Babbitt’s column explains Libra through Alipay.

These days, Libra, the virtual currency issued by Facebook, is in full swing. The domestic virtual currency market is very large and there are many people concerned. Especially the international companies with such big names as Facebook have also issued coins, which can not help but make people curious.

Want to understand Libra released by Facebook, in fact, the best analogy with Alipay.

Now Alipay is the leader in the field of mobile payment. All the streets and alleys can be paid by Alipay. Can the money in Alipay be regarded as the currency of Alifa?

Of course, it can be seen not only as the currency of Alifa, but also as a stable currency. The currency anchors the renminbi, and it has risen slightly. For example, after each payment, the points can be earned, and there is corresponding interest in the balance.

So is it the so-called decentralized electronic money? Obviously not, it is not a point-to-point payment, because it is centered on Ali, and all payments are inseparable from Ali's servers. If Ali wants to change your account, minutely. So it is not a virtual currency on the blockchain.

Ok, suppose the state has now liberalized its policy, and Ali wants to put Alipay on the blockchain. Why put it on the blockchain? Because it has a very big advantage in putting on the blockchain, it can become an international virtual currency, which is universally used, especially to solve cross-border payment.

But what if you only want Ali to do it yourself and lack internationalism? Pulling people into the gang can pull the international oligarchy into the camp. Because it is a virtual currency on the blockchain, the bank is directly bypassed. This is the best international card. You think about it, if you don't make a fuss about the blockchain, such as setting up an international settlement alliance, you can't get around the bank and you can't get around the country.

Now, with a good ecosystem like Ali, and the addition of an international oligarchy, credit has been amplified several times through the blockchain. All places in the future can be paid with Ari, whether it is remote, war or cross-border payment.

In addition, a programming language for mobile payment scenarios has been derived, which makes the development environment ecologically good.

All of this is due to the point-to-point payment realized by the blockchain, which successfully bypasses the bank and the country. However, this is both a place for cattle and a deadly place for it. How the future depends on how it evolved.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


GM and BMW jointly lay blockchain and share autonomous driving car data

According to recent reports from foreign media, auto giants General Motors and BMW are supporting blockchain technolo...


Harvard Business Review: Blockchain fires, but you may know a little about it

Text: Marco Iansiti Karim Lakhani Translation: Liu Weiwei Source: Harvard Business Review Recently, the release of a ...


Xinhua News Agency: Some people deserve to be vigilant in the name of blockchain

Article source: Xinhua News Agency Reporter: Mao Zhenhua, Wang Yang, Pan Wei From behind the scenes to the stage, beh...


Interview with Vitalik: 25 years old worth 3 billion, the biggest fear comes from Ethereum | 8 questions

Fine cut version | Duration 26:33 The first close encounter with Vitalik Buterin was at the 4th Wanxiang Blockchain S...


South Korea is enacting a cryptocurrency bill, virtual currencies will be classified as digital assets

According to the news, the Korean National Assembly is working on a bill to provide a legal basis for cryptocurrencie...


First local financial off-site supervision blockchain system released

Source: Nanfang Daily Nanfang Daily (Reporter / Li Hualian) "After the launch of the blockchain system, in 2020,...