Research Report | 360-degree explanation of Libra's mechanism, path and impact

This article produced by the Institute of Fire currency block chain, this report Published June 20, 2019, Author: Yuan Yuming, Rui, Hu Zhiwei


On June 18th, the Libra project white paper and test network were officially released. Libra is a borderless digital stable currency that is positioned by users to be managed and distributed by the Libra Association led by Facebook. It is a decentralized governance and decision-making model. Libra is a value reserve by a basket of assets with less volatile value. It is issued and destroyed in strict accordance with the 1:1 currency. The price does not anchor a single legal currency, and has a relatively stable exchange rate with various currencies. Libra's business model is to reserve interest income, and early Libra investment token holders will receive Libra income dividends.

Libra has been modified at the bottom of the data. It is not a narrow "block + chain". The merkle tree is mainly used for account status recording and checking. The Libra project uses the Rust language to develop its own alliance chain for initial use. The members of the association are verification nodes. Newly designed LibraBFT consensus. At the same time Libra created the smart contract language Move. The entire Libra blockchain is developed and designed to achieve high performance, security and stability. In the future, Libra plans to open the verification node qualification and gradually transform it into a PoS public chain. Libra's holding will determine the decision-making power of the node.

Libra is currently open source. We built a test network based on the current code, and its operation is more similar to the addition, deletion and change of the traditional database, which will directly affect the book data, so it is still based on the trusted environment.

Compared with other existing stable coins, Libra has the following characteristics: 1) decentralized issuance and management; 2) relying on compliance dealers, similar TUSD-issued mode; authorized dealers may become the middle of the custodian and users Layer, real-time exchange of legal currency and Libra; 3) creating a new accounting unit; 4) locating the payment function of the consumer Internet, the application scenario is broader.

At present, the Libra project is still in its infancy. In order to realize its vision on the white paper, Libra needs to meet the following conditions: 1) attracting users' reserves and ensuring sufficient reserve; 2) ensuring smooth and flexible redemption channels and avoiding imbalances between supply and demand. Price deviation; 3) Ensuring the support of sufficient application scenarios, increasing the promotion of inclusive finance; 4) Creating more dispersed global partners; 5) Meeting the regulatory requirements of global governments. Currently, the US government has asked Libra to hold a hearing on privacy protection in July, and Libra also has the risk of being defined as a security.

We believe that Libra emphasizes user privacy protection and can help Facebook to restore the public image to a certain extent. In addition, as a globally eye-catching digital currency, Libra's launch will help the blockchain industry move toward mainstream economy and compliance regulation, which will impact some of the current stable currencies in the market, but has little impact on mainstream digital assets such as BTC. For the Internet, if Libra succeeds, the competition of the Internet giant will change from the competition of traffic portals to the circulation of funds and the competition of credit entities to achieve a reduction in the impact of traditional Internet companies. For the global financial market, Libra is still in the early stage of development. In the short term, it does not have the strength to impact sovereign currency. In the long run, it depends on its governance structure, execution and market acceptance. Libra's ratio of reserve assets of different countries is different. Changes will likely affect the status of the legal currency behind it.


On June 18, 2019, Facebook officially released its white paper, Libra's stable currency white paper and Libra blockchain test network, marking the global social giant's official entry into the blockchain digital currency industry. At present, Facebook owns the three major social tools of WhatsApp, Facebook Messenger and Instagram, with a total user volume of about 2.7 billion, which is more than one-third of the global population. It is widely believed that Facebook's stable currency will be able to lead its 2.7 billion users into the blockchain industry, bringing unprecedented vitality to the market.

Report body

1.Libra overall explanation

Libra is a stable digital currency initiated by Facebook subsidiary Calibra, a basket of currencies as an asset reserve whose mission is to create a simple, borderless currency and financial infrastructure for billions of people. Simply put, it is a digital currency based on a blockchain that is free to flow globally and has a stable value.

Facebook has released the Libra test network, plans to officially release the Libra digital currency in 2020, and a digital wallet called Calibra, which will launch a standalone app next year. At that time, users can use Libra's digital wallet for Libra's delivery, cost and storage services.

1.1 Positioning: Payment Global Currency

As can be seen from the vision of the white paper, Libra is positioned to pay and inclusive finance, and is committed to enabling global users to pay and circulate money at a lower cost and faster, especially for financial infrastructure. s country. Compared with bitcoin and other digital currencies that have been tried to pay in the past, Libra's price is stable, has no obvious appreciation ability, has real asset reserves, no fixed total amount, and is more inclined to the money payment function.

