Hey everyone. Long time no see. I am James Gong, aslo known as Baozou (Rampaging Prince Gong) in the Chinese community.

Recently there is a lot of focus on the business of payment through cryptocurrency, though I see great potential in international payment through cryptocurrency, I still believe it will not stimulate large-scale personal demand for any application to have a sustainable growth. However the need to raise capital and to invest is there every day and numerous barriers to go from Angel, to VC, to PE and securities regulatory committee is a process only few can scrape through, if my team and I manage to shorten the tunnel and lower the cost, it would really solve problems and create values to the world.

On November 19th, the Chinese Premier Li Keqiang held the state executive conference of the state council, demanding to construct a speed micro-finance system in the capital market and first proposed a pilot program of "equity crowdfunding". In China, in order to get listed, companies need to go through years of complex procedures and limits, causing the small and medium sized companies' difficulties in capital raising, which explained a lot why all these crowdfunding platforms mushroomed in the past year. My team and I are pushing forward our own crowdfunding platform DACx, in the hope to take crowdfunding platforms to the next step: the facilitation of exit after investment.

The liquidity of capital is what investors care about the most, if an investment has very limited exit channels, or worse, when the investors are not sure how to get out later, they will not even consider this particular investment. The exit of investors is a demanding, time-sensitive and very hard job to be done. Any centralized exchange that is yet approved by the government would face huge pressure and legal risks, as evidenced in the last couple attempts occurred in China with the ending of none standing still. However, the block chain technology offers unprecedented opportunities as it will belong to no country and it has no centralized servers or operational institutions to be destroyed.

Hence, what DACx is different from all the uprising crowdfunding programs in and outside of our crypto-currency world, is that DACx not only offers platform that allows investors throughout the world to easily give in for programs on a decentralized crypto-asset platform, it gives investors the right to exit from the first day, and this might be first in the history. This feature might also attract traditional VCs and PEs as they need to go through an extended period of time in roder to get back their investment. Furthermore, liquidity adds more value to the shares. The prices of shares that can be traded in an open market is a world different from those that are not. A quick look into the legal persons’ shares or the price gap between PTS and AGS can help with the picture here.                   

DACx has done a thorough research on protocols of the decentralized crypto-assets and came to the conclusion that BitShares can best suit our purposes. First of all, on BitShares, it's easy to issue BTA (BitAssets) that can be traded globally on the decentralized built-in exchange based on the block chain technology. Secondly, BitShares holders formed a caring and hardworking community that passed many real-world tests in the process of its development. Furthermore, the circulation of BitCNY and BitUSD and other BitAssets that are pegged to its fiat counterparties made BitShares even more ideal for a global crowdfunding technology. Because investors would hardly invest using a crypto-currency like Bitcoin that is notoriously volatile, because despite all of its benefits including the convenience when making international transactions, as then they would be facing a complicated combination of two risks. BitCNY and BitUSD come in very handy in this situation as first, the investment and settlement can be done in the traditional sense of fiat currency and the value carried by them could still flow all around the world barrier-free and second, acceptance dealers would allow investors to invest without really holding a geeky wallet thus welcoming more people who are not familiar with the cryptocurrency idea.

After the crowdfunding process, investors can trade their shares on the decentralized built-in exchange on the first day. For DACx, it would serve as a supporting platform for small and medium sized companies, various projects and programs to meet their investors of a spectrum of capital size. For BitShares, DACx will take the most advantage of the protocol, profoundly promote its brand and usage.

That is why DACx will help traditional companies to issue their own shares using the BitShares technology. We have already launched the crowdfunding of the first project "BitShares PLAY" on our platform, raising more than 2,500,000 RMB in the first week. In order to legally protect our investors we need fundraisers to transfer their shares or rights to earnings to be held in trust of a equity trust company who will release issue BTA. In this case, the legal share holder of the shares given out to investors is the equity trust company, who will claim all the rights of investors.

