100days — The Pricing of Trust（信用的定价）

Introduction

“100days” is a community-based participatory art project which uses smart contract technology conceived by crypto artist CryptoZR in 2020. The artist chose 80 active members, who knew each other well, from a single crypto community and posed the question, “What will people do when given a choice between community reputation and profit?”.

「100days」是加密艺术家CryptoZR于2020年开始构思的一个基于智能合约的社区参与式艺术创作。作者选择了80位在同一个加密社区中的活跃成员，成员之前彼此认识和熟悉。那么当社区信用与利益同时摆在人们面前二选一的时候，人们会做出怎样的选择？

Only specifically invited members could participate in this project. 80 Ethereum (ETH) are collected from these 80 members and placed into a smart contract. Only one of the participants can withdraw once (rug pull) from this pool of ETH at any time within the next 100 days, with a cap of 0.8 ETH per day, which will increase linearly daily. Only the first participant who initials the withdrawal will receive the amount of 0.8 Eth multiplied by X number of days. For example: If a participant triggers the withdrawal (A.K.A the Rug Pull) on the 10th day, they will claim 8 ETH from the pool of 80 ETH, gaining 7 ETH in profit. But the remaining 72 ETH in the contract will be refunded equally to the other 79 participants, and everyone will share some losses.

项目采用定向邀请制，仅限社区成员参与。由80人筹集了80枚ETH，放入智能合约内，任何参与者均可在100天内的任何时间抽走（rug pull）相应的金额，每天可抽取的ETH为0.8枚，并保持线性增长，但只有首位参与者可以实施rug，其他人不能再操作。如果某位参与者在第10天触发rug，他/她可领走8枚ETH，盈利为7枚ETH。合约中剩余72枚ETH将退回给其他79位参与者，这些人都会有一定损失。

Trust and Money

信用和货币

Trust and money are inextricably linked. Trust is the confidence given to a reliable person. In the monetary system, trust is crucial. For example, if a person has enough “trust” or social credit, he can take out a loan to buy a house or a car. This loan is based on the bank’s confidence in the person’s social credit. The bank is confident that the person is able and willing to repay the loan, which is why it grants the loan to him. The higher the “trust” or social credit of the lender, the more available the loan will be, and the interest rate will be lowered.

信用和货币是密不可分的，信用是指一个人有能力和愿意履行其负担的信心。在货币体系中，信用是极其重要的，新增贷款建立在银行对贷款人信用水平的确信之上。银行相信此人有能力和愿意偿还贷款，所以才会向他发放贷款。贷款人信用越高，就会越受欢迎，并且贷款利率也会更低。

The dominant monetary system used in today’s society is the fiat currency system, and the creation of the fiat currency is founded on trust. For example, a person short on funds wishes to purchase a property. He can apply for a loan from a bank based on his income level and his social credit; it shows the bank that he can commit to future installments, thus gaining a new sum of money in the present and paying it to the property seller.

当今社会主流采用的货币是法币体系，而法币的一个创造方式是通过信贷。例如一个人资金不足但又希望购买房产或扩大经营，可以根据他的收入水平向银行申请贷款，用自己的信用承诺在未来分期偿还银行，从而在当前创造出一笔新的货币。

Everyone is seen as a competitor in the capitalistic market, but in the Crypto-currency world, there exists a unique “ Community “ phenomenon. Members of different communities are also given social credit; your social credit will change based on your contribution to the community. But there is a difference between community and bank credit systems: the former is not bonded legally or physically, unlike the banking system, which can take away your house ownership if installments are not met. Betraying your community will only be met with moral condemnation; it cannot enforce any real physical penalties.

在资本市场中，每个人都是其他人的竞争对手，而在加密货币领域有一个独特的存在，也就是社区。社区内的成员也有一个信用标准，如果你为社区做出了贡献，你的信用就会得到提升。但是社区与银行信用又存在差异，前者是无抵押的信用；而银行需要用你的房产证来做抵押。前者违约只有道德上的谴责，而没有办法实施实质上的惩罚措施。

Creative progress and experimentation

创作思路与实验结果

In the earlier stages of the “100 days” project, the artist has envisioned many different outcomes, most of which reflect the participants’ possible states while participating. It is then realized that this state cannot be predicted, as it is strongly related to the personal experiences of these participants.

