Author: Zhang Peng
 
Project Overview 公司概览
tZERO aims to build a stable and reliable securities token trading platform, which is entirely legal and regulated.
tZERO希望打造一个稳定、可靠、完全合规、规范的数字货币交易平台。
Sector and Issuance Jurisdiction  行业和司法管辖区

• Sector: Finance / Software

行业：金融 / 软件

• Jurisdiction: U.S.

司法管辖区：美国
Key Milestones 企业大事记

• In 2014, tZERO was an effort developed by Overstock.com to develop Medici, a blockchain technology, for cryptocurrencies sales.

2014年，tZERO 是Overstock.com为开发用于加密货币销售的区块链技术Medici而打造出的子公司。

• In 2017, tZERO sold Simple Agreements for Future Equity (SAFEs) to investors.

2017年，tZERO开始向投资者出售未来股权简单协议(SAFEs)。

• In mid-2018, tZERO conducted its ERC-20 compliant token (TZROP) and started the main sale.

2018年年中，tZERO开始运用ERC-20合规代币（TZROP）并开展主售业务。

Technology 技术采用

• Blockchain: Ethereum

块链：以太坊

• Token type: ERC20

协议类型：ERC20

• Digital Locate Receipt (DLR) Software

Digital Locate Receipt (DLR)软件
 
Digital Locate Receipt (DLR) Software is a licensable software which is regarded as having the potential to revolutionize the stock loan business. Non-automated systems may result in inefficient allocation and pricing. DLR can help prevent this inefficiency because all transactions will be recorded into proprietary or other blockchains.
Digital Locate Receipt (DLR) Software是一款被认为具有引领证券借贷业务变革潜力的许可软件。非自动系统往往会导致分配与定价的低效性，而DLR则通过将所有交易记录上链以避免此类低效情况的出现。

• Risk Management Technology风控技术

SpeedRoute’s risk management tools are 15c-3-5 compliant. Their system consists of more than 50 risk management rules such as stopping orders, maximum notional amount, checking buying power, and so on.
SpeedRoute风险管理系统由50余条风控规则（含截停订单，规定最大名义金额，检测购买力等），可兼容15c-3-5。
 
 

• Monitoring Tools 检测工具

tZERO created plenty of monitoring tools to keep tracking the issues that may occur in trading hours. These tools cover the status of connection among clients, front ends, vendors, and execution venues. Clients can be provided with email alerts, visual and audio information.
tZERO打造了多款检测工具以追踪在交易时间内可能出现的各类问题。这些工具全面覆盖了客户端、前端、供应商与执行场所之间的连接状态。一旦出现异动，客户即可接收到电邮提醒、视讯和音频信息。
 

Financial Traction 财务状况

• Total digital securities trading volume 2019: 2.032 million

2019年数字证券成交总量：203.2万笔

• Total digital securities trading volume January 2020 ~ July 2020: 2.269 million

2020年1月 ~ 7月数字证券成交总量：226.9万笔

• Total dollar volume 2019: 5.332 million

2019年交易总额（美元）：533.2万

• Total dollar volume January 2020 ~ July 2020: 11.518 million

2020年1月 ~ 7月交易总额（美元）：1151.8万

Total Capital Raised from STO and Valuation 通过STO募资总额及估值

• Presale: December 18, 2017 / January 29, 2018

预售：2017年12月18日 /  2018年1月29日

• Main sale: June 9, 2018 / August 9, 2018

主售：2018年6月9日 / 2018年8月9日

• Funded: $134,000,000 USD

募得资金：$134,000,000美元

• STO Price: 1 TZRO = $10 USD

STO价格：1 TZRO = $10 USD

• Accepts: ETH, BTC

接受币种：ETH, BTC

• Fundraising goal: $250,000,000 USD

募资目标：$250,000,000 美元

• Soft Cap: $50,000,000 USD

软顶（项目方从首次币发行中获得的最低金额）：$50,000,000美元

• Security Type: dividend

证券类型：股息型

• Token Rights: pay token-holders quarterly with 10% of adjusted gross revenue

代币权益：支付代币持有人每季度可获得调整后总收入的10%作为收益
Team 团队成员

• Patrick M. Byrne (CEO) - Patrick M. Byrne founded Overstock.com in 1999, and he recognized the enormous potential of cryptocurrency and blockchain technology as early as 2014. In 2015, Patrick traded a digital bond settled on a blockchain through trading platform tZero.

Patrick M. Byrne于1999年创立了Overstock.com，并早在2014年便意识到了加密货币和区块链技术的巨大发展潜力。2015年，Patrick开始通过交易平台tZero进行区块链数字债券的交易活动。

• Joe Cammarata (President) - Joe Cammarata is now the President at tZERO, CEO at SpeedRoute. He is a former Co-founder and CEO at Sonic Trading. He once acquired a collapsed company, and the company's business grew ten times after reorganization.

Joe Cammarata现任tZERO总裁和SpeedRoute首席执行官，曾任Sonic Trading联合创始人兼首席执行官。他曾收购了一家倒闭公司，重组后使该公司的业务量实现了十倍增长。
 
 

Reference 参考文献

1. Anzalone, Robert. “TZERO Breaks A New Digital Token Trading Volume Record In July.” Forbes, Forbes Magazine, 6 Aug. 2020, www.forbes.com/sites/robertanzalone/2020/08/06/tzero-breaks-a-new-digital-token-trading-volume-record-in-july/.
2. “TZERO (STO) - Security Token Overview.” STOscope, stoscope.com/sto/tzero.
3. “TZERO White Paper.pdf.” DocDroid, www.docdroid.net/JsZwvl2/tzero-white-paper-pdf.
4. “TZROP Token: TZROP Price.” TZROP Token | TZROP Price, https://stomarket.com/sto/tZERO/#terms.