0:00
目前很明显，所有市场都将升级到数字资产，所有机构最终都会将其核心系统迁移到这一更高效、更灵活的新技术上。我们的使命是帮助
0:16
加速这一大规模采用，让机构按自己的方式实现连接。
0:28
加密市场变化迅速。你需要跟得上的研究。这就是The Stack。
0:33
Grayscale的博客，由自2013年起追踪数字资产的团队提供深度分析。
0:38
访问grayscale.com/thestack。数字资产保险库提供透明度，但回报背后的风险如何？标普全球评级推出新的保险库风险评估，为保险库信用质量、治理和风险管理提供独立的前瞻性洞见。从交易透明迈向风险透明，了解更多
0:58
请见spglobal.com/ratings。
1:01
在一只可靠的手表内，数百个零件合为一个精准信号。
1:07
数字资产市场同样复杂。Going Desk数据和指数将分散的市场数据转化为机构级数据、参考利率和受监管的指数。
1:19
这些基准用于为市场定价和构建金融产品，十多年来受机构信赖。Going Desk数据和指数，构建市场标准。
1:30
Alex Kwakowski，欢迎来到Markets Outlook。感谢邀请。
1:35
好了，Alex，我先让你开始。你刚在Money 2020发布了一个重大消息。
1:40
跟我们说说是什么吧。我们推出了Providium的新产品Providium Commander。这是为银行和金融机构设计的软件，可以按其规则发行、运行和管理数字资产服务。它基本上是大型金融机构的数字资产控制平台。详细说说吧，
2:04
深入一点。这解决了机构之前无法解决的什么问题？我们与机构合作已有两年多。
2:16
我们来自加密原生背景，建立了基于知识证明的区块链。
2:21
进入这一领域后，我们意识到区块链和数字资产从试点到真正采用的巨大障碍是运营摩擦。机构很难将试点和实验运营化，
2:45
因为数字资产服务的初始实现可由小团队完成，但当推广到重监管、有诸多规章和合规要求的大型机构时，
3:04
情况变得复杂。可以想象任何SIS软件、AI系统或消息事件，
3:25
实验时由自己运行，可能邀请两三位同事做基本测试，运行良好，但推广给整个团队时，需要整合已有身份系统，
3:31
提供管理访问权限、不同级别的权限设置，给安全及运营团队提供校验锁定、监控的权限，连接现有数据分析系统。
3:49
这些都是与实际操作和服务无关的配套工作。
3:55
许多机构花大量精力在这些基础工作上，而不是专注于其核心能力——理解市场、金融服务与产品、客户需求，以及他们擅长的合规工作。我们因此发现
4:12
这类服务需求很大，便将其作为独立产品，机构可以轻松采纳，连接现有系统，并在一个平台上统一管理、控制和运营所有数字化服务。
4:30
你提到机构自己做这些基础建设会分散精力，能举个例子，说明这可能导致试点失败或项目脱轨吗？无须点名。
4:48
很多机构你没听说过，几乎所有机构都在某种程度上尝试过数字化服务。许多银行有内部系统、内部账本，如Hyperledger Besu，进行内部实验和操作，
5:06
但尚未进入与其他银行连接的主流应用。
5:13
因为对外开放系统后，控制变得更为必要。
5:19
闭环内部运行的系统不适合直接对外。必须管理权限策略，进行合规控制。我可以举实施成功的例子，
5:41
比如Caring Network的代币化存款，有30家银行参与，正快速接近生产阶段。代币化存款的核心功能相对简单、有限。
5:56
真正的大量工作在其上层的控制和运营层。
6:04
代币化是相对简单的智能合约，但连接所有系统、为各参与银行提供独立管理面板，管理用户、权限、策略，并接入核心系统，
6:22
占用了更多工作量和负担。这些机构并非软件公司，这不应是核心能力。他们采纳产品，使用各种SaaS技术管理资金、销售运营、客户关系，
6:40
数字资产亦应如此，无异无理。
6:47
现在说说从这条路到ZK（零知识证明）的发展，有这条路吗？
6:53
绝对有。采用Commander的机构可后续扩展。Commander兼容其现有系统和链，包括私链与公链，
7:12
可以用它管理公链上的数字资产，并有升级路径，进入基于ZK知识证明的高性能安全区块链账本。
7:28
之后连接其他机构。未来会有更多分享。如果你认真投资加密，
7:38
你需要的不只是头条新闻。
7:52
你需要可信赖的研究。这就是The Stack。由Grayscale研究团队剖析数字资产的真正驱动力。从比特币和以太坊，到塑造未来的新兴趋势。无炒作，只有自2013年起致力于加密市场的团队带来的深度分析与洞见。访问grayscale.com/thestack，今天就订阅。
7:58
随着数字资产不断发展，投资者需要的不仅仅是链上数据，
8:04
还需要对交易背后风险的洞察。这就是为什么标普全球评级推出了保险库风险评估（Vault Risk Assessment，VRA），这是专为数字资产借贷保险库设计的新分析方法。VRA提供独立的前瞻性信用质量和风险管理分析，
8:19
治理和运营弹性，帮助快速发展的市场实现机构级风险透明度。
8:26
无论您是在分配资本、管理金库，还是进行尽职调查，都可以超越交易层级透明度。了解更多金库风险评估信息，请访问 spglobal.com/ratings。
8:36
在一只可靠的手表中，数百个零件合而为一，精确传递信号。
8:42
数字资产市场同样复杂。Going desk 的数据和指数将分散的市场数据转化为机构级数据、参考利率和受监管的指数，这些基准被用来定价市场和构建金融产品，十多年来受到机构信赖。
9:00
Going desk 的数据和指数，基于市场标准。谈到零知识证明确保隐私方面，你能聊聊机构在这方面的需求吗？我知道零知识技术解决了隐私和性能问题，但机构的反馈是什么？我们先从隐私谈起，这是任何受监管实体开展内部运营或升级为新数字资产技术时的基本要求。