「100 days」在构思初期，曾设想过各种不同的呈现结果，任何的结果背后必定能反映出参与者当时的状态。而这个状态不能被预测，与这些参与者的经历有很强的相关性。

The “100 days” smart contract was released on the 22nd of September 2022; when the funding was completed, the project officially launched on the 27th of September. After only 48 hours, one of the participants triggered the withdrawal from the pool of 80ETH and received 1.59 ETH. At the same time, this activates the NFT issuance mechanism in the contract, which minted NFTs titled 2/100 days to the following 79 other participants. The artist was really interested in the motivation behind the participant who triggered the withdrawal.

「100 days」的智能合约最终发布于2022年9月22日，9月27日资金注入完成项目正式启动。仅过了48小时就出现了第一位参与者触发了rug操作，领走了1.59枚ETH，同时触发了合约中的NFT发行机制，为其余79位参与者铸造了命名为2/100 days的NFT。当然「100 days」并不是商业项目，持续的天数不是艺术家要考虑的关键要素。艺术家真正在思考的是，触发rug操作的参与者真正的动机，以及背后的理由。

The artist soon found the answer from the Crypto-community selected for the project: in the dilemma of morality and profit, the participant figured out the right approach, where everyone can get an equal refund at the end of the project. The other participants supported the decision. As to why this is the result of the experiment, we have to go back to the year 2021.

在项目社群内，「100 day」这件作品似乎提供了某种答案：在道德与利益这样的两难困境中，对于rug触发者来说，正确的做法是在项目结束时每个人都能拿回本金，这种做法也得到其他参与者的支持。至于作品为什么会呈现出这种状态，我们则要把时间再往前推移一年。

The story behind PUNK173 and DDDD

PUNK173与DDDD背后的故事

2021 was the year of NFTs. In a year where excess liquidity was happening everywhere and the record-breaking auction of Beeple’s digital art setting the market ablaze, avatar-based NFTs (A.K.A PFP) represented by Cryptopunks, BAYC, and others quickly gained market traction.

2021年是NFT的一个繁荣年份，以Cryptopunks，BAYC为代表的头像类NFT得到市场追捧。VISA在8月份购买了加密朋克之后，国内一个有影响力的加密社区提议集资众筹一个PUNK，然后将其碎片化，参与筹款的成员可以获得相应的ERC20 token份额，并可以使用和修改这个PUNK作为其头像。

After VISA started purchasing Crypto-Punks in August, an influential crypto community proposed purchasing a Crypto-Punk (PUNK) through crowdfunding. It was then fragmented, and all members that participated in purchasing the PUNK will receive a share of ERC20 Tokens and the right to use and modify this PUNK as their digital avatar. 173 ETH was raised by 173 community members, of which 100 ETH were used to purchase PUNK 173 (PUNK edition 173), and the remaining 73 ETH were credited to a multi-signature wallet as a reserve for other projects. The purchased PUNK was modified and reconstructed by the community.

最终173位社区成员共筹集了173枚ETH，其中100枚ETH被用于购买173号加密朋克，其余73枚ETH被打入一个多签钱包作为项目储备，然后社区开始对其进行了二次创作。

The original NFT was fragmented on fractional.art, and 1 billion tokens were generated under the name DDDD. 70% of the shares were allocated to the crowd funders, 20% of the shares and the remaining 70 ETH were used to provide liquidity on Uniswap, and 10% were used as a community vault reserve. Within a short period after DDDD was listed on Uniswap, the price increased by more than 10-fold, reaching a peak at 30 times the issue price. At this point, community members started to disagree on whether or not early participants should sell their Tokens, and different questions about human aspects emerged.

原始NFT在fractional.art上面被碎片化之后，生成了10亿枚token，名称为DDDD。其中70%份额分配给众筹者，20%份额和其余的70枚ETH用于提供Uniswap上的流动性，10%作为社区金库储备。在DDDD上架Uniswap的很短时间内，价格就增长了10倍以上，最高时到达了发行价的30倍。此时，社区内成员对于早期参与者可否卖出产生了分歧，人性方面的问题开始集中暴露。

There were two main views: some members did not want to sell, hoping that the community could develop a little more; other members supported free market trading, allowing people to sell off their Tokens, and as the Tokens changed hands, new members would be introduced to the community. Eventually, the first point of view won a majority of support from the community, and if any member were to sell, they would be expelled from the community.