Based on its payment function, Libra's goal is to be able to transfer money quickly, like using a mobile phone to send messages to friends anytime, anywhere. Users can securely and securely transfer funds across borders with encryption.

1.2 Organizational Structure: Decentralized Association Governance

Libra 's organizational structure is relatively decentralized, not by Facebook but by the Libra Association (non-profit organization). Headquartered in Geneva, Switzerland, the association consists of companies, non-profit organizations, multilateral organizations and academic institutions located in different geographical regions. Facebook is a member of the association and is responsible for the construction and operation services before the official network release. Will continue until the end of 2019, Libra will be managed by the overall association after the official network release. There are 28 members in the initial association and 100 plans in the future.

Libra Investment Token: The association needs to prepare basic reserve funds for the release of Libra. Libra's investment token will be a proxy for contributing funds or other investors and will be entitled to a future Libra reserve benefit share. The founders of the association need to invest at least $10 million to get the investment token, and every $10 million represents one vote.

Governance Structure: The governing body of the Libra Association is the Board of Directors of the Libra Association, composed of representatives of the various members of the Association. All decisions of the association will be made through the council, such as how to change the composition of a basket of reserves. Major policy or technical decisions require two-thirds of the members to vote. The voting rights of board members are proportional to the proportion of their rights (initially Libra investment tokens, which will be Libra in the future), reflecting the extent to which members (verifier nodes) contribute to the network. In order to avoid concentration of power, any founder has a maximum voting power.

1.3 Stability Mechanism: Multinational Currency Reserves

A basket of currency reserves: Libra's price is not anchored to a certain currency, but is determined by the assets in its reserve pool. The assets in the reserve pool are a basket of bank deposits and short-term government bonds with less fluctuations in value, mainly for stable government-issued bonds that are unlikely to default and are unlikely to have high inflation to ensure that prices do not fluctuate drastically. Since the value of Libra will be effectively linked to a basket of fiat currencies, Libra's value will fluctuate from any particular currency perspective. Therefore, Libra cannot be considered a stable currency in the usual sense.

Strict asset pledge and redemption: Libra's issuance rules are to “manufacture” and “destroy” Libra coins according to the needs of authorized dealers. Authorized dealers are determined by the Libra Association and can trade directly with the reserve pool. If Libra's reserve pool is seen as the central bank for issuing currency, the authorized dealers are similar to commercial banks everywhere. To create a new Libra currency, the dealer must transfer the legal currency to the reserve in a 1:1 ratio. If the currency is to be used, Libra can be exchanged for local currency at any time via the exchange rate. By working with authorized resellers, the association will automatically create new coins as demand increases and destroy them as demand shrinks.

Linked exchange rate system: Libra's reserves are similar to the freely convertible foreign exchange market. Since the management of reserves will follow the passive principle, any appreciation or depreciation of Libra depends only on fluctuations in the foreign exchange market. Libra does not have its own monetary policy. Instead, it follows the policy of the central bank represented by the basket, which is very similar to the way the currency board (such as the Hong Kong currency board) operates. This can effectively prevent the abuse of currency issuers, such as making more money in the absence of support.

Asset Custody: Assets in Libra's reserves will be held by custodians with investment-grade credit ratings across the globe to ensure asset security and dispersion.

1.4 Technology implementation: alliance blockchain to PoS public chain, with high performance and security privacy

Open source alliance chain: Facebook chose to develop its own blockchain infrastructure for Libra accounting. Due to technical limitations and security considerations, Libra is in the form of a coalition chain, and only licensed members can become nodes. The goal of the initial alliance chain was to recruit 100 verification nodes to achieve 1,000 transactions per second. But the Libra blockchain is open source, and developers can get code on github and develop their own applications based on the Libra blockchain.

Data and ledger : In terms of ledger representation, similar to most current blockchain systems, the account balance model is used instead of the bitcoin UTXO model. At the bottom of the ledger, although Libra also uses the Merkle tree to verify the data, there may not be a "block + chain" underlying data structure in the traditional sense. Therefore, Libra's books are more like a collection of historical collections of book status, and nodes are more like "replicas" in the context of alliance chains. Of course, it is difficult to avoid, Libra will continue to increase the total capacity of the books as the system continues to be used. Libra also said in the white paper that it might design a resource leasing mechanism to solve this problem in the future.

