This year's 618, Facebook launched a global marketing, released a white paper on the cryptocurrency project Libra. Libra has not only become the largest discussion in the history of the cryptocurrency community, but it has also attracted the “crackdown” that almost coincides with the regulatory agencies from the United States to Europe.
619, the Babbitt column SheKnows invited:
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Meng Yan, the founder of the economy
Ontology co-founder Ji Zhoudong
Xorder.ia founder Tao Rongzhen
Marc Fleury, founder of American open source pioneer JBoss
Mixin CEO Feng Xiaodong
Libra, who is involved in the cryptocurrency project of Facebook, and the former chief engineer of the Shanghai Stock Exchange, Bai Shuo, and the founder of the quantum school, Luo Jinhai, asked the netizens to discuss the economic impact of Libra and the ending of Libra in their eyes.
Ask if Facebook Libra will become a currency platform in the future.
Q: Tao Rongzhen – Why do you not pay attention to or deliberately ignore Facebook's future asset issuance (I mean the issuance of assets other than stable currency). Similar to the current IXO, it is now based on the public chain, and whether it is possible to base Facebook services in the future. Facebook's single release of stable currency is not particularly exciting. What excites me is the greater ambition behind it. One thing to know about Facebook is that it’s not a complete reserve. Taking another step forward is to create value from nothing.
A: Marc Fleury –
Facebook has the potential to do something as simple as stabilizing coins to avoid more regulatory testing. Look at all the reactions. Imagine if it is truly safe or real money creation (real bank).
Ji Zhoudong –
The issuance of new assets in the licensing chain is certainly limited. If Libra really has ICO functionality, it is also an initial call offering, and it is worth looking forward to the future evolution into an open service.
Chang used –
I also think that Libra's currency payment is complicated enough, and it is significant enough that no other tokens need to be added. Facebook should not be like a super-idealist in the currency circle, wanting to put everything in its own chain.
Feng Xiaodong –
Maybe you only watch Libra's introductory white paper. No one has read the 60-page Libra blockchain technology white paper. After reading it, I feel that Facebook's ideas and solutions are very pragmatic and well prepared. Is it technology or compliance? Libra's solution is to make it clear that not only government regulators, banks, technology geeks, or ordinary consumers, but the significance of distributed ledgers lies in the fair and transparent financial regulation of finance. Projects of similar programs that are now known, such as Mixin Messenger, Telegram, Kik, and MobileCoin, are all working in this direction, and Facebook's influence has made more people aware of the correctness of this direction. So I am clearly optimistic about this action, and I am optimistic about the impact of this action on the entire cryptocurrency industry.
Meng Yan –
Some reserves will be broken sooner or later. The USDT issued an additional 800 million to Bitfinex loans, which I think is part of the reserve.
Second, what is the advantage of Calibra compared with Alipay and Q coins?
Q: Is Calibra just a centralized payment system with a layer of digital currency shells, and what is its advantage over Alipay or q coins?
A: Meng Yan –
In 2002-2007, Q coins were the most successful virtual currency in China. However, in 2007, a paper noticed that the skill of Q coins dropped greatly. By 2009, it was forbidden to transfer between accounts, it was no longer a currency. Just a point. So don't say it.
Alipay, WeChat payment and other third-party payments are all so-called payment gateways. Their role is to provide an entry point to help users access the bank's core system and payment network. The blockchain is a payment network that is implemented directly on the Internet. This happened once before, that is, the convergence of the telecommunications network and the Internet. Previous calls were made through the telecommunications network, and now many landline phones are actually going to be Internet VoIP. But the Internet has built-in value carriers, and the significance of this matter is much greater than the convergence of telecommunications and the Internet. The application of a large number of digital economies will be born. I said a sci-fi point. In the future, self-driving cars run on the road, 5G edge calculation, a car to hurry, you can pay tokens to the front car, let them give way to themselves. This kind of thing must be built directly into the Internet Protocol. The first stage of the pass economy is to express the money in tokens. The second stage is to express various digital objects directly with tokens. By the time a large number of transactions are completed directly at the protocol level, there is no need to go to the payment gateway. Brain hole ~~ Ji Zhoudong: This example is vivid, with coins and coins, time can become a quantifiable asset.
