Facebook's Libra project is currently experiencing huge troubles. According to previous reports from Babbitt, PayPal, Mercado Pago, Visa, eBay, Stripe and Mastercard have already withdrawn from the Libra Association.
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(updated member list)
After comparing Libra's official membership list changes, we found that Libra's payment industry members only have PayU's PayU.
This also reflects the fact that the payment company is under greater pressure, as Libra head David Marcus commented afterwards:
“Special thanks to Visa and Mastercard for their persistence (until recently). The pressure is really big (this is still a conservative statement), and I respect their decision to wait for the regulator to clarify that Libra can continue, which involves their business. Suffered from (many) threats.
I hope that you will not regard this as the fate of Libra. Of course, this is not good news in the short term, but to a certain extent, it is a kind of liberation. There will be more news soon. This major change is difficult, and when the pressure is getting bigger, you can understand what you are doing. ”
Although Libra suffered an “exit door”, its founding member (super node) standard did not decrease.
After these setbacks, will Libra lower the founding member standards?
The answer is no. After reviewing the official information, we found that the standard is still consistent with the previous ones, for example:
According to the rules, if a company wants to be a founding member, it must meet at least two of the following criteria:
1. Market value/receivable balance:
Metrics: Market capitalization exceeds $1 billion or receivable balances exceed $500 million.
Metrics: Serving more than 20 million people in multiple countries each year.
3. Brand sustainability:
Metrics: Ranked among the top 100 industry leaders by third-party industry associations or media companies. The list of parts that the association refers to when evaluating founder applicants includes Interbrand's “Top 100 Global Brands”, Fortune Magazine's “Top 500”, Standard & Poor's Global 1200 Index, FTSE Eurotop 300 Index and other regions that have selected well-known brands. List of countries.
- Managed assets (AUM) exceed $1 billion.
Blockchain infrastructure companies (all of the following criteria must be met):
- Has been in operation for more than 12 months.
- Adopt an enterprise-wide security, privacy, and infrastructure operating model that is secured by modern policies and processes (public disclosure of information through security audits or penetration testing reports).
- Host or maintain at least $100 million in assets for customers.
At present, the entry barrier of the Libra Association has not been lowered because of the “exit door”.
For more standard information, please see: https://libra.org/en-US/becoming-founding-member;
Nick Szabo: Libra didn't learn the lessons of Bitcoin "pioneers"
For this incident, Nick Szabo, the father of smart contracts, also expressed his views, saying:
"You may want to ask yourself why the pressure is so great, refer to the history of some Bitcoin pioneers, such as the failure of electronic gold. You have not learned from history, which makes Libra pay a huge price to relive the past failures. ""
In response, Marcus countered that:
"Don't misunderstand me. Before I embarked on this journey, I would appreciate Bitcoin very much, and the level of appreciation is still growing:), but it is not a good medium of exchange?"
Subsequently, Szabo added:
"Bitcoin as an exchange medium actually performs much better than the prohibited fog."
Libra can solve these regulatory problems and launch it smoothly. What is your opinion?