Consensus mechanism: The current members of the association are the verification nodes of the Libra blockchain. The LibraBFT consensus mechanism is newly designed, with one-third of fault tolerance, preventing double-flower attacks, high throughput and strong stability. The consensus is based on another recently-recognized BFT consensus HotStuff with a number of changes. This kind of consensus can reduce the number of inter-node communication when the primary node fails and triggers View Change, and improves the system's ability to respond to attacks. This kind of consensus will play a more important role in a public-chain environment, and to some extent reflect Libra's technical foundation to turn to the public chain in the future.

Safe and high-performance programming language (Rust and Move): Libra blockchain is written in Rust language, which is also the common language of Parity. It is written by Polkadot and Ethereum Parity client, and the main use of this language in China is Nervos team. The Rust language is highly secure and easy to use. It manages memory through the ownership system. At runtime, any function of the ownership system does not slow down the program, so the blockchain it writes usually has strong performance. For smart contracts, Libra created the Move programming language for implementing custom trading logic and "smart contracts" in the Libra blockchain. The design of Move takes into account its financial application scenarios, encapsulating the related operations of digital assets, and designing interfaces that can perform flexible permission control. The Move contract was designed with full consideration of security and was able to resolve contract re-entry vulnerabilities. In addition, both the Rust and Move languages ​​use a static type system, which allows type checking to be performed at compile time, which reduces the bugs in the application and enhances the security of the system.

Privacy protection: Privacy and security will be integrated into every step of Libra. All information on the Libra network is private to the user and separate from the Facebook social network. The individual or organization will use the Libra blockchain through the user account associated with the real identity. Authentication is achieved through a public key used on the Libra network and does not reveal any user personal data. When trading within the Libra network, users follow the principle of anonymity, allowing users to hold one or more addresses that are not related to their true identity. The transaction does not contain links to the user's true identity, only the data associated with each transaction (eg sender) And the recipient's public address, timestamp, and transaction amount) will be recorded and publicly visible. Correspondingly, Libra will develop digital identities in the blockchain in the future to better realize inclusive finance.

Moving towards a non-licensed network: Libra has planned to shift from a licensed chain to a public chain early in the design process. This is a rare situation in the blockchain world. Libra will gradually open up the network, new members can enter the network, hold network rights (by holding Libra investment tokens), and begin to contribute to consensus and governance by running a verifier node in the network. Libra's goal is to gradually shift from a licensed network to an unlicensed network after five years, becoming a truly open and user-friendly public chain. At that time, the Libra blockchain will move from relying on the ownership of Libra investment tokens to run the verifier node and go to governance voting to rely on Libra currency ownership for these activities (PoS mechanism), and governance processes and measures will also be converted to chain voting. carried out.

1.5 Business Model: Reserve Interest

Reserve interest: Reserve interest on similar third-party payers. The Libra white paper clearly states that the funds absorbed will be used to invest in low-risk bank deposits and short-term government bonds, and interest will not be distributed to Libra holders, but will be used to maintain daily operating expenses. Early Libra's investment and supporters (Libra investment token holders) will receive Libra's dividends.

Libra's white paper does not explicitly state other business models besides reserve interest, but as a payment-type digital currency, it may adopt a model similar to traditional payers, such as payment rates for merchants, free for users, and more Big, the higher the income. And other value-added business models, such as financial services based on Libra, will pay the corresponding service fees.

2. What is the difference between Libra and other stable coins?

2.1 Decentralized issuance and management, enhancing credit

The biggest difference between Libra and the current mainstream stable currencies such as USDT and GUSD is that it is not a centralized issuer, not a digital currency dominated and controlled by Facebook, but a comprehensive management of large entities from all walks of life around the world. And decision making. The decentralized model can give Libra more credit, while also increasing the supply of money, making its reserves more abundant and more flexible.

