随着贝莱德推动数字黄金，比特币新高和新低的竞赛开始

比特币 ETF 推出半年后，可以肯定地说，它们是历史上最成功的 ETF 推出，成交量达到 3095.3 亿美元。

Half a year after Bitcoin ETFs hit the scene, they have proven to be the most successful ETF launch in history, generating a volume of $309.53 billion. On the first day of trading alone, spot-traded Bitcoin ETFs raked in $4 billion, crushing the previous record holder, Gold ETF (GLD), which took three days to clock up capital inflows of over $1 billion.

比特币 ETF 面世半年后，事实证明，它们是历史上最成功的 ETF 发行，成交量达 3095.3 亿美元。仅在交易的第一天，现货交易的比特币 ETF 就飙升了 40 亿美元，打破了之前的记录保持者黄金 ETF (GLD)，后者在三天内就获得了超过 10 亿美元的资金流入。

This is all the more impressive considering that Bitcoin is a novel asset compared to ancient gold. The trend clearly indicates that Bitcoin is a better fit for the digital age. But what is that purpose?

考虑到与古代黄金相比，比特币是一种新颖的资产，这一点更加令人印象深刻。这一趋势清楚地表明比特币更适合数字时代。但这个目的是什么？

BlackRock’s Head of Thematic & Active ETFs, Jay Jacobs, recently noted that Bitcoin is a “potential hedge against geopolitical and monetary risks”. By now, most people are aware that central banks’ ability to tamper with the money supply brings many moral hazards, from record-breaking budgetary deficits to inflation as an extra layer of taxation to cover those wild spending sprees.

贝莱德主题和主动 ETF 主管 Jay Jacobs 最近指出，比特币是“对抗地缘政治和货币风险的潜在对冲工具”。到目前为止，大多数人都意识到央行干预货币供应的能力带来了许多道德风险，从创纪录的预算赤字到作为覆盖疯狂支出的额外税收层的通货膨胀。

Gold is less suited to counter that ability because it is physical, confiscatable, and not truly limited. Being one-tenth the size of the gold market, Bitcoin's price is more volatile, but it is also a more attractive gains machine.

黄金不太适合对抗这种能力，因为它是物理的、可没收的，并且没有真正的限制。比特币的规模只有黄金市场的十分之一，其价格波动更大，但它也是一种更具吸引力的收益机器。

Now that Bitcoin ETFs have simplified and institutionalized access to more exciting digital gold, what steps are needed to ensure that trend continues?

既然比特币 ETF 已经简化并制度化了获取更令人兴奋的数字黄金的渠道，那么需要采取哪些措施来确保这一趋势持续下去？

Ensuring Network ReliabilityOwing to its proof-of-work (PoW) consensus mechanism, Bitcoin is inherently dual-natured. It is a digital asset that is anchored into the physical reality of energy and hardware assets. This underlying foundation gives Bitcoin its value as a decentralized counter to central banking.

确保网络可靠性由于其工作量证明（PoW）共识机制，比特币本质上具有双重性。它是一种植根于能源和硬件资产物理现实的数字资产。这一基础赋予了比特币作为中央银行去中心化对抗的价值。

In turn, the components of that foundation, the Bitcoin network, have to scale up to continue the institutional intake. Presently, the Bitcoin network handles around 412k transactions per day, nearly double from two years ago. Although the median transaction fee oscillates depending on network load, it rarely exceeds $5 per transaction.

反过来，该基础的组成部分，即比特币网络，必须扩大规模以继续吸收机构。目前，比特币网络每天处理约 41.2 万笔交易，几乎是两年前的两倍。尽管交易费用中位数会根据网络负载而波动，但每笔交易很少超过 5 美元。

In parallel, their networks have to scale to ensure the Bitcoin network can handle orders of magnitude greater load coming from institutions. To increase their stability and robustness, they have to tackle multiple network components, from software and servers to hardware and internet connection.

与此同时，他们的网络必须进行扩展，以确保比特币网络能够处理来自机构的更大数量级的负载。为了提高稳定性和稳健性，他们必须处理多个网络组件，从软件和服务器到硬件和互联网连接。

Scalable Blockchain SolutionsJust as IBM made significant contributions to developing current large language models (LLM), the legacy computer company also made a strong case for blockchain scaling with IBM Blockchain. This immutable ledger is based on an open-source Hyperledger Fabric framework with a complete set of tools for building blockchain platforms.

可扩展的区块链解决方案正如 IBM 在开发当前的大型语言模型 (LLM) 方面做出了重大贡献一样，这家传统计算机公司也利用 IBM Blockchain 为区块链扩展提供了强有力的案例。这个不可变的账本基于开源的 Hyperledger Fabric 框架，具有用于构建区块链平台的完整工具集。

Such a framework could interface with the Bitcoin ecosystem via atomic swaps, for example, through virtual vaults with timed smart contracts. Similarly, Visa proposed an experimental Universal Payment Channel (UPC) framework as a hub for blockchain network interoperability. International banking network SWIFT had already completed the second test phase for atomic settlement capability.

