For Facebook's currency, the industry's big coffee is so commented

Today (June 18), Facebook, a social media giant with 2.5 billion users, released a white paper on the Libra Stabilization Project. Babbitt interviewed Internet and financial industry opinion leaders for the first time and asked them to comment on the market, users, and industries. I also compiled the views of the big coffee publicly published on social media, and they were put together for everyone.

White paper full text download:


The six highlights of the white paper are the first to look at it:


Expert interpretation will continue to update…..

Facebook founder Zuckerberg: An exciting journey begins

We want everyone to be able to send and receive money as easily as you use our app to instantly share information and photos. To achieve this goal, Facebook will also launch an independent subsidiary called Calibra, which will provide services that let you send, spend and save money. First, WhatsApp and Messenger will offer a digital wallet that will be launched as a standalone app next year.

All of this is based on blockchain technology. It is decentralized, that is, it is managed by many different organizations, not one, which makes the whole system more fair. Anyone with an internet connection can use it at a low cost and cost. Libra is protected by encryption technology, which helps keep your money safe.

This is the beginning of an exciting journey and I look forward to more sharing. Bai Shuo, former chief engineer of the Shanghai Stock Exchange: anxious for Chinese companies

1. This is a big move, and the subsequent impact will be far-reaching; American counterparts are already on the right path; China also has Internet companies with global influence. In such companies, there are also internal tokens such as Q coins, but its potential is still far from being fully explored. The path to stabilize the currency is still unclear and is very anxious for them; 4 . China does not necessarily copy their practices, but it still has a vision.

Bin Chang founder Zhao Changpeng: Facebook does not need KYC

Facebook's Libra currency does not require KYC, and they have huge data for a population of 2 billion. Not only the name, ID, address, phone number. They also know your family, friends, real-time/historical location and more. They know yourself better than you. Now they have control over your wallet. The best KYC.

Wang Binsheng, Distinguished Professor of Graduate Students, Chinese Academy of Social Sciences: Will Lead to Bitcoin Surge

From the Facebook white paper on Facebook, Facebook is a token based on the principle of blockchain technology. As long as the characteristics of the blockchain are in place, they must be cross-border and freely circulated. Because Facebook is an Internet giant, this event will be another milestone in the blockchain world. The transfer of traditional financial assets from the mainstream society to the virtual world is about to open. It will directly open the mainstream currency exchange channels such as traditional French currency and Bitcoin, and will directly lead to a surge in bitcoin prices in the future.

Breaking the Fed model may be an icebreaker. How to deal with Facebook's equity structure will be a direct obstacle, because the blockchain world has no company-based logic. It’s still a long time to really be able to issue, and the uncertainty is still great. The blockchain world self-growth is very obvious. It may not be able to compete for the stable currency of the blockchain industry. His historical significance is to tell the Wall Street blockchain that it is a real social movement and should actively embrace the future. Xu Yiji, founder of the nebula chain: BAT should not be calm

Feeling! Witnessed a new milestone in the industry, BAT should not be calm.

Li Feng, head of the Xiaoman blockchain: Facebook has done the domestic industry attention, but can't do it.

1. As the most mature and perfect application ecosystem of blockchain, digital currency can lead the development of large companies, and it is good for digital currency and blockchain technology. The overall industry is positive. Facebook has done a lot of things that domestic industry practitioners are concerned about but can't do;

2. This should be the most important milestone so far this year. Need to pay attention to at least two aspects of the trend: 1) libra specific operating mode, landing scene and impact surface. But what can be expected is that there have certainly been a lot of compromises, industry idealists do not expect too much; 2) regulation and Facebook's continued interaction. I believe that Facebook should have made sufficient preparations and preliminary work, and at the same time, we do not want to release and go offline. At the same time, if the development is smooth, will domestic supervision not learn from and refer to it?

3. Because Facebook has a lot of scenes and users, individuals are more interested in what customization and optimization of their technical solutions to meet their ecological applications, I hope Facebook can bring some breakthroughs and innovations. Yang Jun, Strategic Director of Alibaba Cloud Research Center: The iconic event of cryptocurrency towards digital currency

The essence of digital currency is money, and money is because of a wide range of trust and consensus. The operation of the alliance is ostensibly a consensus among companies to transcend the legal country currency, so Libra is a landmark event in which cryptocurrency supported by blockchain technology is moving toward digital currency.

Zou Tao, Commercial Director of Ant Financial Service Innovation Technology Department: Yang Ma, you have to do something wrong.

“Including: payment industry: Mastercard, PayPal, PayU (Naspers' fintech arm), Stripe, Visa…” Yang Ma, you have to do something wrong.

The CEO of the public share is strict: this incident has spanned sovereignty from the beginning.

I just want everyone to pay attention to the following paragraph, this is the real gap:

“Libra's mission is to create a simple, borderless currency and a financial infrastructure that serves billions of people. To achieve this mission, the Libra blockchain and Libra reserves require a diverse, independent membership. Regulatory entity. This regulatory entity is the Libra Association, an independent non-profit membership organization based in Geneva, Switzerland. Switzerland has always held a global neutral position and is open to blockchain technology, and the Libra Association also strives Become a neutral international institution, so registering in Switzerland is a natural choice."

This has spanned sovereignty from the beginning, because there are still two-thirds of the world's people without financial services, because bank charges are too expensive, Swift is too dark, and it is necessary to eliminate those who are lying and making money for decades. Not making a lot of money is quite a pain, but at least they started to try! This is our great era. What will China do? We will wait and see, I think I can see the difference before hanging, thank you for this era! Haier Haichuang CEO Zhang Wei: Doing the connection is Facebook's gene

I think that Facebook will do this sooner or later. It was born to connect. In the traditional digital world (Internet), it has connected everything, but in the world of encrypted digital assets, it will certainly not be ignored. It must Link all the digital worlds together, which is genetically determined.

