The giant digital currency may be the most valuable asset left by this wave of blockchains.

If you want to list a top ten news in the digital currency industry during the year, then the bursting of the public chain bubble and the rise of the giant digital currency are definitely two topics that cannot be avoided. Interestingly, if you combine these two topics, you can actually observe a significant shift in the blockchain industry this year, that is, in specific application scenarios, people have to admit: whether it is because subjective input is not enough Or because of the objective technical conditions, under the current conditions, the blockchain itself cannot support a sustainable digital economic system alone. This arduous task may depend on 5G, cloud computing, artificial intelligence, etc. in the future. Technology is done together, and within the expected time, the most valuable intellectual property left by the blockchain technology to the society is "decentralization", and the most realistic and direct product of this "decentralization" idea is Tokens (although the nature of tokens is currently not available in the industry). The decentralized digital currency represented by Libra is the product that has been accepted by the mainstream society and has been the most popular after the blockchain wave has been swept in the last two years.

With regard to Libra, there are already too many interpretations in the industry, but throughout these comments, there is often a feature that is used to refer to Libra as Facebook's Libra. Strictly speaking, such a description is actually not accurate. From the public information currently transmitted, Facebook is the first author of Libra, but Facebook has tried to dilute its position in Libra from beginning to end. In other words, Libra's design philosophy reveals a very strong decentralization concept. First of all, in the governance of the rules, Facebook does not take a single form, but hopes to establish a parliamentary, decentralized Libra Foundation by assembling the strength of the industry. Second, on anchoring assets, Facebook is different from Q coins. It is not linked to any country's credit currency or a precious metal asset, but rather adopts a very decentralized portfolio of assets.

Seeing this, friends who are concerned about the development of digital currency, there should be another kind of asset in mind – yes, this asset is bitcoin, if only the decentralized design, bitcoin Libra can be said to have a very high degree of similarity: in the governance structure, Bitcoin's governance rights are distributed in the hands of the core community and Bitcoin miners; and the endorsement of bitcoin for credit is actually more than just Cryptography technology is more about the ecology behind Bitcoin, that is, the purchase of various gray assets in the global underground network (for this, you can refer to the author's previous article ). From this point of view, except for the uncertainty Whether or not to adopt encryption technology such as blockchain, that is, decentralized storage of transfer records, Libra's design concept is very similar to Bitcoin itself. And its purpose is also obvious, is to recreate a decentralized currency. As for the digitization of the currency, it is more like a "gimmick" to reduce regulatory resistance. After all, whether it is a traditional credit card or an emerging mobile payment, the external manifestation of currency has long been It has been implemented electronically and digitally.

So, looking at Libra's many follow-up imitators, many companies and institutions don't understand the essence of Libra, and they don't know exactly what Libra is worth to imitate. After all, if we study the digitization of money, then this is actually It has long been a reality. And although central banks have begun to release news in a tight manner, such as claiming to replace the change of banknotes, etc., the replacement of M0 is not particularly market space. After all, online transfer can use tools such as Alipay and WeChat. Realization, and the privacy issues highlighted by digital M0, in the case that most consumers trust the intermediary payment giant, it is not just needed.

In fact, Libra's contemporary significance does not lie in its "digitalization" but in its "decentralization", but because this matter is too sensitive, even in the most open countries of finance is a taboo topic, so We have seen that although companies including Wal-Mart, Huawei, and Apple have recently joined the discussion on cryptographic assets, their opinions are particularly vague, so many people have so far only observed from the front end of the currency. In turn, I feel that the currency like Libra is a "chicken rib", completely ignoring the decentralized assets and governance mechanisms behind it, and that is the truly groundbreaking nature of digital currency.

However, although still a non-mainstream topic, the idea of ​​decentralizing the currency has begun to appear in various discussions in the financial industry. For example, the chief economist of a recent brokerage firm once said that the central bank's digital currency can contain US dollars, and the US dollar and the yuan each account for 50%, which is the perfect anchor for the central bank's digital currency. In the context of trade conflicts, such discussions did not cause a big rebound, at least one thing: that is, the decentralization of currency endorsement assets, indeed has a certain basis of public opinion, at least From top to bottom, the society has a little psychological preparation. This is actually another transformation and cycle of the asset back-end endorsement assets mentioned by the author in the previous article . It is also the property that the blockchain wave can produce social value in the past two years. If one day the endorsement assets of the global currency really have a wave of decentralization, then the fuse of this wave is likely to be Libra or something else, but if we trace the source of this trend, Bitcoin, as well as the decentralization concept left by the blockchain, will be a hurdle for people to circumvent.

At the end of the article, I would like to say a few more about the future of the giant digital currency. The idea of ​​decentralization of currency endorsement assets sounds cool, but it can only serve as a rigid counterpart. In other words, this idea can only determine the lower limit of the currency, but not the upper limit of the currency. If a currency like Libra relies on decentralized endorsement assets to survive, it may not be worth more than a multi-asset portfolio. To truly make Libra use its value and enhance its presence in the global economy, and truly build a digital economy, Libra's governors should still find ways to make it unique with certain goods or services. hook up. Only in this way can we copy Bitcoin and the glory of the previous Ethereum and avoid the painful lessons of many later air coins.