GoMining 執行長 Mark Zalan：比特幣將引領 AI 代理經濟的支付新時代

0:00Agentic支付的時代來臨

0:00今天大家都在討論 agentic payments（自主代理支付），我很高興能延續這個主題。大家都在談論未來會是什麼樣子、什麼技術會推動這一切，以及誰會贏得支付基礎設施的主導權。今天我想分享我們過去幾個月來發展的一個論點，這個想法可能有點違反直覺：其實，比特幣已經是 agentic payments 的現有支付基礎設施，並且在這場支付競賽中處於領先地位。Agentic payments has been the common theme today, so I'm happy to continue. Everybody's talking about what is going to be, what technology is going to enable it, who's going to win the payment rails. And I thought I'd talk today about maybe a thesis that we've been developing over the past couple of months that may seem counterintuitive, and that's that Bitcoin is actually the incumbent payment rail for agentic payments that has the best sort of pole position to win the payment conversation.

0:48現狀：沒有人領先，市場剛起步

0:48所以沒有人知道誰會在 agentic payments（代理支付）領域勝出。今天有七千五百萬筆支付，量非常小，單筆交易金額也很小，雖然交易次數很高，但這些數字其實沒什麼意義。現在這個市場規模極小。實際上，沒有人在推動 agentic payment 交易方面領先其他人。不過，當你開始思考代理（agent）和人類之間的支付基礎設施時，會發現有很大的不同。很明顯，對於人類來說，我們在意交易對手，我們在意合約。如果你談到 Visa、Mastercard，這些都是為了讓人類支付變得可行而設計的。所以像是退款、合約支付義務等等，這些都是人類支付會考慮的事情。但對於代理來說就完全不同。代理是持續性的，交易量非常大，而且你根本不知道交易對手是誰。So nobody knows who's going to win agentic payments. 75 million payments today, very small volume, very small transaction amount, very high volume, but these numbers don't mean anything. It's extremely small today. Nobody is actually ahead of the curve or ahead of the pack in terms of being able to enabling agentic payment transactions. But there's a big difference when you come to think about payment rails for agents versus humans. Obviously, humans. We care about counterparty. We care about contracts. If you talk about Visa, Mastercard, they're built to enable human payments. So things like chargebacks, things like contractual payment obligations, etc. It's very different for agents. Agents are continuous, very high volume. You don't know who the counterparty is.

1:53目前，平均付款金額是30美分，但很有可能實際上會更小，你知道的，像是存取API、針對特定資料點的付款等等。而且非常重要的是，很有可能將來不會有任何關於司法管轄權或法律合約的共同框架。Right now, the average payment is 30 cents, but it's likely that it's going to be actually a lot smaller, you know, access to APIs, payment for particular data points, etc., etc. And very importantly, it's very likely that there isn't going to be any shared framework in terms of jurisdictional or legal contracts.

2:16agentic支付將成為新主流

2:16然而，很明顯地，具備自主性的支付將會成為一個龐大的市場。它的成長速度和規模都將超越我們今天所見的現有支付量。而現在每個人都在試圖找出能夠實現這一切的基礎設施會是什麼。所以，Mastercard 推出了他們針對機器的 agent pay 版本。Visa 則很明顯地與 OpenAI 合作。有趣的是，這兩家公司都在今年六月同一天發布了這些消息。但即使你看看現在，大家都在思考自主性支付。每個人都在試圖搞清楚誰會勝出。我們目前還不知道答案。Nevertheless, obviously, it's clear that agentic payments is going to be a huge market. It will outpace, it will outgrow the existing payment volumes that we have today. And everybody's trying to figure out what that infrastructure to enable it is going to be. So. Mastercard came out with their version of agent pay for machines. Visa is obviously partnering with OpenAI. Quite interestingly, they both came out with those announcements on the same day back in June. But even as you can see today, everybody's thinking about agentic payments. Everybody's trying to figure out who's going to win. We don't know the answer to that.

3:05我們所知道的是，最終勝出的支付解決方案必須具備哪些功能，必須擁有哪些特點，才能贏得支付網路的勝利。What we do know is what the winning payment solution is going to have to do, the characteristics that are going to have to be present in order for that winner to take the payment rail prize.

