Let the data speak: the world has shifted from digital tokens to digital currency

Recently, there have been too many changes in the blockchain world. Whether it is good or bad, the hearings on the other side of the ocean, the filing of the Chinese management department, and the industrial development policy are all inseparable from Libra on Facebook. June 18, 2019 is a The turning point in the blockchain world, the release of Facebook's white paper, draws the world's attention to Libra on Facebook.
The pen-speaking words are spreading the same voice. Libra coins are stable coins, the price will not change, and Libra coins have not yet been released. Libra and other public chains are not on the same runway. Both JPMorgan and Walmart have joined the blockchain camp in the form of high-profile currency this year. The stable coins such as USDT, GUSD and PAX have given a guide to stable currency.
From the demand for stable value, rounds of policy fluctuations and currency events have allowed the waves to squander heroes, bitcoin to stabilize the identity of digital gold, and digital currency to find its own exports. Libra is a light. Whether it is Aurora, Twilight or Meteor Light, it is too important on the road of digital currency development. We have made an exception. This time, the Blue Book analyzes Libra.
As a evangelist and practitioner of blockchain science and industry, we also analyzed two very important blockchain systems. The importance of these systems is self-evident, both of which are led by the Turing Award. The chain system, Algorand led by the Massachusetts Institute of Technology Silvio Micali and the Conflux project of the teacher of China's Tsinghua University Yao Yizhi.

Needless to say, these two public chain projects have issued coins, and have attracted widespread attention from academic and industrial circles around the world. Just a few months ago, MIT's Silvio Micali also went to China for roadshows, and it was valued by Chinese academics. Many IT industry, algorithmic and celebrity green peppers were sent to the academic community with the heart of the heart. The currency is full of expectation that this time is absolutely different from the purchase of “air coins” by passers-by A and Chinese aunts. Unfortunately, under the sun, there is nothing new, and its currency has fallen to 10% of its original face value, which means it has fallen by 90%. So on some websites in China, they called Algorand "Turing-style cut leeks."

Libra, who turned his gaze back to the fire, made a high-profile release, public hearing and dialogue with the 26 central bank governors. From the Marcus to Zuckerberg, he stood at the hearing. From innuendo to debate, the story of WeChat and Alipay has been repeatedly mentioned. However, the charm of the blockchain itself and the strength of Facebook have not been tarnished. After Facebook published a white paper by Libra, Facebook's activities have increased rapidly. In just a few months, their activity is more than almost All the public chains.

Although Libra's current data can't compete with traditional blockchains, such as Bitcoin and Ethereum, it's never to be under such a speed. The data has already been spoken – "Facebook's Libra system is the world's most Focus on the blockchain."

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Facebook's Librar activity began in June 2019

The story of the data also tells us that Libra's technology is original and does not copy anyone. When Libra was questioned and attacked in the past month, many people doubted its vitality, but as a brand new creation, it meant the emergence of a large original blockchain system, and confirmed that the author had previously predicted that Libra would be World reference chain. Previously only the early similarity analysis, after 4 months, the numbers continued to confirm the authenticity of this prediction. In contrast, Algorand has some software similar to the 11 blockchain systems in our sandbox system, and its activity is not like the $60 million project, which is obviously not active enough.

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The Algorand of the Turing Award, which began in June 2019, is significantly less active than Libra.

On the other hand, the public chain system led by Teacher Yao of China is more lively than the MIT public chain system. Many people say that the Yao team is actively building a public chain system and working hard to build software. The news is reliable from the data point of view. But in terms of activity, the Conflux system is far from the Facebook system's activity, and in terms of originality, Conflux has similarities with the 22 blockchain systems in the Taishan sandbox. Of course, the Yao team There should be extensive optimization.

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Conflux has been active since March 2019, earlier, but less active than Libra

In addition, there are some systems that have been widely publicized at home and abroad. Now, the data has been ruthlessly hit, and the data of the later activities are very deserted and there is no activity. The future has come, the search for blockchain floor scenes, the science and industry chain of eucalyptus camps, the world's attention has shifted from digital tokens to stable coins.

The British Fnality USC publicly claims to be a stable currency, a synthetic digital currency (sCBDC) (specifically, the digital currency that the central bank and technology companies have cooperated with), and is also a wholesale digital currency (wCBDC) (can only be used) Digital currency in the banking system). In addition to the typical design of stable currency anchored with sovereign currency, USC has given a single country independent sovereign chain, and has carried out cross-chain design to deal with hotspot application scenarios for cross-border payments, because it has a high agreement with the existing financial architecture. Degree, USC has also received support from 15 major international banks.

This USC operating mode is actually the application of the Panda model proposed by the author in 2016. Under this model, the chain of central banks owned by the state is ABC (account chain), which is used to control the digital legal currency issued by the state; When trading in the legal currency system, it is carried out using the TBC (transaction chain). This mechanism effectively protects the privacy of each subject, isolates risks, and demonstrates the advantages of cross-chain.

After Facebook’s Libra white paper was released, many national or regional central banks, including the European Central Bank, claimed to issue digital legal currency, the stable currency.

However, the existing international standards for payment clearing do not take into account the advantages of the blockchain architecture. Whether it is Libra or Fnality, or the digital currency introduced by the national platform, there are still many details worth considering and exploring. Blockchains, stable coins and digital legal coins ask each other's real needs in a new era.

Today, General Secretary Xi Xi emphasized in the 18th collective study of the Political Bureau of the Central Committee that the blockchain is an important breakthrough for independent innovation of core technologies and accelerates the development of blockchain technology and industrial innovation. The emotional reversal of the blockchain practitioners who are cheering is that the recent popular digital tokens not only have a downward trend in market value, but also a lot of activity.

CCTV news headlines and friends circle screens let us ponder in excitement, although more investors believe that the blockchain industry is maturing, but the focus is no longer the public chain white paper and currency, which means the digital currency The era has really come, and the era of digital tokens is slowly passing.

Author: Cai Weide

Director of Digital Society and Blockchain Laboratory of Beihang University, Chief Scientist of Tiande Technology, Major Project Leader of National Ministry of Science and Technology, Director of Blockchain Internet Lab of National Big Data (Guizhou) Comprehensive Experimental Zone, Tianmin (Qingdao) International Sandbox Research Dean of the Academy, Honorary Dean of the CCID Research Institute of CCID (Qingdao), President of the Blockchain Industry Professional Committee of China Asia Economic Development Association, Director of the North Mujin District Block Chain Committee

Wang Juan

Ph.D. in Applied Economics, Xi'an Jiaotong University (post), Ph.D. in Systems Engineering, University of Florida, USA