Tether: Tiền pháp định trên blockchain Bitcoin

Abstract

Tether (truoc day duoc biet den voi ten goi Realcoin) la mot crypto token duoc xay dung tren blockchain Bitcoin thong qua Omni Layer Protocol. Moi don vi tether duoc bao dam theo ty le 1:1 boi cac don vi tien te phap dinh (nhu do la My, euro hoac yen) duoc giu trong quy du tru boi Tether Limited. Su bao dam nay cung cap su on dinh gia ca dong thoi duy tri cac uu diem cua mot loai tien dien tu: thanh toan nhanh, bao mat mat ma hoc va kha nang chuyen doi khong bien gioi.

Nen tang Tether ket hop tinh bat bien va minh bach cua blockchain voi su on dinh cua cac dong tien phap dinh truyen thong. Nguoi dung co the xac minh luong token cung cap tren blockchain Bitcoin trong khi cac cuoc kiem toan doc lap xac nhan rang Tether Limited duy tri du tru phu hop. Kien truc nay tao ra mot tai san ky thuat so hoat dong nhu mot phuong tien trao doi on dinh va kho luu tru gia tri trong he sinh thai tien dien tu.

Bang cach thu hep khoang cach giua tien phap dinh va tien dien tu, Tether cho phep nhieu truong hop su dung bao gom giao dich tren san, thanh toan cho thuong gia, chuyen tien va phong ngua rui ro bien dong cua tien dien tu. He thong cung cap nhung loi ich cua cong nghe blockchain ma khong de nguoi dung phai chiu su bien dong gia thuong lien quan den cac tai san ky thuat so.

Introduction

He sinh thai tien dien tu da chung to su doi moi dang chu y trong viec tao ra cac tai san ky thuat so phi tap trung, chong kiem duyet. Tuy nhien, su bien dong gia co huu cua cac loai tien dien tu nhu Bitcoin tao ra nhung rao can dang ke doi voi viec ap dung rong rai. Cac thuong gia ngai ngan chap nhan thanh toan bang cac tai san co the mat 10% gia tri chi sau mot dem, trong khi nguoi dung kho khan trong viec duy tri suc mua trong cac thi truong bien dong. Van de bien dong nay tao ra ma sat tai moi diem ma tien dien tu tuong tac voi nen kinh te truyen thong.

Tether giai quyet thach thuc co ban nay bang cach tao ra mot token dua tren blockchain duy tri gia tri on dinh so voi tien phap dinh. Ban dau duoc hinh thanh voi ten goi Realcoin vao nam 2014 va sau do duoc doi ten thanh Tether, du an tan dung Omni Layer Protocol (truoc day duoc biet den voi ten goi Mastercoin) de phat hanh token tren blockchain Bitcoin. Moi token tether dai dien cho mot don vi tien phap dinh duoc giu trong quy du tru, tao ra mot tai san ky thuat so voi su on dinh cua tien phap dinh va cac uu diem cong nghe cua tien dien tu.

Cach tiep can nay cung cap cho nguoi dung mot dong tien ky thuat so on dinh co the duoc luu giu trong cac vi tien dien tu, chuyen khoan toan cau trong vai phut va giao dich tren cac san giao dich tien dien tu. Tether dong vai tro la cau noi giua he thong tai chinh truyen thong va he sinh thai tien dien tu, cho phep su di chuyen gia tri lien mach giua thi truong phap dinh va thi truong tien dien tu ma khong yeu cau nguoi dung roi khoi blockchain hoan toan. He thong duy tri su minh bach thong qua cac ban ghi blockchain cong khai va cac cuoc kiem toan dinh ky cac khoan du tru.

Technology Stack

He thong Tether duoc xay dung tren kien truc ba tang ket hop cong nghe blockchain da duoc thiet lap voi ngan hang du tru truyen thong. Tang nen la blockchain Bitcoin, cung cap mot so cai phan tan toan cau, bat bien, duoc bao mat boi khai thac bang chung cong viec (proof-of-work). Tang co so nay dam bao rang tat ca cac giao dich tether duoc huong loi tu mo hinh bao mat da duoc thiet lap cua Bitcoin va hieu ung mang cua no, dong thoi co the duoc xac minh cong khai boi bat ky ai van hanh mot node Bitcoin.

