标题： 循环协议：一种点对点电子清算系统 显示英文标题

标题： Cycles Protocol: A Peer-to-Peer Electronic Clearing System

摘要： 几个世纪以来，金融机构通过组建封闭的、集中的清算俱乐部来应对流动性挑战，这些俱乐部有严格的规则和会员制度，使它们能够合作使用最少的资金来清偿最多的债务。 作为封闭的俱乐部，大部分公众被排除在参与之外。 但私营部门的大多数参与者是由容易受到延迟付款影响且通常不符合银行贷款条件的微型或小型企业组成。 这种低流动性环境经常导致僵局并导致破产，而且对小企业和社区的影响尤为严重。 另一方面，区块链社区开发了开放的、去中心化的结算系统，以及价值存储资产的激增和新的借贷协议，使任何人都可以无许可地进行交易并获得信贷。 然而，这些协议目前主要被用于投机目的，迄今为止尚未实现其倡导者预言的对实体经济的大规模积极影响。 我们通过引入Cycles来解决这些挑战，Cycles是一个开放的、去中心化的清算、结算和发行协议。 Cycles旨在使企业克服支付效率低下问题，降低其营运资金成本，并利用多种资产和流动性来源，包括加密货币、稳定币和借贷协议，以更少的资金清偿更多的债务。 Cycles通过基于图优化算法的隐私保护多边结算平台来解决现实世界的流动性挑战。 该设计基于一个核心见解：流动性存在于支付网络结构中的循环中，并可以通过优化以减少债务的结算流来获取。 显示英文摘要

摘要： For centuries, financial institutions have responded to liquidity challenges by forming closed, centralized clearing clubs with strict rules and membership that allow them to collaborate on using the least money to discharge the most debt. As closed clubs, much of the general public has been excluded from participation. But the vast majority of private sector actors consists of micro or small firms that are vulnerable to late payments and generally ineligible for bank loans. This low liquidity environment often results in gridlock and leads to insolvency, and it disproportionately impacts small enterprises and communities. On the other hand, blockchain communities have developed open, decentralized settlement systems, along with a proliferation of store of value assets and new lending protocols, allowing anyone to permissionlessly transact and access credit. However, these protocols remain used primarily for speculative purposes, and so far have fallen short of the large-scale positive impact on the real economy prophesied by their promoters. We address these challenges by introducing Cycles, an open, decentralized clearing, settlement, and issuance protocol. Cycles is designed to enable firms to overcome payment inefficiencies, to reduce their working capital costs, and to leverage diverse assets and liquidity sources, including cryptocurrencies, stablecoins, and lending protocols, in service of clearing more debt with less money. Cycles solves real world liquidity challenges through a privacy-preserving multilateral settlement platform based on a graph optimization algorithm. The design is based on a core insight: liquidity resides within cycles in the payment network's structure and can be accessed via settlement flows optimized to reduce debt.