Standing from this point of view, we believe this has a shot of becoming the killer app of the block chain. To simplify capital raising and investment in a global scale will be truly extraordinary. Fundraising globally is not a novelty in the industry of mining, but it remains too geeky to the outside world. DACx seeks to standardize and simplify the whole process to benefit more with the invention of the block chain technology by making this inside game a smooth channel for funding for more in need.

DACx will be serving the role of investment banks, providing financial service and solution package. Since DACx itself is not an exchange, so it will not bear too many legal controversies, and at the same time upon the advice of our legal team, DACx will follow the case of ADR to provide a BDR (Bit Depositary Receipt’s) to crowdfund in order to avoid unnecessary legal problems.

This project has jumpstarted in our office that is based in Xintiandi, Shanghai since last year after we got our seed investment from a world famous VC. The team consists of experts in the cryptocurrency industry, professionals from traditional investment banks like Merrill Lynch and seasoned legal team in the crypto-financial services.

On behalf of DACx, I've made the decision to run for 100% delegate. Beginning from the translation of BitShares whitepaper, I have been a believer and a promoter till now, and now combined with DACx team's contribution, what our coherent would do for the promotion and devleopment of Bitshares will be even greater in every endeavor in a very long time. I wish for the support from the community.

None of what we are trying to do can happen without the contribution of the whole community and the BitShares technology. I'd like to express my sincere gratitude.

Our Delegate: dacx.baozou

"Second generation money" really exist? And Bitcoin is competition or complementary

Author: @ Rampaging Prince Gong

Edit/Translation: Stan Larimer

Long time no write some text, most recently with the launch of BTSX, there are many of my friends started to discuss things about the meaning of the second generation of currency, we can also see a lot of friends on the second-generation full of coins and the community in the micro-Bo hostility that second-generation technology is not enough to replace currency generation currency or coins are considered second-generation digital currency within a community blood will lead to a decline Bitcoin prices. Indeed, there are more than a year into the digital currency industry friends, does not seem to understand the generation of second-generation currency and coins What is the difference, it was generally considered the second generation currency is misappropriating things, the basic tool is a liar. The reality of the situation is that no one really seriously discuss what is really the second generation currency, its currency and so-called generation what difference.

Personally feel that many of the problems we intense debate, the fact is that everyone is different definitions of things.The reason seems to be due to the currency on the second generation has a great understanding of the deviation. So today I want to talk about the "second generation currency" personal understanding. First, Bitcoin (BITCOIN, is capitalized) is a decentralized payment system, which can be seen in the title of this paper Cong "Bitcoin: A Peer-to-Peer Electronic Cash System (Bitcoin: A peer electronic cash system). " And every bitcoin (bitcoin, lowercase) is a unit of measurement of the system.

I think the core values ​​of bitcoin system is "decentralized", it relies entirely on decentralized system architecture for self-operation and Development. And "to the center" is a very valuable concept, so many people think, if Bitcoin seen as a "decentralized" in the field of monetary payment, does it also can be applied to other fields. For example, decentralized exchange, to the center of the betting, decentralized microblogging. This is the so-called "second generation currency" comes from, so we can find the so-called "second generation currency" is a name for itself in question, he is actually an application, but does not have too much money and relationships. Currency is currently the second-generation kind of argument, does not seem to find a similar abroad say more is called DAC (to the center of the autonomous system), I think this is probably more in line with the actual situation.

" second-generation currency (DAC) "essentially more similar to a particular application, a kind of" decentralized "as a symbol of the system, it may in the future is that Taobao, microblogging, micro-letters, like the taxi system You can be understood as a software system or a company. That's why they take more POS (Proof of Stake) Equity proven way, because the so-called equity POS allocation is the reality of the stock. The original founder of the majority stake will definitely be left to the relevant stakeholders and systems, these stakeholders are willing to devote more resources to make the system better growth. This is the current practice in many real-world companies, has also been recognized by most people. Thus, we can find POS and POW is not a mutually exclusive relationship. Playing a not entirely appropriate metaphor, in the world, manufacturing and distribution processes and currency listed shares distributed process has a very big difference between the two, so the POS and POW but in different application environments, selected according to the actual situation two distributions, and there is no competition, even far from the question of who will eventually replace anyone. Currently most of the main starting point of contention is the "second generation currency" as a kind of currency to look at, but the reality on the contrary, if you can it be seen as a stock company, the POS becomes a logical outcome .

