在2025年的《巴黎区块链周》中，Beincrypto与Alexis Yellow坐下

在2025年的《巴黎区块链周》中，Beincrypto与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年版的巴黎区块链周期间，Beincrypto与Alexis Yellow坐下来，Alexis Yellow是Crypto项目，旨在根据Satoshi最初对比特币的愿景来建立一个全新的范式。

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.

亚历克西斯（Alexis）的使命是从没有信任的情况下创造一个世界，从区块链技术的核心原则开始。加入我们，当我们深入研究即将到来的黄色令牌，这是一种新颖的智能合同机制，并使加密项目更具公用事业为导向。

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

我们开始采访，要求亚历克西斯介绍自己和他的项目。

“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.

“我的背景是在软件工程中。在我的职业生涯的早期，我在欧洲航天中心工作。但是我在加密货币的旅程意外开始。2013年，一个在高盛（Goldman Sachs）工作的老朋友，他伸出援手，伸出手告诉我一个需要帮助的项目。该项目原来是涟漪。

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.

我们成为了Ripple的第一个客户，这种经验帮助我迅速了解了加密货币的潜力。尽管空间周围怀有怀疑，但我还是看到了真正的创新。 Ripple的CTO是比特币核心的贡献者，即使在以太坊之前，Vitalik Buterin都与球队密切相关。实际上，布特林正计划加入Ripple，特别是对他们的共识机制感兴趣，这也是我的灵感。

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，我们始于2013年，通过进行市场制定并应对加密流动性和基础设施中的挑战。 Satoshi的想法总是一直困扰着我：“我们需要信任不是先决条件的系统。”这种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，我决定开始黄色。后来，我们与一家名为OpenWare的法国交换技术公司合并。将我的市场经验与他们的技术相结合，我们启动了黄色网络。这是一个旨在让机构（例如SociétéGénérale）与Binance这样的主要参与者进行交易而无需信任的主要参与者的贸易基础设施。透明

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

与Binance这样的交易交易而不信任它们，这意味着信任是交易对手吗？

“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。这是Satoshi愿景的核心部分。在黄色时，我们正在使用状态渠道进行不同的无信任度模型，该渠道代表了与传统的区块链系统（如比特币或以太坊）相比的新范式。

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.

在这些系统中，您有成千上万的节点（例如，大约30,000个节点）对每笔交易进行了验证。这是一个有力的安全模型；每个验证者都有一个经济激励措施，说实话，无法退缩确认的交易。同样适用于Staking网络。但是这种结构对高频交易不起作用。您不能有30,000个节点来验证每个微秒贸易；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，某些网络试图通过将验证器的数量减少到21来解决这一问题，这损害了信任和权力下放的水平。我们的方法根本不同。闪电网络是灵感，但我们已经朝着新的方向发展了。

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网络，您可以通过打开州渠道立即移动资金。在黄色网络上，我们使用类似的州渠道，但是我们没有直接转移资金，而是实时转移损益。例如，如果您以100,000美元的价格购买比特币，并且上涨了5％，那么5,000美元的利润将立即转移到您的钱包中。该交易立即解决，点对点，并通过加密证明。

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.”

为了确保安全性和公平性，我们建立了一个名为Clearsync的智能合约。如果交易对手拒绝定居（正如我们最近在混血问题上看到的那样），Clearsync可以介入并仲裁贸易。它验证了索赔，如果有效，则确保合法的一方收到他们欠的东西。因此，这是一个无信任的系统，仍然允许速度和灵活性交易者需要。”

It’s not using flash trading?

它不使用Flash Trading吗？

“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，这是点对点交易。没有什么比两方之间的直接状态渠道更快或更高效。利润立即转移了。这是这种新范式的核心：无信任的交易，解决方案实时发生。

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.”

假设我们正在交易，连接下降 - 没有问题。如果我获利，那就已经确保了。我可能没有像比特币那样收到资产，但是我的美元利润已被锁定。无需信任另一方才能正确解决。”

Is it effective profit or a claim to profit?

是有效的利润还是利润索赔？

“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.

“这是有效的利润，以美元计价或任何被锁定为抵押品的货币。这是其工作原理：两个政党锁定了20,000美元以交易比特币。这笔钱代表了他们愿意冒险的最大风险。