9:19
隐私问题一直困扰着，包括多个零知识项目在内的各种方案都尝试解决，但
9:44
迄今为止未能实现与运营控制的本地集成和操作简便性，因为你要么使用完全匿名的系统，但隐私是针对个人用户管理的，监管者、银行审计员、内部安全团队无法全面查看系统内的情况，要么
10:02
使用所谓隐私解决方案，将大量隐私托付给外部公证人或第三方，他们承诺保密，但你必须信任他们。
10:21
你的知识证明为机构提供了直接的隐私体验。
10:32
数据物理上永远不会离开您设备和系统的控制范围，均在您的机构安全参数内，您自行决定与谁共享数据，谁有访问权，谁可以交易，谁不能，等等。
10:49
这是一项根本性升级，性能方面，目前大多数机构并不担心性能，但对于部分机构来说，性能至关重要，因为他们处理的不是成千上万，而是数十万甚至
11:09
数百万笔交易每秒，因此在高峰时期区块链系统必须做好准备，提前配置能力，因为大型机构无法接受系统突然停止，
11:27
达到上限后开始限制交易，这会导致严重后果，如交易清算连锁反应等类似问题，这就是为何需要储备容量，而现有区块链系统至今未能达到这一标准。
11:45
幸运的是，我们现在拥有高性能的核心区块链引擎和零知识证明技术，能够以极高吞吐量和低成本安全运行这些引擎。亚历克斯，我最后想问你，当你展望未来时，你所构建的未来是什么样子？你刚在 Money 2020 发布的新产品如何契合这一未来？
12:06
我们的愿景是构建全球互联的数字资产经济，目前很明显，所有市场都将升级到数字资产，所有机构最终都会将核心系统迁移到这一更高效、更灵活的新技术上，我们的使命是加速这一大规模采纳，为机构提供按自身需求连接的能力。
12:25
Premium 的意义在于让数字资产按照您的方式掌控，拥有完全的控制权和灵活性，这就是我们的目标。亚历克斯，非常感谢你今天的参与。
12:46
谢谢你，蒂姆。
12:57
谢谢你，Tim。
0:00
It's clear at this point that all of the markets will be upgrading to digital
0:04
assets,
0:04
all of the institutions will be moving their core systems eventually to this
0:09
new
0:09
much more efficient and much more flexible technology. And our mission here is
0:15
to help
0:16
accelerate this mass adoption, giving the institutions connectivity on their
0:20
own terms.
0:28
Crypto markets move fast. You need research that keeps up. That's the stack.
0:33
Grayscale's blog with sharp analysis from the team that's tracked digital
0:37
assets since 2013.
0:38
Head to grayscale.com/thestack. Digital asset vaults offer transparency,
0:44
but what about the risks behind the returns? S&P Global Ratings' new vault risk
0:48
assessment
0:49
delivers independent forward-looking insight into vault credit quality,
0:53
governance, and risk
0:54
management. Move beyond transaction transparency to risk transparency, learn
0:58
more at spglobal.com/radings.
1:01
Inside a dependable watch, hundreds of moving parts become one precise signal.
1:07
Digital asset markets are just as complex. Going desk data and indices turns
1:13
fragmented
1:13
market data into institutional grade data, reference rates, and regulated
1:18
indices.
1:19
Benchmarks used to price markets and build financial products. Trusted by
1:24
institutions
1:24
for more than a decade. Going desk data and indices. Build on the market
1:30
standard.
1:30
Alex Kwakowski, welcome to Markets Outlook. Thank you for having me.
1:35
All right, Alex, I'm going to let you kick us off. You just made a big
1:38
announcement at Money 2020.