But this matter is good or bad. We still have to dialectically: (1) it will bring many Internet users into the world of encrypted assets, and it will also drive other traditional enterprises to enter. As long as users and resources are flowing in, it will promote ecology. Prosperity; (2) Which countries' legal currency is anchored by a basket of currencies, which directly affects the settlement of the enterprise, which will obviously consolidate and strengthen the international status of the US dollar; (3) it will further bring the corporate system to the community The transformation of the management philosophy. Li Xiaolai: Is Facebook stupid enough to design a Move language?

Is Facebook stupid enough to design a Move language?

Tim Yang, deputy general manager of Sina Weibo R&D: The move language solves the rigor of contract execution (just responding upstairs)

Blockchain smart contracts are a new thing, digital assets can be 100% controlled by code, and are trusted, secure, and decentralize. The history of digital finance business is not short, but with the latter three conditions, it will really greet the singularity.

However, there are not many programming languages ​​that can reach the level of financial security. The solidity of Ethereum is the forerunner and solves the problem of the landing of smart contracts, but the security aspect has not yet reached the ideal level.

Facebook today released the libra white paper, which introduces a new move language. The core idea is that resources can only be copied, not copied, and the rigor of contract execution is solved by design.

TON also released the Fift language this year. It is similar to a long-established language, Forth. In the programmers group, no one knows about Forth, no one answers. Pan Chao, head of MakerDao China: Let's go home

Let's play house. “What are the actual assets that support each Libra coin? The actual assets will be a series of low-volatility assets, including cash and government currency securities provided by a stable and reputable central bank.” The problem is clear that the white paper authors themselves know.

Zhang Shuai, Director of Fun Chain Technology Marketing: Libra is a means of payment based on legal currency assets

Facebook's Libra white paper can be seen as the recognition of blockchain technology by the world's top technology giants. There are a few points that are particularly worthy of attention.

1 The technical route uses the license chain + BFT consensus algorithm, rather than the technical route of public chain + POS / POW that many people expect. This is also the most secure and efficient blockchain technology route.

“But the challenge is that we don’t think there is a mature solution that can provide the scale, stability and security needed to support billions of people around the world and trade through unlicensed networks. One of the association’s jobs is Groups collaborate, research and implement the transition from licensed to unlicensed, and the transition will begin within five years of the public release of the Libra blockchain and ecosystem."

2 Chain assets are a stable currency. The value of digital assets is ultimately anchored to real-world assets, otherwise it will not be accepted by the broadest population.

“There is a basket of bank deposits and short-term government bonds that have a corresponding value in the Libra reserve to build trust in their intrinsic value. The purpose of the Libra reserve is to maintain the value of the Libra cryptocurrency stable and ensure that it does not Time fluctuates wildly."

3 Libra is a platform to embrace regulation. Utopia that bypasses the national regulatory system is difficult to survive as long as the concept of a state exists. “Some projects are also trying to undermine existing systems and bypass regulation, rather than innovating in compliance and regulation to increase the effectiveness of anti-money laundering initiatives. We believe in working with the financial sector (including regulators and experts in various industries) Cooperation and innovation are the only ways to ensure a sustainable, secure and credible support framework for this new system."

In general, Libra is, in my opinion, a means of payment that relies on the assets of a legal currency rather than another digital currency. It hopes to build a more cost-effective and efficient global payment channel, so we can see that its early members have a large number of global payment clearing institutions such as MasterCard, Visa, and Paypal, rather than banking financial institutions. Yao Yongjie, Chairman of Capital Capital: Sitting on the USD Hegemony 2.0 version

Read, to tell the truth, nothing new, but Facebook, the United States can do a good job in the blockchain industry is a good thing! China is so good in the blockchain field, even leading the team, so many talents, using the anchor-denominated assets as digital currency, how good the settlement of the world's transactions! The strength is allowed, but the policy is not allowed. Sitting on the US dollar hegemony 2.0 version, it is a pity…

Cao Yu, Managing Director of Digital Renaissance Foundation and Head of Asia at TokenMarket: Particularly good cross-chain applications

After Facebook has issued the currency, google, amazon, and twitter will all send out the currency, otherwise it will be hit by Facebook's downsizing, especially for cross-chain applications. The cross-chain between big company tokens will become just needed! Especially the only asset of the Boca Ecology cross-chain Layer 2 infrastructure ChainX! Facebook's currency is written by rust, it is very convenient to access Poka and chainx network!

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


Jim Cramer's Humbling Admission Premature Call to Sell Bitcoin Proves He's Not Always Right!

Business guru Jim Cramer admits his mistake in advising investors to ditch Bitcoin, recognizing that he was too hasty...


Ripple's Latest White Paper Puts a Cheery Spin on CBDCs A Belief Reaffirmed!

Ripple, a provider of blockchain-based payment solutions, has reinforced its backing for central bank digital currenc...


Validation Cloud: Revolutionizing Web3 Infrastructure 🌐💻🚀

Exciting news for Validation Cloud as they secure a whopping $5.8 million in their first external funding round for t...


South Korean Crypto Traders Skyrocket Bitcoin Rally, Taking the Global Stage by Storm

In the midst of the BTC mega rally, Fashionista will want to know how South Korean crypto traders and exchanges have ...


Chinese Investors Flock to Hong Kong Exchanges for Crypto Exposure

Amidst the challenges of the crypto ban, Chinese investors are actively seeking ways to invest in Bitcoin and other c...


US Government Seizes $130 Million Worth of Bitcoins from Silk Road: What You Need to Know

The US government has successfully seized Bitcoin assets associated with the notorious Silk Road marketplace in two s...