Editor's Note: This article comes fromHay's theory, Author: Heifeng Li, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Hay's theory
Hay's theory
With the gradual expansion of users and assets in the encryption market, major mainstream institutions and even overseas governments have begun to embrace digital currencies to make up for the shortcomings of the legal currency system (especially the hegemony of the US dollar) and to obtain encryption as a mainstream investment target. High yields in the world.
As early as 2017, many oil-producing countries began to consider using digital currencies for transactions in order to get rid of their dependence on the US dollar. After getting the CCTV report at that time, it caused quite a shock in the circle.
Grayscale Investment, which is regulated by the SEC, has also launched a series of mainstream digital currency trust products, including BTC, BCH, ETH, LTC, etc. Among them, the most concerned Grayscale BTC trust has continuously increased its positions this year. On September 28, Casa co-founder Jameson Lopp tweeted that Grayscale already holds 450,000 BTC, accounting for 2.4% of the current total BTC circulation.
On October 8, the US mobile payment giant Square announced that it will include BTC in its financial investment. It has invested 50 million US dollars to purchase about 4,709 BTC. This investment accounts for about 1% of Square's total assets at the end of the second quarter of this year.
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The advent of domestic legal digital currency
Looking at the domestic market, although major institutions and companies still hold a wait-and-see attitude towards digital currencies, the central bank has been foresighted and has been researching the legal digital currency DCEP since 2014. According to the information disclosed by the central bank, DCEP is a substitute for M0 and has unlimited legal compensation. Like the traditional RMB, it undertakes the functions of value scale, circulation means, payment means and value storage.
Although DCEP is a central bank digital currency (CBDC) issued under the leadership of the government, it can also be regarded as an important branch of the encryption market, marking that the attention to the field of digital currency has risen to a national level.
Let's review the development history and major time nodes of DCEP.
At the end of 2017, with the approval of the State Council, the central bank organized commercial banks such as China, Agriculture, Industry and Construction and some related institutions to jointly develop the digital RMB system;
In August 2019, the development process of DCEP was mentioned in the central bank's work video conference in the second half of 2019 and the third China Financial Forty People Yichun Forum. Mu Changchun, deputy director of the Payment and Settlement Department of the People's Bank of China Introduction, the research on DCEP has been carried out for five years, and now it can be said that it is ready to come out;
In August 2020, the Ministry of Commerce issued the "Notice on Printing and Distributing the Overall Plan for Comprehensively Deepening the Pilot Program of Innovation and Development of Trade in Services", which announced the pilot areas of digital RMB, Shenzhen, Chengdu, Suzhou, Xiongan New District and other places and future Winter Olympics scenes. The first batch of pilot cities (new districts);
On October 9, 2020, Shenzhen City joined hands with the central bank to distribute 10 million yuan in digital RMB red envelopes.
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Interpretation of 10 million DCEP red envelope "airdrop"
This digital renminbi red envelope activity is the first pilot application of DCEP for the public. Luohu District, Shenzhen City invested 10 million yuan, split it into 50,000 DCEP red envelopes worth 200 yuan, and distributed them by lottery. Anyone in Shenzhen can participate draw lots.
The public can register their name, ID number, mobile phone number, corresponding bank and other information on the "i Shenzhen" platform to participate in the lottery. On October 11, the winning signature list will be announced. The winning lottery users can use the red envelopes within the validity period in 3389 designated merchants in Luohu District For consumption, it cannot be transferred to others or redeemed into personal bank accounts, and unused red envelopes beyond the validity period will be withdrawn.
As soon as the event came out, it was immediately swiped in the circle of friends. Whether it was players in the currency circle or the public in Shenzhen, they flocked to the embrace of DCEP. No matter what industry you are in, the popularity of free wool activities is a matter of course. However, if you look carefully at the logic of this activity, it is not as simple and crude as the money-burning marketing activities on platforms such as Alipay and WeChat Pay. Instead, it is a stimulus for consumption. , low-cost customer acquisition, and user education, killing three birds with one stone.
1. Stimulate consumption
This time the red envelope is not a free-to-use digital cash, but a "consumer voucher" with a limited scope of use. Everyone understands the concept of consumer coupons. This year’s epidemic has forced the central government and local governments at all levels to continuously introduce promotional fee policies. Consumer coupons are one of the main measures. The purpose is to reinvigorate the public’s enthusiasm for shopping.
The same is true for the distribution of DCEP red envelopes this time. The red envelopes obtained by the winning users can only be used in limited merchants. The 10 million red envelope budget allocated by Luohu District will eventually flow back to local merchants. The 10 million is not only free wool, but also a driving force for consumption.
2. Low-cost customer acquisition
10 million yuan may seem like a lot, but compared with the amount of consumer vouchers issued in various places this year, this figure is not large. For example, the Chengdu Municipal Government alone has issued more than 200 million consumer vouchers. Therefore, the distribution of red envelopes this time plays a role in stimulating consumption, which is obviously less than the role of building momentum for DCEP.