主要观点有两派：部分成员支持不要卖出，期待社区发展到更高阶段后再出售；也有部分成员支持自由市场交易，让部分人出货离场，通过token换手引入新的成员。后来第一种观点逐渐占了上风，如果有成员出货则要被社群开除。

One of the members who urged the community not to sell ended up selling their Tokens; some of the members explained that they had recently lost a lot of money and were carrying loans and needed to sell the Tokens to make up for their losses. Others sold their Tokens to buy luxury cars. Every one of the sellers who sold their Tokens thought that they had a reasonable excuse. When people face questions about their own or the community’s interests, everyone has the right to vote. Then again, the market is a spontaneous place, and the final result will not change because of agreements made within the community, it only increases the implementation costs by a bit, and the market will eventually find its equilibrium point.

某位成员在群内号召大家不要卖出，结果自己偷偷卖掉；也有人声称最近亏损严重还背负贷款，需要卖出token来弥补损失；还有人卖掉持仓转头去买豪车。每个卖出的人都有自认为充分的理由。当涉及个人的实际利益和社区利益产生冲突时，每个人都用脚投票做出了自己的选择。当然这是一种市场的自发行为，最终结果并不会因为社区内部的约定而发生改变，只是让执行成本发生了一些偏移，市场最终会找到它的均衡点。

Some of the community members involved in the project had launched the well-known Defi project YFII in 2020, which fought the famous 120 battle station, where it held on to the $120 price mark in the face of continuous external selling pressure, and the price has since risen 100-fold in a month. The results of DDDD and YFII are two sides of the same coin: as the community faces external solid pressure, morality and profit can be on the same side, and vice versa is true where both are against one another.

部分参与该项目的社区成员曾在2020年发起了知名的defi项目YFII，打过著名的120保卫战，在面临外部持续抛压的情况下坚守120美元价格，而后token价格在1个月内上涨了100倍。事实上，DDDD与YFII的结果恰好是同一枚硬币的正反面：社区在面临外部压力的情况下，道德与利益是同向的，反之两者则是逆向的。另一方面，参与过YFII的老成员绝大多数选择了社区信用，而新加入社区的成员更多选择了利益。这样的对比，自然的对社区信用进行了一次市场定价。

The Auction of trust

信用的拍卖

Returning to the artwork, “100 days” is a reverse dutch auction of community trust, which attempts to figure out the lowest trading value for one’s community credibility. Still, of course, it does not represent the overall value of the community.

回到作品上来，「100days」是对社区信用进行的一次逆向荷兰式拍卖，通过拍卖来找到社区价值的最低锚定，然而这仍不能代表社区的整体价值。

There are all kinds of communities in the crypto world, large and small, each with different motivations: code-driven technical communities, market-driven marketing communities, and price-driven speculative communities. If a project’s community membership is large enough, it will cover a wide range of motivations and generate its ideas at different stages of the market. Indeed, both the Bitcoin and Ether communities have experienced a turnover of members to enable newer iterations of the community. Many of the early core members of Ether have since created their own projects, and have made outstanding contributions with their new communities.

加密世界存在大大小小的各种社区，每类社区的动机都有所差异：有代码主导的技术社区；有市场主导的营销社区；也有价格主导的投机社区。但如果一个项目的社区成员规模足够庞大，则会涵盖各种动机，在不同的市场阶段也会产生各自的想法。事实上，包括比特币和以太坊社区都经历过成员的流动，以实现社区的更新迭代。以太坊的早期核心成员中，很多都创建了自己的新项目，他们在新的社区也创造出了杰出的贡献。

Trust in the Crypto World

加密世界中的信用

Trust is an essential part of the financial world. In business transactions, a relationship of mutual trust between two parties can effectively reduce transaction costs. Banks are the links that ensure the trust relationships between buyers and sellers. It can be said that trust is the very foundation of banks. However, historically, because of the cyclical nature of finance, the collapse of banks’ credibility happens once every few years, causing many losses. The latest one was the subprime mortgage crisis in 2008 when Satoshi Nakamoto invented Bitcoin to hedge against the credit money system. The core philosophy of the Bitcoin community is “Don’t trust, verify,” where community members choose not to trust institutions and rely on distributed global nodes and cryptography to verify transactions. Using expensive POW mining was the only way to achieve this level of security.

