在2025年的《巴黎區塊鏈週》中，Beincrypto與Alexis Yellow坐下

在2025年的《巴黎區塊鏈週》中，Beincrypto與Alexis Yellow坐下

During the 2025 edition of Paris Blockchain Week, BeInCrypto sat down with Alexis Yellow, CEO of Yellow, a crypto project aiming to build an entirely new paradigm based on Satoshi’s initial vision for Bitcoin.

在2025年版的巴黎區塊鏈週期間，Beincrypto與Alexis Yellow坐下來，Alexis Yellow是Crypto項目，旨在根據Satoshi最初對比特幣的願景來建立一個全新的範式。

Alexis is on a mission to create a world without trust, starting with the core principles of blockchain technology. Join us as we delve into the upcoming Yellow Tokens, a novel smart contract mechanism, and making crypto projects more utility-driven.

亞歷克西斯（Alexis）的使命是從沒有信任的情況下創造一個世界，從區塊鏈技術的核心原則開始。加入我們，當我們深入研究即將到來的黃色令牌，這是一種新穎的智能合同機制，並使加密項目更具公用事業為導向。

We begin our interview by asking Alexis to introduce himself and his project.

我們開始採訪，要求亞歷克西斯介紹自己和他的項目。

“My background is in software engineering. Early in my career, I worked at the European Space Center. But my journey in crypto began quite unexpectedly. Back in 2013, an old friend from school, who was working at Goldman Sachs, reached out to tell me about a project that needed help. He said, ‘There are 12 people in Silicon Valley printing fake money.’ That project turned out to be Ripple.

“我的背景是在軟件工程中。在我的職業生涯的早期，我在歐洲航天中心工作。但是我在加密貨幣的旅程意外開始。2013年，一個在高盛（Goldman Sachs）工作的老朋友，他伸出援手，伸出手告訴我一個需要幫助的項目。該項目原來是漣漪。

We became Ripple’s first client, and the experience helped me quickly understand the potential of crypto. Despite the skepticism surrounding the space, I saw real innovation. Ripple’s CTO was a Bitcoin Core contributor, and Vitalik Buterin was closely involved with the team even before Ethereum. In fact, Buterin was planning to join Ripple, especially interested in their consensus mechanism, which also served as an inspiration for me.

我們成為了Ripple的第一個客戶，這種經驗幫助我迅速了解了加密貨幣的潛力。儘管空間周圍懷有懷疑，但我還是看到了真正的創新。 Ripple的CTO是比特幣核心的貢獻者，即使在以太坊之前，Vitalik Buterin都與球隊密切相關。實際上，布特林正計劃加入Ripple，特別是對他們的共識機制感興趣，這也是我的靈感。

So, we started in 2013 by doing market-making and tackling challenges in crypto liquidity and infrastructure. One thing that always stuck with me was Satoshi’s idea: ‘We need systems where trust isn’t a prerequisite.’ That thought shaped a lot of my thinking.

因此，我們始於2013年，通過進行市場製定並應對加密流動性和基礎設施中的挑戰。 Satoshi的想法總是一直困擾著我：“我們需要信任不是先決條件的系統。”這種想法塑造了我的很多想法。

Around 2018-2019, I decided to start Yellow. Later, we merged with a French exchange technology company called OpenWare. Combining my market experience with their tech, we launched Yellow Network. It’s a trading infrastructure designed to let institutions, like Société Générale, trade directly with major players like Binance without needing to trust them. ”

在2018 - 2019年左右，我決定開始黃色。後來，我們與一家名為OpenWare的法國交換技術公司合併。將我的市場經驗與他們的技術相結合，我們啟動了黃色網絡。這是一個旨在讓機構（例如SociétéGénérale）與Binance這樣的主要參與者進行交易而無需信任的主要參與者的貿易基礎設施。透明

Trading with exchanges like Binance without trusting them—does that mean trust as a counterparty?

與Binance這樣的交易交易而不信任它們，這意味著信任是交易對手嗎？

“Exactly. It’s a core part of Satoshi’s vision. At Yellow, we’re working on a different model of trustlessness using state channels, which represent a new paradigm compared to traditional blockchain systems like Bitcoin or Ethereum.