Although the number of DCEP red envelopes is only 50,000, the number of draws will be at least one million. After all, Shenzhen’s resident population of more than 10 million and daily visitor population of more than 2.5 million can bring a huge audience base. These people will become DCEP’s First followers and users. In addition, it is even more difficult to estimate the number of people who can eat melons from other places that the event can radiate. This wave of 10 million low-cost budget has immersed half of China in the bombardment of DCEP news.
As a national-level project issued by the central bank, DCEP naturally acquires customers not for profit, but for user education.
In the initial stage of the DCEP trial, it will inevitably face extremely high market education costs. Whether it is merchants or the public, B and C are already accustomed to traditional payment methods, and it is difficult for users to actively learn to use the newly added payment options in a short period of time, so that they can be applied on a large scale. Back then, mobile payment platforms such as Alipay and WeChat Pay also faced the same dilemma. For them, using the power of capital to acquire user habits at the cost of burning money was a routine operation. However, the national team is different from the enterprise. It is impossible for the government finances to support large-scale and long-term marketing and promotion, and it is also impossible to use coercive means to force the public to use it.
This time, the distribution of 10 million red envelopes is not a direct payment of a sum of money, but requires users to actually go to physical consumption to get the wool. Without using a large cost, let the public spontaneously participate, understand, and use DCEP. It has improved the awareness of DCEP among users, merchants, local governments and all parties involved, from customer acquisition to user education to consumption in one stop.
To sum up, it is not difficult to see that the rhetoric of "red envelope" does not meet the definition of this event, but is more like an "airdrop" in the currency circle, especially close to the NFT airdrop initiated by DEGO some time ago, which is also low-cost , also requires the user's two-stage operation, and it is also an introductory education for the user. It's just that the former is a digital renminbi, and the latter is an NFT.
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The enlightenment brought by DCEP airdrop to NFT
Continuing to diverge from the DCEP red envelope activity, this time the red envelope is essentially a consumer coupon, and the user is given the "right to pick up the goods". This corresponds to the existing encrypted market and is very close to the concept of NFT.
When we discussed NFT in the past, we often mentioned the application of NFT in the game industry or encrypted artwork. But in addition, a more imaginative future cannot be ignored. The attributes of NFT itself can allow it to connect with the real world and realize more application scenarios.
1. Right of delivery
Compared with the popular consumer vouchers this year, there is no sense of disobedience if they are issued in the form of NFT. Users can obtain NFT representing the right to pick up the goods and go directly to the store to exchange for goods or services. In addition, common moon cake coupons, hairy crab coupons, movie exchange coupons, etc. can also use NFT to represent the right to pick up the goods.
2. Asset pack
Use NFT to wrap assets and derive additional value. The most typical example in the encryption world is DEGO NFT, which uses DEGO tokens to mint and provide mining and other rights and interests. If applied to the real world, NFT can be used to wrap DCEP or stocks, funds and other assets, and thus realize the financial management function. This is not just a simple accumulation of assets. In the process of combination, the NFT wrapped in assets can also be used as a proof of assets or a proof of equity to realize a wider range of financial activities such as lending and mortgage. At that time, the concepts of DeFi and aggregators can be truly applied To the real world, not just in an encrypted market with a ceiling.
3. Physical assets
As a non-homogeneous asset type, NFT can be linked to various non-homogeneous physical assets, especially real estate, which is highly differentiated, has poor liquidity, and has a broad stock market. If the differentiated real estate corresponds to different NFTs for on-chain title confirmation and issuance, then the flow of real estate will no longer be a problem.
Identity authentication can be seen everywhere in the real world. If NFT is used to represent identity information such as birth certificates, passports, academic certificates, and credit records, with the help of the characteristics of the blockchain, security and authenticity can be guaranteed, and it can be seamlessly connected to loans, loans, etc. In some aspects of CeFi or DeFi business such as insurance and financing, identity authentication is also essential in the application of DCEP.
5. Anti-counterfeiting, copyright and other applications
The blockchain is traceable and difficult to tamper with. This is a good medicine for certain industries where fakes and piracy are rampant. NFT can serve as a means of verification in these industries. For example, link physical tickets, luxury goods, books, music and other products to the corresponding NFT to achieve the purpose of anti-counterfeiting and copyright protection. Last year, the CryptoKick ID patent for Nike sneakers that applied NFT technology, and the event that tickets were bound to NFT for the 2020 European Cup (which has been postponed to 2021) fully proved this possibility.
To sum up, the attributes of NFT determine its broad application scenarios. With the popularity of NFT, its hype and bubble attributes will be weakened and replaced by the carnival brought by practical applications. But in the current wild stage, all of these are just reasonable imaginations and fantasies. Technological innovation is only the beginning of everything, and real value can emerge only when it is applied.