这样的框架可以通过原子交换与比特币生态系统进行交互，例如通过带有定时智能合约的虚拟金库。同样，Visa 提出了一个实验性的通用支付通道（UPC）框架作为区块链网络互操作性的中心。国际银行网络 SWIFT 已完成原子结算能力的第二阶段测试。

Zooming out, a picture emerges of enterprise-grade blockchain solutions for institutions, interlinking with international hubs and intermediating with institutions that handle exposure to Bitcoin, such as Coinbase.

缩小范围，可以看到为机构提供的企业级区块链解决方案，与国际中心互连，并与处理比特币风险的机构（例如 Coinbase）进行中介。

Dependable ServersPowering scalable blockchain solutions comes in the form of hardware. These can either be internal servers, via customized solutions offered by Broadcom, or offloaded to external options like the Canton Network.

可靠的服务器为可扩展的区块链解决方案提供支持以硬件的形式。这些服务器可以是内部服务器（通过 Broadcom 提供的定制解决方案），也可以卸载到 Canton Network 等外部选项。

As a decentralized infrastructure, the Canton Network is a network of networks, building on Daml smart contract language and micro-services architecture. The latter allows for each service plugged in to to have its own server, expandable with more CPUs and storage.

作为去中心化的基础设施，Canton Network 是一个网络的网络，建立在 Daml 智能合约语言和微服务架构之上。后者允许插入的每个服务都有自己的服务器，并且可以通过更多 CPU 和存储进行扩展。

Using atomic settlements, the Canton Network makes real-time settlement possible across different blockchain apps. By outsourcing services to such networks, businesses and institutions can focus on core features rather than IT infrastructure management, including the maintenance of CPUs, dedicated GPU hosting to diversify into AI support, and other essential hardware.

Canton Network 使用原子结算，使得跨不同区块链应用程序的实时结算成为可能。通过将服务外包给此类网络，企业和机构可以专注于核心功能，而不是 IT 基础设施管理，包括 CPU 维护、专用 GPU 托管以实现人工智能支持多样化，以及其他重要硬件。

Internet ConnectivityNodes in any blockchain network have to communicate continuously to validate transactions and execute settlements by adding them as the next block on the blockchain ledger. In other words, internet connectivity necessarily involves redundancy and failover strategies.

任何区块链网络中的互联网连接节点都必须不断通信，以验证交易并通过将它们添加为区块链分类账上的下一个区块来执行结算。换句话说，互联网连接必然涉及冗余和故障转移策略。

For example, when Solana experienced network downtime problems, co-founder Anatoly Yakovenko hired Jump Crypto to develop Firedancer as a secondary network validator client to fortify network throughput and stability.

例如，当 Solana 遇到网络停机问题时，联合创始人 Anatoly Yakovenko 聘请 Jump Crypto 开发 Firedancer 作为辅助网络验证器客户端，以增强网络吞吐量和稳定性。

With broader solutions like the Canton Network, enjoying support from the Big Tech and Big Bank, redundancies, multi-channels, backup systems, and load balancing are already baked into the DLT cake.

有了 Canton Network 等更广泛的解决方案，并得到了大科技和大银行的支持，冗余、多渠道、备份系统和负载平衡已经融入了 DLT 蛋糕中。

Enhancing Network PerformanceIt is inherent in all types of computer networks to suffer from some level of packet loss and jitter. Packet losses can happen due to overwhelming demand, causing congestion, network interference, faulty software or hardware, and data corruption on hard drives.

增强网络性能 所有类型的计算机网络都不可避免地会遭受某种程度的数据包丢失和抖动。大量的需求可能会导致数据包丢失，从而导致拥塞、网络干扰、软件或硬件故障以及硬盘驱动器上的数据损坏。

Transmission Control Protocols (TCP) deal with packet losses by retransmitting data, which causes delays, or by Forward Error Correction (FEC), which adds redundant data to packets, removing the need for retransmission. The Bitcoin Relay Network uses FEC to this effect, as does the Blockstream Satellite network, as an alternative avenue to receive Bitcoin blockchain data.

传输控制协议 (TCP) 通过重新传输数据（会导致延迟）或通过前向纠错 (FEC)（向数据包添加冗余数据，从而无需重新传输）来处理数据包丢失。比特币中继网络使用 FEC 来实现这一效果，Blockstream 卫星网络也是如此，作为接收比特币区块链数据的替代途径。

As for jitter

至于抖动