3:23贏家必備的四大條件

3:23所以，第一個需求，很明顯地，你必須能夠在不持有法律身份的情況下持有價值。也就是說，一個代理永遠不會是一個法律上的人。一個代理永遠不會是有法律主張權利的人。你可以思考一下，一個法律上的人是否會在法律上授權他們的代理，但就我個人而言，我並不太熱衷於讓一個電腦程式以我的名義行事，或者至少不是在法律下擁有任何完全權限。無論如何，很明顯我們希望代理能夠持有經濟價值，而不需要完全代表我們自己。第二點是，你希望收據具有最終性。So. Requirement number one, obviously, you have to be able to hold value without holding a legal identity. So an agent is never going to be a legal person. An agent is never going to be somebody that has a legal claim. You can think about whether, you know, a legal person is going to legally enable their agent, but personally, I'm not. Very keen about having a computer program act in my name, or at least not with any full authority under the law. In any case, it's clear that we want an agent to be able to hold economic value without being a full representation of ourselves. Second one is you want finality on receipts.

4:15所以，這就是我認為會對現有穩定幣解決方案產生重大影響的論點。穩定幣，像是USDT、USDC，無論是什麼，未來會被討論到的，都被設計成讓發行方能夠回滾交易。我們現在就可以看到這種情況。我們看到USDC的交易被回滾。我們看到當代理人決定支付管道時，USDC的交易被回滾，代理人決定誰要轉帳、要怎麼轉移價值，彼此之間來回操作。So, and this is the argument that I think will play very heavily against the existing stablecoin solutions. So stablecoins, USDT, USDC, whatever, whatever is going to come into the conversation, are built to enable the issuer to roll back transactions. And we see that today. We see USDC transactions being rolled back. We see USDC transactions being rolled back when agents go to decide the payment rail and agents go to decide who is going to transfer, how they're going to transfer value. Back and forth between each other.

5:00這很有可能會對USDC或USDT作為首選解決方案產生不利影響，因為如果你是一個代理人，並且你正在運行一個用來選擇支付管道的演算法，你會希望「最終性」成為你決策時考慮的其中一個重點。因此，能夠回滾交易、能夠在兩個代理人之間就經濟價值來說反轉數百萬甚至數十億筆交易，這在我們看來會對穩定幣產生不利影響。This will very likely play against USDC or USDT as the solution of choice, because if you're an agent and you're running an algorithm to select a payment rail, you want finality to be one of the decision points that you follow. So. Being able to roll back transactions, being able to sort of reverse the millions or billions of transactions in terms of economic value between two agents is going to play against stablecoins in our mind.

5:37第三點，沒有任何發行方可以凍結資產。所以我們很明顯地——不只是回滾交易，實際上凍結大量資金、凍結代理人之間進行的大量經濟轉移活動，這些行為基本上都會對大多數支付網路造成不利影響。但這正是 Bitcoin 在過去十七、十八年來一直能夠堅守自身立場的地方。Bitcoin 的交易是不可變更的、是不可逆的。多年來有很多人嘗試找出方法來做到這一點，但都沒有成功。而我們認為非常重要的第四個要求，就是即時授權。不是說我們認為這很重要，而是它本來就非常重要，這是顯而易見的。And number three, no issuer can freeze assets. So we obviously—not only rolling back transactions, but actually freezing a significant amount of funds, a significant amount of economic transfer activity that's taking place between agents is, again, something that will play against most of the payment rails. But this is where Bitcoin actually has been holding its own for, you know, 17, 18 years now. A Bitcoin transaction is immutable, it's irreversible. Many people have tried over the years to figure out a way to do it and haven't been able to. And the fourth requirement that we think is very important is instant authorization. Not that we think it's very important, but it is very important, is obviously.

6:31由於這些代理型交易在瞬間完成，所有的結算也必須同時進行。所以，正如我剛剛提到的，Bitcoin 現在立刻就能滿足其中三項條件。很明顯，只要能夠控制 Bitcoin 錢包，就可以在沒有法律身份的情況下持有價值，這在今天已經實現了。數百萬、數千萬個錢包都在這麼做。收到時的最終性，Bitcoin 交易是不可逆的，這點我們剛剛也討論過。當然，我們可以凍結這一點。即時授權的部分則是 Bitcoin 目前還做不到的地方。而這正是 GoMining 過去幾年一直在努力解決的問題之一。As those agentic transactions take place in a split second, all of the settlement has to take place concurrently with that. So. As I mentioned, Bitcoin meets three of those immediately today off the bat. Obviously, it can hold value without a legal identity by just being able to control the Bitcoin wallet that already exists today. Millions, tens of millions of wallets do that. Finality on receipt. Bitcoin transactions are not reversible. We talked about that. Now, sure, we can freeze that. The instant authorization part is where Bitcoin is coming up short. And this is one of the solutions that GoMining has been working on to address. Over the past couple of years.

