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The writer is the co-founder of Ethereum and chief executive and founder of Consensys, a blockchain software company
作者是以太坊的联合创始人，也是区块链软件公司Consensys的首席执行官兼创始人
The modern financial system is undergoing a foundational stress test. Decades of globalisation combined with increasingly fragile institutions have given way to a period of volatility marked by inflation shocks, debt overhangs and declining confidence in centralised authorities. Cross-border payments remain inefficient, sovereign currencies face growing scrutiny, and trust — long held together by central banks and legal regimes — grows ever more fragile in a fragmented world.
现代金融体系正在经历一场根本性的压力测试。数十年的全球化叠加机构日益脆弱，催生了一个以通胀冲击、债务高企和对中央权威信心下降为特征的动荡时期。跨境支付依然低效，主权货币面临越来越多的审视，而在一个日益分裂的世界中，长期由中央银行和法律体系维系的信任也变得愈发脆弱。
This is not a transient crisis, but a signal of architectural fatigue.
这不是一次短暂的危机，而是体系结构疲劳的信号。
A restructuring is required. In the 1990s, global information systems underwent their own architectural reset. New protocols like HTTP acted as rules that determined how computers communicated across networks. They created a common foundation that enabled co-ordination. The result was the internet: an open network that no one owns and everyone can use.
需要进行重组。20世纪90年代，全球信息系统经历了自身的架构重置。像HTTP这样的新协议，作为规则，决定了计算机如何跨网络通信。它们建立了一个共同的基础，使协作成为可能。其结果就是互联网：一个无人拥有、人人可用的开放网络。
Financial systems have not yet experienced this sort of revolution. But blockchain-based systems, a new category of financial infrastructure, could facilitate one.
金融体系尚未经历这样的变革，但基于区块链的系统作为一种新型金融基础设施，可能会促成这样的变革。
At their core, blockchain networks like ethereum and bitcoin enable the movement of value in the same way the internet enables the movement of information. You can store, transmit and manipulate real world value in a global digital context, sending it through blockchain transactions as easily as sending an email.
从本质上讲，以太坊和比特币等区块链网络能够像互联网传递信息一样，实现价值的流动。你可以在全球数字环境中存储、传输和操作现实世界的价值，通过区块链交易发送价值就像发送电子邮件一样简单。
The newer class of blockchain-based networks, including smart contract application platforms, allow for the movement and management of digital assets like cryptocurrency, as well as proof of identity and contract agreements, without relying on traditional intermediaries.
新一代基于区块链的网络，包括智能合约应用平台，使得数字资产（如加密货币）的流转和管理成为可能，同时还可以实现身份认证和合同协议的证明，而无需依赖传统中介机构。
Unlike payment networks, they are not run by individual corporations or governments, but by decentralised networks that use cryptography to come to a consensus on the veracity of the entries, and which then ensure that the transaction history recorded is tamper proof.
与支付网络不同，这些系统不是由单一公司或政府运营，而是由去中心化的网络运行。这些网络利用密码学手段就各项记录的真实性达成共识，从而确保所记录的交易历史无法被篡改。
Institutions as varied as BlackRock, Apollo Global Management, Franklin Templeton and JPMorgan are already offering tokenised assets and settlement processes on blockchain. The technology is no longer speculative. It is operational.
贝莱德(BlackRock)、阿波罗全球管理公司(Apollo Global Management)、富兰克林邓普顿(Franklin Templeton)和摩根大通(JPMorgan)等多家机构，已经在区块链上提供了代币化资产和结算流程。这项技术已不再是投机性的，而是已经投入实际运营。
Of course, early adopters engaging with blockchain infrastructure know that it requires ongoing technical evolution to scale and support global throughput and usability. The upgrades are complex. Still, ethereum has undergone over a dozen major upgrades since inception nearly 10 years ago without downtime or compromise of on-chain assets. The result is a platform that, while still evolving, has proven technically resilient and thus increasingly credible to institutions.
当然，早期采用区块链基础设施的人都清楚，要实现全球范围的高吞吐量和良好可用性，区块链技术必须持续不断地演进。升级过程极为复杂。然而，自近十年前诞生以来，以太坊已经经历了十余次重大升级，期间从未出现宕机或链上资产受损的情况。由此，以太坊这一平台虽然仍在不断发展，但其技术韧性已得到验证，因此在机构中的可信度也在持续提升。
But beyond the technical design, the broader philosophical shift is noteworthy too. Decentralised systems reframe trust as something that can be embedded in infrastructure, not granted by institutions.
但除了技术层面的设计，更广泛的哲学转变同样值得关注。去中心化系统将信任重新定义为可以嵌入基础设施之中，而非由机构赋予。
Trust can therefore be understood as a new kind of commodity, and decentralised trust is the highest octane, gold standard of that commodity. In a world where global co-ordination is increasingly difficult and political consensus is brittle, systems that minimise counterparty risk by design become more compelling.
因此，信任可以被视为一种新型商品，而去中心化的信任则是这种商品中的“高辛烷值”黄金标准。在全球协作日益困难、政治共识愈发脆弱的当下，那些通过设计来最大程度降低对手方风险的系统，变得更加具有吸引力。
This is not about replacing national currencies or eliminating banks. Rather, it’s about creating interoperable layers of financial infrastructure that can coexist with existing systems and offer a path to lower friction, broader access and stronger resilience for financial systems.
这并不是要取代法定货币或消灭银行，而是要打造能够与现有体系共存、互操作的金融基础设施层，为金融体系带来更低的摩擦、更广泛的可及性和更强的韧性。
The use cases extend beyond capital markets. Digital identity, intellectual property rights, payment rails for emerging economies, even machine-to-machine transactions by autonomous AI agents will all require infrastructure that can operate beyond the constraints of national borders. Much of the world would not function without the internet; much of the future economy will not function without these blockchain-based networks.
这些应用场景远不止于资本市场。数字身份、知识产权、新兴经济体的支付通道，甚至由自主AI代理进行的机器间交易，都需要能够突破国界限制的基础设施。正如当今世界离不开互联网，未来的经济也将离不开这些基于区块链的网络。
Some perceptions of the cryptocurrency industry have been marred by speculative excess, price volatility and high-profile failures. But separating speculative assets from the infrastructure behind them is critical. The underlying protocols are defined by the quality of their design and their capacity to enable co-ordination.
人们对加密货币行业的看法，往往因投机过度、价格波动以及一些备受关注的失败案例而受到影响。然而，将投机性资产与其背后的基础设施区分开来至关重要。底层协议的价值取决于其设计质量以及促进协作的能力。
We are entering a multi-polar world with contested governance and overlapping regulatory regimes. In that environment, neutral, programmable infrastructure is no longer a luxury. It is a necessity.
我们正步入一个多极化的世界，治理存在争议，监管体系相互重叠。在这样的环境下，中立且可编程的基础设施不再是奢侈品，而是必需品。
虚拟货币相关活动存在较大法律风险。请根据监管规范，注意甄别和远离非法金融活动，谨防个人财产和权益受损。