Based on this knowledge base if you can, you will find a lot of controversy is in fact unnecessary. The so-called "second generation currency" and simply not enough to compete with bitcoin. Instead, these "second generation currency (DAC, go to the center of the autonomous system)" to build a complete digital money ecosystem. Bitcoin is currently the biggest problem is actually the problem is the application, in addition to the usefulness of cross-border payments, currently applied in other places may still small, and the "second generation currency (DAC)" is inherently Bitcoin application scenarios, if there is to the center of the systems, which are inherently digital currency can be combined.

Light so that it would appear to be more abstract, let's take a concrete example.

We can envisage the establishment of a DAC (second generation currency) of microblogging, microblogging system there is no centralized server, but to provide a client (network client software may also include APP). The DAC will provide Weibo and Sina Weibo microblogging functionality similar to that everyone can publish free microblogging system, the system every 10 minutes will be the latest microblogging packaged and tweets after finishing into block chain ( Blockchain) a new block, and the new block which is transmitted to each node. The new participants to contribute their computer systems and hard disk as one of the nodes, the system will provide the operator in return for power and hard disk nodes microblogging currency (referred to as WBB, WBB began sending 100 per hour, after annual halved), each will own a microblogging currency BTC address. The system functions in addition to providing release micro-Bo will provide some special charging function, such as Weibo microblogging can be top or broadcast a range of users in each time you use a function, you need to pay 0.0001BTC. It also provides advertising interfaces need to publish advertisements in microblogging advertisers need to pay certain advertising costs to the system (via the built-in BTC address), and then click or browse according to the number, the system will automatically deduct the BTC. The BTC system every 24 hours, will be charged to the total current WBB has been issued, and sent to the holders of WBB's personal account.

Thus, we constructed a simple microblogging DAC, the DAC in this, beginning perhaps not too much participation is likely to communicate in a small area, but if the team has a strong confidence in the DAC, the After the initial release can themselves become a node, then continuous optimization and promotion, as long as the micro-Bo began to have a certain income, people would join the system becomes a node to get rewarded by obtaining WBB. Even better, since each WBB itself has the ability to be able to get bitcoins, the market will have a valuation of WBB itself, and each WBB will be freely tradable. With WBB valuations increasing, more and more people to contribute their forces and the hard count, the user experience will be better and better, will encourage more people to use microblogging. Thereby forming a virtuous circle.

From one perspective, this is the shares of WBB system, and the entire DAC is completely open source microblogging system, but it is also completely decentralized, which means that the microblogging DAC is more difficult to be attacked and regulatory location.

Like the previous example, we can build a similar Taobao e-commerce DAC. The same also allow buyers and sellers to trade, of course, the beginning of this DAC may be suitable to accept bitcoin born as the only currency. Then the system will be charged a 1% fee from the transaction, and also to the system according to the proportion paid to provide computing power and data storage nodes. Similarly, he can also provide grant money as a contribution of some kind of digital identification, but this figure may be closer to the company's shares in the currency.

Obviously, this DAC is in accordance with the globalization, to the center of the development. The entire system is also able to build a virtuous cycle and have a contribution for each participant's own ability to continue driving force.

Non-DAC, if let you participate in such projects as Taobao is very difficult, and DAC, each of us can participate at any time and at any time according to their ability to choose to put resources and effort. We can be found through the DAC, a lot of people who had no intersection can hold the same purpose to collaborate. Between them may never know, but it can pay for the same work DAC and DAC accompanied by a corresponding growth harvest feedback. This in no DAC era is unimaginable.

