Huang Lianjin: The current financial system is asymmetrical, and Libra is doing a meaningful thing as Defi's vanguard.

Today, Huang Lianjin, an expert member of the China Electronics Society Blockchain Branch, summarized the opening of Libra's head in the Senate hearing at the Babbitt community Sheknows: 1. Libra will be legal and legal. It will not compete with the central bank of any sovereign country and will not specify monetary policy. 2, need to take it slowly, the journey is very long, but Libra will continue to do it. 3. Vision is also global digital cash, reducing or eliminating cross-border payment costs. 4. Privacy protection provides some details not seen in the original white paper: Libra only stores the public address of the transaction and the number of Libra transactions in the chain. No other data will be stored. 5. There are many financial applications on Libra. Calibra is a wallet app that stores user privacy data, but without the user's consent, Calibra does not share data with Libra or Facebook. 6. Facebook will be an ordinary member of the Libra Association, with only one vote showing the spirit of DAO. 7. Libra will have a Reserve system. There will be a basket of currencies as a Reserve. The specific weights are not further explained. It may be determined dynamically by an algorithm. So what kind of algorithm would it be? This would be a very interesting question. Finally, Huang Lianjin said: I personally feel that the current financial system is indeed asymmetrical, costly, and not universally pleasing. Libra is indeed doing something meaningful for Defi's vanguard.