group Vocean deck: https://s3.us-east-2.amazonaws.com/vocean.io/docs/voceanpd.pdf.

Luong Hoang Anh. (Aug. 2018). “Story About Crypto Bonds.” TwoGap. Retrieved November 12, 2018 from the TwoGap Medium Publication: https://medium.com/twogap/story-about-crypto-bonds-68edf4deabf7.

Investopedia. (2018). “Bond.” INVESTOPEDIA. Retrieved November 12, 2018 from Investopedia: https://www.investopedia.com/terms/b/bond.asp.

The Motley Fool Knowledge Center. (2018). “5 Bond Market Facts You Need to Know.” The Motley Fool. Retrieved November 12, 2018

Sarah Brooks. (May 2018). “Ben Bartlett on Tokenizing Municipal Bonds to Fund Community Impact Projects in Berkeley.” Medium. 

Ben Bartlett. (April 2018). “The Smart Path: Solving for Zero Assets with Blockchain Technology.” Hackernoon. 

Federated Investors. (May 2017). “Infographic: The Bond Market.” Federated. Retrieved November 12, 2018


文章声明:本文为火星号作者作品,不代表火星财经观点,版权归作者所有,如需转载,请提前联系作者!

根据国家《关于防范代币发行融资风险的公告》,大家应警惕代币发行融资与交易的风险隐患。

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