1:40
Talk to us about what it is. Well, we announced a new product by
1:44
Providium, which is Providium Commander. It's software for banks and financial
1:49
institutions
1:50
to issue, run, operate digital asset services under their rules. It's basically
1:56
a control plane
1:58
for your digital assets, for large financial institutions. Talk to me a little
2:04
bit more about
2:06
this. Let's dig one level deeper. What problem does this solve for institutions
2:11
that they weren't
2:12
able to address before? We've been working with institutions now for over two
2:15
years.
2:16
We're coming from the crypto-native background building blockchains with their
2:20
knowledge proofs.
2:21
As we entered the space, we realized that the big gap between the pilots and
2:28
actual
2:29
adoption of blockchain technologies and digital assets is to evaluate very
2:34
large degree operational
2:35
friction. It's very hard for the institutions to operationalize the pilots, the
2:44
experiments that
2:45
they have done, because the initial implementation of the digital asset
2:52
services can be done with
2:53
this small team. But as you roll it out to the large organization that is
2:58
heavily regulated,
3:00
that has a lot of rules that have to be all followed, a lot of compliance
3:03
requirements,
3:04
things become a lot more complex. You can think of any kind of SIS software, an
3:10
AI system or a
3:11
messaging event. When you experiment with it, you run it for yourself. Maybe
3:17
you invite two
3:18
colleagues. You try sending messages to some basic operations. It works. But
3:24
then you have to roll
3:25
it out to the entire team. You need to integrate your identity systems that are
3:30
already in place.
3:31
You need to provide administrative access. You need to provide various degrees
3:35
of
3:35
permissioning. You need to give your security teams and operational teams
3:40
access to
3:41
verify the locks, doing the monitoring, connect the existing systems around the
3:48
data analytics.
3:49
All of that is orthogonal to the actual operations to the actual service that
3:54
you build.
3:55
And so many institutions end up doing this plumbing rather than focusing on
4:00
their core
4:00
competence, which is understanding the markets, understanding the financial
4:04
services and products
4:05
and customers needs and doing the compliance work, which they excel at. And so
4:11
we realized
4:12
that there is a very big demand for the service. And we moved it into a
4:17
separate product that
4:20
institutions can adopt very easily, connect to the existing systems and have a
4:24
single place
4:25
from which they manage control and operate all of the digitalized services.
4:30
You mentioned that institutions often try to do this plumbing themselves and it
4:35
takes them away
4:36
from doing what they're actually good at. Can you give me an example of you don
4:41
't need to
4:42
name an institution of how this has maybe gone wrong, maybe stopped a pilot or
4:47
derailed a project?
4:48
Well, it's the numerous institutions that you have not heard of. Almost
4:53
everyone has experimented
4:54
with digitalized services to some degree. A lot of banks have internal systems,
4:59
internal ledgers,
5:00
like hyperledger bezel, where they are on some internal experiments and some
5:04
internal operations.
5:06
But this has not yet entered the mainstream adoption with connection to other
5:12
banks.
5:13
Because as you open your system to the external world, the controls become a
5:18
lot more essential.
5:19
Whatever could run inside of your organization as a closed loop is not
5:26
appropriate to just
5:28
expose to the outside. You really need to manage permissions and policies and
5:32
do all the compliance
5:33
controls. And I can give you examples of institutions that have implemented
5:40
this,
5:41
such as Caring Network with tokenized deposits that has 30 banks and launching,
5:47
marching towards
5:47
production very soon. The tokenized deposit core function is relatively small
5:55
and bounded.
5:56
Actually, most of the work is in this control and operational layers above it.
6:04
Tokenization is a relatively simple smart contract, but connecting this to all
6:09
the systems,
6:10
giving individual participant banks their own admin dashboards where they can
6:17
manage their
6:17
users, their permissions, their policies, connect to their own core systems.
6:22
All of that is taking
6:23
a much larger chunk of the work and the burden. And these institutions are not
6:29
really software
6:30
companies. It's not their core competency and it should not be. They adopt
6:34
products, they adopt
6:35
various SAS technologies for treasury management, for sales operations, CRM,
6:40
and so on. And there
6:41
is no difference or like no reason why it should not be the same with digital
6:46
assets.
6:47
Now talk to me about the path from this into ZK. Is there one?
6:53
There is absolutely one. The institutions that adopt commander can later expand
6:58
. So commander
6:59
works with existing systems, existing chains that they already operate, both
7:04
private chains and
7:06
also public chains. So they can use commander to manage digital assets on the
7:11
public permissionless
7:12
chains. And there is a path to upgrade it later to a full-fledged ZK-based
7:20
provision ledger
7:21
that is a high performance secure blockchain secured and powered by your
7:26
knowledge proofs.
7:28
And from there to connect later with other institutions and we'll have more to
7:32
say about this in any
7:34
future. If you're serious about crypto investing, you need more than headlines.