7:28GoMining 的創新與解決方案

7:28GoMining，我們所做的事情是，我們的初始產品是將算力代幣化。我們將大約 18 exahash 的 Bitcoin 算力代幣化，這大約佔了目前全球算力的不到 2%。透過這個數位挖礦產品，我們讓參與 Bitcoin 挖礦變得可能，最低只需要 25 美元的初始投資。圍繞這個產品，我們建立了一個生態系統，讓我們的使用者可以賺取 Bitcoin，透過帶有算力回饋的支付卡來花費 Bitcoin，還有簡單的收益產品，能夠對 Bitcoin 餘額或穩定幣餘額支付收益或利息，當然也可以用 Bitcoin 作為質押來借貸。我們也一直在開發一個解決方案，來處理 Bitcoin 交易能夠即時審核的問題。So GoMining, what we do is our initial product was tokenized hash rate. We tokenized about 18 exahash of Bitcoin hash rate. It's about just under 2% of the global hash rate today. And through that, through our digital mining product, we made participation in Bitcoin mining possible for as little as $25 of initial investment. And then around that, we've built an ecosystem of services that allows our users to earn Bitcoin, to spend Bitcoin via payment cards with hash power rewards through. Simple earn product that pays yield or interest on Bitcoin balances or stablecoin balances, and then obviously lend against Bitcoin as well. And we've been working on a solution to address the instantaneous, being able to instantaneously approve Bitcoin transactions.

8:32在過去一年裡，我們想出了一個我們認為很聰明的做法。今年五月，我們在邁阿密的Consensus大會上推出了這個方案，我們認為這將解決比特幣作為代理支付支付軌道時所面臨的第四個挑戰。Over the past year, we've come up with what we think is a clever way of doing it. We rolled it out in May of this year at Consensus in Miami, and we think that that is going to solve the fourth challenge for Bitcoin being able to participate as a payment rail for agentic payments.

8:58比特幣的優勢與未來展望

8:58簡單來說，我們現在還不知道誰會在代理支付領域勝出，但我們知道贏家必須具備哪些條件。而在我們看來，Bitcoin 目前擁有最多我們認為會成為最終勝出方案的特質。除了我們剛剛提到的所有優點之外，Bitcoin 顯然擁有最深的流動性，全天候 24 小時、每週 7 天都可用。過去 17 年來，礦工社群、Bitcoin 挖礦社群已經投入了數十億美元的基礎建設投資，並且在這段期間經歷了時間的考驗。你知道，期間有許多惡意行為者，無論是私人還是國家級的行為者，坦白說，都曾試圖找出方法來攻擊 Bitcoin 網路。And... In a short takeaway, we don't know who will win agentic payments, but we know what the winner is going to need to have. And to our mind, Bitcoin has the most characteristics now of what we think is going to be the winning solution. So we have in addition to everything we've listed, Bitcoin obviously has the deepest liquidity available 24 by 7. There's billions of dollars in infrastructure investment that the mining community, the Bitcoin mining community, has made over the previous 17 years that have withstood the test of time during that time with. You know, multiple bad actors, both private and state actors, to be honest, trying to figure out how to compromise the Bitcoin network.

9:55沒有任何一個是成功的，而我們認為這些因素加總起來，將會非常有利於Bitcoin。當然，沒有人能夠預測未來，但在我們看來，所有這些特點都讓Bitcoin成為贏得代理型支付競爭的最有利現任者。就這樣，非常感謝大家。None have been successful, and we think that all of those factors combined will play very much in Bitcoin's favor. Obviously, nobody is able to predict the future, but to our mind. All of these characteristics make Bitcoin the favorite incumbent to win the agentic payment competition. So with that, thank you very much.