Liu Chang: The peace and development of the world will be built on the infrastructure built by the password consensus

Babbitt News, November 1st, Ph.D., Ph.D. in Economics at Peking University and founder of Zhimi University, Liu Chang, said on Weibo that the logic of the gold standard is that gold and silver can become money because it has social authority and cannot decide The scarcity of change, and the physical attributes that are suitable for making money. Even if the social authority can temporarily stipulate the currency, it will eventually get out of control, or find a more reliable anchor that is not controlled by the specific social authority. The significance of the cryptographic currency such as Bitcoin and Bitcoin cash lies in the separation of physical scarcity through distributed consensus, and the establishment of a currency anchor that cannot be controlled by social authority through asymmetric cryptography and distributed consensus. It is to use the simplest and most rude way to establish a consensus that no social authority can control, and various social authorities have to let go of their differences, reach a consensus, and play on the basis of the anchor of consensus. Peace and development in the world will build on the infrastructure built on cryptographic consensus.