Tang thu hai la Omni Layer Protocol, mot nen tang cho phep tao va chuyen cac token tuy chinh tren blockchain Bitcoin. Cac giao dich Omni Layer duoc nhung trong cac giao dich Bitcoin tieu chuan su dung opcode OP_RETURN, cho phep cac token tether duoc tao, chuyen va huy trong khi duy tri tinh tuong thich voi mang Bitcoin. Giao thuc cung cap chuc nang thiet yeu cho viec phat hanh va quan ly token ma khong can sua doi cac quy tac dong thuan cot loi cua Bitcoin.

Tang thu ba bao gom Tether Limited, thuc the kinh doanh chiu trach nhiem quan ly du tru tien phap dinh va van hanh cac quy trinh nap va rut. Khi nguoi dung nap tien phap dinh, Tether Limited tao ra mot so luong token tuong duong tren Omni Layer. Nguoc lai, khi nguoi dung doi token tether lay tien phap dinh, cac token tuong ung bi huy, duy tri ty le bao dam 1:1. Kien truc nay tach biet tang blockchain minh bach, khong can tin tuong khoi tang quan ly du tru luu ky, voi ca hai thanh phan deu can thiet cho hoat dong cua he thong.

Process of Tethering

Quy trinh tethering tuan theo mot vong doi nam buoc chi phoi cach cac token di vao va rut khoi luu thong. Dau tien, nguoi dung nap tien phap dinh (nhu USD) vao tai khoan ngan hang cua Tether Limited thong qua chuyen khoan ngan hang truyen thong hoac cac phuong thuc thanh toan duoc phe duyet khac. Sau khi nhan va xac minh khoan nap, Tether Limited tao ra mot so luong token tether tuong duong tren blockchain Omni Layer va chuyen chung den dia chi Bitcoin cua nguoi dung. Su kien tao nay co the nhin thay cong khai tren blockchain Bitcoin, cho phep bat ky ai xac minh su gia tang nguon cung token.

Khi da di vao luu thong, cac token tether co the duoc tu do chuyen giua cac dia chi Bitcoin su dung Omni Layer Protocol. Cac giao dich chuyen nay dien ra thong qua cac giao dich Bitcoin tieu chuan voi du lieu Omni Layer duoc nhung, thanh toan voi cung cac dam bao an ninh nhu chinh Bitcoin. Nguoi dung co the giu token trong bat ky vi tuong thich Omni Layer nao, giao dich chung tren cac san giao dich tien dien tu hoac su dung chung de thanh toan. Cac token van duoc bao dam hoan toan boi du tru tien phap dinh cua Tether Limited trong suot giai doan luu thong nay.

Khi nguoi dung muon chuyen doi token tether tro lai tien phap dinh, ho bat dau yeu cau doi thong qua Tether Limited. Nguoi dung gui token den dia chi duoc chi dinh cua Tether Limited, va sau khi xac nhan, Tether Limited chuyen so tien phap dinh tuong duong vao tai khoan ngan hang cua nguoi dung. Cac token da doi sau do bi huy vinh vien tren Omni Layer, giam tong nguon cung token theo so luong tuong ung. Trong suot quy trinh nay, Tether Limited thuc thi tuan thu Know Your Customer (KYC) va Anti-Money Laundering (AML) tai ca hai giai doan nap va doi, dam bao tuan thu quy dinh trong khi duy tri su minh bach blockchain cho giai doan chuyen giao trung gian.