Through the above two examples, we will find that these so-called "second generation currency (DAC)" and Bitcoin is absolutely not competitive state, but entirely complementary. Digital currency can be completely seamless access DAC system, so the preferred payment DAC is necessarily digital currency. DAC can become great digital currency scenarios, have appeared in various types of DAC will greatly expand the use of digital currency. This constitutes a closed loop, forming a complete ecological system, and perhaps this is the real next generation of the Internet environment, a great environment to achieve but to the center of self-development, and this trend is in line with the Internet itself, democracy, freedom and equality of these qualities.

DAC (II coins?), You need to bring to the center thanks to technology and intellectual revolution, to the center of the system makes the possibility of obtaining a great success in the future become so real. To the center will not only thinking for digital currency, which is to establish a method for almost all types of non-erosion commercial relations. Like internet technology is by no means merely a document that can be used to search, but there are infinite possible business model.This new way of using different brought, like choosing a plane or a sphere as a model to plan your route as global navigation. When we learn from past experience that the company is driven by the market how it works in the real world, the variety of inspiration will be generated.

So when we call "second generation currency" when it seems to have potential as a so-called "generation currency" upgrade version, and seems to constitute the relationship between competition and replace. This is a lot of money just to understand the digital ecosystem friend will have a lot of trouble understanding.

Finally, I hope everyone in the future be able to "DAC" or "(to the center) autonomous system" to refer to the so-called "second generation currency."

Chinese version article: https://bitsharestalk.org/index.php?topic=6651.0

中国社区一直是Bitshares项目的重要支持者和投资者，对于Bitshares项目的多次延期和没有实现预期目标，中国社区始终保持极大的克制和理解，同时有大量的支持者参与了Bitshares项目的测试和推广。但是对于Bitshares项目在没有完成原来预定目标的情况下，反复多次试图修改规则，并且不能提供确切有说服力的方式来证明修改的理由，中国Bitshares社区的许多支持者都深感失望。我们出于极大的善意，相信这样的修改建议是对于项目整体发展是有利且必要的，但是我们还是希望整个项目开发组能够首先完成预期目标，然后再谈各种未来的创意。

尽管本人不是3I公司的任何代理人，仅仅是3I公司的一个普通投资者，但是鉴于目前社区混乱的情况，我个人对于Bitshares的领导团队有如下的建议和要求：

1、Bytemaster作为团队的主要领导者和开发者，请先着眼于项目的开发，不要花太多时间在回复论坛的帖子，希望有公司其他人来完成这些事宜。

2、Bytemaster请在社区发言的时候保持一个慎重的态度，不要轻易发表不成熟的想法，否则很容易引起用户的多种猜测，所有BM的发言，请3I公司的PR经过审查后发出。建议3I至少要准备专门的发言人来对外发出前后一致的声音。

3、在Bitshares项目没有一个稳定的版本出现之前，除非有重大且不可克服的困难出现，请不要再讨论未来的计划和方案，也不要改变目前既定的方案。

4、在AGS全部分配完之前，请Bitshares的开发团队交付社区一个稳定可靠的Bitshares版本，如果无法拿出，请给社区一个有说服力的理由，并且开始准备项目失败后的清算方案。否则，中国社区的多名成员将会在中国和美国同时向3I团队提出欺诈和违法销售证券的诉讼。

以上虽为本人个人看法，希望所有中国社区的投资者进行回帖和支持，表达中国社区对现有Bitshares团队的极度不满和抗议，希望Bitshares团队能够引起极大的重视，并对此进行明确的表态。

暴走恭亲王

对于要理解AngleShares(AGS)，首先要理解DAC，如果不知道什么是DAC的话，强烈建议先研究一下DAC，然后在看AngleShares。

什么是DAC https://bitsharestalk.org/index.php?topic=1620.0

从bytemaster对AGS的描述，AGS的总量应该是200万个，和PTS的总量一样。最终都是1：1来兑换BTS。因此，BTS的总量就是400万个。PTS是靠挖矿产生的，AGS则是靠买，这对于矿工而言也许并不是一个好消息，因为他们的算力似乎在AGS上发挥不出实力，但是3I毕竟不是一个为矿工服务的公司，他需要的是对所有PTS持有者负责，而不是PTS矿工负责。而这对于PTS的持有者而言肯定是一件很重要的事情。