7:38
You need research
7:39
you can trust. That's the stack. The blog where Grayscale's research team
7:42
breaks down what's
7:43
actually driving digital assets. From Bitcoin and Ethereum to the emerging
7:47
trends shaping what's
7:48
next. No hype, just sharp analysis and insights from the team that's been
7:52
navigating crypto market
7:53
since 2013. Visit grayscale.com/thestack and subscribe today.
7:58
As digital assets continue to evolve, investors need more than on-chain data.
8:04
They need insights
8:05
into the risks behind the transaction. That's why S&P Global Ratings launched
8:08
Vault Risk Assessment,
8:10
or VRA, a new analytical approach designed for digital asset lending vaults. V
8:14
RA delivers
8:15
independent forward-looking analysis of credit quality risk management,
8:19
governance, and operational
8:20
resilience, helping bring institutional-grade risk transparency to a rapidly
8:25
growing market.
8:26
Whether you're allocating capital, managing a vault, or conducting due
8:29
diligence,
8:30
see Beyond Transaction Level Transparency. Learn more about Vault Risk Assess
8:34
ments at spglobal.com/ratings.
8:36
Inside a dependable watch, hundreds of moving parts become one precise signal.
8:42
Digital asset
8:44
markets are just as complex. Going desk data and indices turns fragmented
8:49
market data into
8:49
institutional-grade data, reference rates, and regulated indices, benchmarks
8:55
used to price markets
8:56
and build financial products, trusted by institutions for more than a decade.
9:00
Going desk data and indices,
9:04
build on the market standard. When it comes to ZK, talk to me a little bit
9:08
about what institutions
9:09
are asking for. I know ZK solves on the privacy front and performance, but what
9:14
are you hearing
9:15
from institutions? Let's start with privacy, which is an essential requirement
9:19
for any
9:19
regulated entity for running their real internal operations or upgrading the
9:26
internal rails
9:27
to the new digital asset technologies. Privacy has been a problem that was
9:36
attempted
9:37
to be solved by various projects, including a number of ZK projects, and they
9:44
so far
9:45
failed to clear this operational ease, this native integration with operational
9:50
controls,
9:51
because you either have systems that are fully anonymous, but then the privacy
9:58
is managed on
9:58
an individual user basis, and there is no overview, there is no access to
10:02
regulators,
10:03
to auditors of the bank, to the internal security teams to see what's happening
10:08
in there,
10:08
or alternatively, there are privacy, so-called privacy solutions that actually
10:15
delegate a lot of
10:16
your privacy to some external notaries or external third parties that are
10:21
promising you confidentiality,
10:24
but you actually have to trust them. Your knowledge proves, give institutions a
10:30
direct privacy experience.
10:32
The data physically never has to leave your devices and systems under your
10:36
control
10:37
within your institutional security parameter, and you decide on your own terms
10:42
who you're
10:44
going to share the data with, who has access, who may transact, and who may not
10:48
, and so on.
10:49
So that's a fundamental upgrade, and on the performance side, what we hear is
10:55
the performance
10:56
is not so much of a concern today, but at least for the majority of
11:02
institutions,
11:03
for some it pretty much is, because they process not thousands, but hundreds of
11:08
thousands or even
11:09
millions of transactions per second in aggregate, and so at least for the peak
11:15
demand times,
11:17
they need the blockchain systems to be ready, they need to provision those
11:20
capabilities ahead
11:22
of the demand, because it's not acceptable for a large institution to all of a
11:26
sudden stop,
11:27
because you reach the limit, and then you start throttling your transactions,
11:31
and then it leads
11:32
to some serious consequences, such as cascade of liquidations for trading and
11:37
other similar issues,
11:39
and that's why you need some reserve capability, and blockchain systems so far
11:44
also have failed
11:45
to clear the bar, and luckily we now have very performant both the core
11:52
blockchain engines,
11:54
as well as zero knowledge proofs to secure those engines with very high
12:00
throughput and low cost of
12:02
operations per collection. And Alex, the last thing I'm going to ask you is
12:06
when you look to the
12:06
future, what does that future look like that you're building towards, and how
12:11
does this new
12:12
product that you just announced at money 2020 fit into that? Our vision is a
12:17
global interconnected
12:19
digital asset economy, and it's clear at this point that all of the markets
12:24
will be upgrading
12:25
to digital assets, all of the institutions will be moving their core systems
12:29
eventually to this new
12:31
much more efficient and much more flexible technology, and our mission here is
12:38
to help accelerate
12:38
this mass adoption, giving the institutions connectivity on their own terms. So
12:46
what
12:46
premium enables is really having digital assets on your terms with full control
12:52
, full flexibility,
12:53
and this is what we're building for. Alex, thanks so much for joining me today.
12:57
Thank you, Tim.
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