Proof of Reserves

Co che chung minh du tru (proof of reserves) tao thanh nen tang cua mo hinh tin tuong cua Tether, cung cap su minh bach xung quanh tuyen bo quan trong rang moi token duoc bao dam boi tien phap dinh. Tether Limited duy tri ba dieu kien co the xac minh tai moi thoi diem: tong so tether trong luu thong bang tong so tien phap dinh duoc giu trong du tru, nguon cung token co the kiem toan cong khai thong qua blockchain Bitcoin, va so du du tru duoc xac minh thong qua cac cuoc kiem toan chuyen nghiep dinh ky duoc cong bo tren trang minh bach cua Tether. Cach tiep can xac minh nhieu tang nay cho phep nguoi dung xac nhan doc lap kha nang thanh toan cua he thong.

Blockchain cong khai cung cap su minh bach tuc thoi cho mot nua cua phuong trinh: bat ky ai cung co the truy van Omni Layer de xac dinh so luong chinh xac cac tether dang luu thong tai bat ky thoi diem nao. Du lieu nay la bat bien va khong the bi thao tung boi Tether Limited hay bat ky ben nao khac. Nua con lai -- xac minh du tru tien phap dinh -- dua vao kiem toan tai chinh truyen thong duoc thuc hien boi cac cong ty ke toan doc lap. Cac kiem toan vien nay kiem tra bang sao ke ngan hang, thuc hien xac nhan so du va ban hanh cac bao cao chung thuc xac nhan rang Tether Limited nam giu du tien phap dinh de bao dam tat ca cac token dang luu hanh.

De cho phep xac minh ca nhan ma khong anh huong den quyen rieng tu cua nguoi dung, he thong de xuat su dung cac bang chung Merkle tree tuong tu nhu nhung bang chung duoc su dung trong cau truc khoi cua Bitcoin. So du tether cua moi nguoi dung co the duoc bao gom trong mot Merkle tree duoc xuat ban boi Tether Limited, cho phep nguoi dung xac minh bang mat ma hoc rang so du cua ho duoc bao gom trong tong nguon cung ma khong tiet lo thong tin ve cac nguoi dung khac. Ket hop voi cac bao cao du tru da duoc kiem toan, cach tiep can nay cung cap ca xac minh mat ma hoc va tai chinh cho tuyen bo bao dam 1:1, tao ra nhieu duong dan xac minh doc lap cho nguoi dung muon kiem tra tinh toan ven cua he thong.

Use Cases

Cac san giao dich tien dien tu dai dien cho truong hop su dung chinh cua Tether, noi no phuc vu nhu mot cap giao dich on dinh doi voi cac tai san bien dong. Thay vi yeu cau nguoi dung rut ve tai khoan ngan hang truyen thong trong cac dot suy giam thi truong, cac san giao dich co the cung cap cac cap giao dich USDT (nhu BTC/USDT) cho phep cac nha giao dich chuyen sang tai san on dinh ma khong roi khoi he sinh thai tien dien tu. Chuc nang nay giam dang ke thoi gian rut va nap tien tu nhieu ngay xuong con vai phut dong thoi loai bo cac phi ngan hang lien quan den viec di chuyen tien phap dinh. Gia tri on dinh cung don gian hoa ke toan va bao cao thue cho cac nha giao dich tich cuc, nhung nguoi khong se phai theo doi nhieu chuyen doi tien phap dinh.

Thanh toan thuong gia va chuyen tien duoc huong loi dang ke tu su on dinh va toc do cua Tether. Thuong gia co the chap nhan thanh toan bang tien dien tu ma khong phai chiu rui ro bien dong gia bang cach ngay lap tuc chuyen doi cac khoan thanh toan nhan duoc sang tether. Nguoi dung chuyen tien quoc te co the gui gia tri qua bien gioi trong vai phut thay vi nhieu ngay, voi phi thap hon chuyen khoan ngan hang truyen thong hoac dich vu chuyen tien. Nguoi nhan co the doi tether lay tien phap dinh dia phuong hoac giu chung nhu tien tiet kiem ky thuat so on dinh, mang lai su linh hoat khong co trong cac he thong chuyen tien truyen thong.