AGS主要的目的，就是用于筹措资金来发展3I公司的其他DAC项目，3I公司始终强调的是BitShares并不是公司的唯一产品，并且这次拉斯维加斯大会上，DAC被许多人高度关注。因此3I公司并不会仅仅停留在BitShares这一个DAC上，我们在BitSharestalk上可以看到许多DAC的雏形，这都是3I公司可能会参与的项目。

而ProtoShares（PTS）的很多持有者主要都是将目光停留在BitShares项目上，这毕竟是最早吸引我们目光的主要原因。

因此会有很多PTS持有者质疑，你为什么还要发行什么AGS，这是不是在稀释我的PTS，这对我们PTS持有者而言到底有什么好处？但是，需要记住的是，手上本身持有大量PTS的3I公司肯定不会无缘无故做这件事情的，他们的利益和我们PTS持有者的根本利益是一致的，就是提高PTS本身的价值。

Daniel很早就在网站上说过，PTS不仅仅是用来兑换BitShares的股份，他还可以用来兑换3I公司其他DAC的股份。对于3I公司而言，BitShares项目仅仅是公司的一部分，公司还可以通过发展出更多更有意思的DAC来提高PTS的价值。如果AGS募集的资金能够孵化出优秀的DAC，那么PTS本身不就是更加值钱了么。

换言之，PTS是BitShares的原始股，但它也是3I公司开发的其他DAC产品的原始股，如果其他DAC也能像BitShares获得成功的话，那么PTS本身的价值不是还要翻几番。这是出于这个原因，3I公司推出了AGS。

就我个人而言，我对于这次的改变肯定是持欢迎的态度。首先我们手上的PTS，从原来占有BTS总量的10%上升为50%。这本身就是一个很大的利好。另外我认为只要其他DAC的项目只要能有一个像BTS成功，甚至比BTS还要成功，这对于PTS持有者而言都是一个巨大的利好。

对于另外一些对DAC特性不太了解的朋友问过我，凭什么3I公司说改就改，那这样不是太随意了，这让我以后怎么相信他们。我想说的是，你完全不需要相信他们。

DAC的一个特点就是每个参与的人（节点）都是公平和民主的，每个人（节点）都可以平等和自由的表达自己的观点。你可以选择接受或者不接受。就像比特币一样，比特币的客户端是由比特币基金会维护的。但是比特币基金会并不比我们对于比特币有着更多的权利。他们将在0.9版本里面增加80个字节的区段，你可以选择接受或者不接受，或者你说你要改成100个字节，这都可以。关键是谁能说服更多的人接受这个版本，那么谁就成为了比特币下一个版本的主导者。如果你能够说服大多数人，你的新版本就会成为比特币的新方向，如果你只能说服少部分人，你的版本就成为一个新的dac（也就是一般意义的山寨币）。

所以你完全没必要去相信他们与否，你只要关注这是否符合你的利益，如果他们的改变不能符合大多数PTS持有者的利益，那么他们就必然会被抛弃。而此时，就像bytemaster在回答中说的，If the market doesn't like the plan, then anyone can fork the code and see if a different allocation strategy can gain the network effect faster.如果你有更好的方案，你完全可以那他们的开源软件，自己复制出一套新的代码和方案来说服更多的人采用你的方式。我想这也许就是DAC的魅力吧。

You do not have to sell all of your shares to me in one time, but not less than 100 PTS at each time.   

PM me your offers with the format: WTS XXX@ 0.0078 BTC/PTS.

Since I am a Global Moderator, so I think you can trust me and send to me first.  We also can use escrow if you want.