金融世界中，信用是极为重要的组成部分。在生意往来中，双方互信的关系可以有效降低交易成本，而银行是大量构建买卖双方信用关系的纽带，可以说信用是银行的立命之本。然而在历史上来看，因为金融本身的周期性，银行的信用崩塌每隔一定年份就会发生一次，给人们带来损失。距离当今最近的一次是2008年的次贷危机，同年由中本聪发明了比特币来对冲信用货币体系。比特币社区的核心理念是“Don’t trust, verify”，社区成员选择不相信机构，而依赖于分布式的全球节点和密码学来验证交易。为了实现这种极端情况下的货币安全性，只能借助于昂贵的POW挖矿来实现。

In contrast, the Ethereum community has made compromises to expand its range of applications. Defi and NFT markets have since grown significantly in the last crypto cycle, attracting more ordinary people to the crypto world. With the implementation of the social credit system used in the traditional world, Tokens have become more stable, and the crypto market has since increased in 2020, but the inability to secure social credibility has led to the collapse of 3AC, Celsius, FTX and other prominent crypto institutions.

相比之下，以太坊社区则做出了妥协来拓展应用范围，在上个加密周期中DeFi和NFT市场都出现了显著增长，吸引更多普通人进入加密世界。由于引入了传统世界中的信用，2020年加密市场在稳定币的信用助推下得到了迅速发展；然而无抵押信用也推动了3AC，Celsius，FTX等著名crypto机构的倒闭。

The Rug Pull-in “100 days” alludes to a common phenomenon in the crypto world: project owners breach promises to suspend project development, divert project development funds for private uses, remove DEX liquidity, or dump Tokens directly into the market. Unlike hard currencies (coins) such as Bitcoin and Ether, the credibility of the project owners is significant to the Tokens ERC20 and NFT. A small number of projects fulfill their promises, making the Token a valuable asset; In contrast, most projects fail or break their stakes; in this sense, there is not a lot of difference in the credibility associated with traditional finance.

「100days」作品中的rug pull是在加密世界中的常见现象，指的是项目方违背承诺中止项目开发，将项目开发资金挪为他用，去除DEX流动性或者直接向市场倾销token的行为。与比特币、以太坊等硬通货（coin）不同，ERC20和NFT这些token本身就承载了项目方的信用。少部分项目完成了承诺，使token成为了有价值的资产；而更多的项目未能完成或违背了当初的承诺，在这点上与传统金融中的信用并无区别。

About DAO

关于DAO

It has been more than a year since the rise of the Web3 concept, of which decentralized autonomous organizations (DAOs) are an essential part. However, it is important to note that DAOs are still communities of people, and members make trade-offs between short-term and long-term development when faced with conflicting community philosophies and personal interests, as well as the significant conflicts articulated in “100 days”.

距离Web3概念兴起已经有一年多了，去中心化自治组织（DAO）是其中的重要组成部分。但要注意的是，DAO仍然是由人组成的社区，成员在面临社区理念和个人利益发生冲突时，做出短期利益与长期发展的权衡，也会发生「100days」作品中阐述的主要矛盾。

The crypto world is a free realm where people can join or leave a community whenever they wish. It is natural to leave an old community when it is no longer enough for personal growth and development. Although it may cause some loss for a specific community, from the global perspective of the crypto world, these losses can instead be an act of optimization.

加密世界是一个自由的领域，每个人可以根据自己的意愿随时加入或离开一个社区。当旧社区已经不能满足个人的成长和发展时，离开旧社区是自然而然的事情。虽然对于特定社区来说可能造成一定损失，但是对于整个加密世界来说，局部的损失反而会是一种全局的优化。