Tether cung hoat dong nhu mot cong cu phong ngua rui ro va kho luu tru gia tri trong he sinh thai tien dien tu. Khi cac nha giao dich tien dien tu du doan thi truong suy giam, ho co the chuyen doi tai san sang tether de bao toan von ma khong can rut ra he thong ngan hang truyen thong. Nhung nguoi nam giu tien dien tu dai han co the duy tri mot phan danh muc dau tu cua ho trong tether de giam rui ro bien dong tong the. Truong hop su dung nay da tro nen dac biet quan trong doi voi nguoi dung o nhung khu vuc co kiem soat von hoac tien te dia phuong bat on, noi tether cung cap quyen truy cap vao su on dinh tinh bang do la ma khong can tai khoan ngan hang My truyen thong.

Advantages

Cach tiep can dua tren blockchain cua Tether mang lai nhung uu diem dang ke so voi cac phuong phap thay the de duy tri gia tri tien dien tu on dinh. So voi viec giu tien phap dinh tren cac san giao dich tap trung, Tether cung cap su minh bach thong qua xac minh blockchain cong khai va tinh di dong tren nhieu nen tang. Trong khi cac khoan tien gui tren san giao dich la cac muc nhap co so du lieu mo ho do mot thuc the duy nhat kiem soat, thi cac token tether la tai san duoc bao mat bang mat ma ma nguoi dung co the rut ve vi ca nhan va chuyen giua cac san giao dich hoac cac ben doi tac. Viec trien khai Omni Layer cung dam bao tinh tuong thich voi co so ha tang Bitcoin hien co, bao gom vi, trinh duyet khoi va cong cu bao mat.

Mo hinh chung minh du tru phan biet Tether voi cac stablecoin thuat toan va cac he thong vi the no duoc the chap. Cac phuong phap thuat toan co gang duy tri su on dinh thong qua dieu chinh nguon cung va cac uu dai kinh te, gioi thieu ly thuyet tro choi phuc tap va cac vong xoay tu than tiem tang trong thoi ky cang thang thi truong. Cac he thong the chap qua muc doi hoi su kem hieu qua von dang ke va de nguoi dung phai doi mat voi rui ro thanh ly. Su bao dam truc tiep bang tien phap dinh cua Tether loai bo nhung phuc tap nay: moi token don gian dai dien cho mot quyen doi voi tien te thuc duoc giu trong tai khoan ngan hang, voi xac minh don gian thong qua kiem toan truyen thong.

Tinh kha the (fungibility) dai dien cho mot uu diem quan trong khac: tat ca cac token tether deu dong nhat va co the hoan doi cho nhau, khong co cac lo ngai ve lich su theo doi hoac nhiem ban anh huong den mot so he thong tien dien tu. Su bao dam 1:1 dam bao rang moi token co gia tri doi ngang nhau, ngan chan su phan manh thi truong hoac giao dich giam gia. Viec tich hop voi blockchain Bitcoin cung cap loi ich bao mat tu mang khai thac khong lo cua Bitcoin dong thoi tranh duoc nhu cau khoi tao mot blockchain hoac co che dong thuan doc lap. Kien truc nay tan dung cac hieu ung mang da duoc thiet lap cua Bitcoin dong thoi mo rong chuc nang cua no de phuc vu truong hop su dung stablecoin.

Challenges and Risks

He thong Tether doi mat voi mot so thach thuc va rui ro co huu ma nguoi dung can phai hieu. Rui ro luu ky (custodial risk) dai dien cho moi lo ngai co ban nhat: Tether Limited duy tri quyen kiem soat du tru tien phap dinh, tao ra mot diem that bai duy nhat. Neu cong ty mat kha nang thanh toan, chiu su tich thu tai khoan ngan hang hoac hanh dong gian lan, cac chu so huu token co the khong co kha nang doi tai san cua ho lay tien phap dinh. Trong khi cac cuoc kiem toan chung minh du tru giam thieu rui ro nay, chung khong the loai bo yeu cau tin tuong co ban rang Tether Limited se ton trong cac yeu cau doi va duy tri du tru day du. Mo hinh luu ky tap trung nay trai nguoc voi thiet ke khong can tin tuong cua Bitcoin va gioi thieu rui ro doi tac vang mat trong cac loai tien dien tu thuan tuy.