“正是。這是Satoshi願景的核心部分。在黃色時，我們正在使用狀態渠道進行不同的無信任度模型，該渠道代表了與傳統的區塊鏈系統（如比特幣或以太坊）相比的新範式。

In those systems, you have tens of thousands of nodes—say, around 30,000—validating each transaction. It’s a powerful model for security; each validator has a financial incentive to be honest, and there’s no way to roll back a confirmed transaction. The same applies to staking networks. But that structure just doesn’t work for high-frequency trading. You can’t have 30,000 nodes verifying every microsecond trade; it’s simply too slow and inefficient.

在這些系統中，您有成千上萬的節點（例如，大約30,000個節點）對每筆交易進行了驗證。這是一個有力的安全模型；每個驗證者都有一個經濟激勵措施，說實話，無法退縮確認的交易。同樣適用於Staking網絡。但是這種結構對高頻交易不起作用。您不能有30,000個節點來驗證每個微秒貿易；它太慢且效率低下。

For instance, some networks try to solve this by reducing the number of validators to 21, which compromises the level of trust and decentralization. Our approach is fundamentally different. The Lightning Network serves as inspiration, but we’ve taken it in a new direction.

例如，某些網絡試圖通過將驗證器的數量減少到21來解決這一問題，這損害了信任和權力下放的水平。我們的方法根本不同。閃電網絡是靈感，但我們已經朝著新的方向發展了。

With the Lightning Network, you can move money instantly by opening a state channel. At Yellow Network, we use similar state channels, but instead of transferring funds directly, we transfer profit and loss in real time. For example, if you buy a Bitcoin for $100,000 and it rises 5%, the $5,000 profit is immediately transferred to your wallet. The trade is settled instantly, peer-to-peer, with cryptographic proof.

使用Lightning網絡，您可以通過打開州渠道立即移動資金。在黃色網絡上，我們使用類似的州渠道，但是我們沒有直接轉移資金，而是實時轉移損益。例如，如果您以100,000美元的價格購買比特幣，並且上漲了5％，那麼5,000美元的利潤將立即轉移到您的錢包中。該交易立即解決，點對點，並通過加密證明。

To ensure security and fairness, we’ve built a smart contract called ClearSync. If a counterparty refuses to settle—as we saw recently with the HyperLiquid issue—ClearSync can step in and arbitrate the trade. It verifies the claim and, if valid, ensures the rightful party receives what they’re owed. So, it’s a trustless system that still allows for the speed and flexibility traders need.”

為了確保安全性和公平性，我們建立了一個名為Clearsync的智能合約。如果交易對手拒絕定居（正如我們最近在混血問題上看到的那樣），Clearsync可以介入並仲裁貿易。它驗證了索賠，如果有效，則確保合法的一方收到他們欠的東西。因此，這是一個無信任的系統，仍然允許速度和靈活性交易者需要。 ”

It’s not using flash trading?

它不使用Flash Trading嗎？

“No, it’s peer-to-peer trading. Nothing is faster or more efficient than a direct state channel between two parties. Profit is transferred instantly. That’s the core of this new paradigm: trustless trading, where settlement happens in real time.

“不，這是點對點交易。沒有什麼比兩方之間的直接狀態渠道更快或更高效。利潤立即轉移了。這是這種新範式的核心：無信任的交易，解決方案實時發生。

Let’s say we’re trading and the connection drops—no problem. If I made a profit, it’s already secured. I might not receive the asset, like Bitcoin, but my profit in dollars is locked in. There’s no need to trust the other party to settle correctly.”

假設我們正在交易，連接下降 - 沒有問題。如果我獲利，那就已經確保了。我可能沒有像比特幣那樣收到資產，但是我的美元利潤已被鎖定。無需信任另一方才能正確解決。 ”

Is it effective profit or a claim to profit?

是有效的利潤還是利潤索賠？

“It’s effective profit, denominated in dollars or whatever currency is locked as collateral. Here’s how it works: two parties lock in $20,000 to trade Bitcoin. That amount represents the maximum they’re willing to risk.

“這是有效的利潤，以美元計價或任何被鎖定為抵押品的貨幣。這是其工作原理：兩個政黨鎖定了20,000美元以交易比特幣。這筆錢代表了他們願意冒險的最大風險。