Three questions Libra can land
Q: Bai Shuo, the former chief engineer of the Shanghai Stock Exchange, said that in fact, the claims of borderless, point-to-point appeals, programmable appeals, low handling fees and even 0 handling fees and low volatility appeals are clearly orthogonal and can be split. Dealing with, not to say that it must be either all or none. So, despite the opposition and boycott, is Libra’s appeal still quite a part of it?
A: Meng Yan –
I originally expected Facebook to move forward a little bit, but the white paper was written very fiercely. I think maybe one is to raise the banner, to build the brand, but if it really does, it will go as pragmatically as Bai Shuo said. This matter is mainly to see how he mines mine. I just want to say that Xiaoma Ge, who is not technical, depends on the opinions of the regulatory authorities.
Wind clearing –
Will this happen: not all countries support Libra, such as the EU, Russia, China. In order to reject Libra, the social media of Facebook has been curbed, and the "Libra" has been cultivated or formed. Therefore, the launch of Libra is not all rewarding, and it may expose the industry to a serious crisis.
Soul torture: Libra's future ending
Question : Luo Jinhai – Guess the future ending of Libra?
A : Meng Yan – take the law, only in the middle
Cloud like Deng Xu – the ideal is sexy, the road is tortuous
Miner – Under regulatory pressure, Libra may break the currency and rely on its own credit to gain market value.
Marc Fleury, founder of open source pioneer JBoss, talks with Babbitt editor Tang Xialing
Marc Fleury, the founder of JBoss, the open source pioneer in the United States, was acquired by Red Hat in 2006. Encrypted currency finance and investment. Doctor of Physics. OpenRemote Smart City Inc. investor manager, founder of FreeSide Funds, has invested in a number of technology and blockchain projects, as well as its own cryptocurrency fund. He is also a consultant to Mt. Pelerin of Swiss Financial Technology Corporation (General Securities Bank). There are also more studies on monetary policy.
Editor-in-Chief: Will FB currency have an impact on digital currencies such as BTC and ETH? What might be the concrete manifestation?
Both may be affected because they are all “cryptocurrencies” and BTC and ETH may benefit. Libra may bring more currency to the cryptocurrency like tether, provided that the exchange can trade the fiat currency and Libra trading pairs, as confirmed in the white paper. More currency will create advantages for all currencies, especially mainstream currencies.
Q: Libra launched by Facebook, who should look at it? Bitcoin, Ripple, JPMcoin, or any other currency? What is the reason? Do you think it is possible to gain a competitive advantage in this path? why?
Libra is a stable currency for payment and remittances, and its competitive advantage is its huge user base. It is not a speculative way of storing value like Bitcoin, it does not compete with Bitcoin. Ripple's goal is interbank transfer (SWIFT), which may work if there are enough banks to use Ripple. The stability and complete reserve of Libra is very interesting.
Q: What is the impact of Facebook's identity and resources as a social giant on the digital money market? How does it change the behavior of Facebook and the Internet ecology it represents?
With FB's promotion of Libra, the popularity of cryptocurrencies will increase. Libra may always maintain a pure "back-end" structure that doesn't change much in the front end (key management, etc.), so there is really not much change compared to WeChat or paypal.
Minxin CEO Feng Xiaodong talks about the difference between Libra and Mixin Network
Feng Xiaodong answered:
The difference is that Mixin does not use the blockchain, but instead uses DAG, and the transaction is finally confirmed to be faster. Libra's node join is a federated chain model that requires human qualification review, and Mixin's nodes are completely open and free to join. In terms of privacy, Mixin and Libra have basically the same idea and do not support untrackable transactions like Monero. However, Mixin's account privacy is better, using a dual private key idea like CryptoNote to ensure that no one can publicly query their transaction records and account balances. Finally free speech:
Ji Zhoudong: It is Libra's big kill that people can really have digital assets.
Only the subtle influence of people to have digital assets is a big kill. I believe that most of the future is not clear about the use of libra behind the blockchain technology, people of the mobile Internet generation can not accept the experience downgrade. I think the presidents really studied it well. If the old binary system becomes a new dual system and the central bank-commercial bank becomes the central bank-KYC entity (libra network), how can this be good?
Bai Shuo: 2.7 billion users are involved in accounting, it is a disaster
The distribution of the right to use, the right to book, and the power of supervision is a continuum, and the bitcoin is just a point on the continuum. Libra is definitely another point that is not the same. It is a disaster for 2.7 billion users to participate in accounting. But 2.7 billion users have the right to obtain and test some kind of self-certified data on demand, which can be expected.