Su khong chac chan ve quy dinh dat ra nhung thach thuc lien tuc khi cac khu vuc phap ly toan cau phat trien khung phap ly cho quy dinh tien dien tu va stablecoin. Tether Limited phai dieu huong cac quy dinh tai chinh phuc tap o nhieu quoc gia, bao gom luat chuyen tien, quy dinh chung khoan va yeu cau ngan hang. Nhung thay doi trong cach xu ly quy dinh co the buoc thay doi hoat dong, ap dat chi phi tuan thu bo sung hoac tham chi cam dich vu o mot so khu vuc phap ly. Cac moi quan he ngan hang cua cong ty van de bi ton thuong truoc ap luc quy dinh hoac thay doi chinh sach tai cac to chuc tai chinh doi tac, co kha nang lam gian doan cac quy trinh nap va doi can thiet cho hoat dong cua he thong.

Cac han che ky thuat cua blockchain Bitcoin cung han che kha nang mo rong va hieu qua chi phi cua Tether. Gioi han thong luong giao dich cua Bitcoin va thi truong phi bien doi co nghia la trong cac giai doan tac nghen mang, cac giao dich chuyen tether co the tro nen cham hoac dat. Omni Layer them chi phi du lieu bo sung vao cac giao dich Bitcoin tieu chuan, lam tang them chi phi. Khi viec ap dung tang truong, nhung han che blockchain nay co the can cac giai phap lop 2 (layer-2) hoac cac trien khai blockchain thay the. Ngoai ra, cac yeu cau minh bach cua he thong phai duoc can bang voi cac lo ngai ve quyen rieng tu cua nguoi dung, doi hoi su phat trien lien tuc cua cac he thong chung minh mat ma xac minh du tru ma khong tiet lo so du nguoi dung ca nhan hoac cac mau giao dich.

Conclusion

Tether thanh cong trong viec thu hep khoang cach giua cac dong tien phap dinh truyen thong va he sinh thai tien dien tu bang cach ket hop su minh bach cua blockchain voi su on dinh cua ngan hang du tru. Kien truc ba tang -- blockchain Bitcoin, Omni Layer Protocol va quan ly du tru cua Tether Limited -- tao ra mot he thong noi nguoi dung co the xac minh nguon cung token thong qua du lieu blockchain cong khai trong khi cac cuoc kiem toan doc lap xac nhan su bao dam tien phap dinh day du. Thiet ke nay cho phep mot dong tien ky thuat so on dinh duy tri cac uu diem chinh cua tien dien tu: thanh toan nhanh, kha nang chuyen doi toan cau va bao mat mat ma hoc.

Co che chung minh du tru cua he thong dai dien cho mot buoc tien dang ke trong su minh bach cua tien dien tu, cho phep nguoi dung xac minh doc lap cac tuyen bo ve kha nang thanh toan lam nen tang cho de xuat gia tri cua tether. Mac du cach tiep can doi hoi su tin tuong vao Tether Limited voi tu cach la nguoi giu ho, cac cuoc kiem toan dinh ky va xac minh blockchain cong khai cung cap cac co che chiu trach nhiem vang mat trong cac he thong tai chinh truyen thong. Token on dinh ket qua da chung minh tinh huu ich tren nhieu truong hop su dung, tu giao dich san den thanh toan thuong gia den chuyen tien quoc te.

Nhin ve phia truoc, Tether cung cap nen tang cho viec ap dung blockchain rong hon trong cac ung dung tai chinh chinh thong. Bang cach giai quyet van de bien dong da han che tien ich cua tien dien tu nhu mot phuong tien trao doi, cac stablecoin nhu Tether mo ra cac ung dung va dich vu moi yeu cau su on dinh gia. Khi cong nghe truong thanh va cac khung phap ly phat trien, cac dong tien on dinh dua tren blockchain co the tro thanh co so ha tang tieu chuan cho thuong mai ky thuat so, thanh toan xuyen bien gioi va cac sang kien bao trum tai chinh tren toan the gioi.

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