2.2 Relying on Compliance Trader, Class TUSD issuance

Libra does not store and exchange funds directly from the association itself, which will allow Libra to have a high compliance threshold. Libra works with compliant traders and custodians to make them a channel for fund retention and redemption, and Libra's main body acts as a stable currency issuer. This issuance method is similar to TUSD. TUSD's management team TrueCoin LLC mainly distributes stable currency through cooperation with regulated trust institutions or some banks. Users send money directly to cooperative trust institutions, and cooperative trust institutions send information to the platform to confirm After the purchase, the platform releases the stable currency to the user. Within this framework, TrueCoin LLC is more than just a stable currency issuance function, and does not touch the dollar fund custody responsibility.

In terms of specific operations, since the white paper does not indicate the way users conduct currency conversion, we suspect that Libra's authorized dealers around the world (usually should be compliant banks and payers) may become hosting companies and users. The middle layer, which remits money to a compliant trust company to obtain the Libra released by the platform and serves as a reserve. Authorized dealers accept the user's legal currency, and at the same time exchange their own Libra to the user, or accept the user's Libra into the reserve, and at the same time exchange local currency for the user, help users real-time exchange of Libra and French currency.

2.3 The price does not anchor a certain currency

Libra's mortgage model is a hybrid mortgage of many assets and does not anchor a single currency. From the mortgage model, it is similar to the distributed bank Jibrel Network project. Libra's price has an exchange rate with each currency, and the exchange rate will fluctuate in a small range, which can be regarded as a new pricing unit.

2.4 Payment and widening application scenarios

At present, the stable coins on the market are mainly divided into two categories according to the application scenarios. The first category is based on trading media, such as USDT, GUSD, USDC, etc. Due to the early birth and insufficient application scenarios, its main role is to maintain stable trading assets. And to provide legal currency deposit channels, through the cooperation with exchanges, OTC wholesalers, institutional traders to expand the scale, from the blockchain address point of view, most of the stable currency is stored in the exchange's hot and cold wallet address, it is Very good illustration. The second type of stable currency is a specific payment scenario, such as the cross-border bank settlement of JPMCoin applied to its internal system, and the gold stabilized currency is mainly used for bulk transaction payment. The application scenarios of such stable coins are limited, and the supply system is relatively insufficient.

Libra is more like a global network currency. Payment is the most important function. Unlike the payment-type stable currency that is bound to a specific scenario, Libra can broaden the digital currency payment to a stronger partner and user base. More common and more general in the scene. Facebook's WhatsApp and Messenger will support Libra transfers using the Calibra Digital Wallet, and many other associations will build their services in the process of using Libra – from Mastercard, PayPal, PayU, Payment services such as Stripe and Visa go to popular services such as Booking, eBay, Farfetch, Lyft, Spotify and Uber.

3.Libra test network

Libra is currently open source ( ) and provides deployment steps ( ). Anyone using Linux (RedHat or Debian) and macOS operating systems can build tests locally.

The brief steps are as follows:

(1) Download the code:

Git clone && cd libra

(2) Install related dependencies and compile:


(3) Start the network


Basic operations such as creating an account and transferring funds can then be made. Some of the demo steps are as follows:

(1) Create 2 separate accounts for trading test

Libra% account create

The results are as follows:

(2) Increase the balance in the account, that is, “mining” or “coin” in the usual sense.

For example, increase the balance of the first account created by 110

Libra% account mint 0 110

Added 52 for the second account balance created

Libra% account mint 1 52

You can then query:

Libra% query balance 0

Libra% query balance 1

The result is as follows, you can see that the balance has increased:

(3) Transfer

Transfer from the first account to 10 coins to the second account:

Libra% transfer 0 1 10

The results of the implementation are as follows:

From the guidance steps provided by the official website, we can see that many of the current operations (creating accounts, increasing balances, transferring funds, etc.) are more like adding, deleting, and changing the database, which will directly affect the accounting data. Therefore, in current practice, it is based on The letter environment can only be run.

4. What conditions does Libra need to succeed?

In response to the necessary conditions for stable currency growth and success, the Firecoin Blockchain Research Institute will focus on the Libra project in terms of supply mechanism sufficiency, system stability, market acceptance, team, community effectiveness and policy compliance. Comprehensive assessment and put forward the necessary conditions.

4.1 Ensure sufficient reserve for subsequent reserves

Libra's previous reserves were provided by founding members, and each of the 28 members provided $10 million, which would constitute a reserve worth $280 million. If there are more than 100 members, it will reach a reserve of $1 billion. The USDT, which currently ranks first in the market value of stable currencies, has reached a market value of approximately $3.5 billion. Although the USDT has been criticized for a large number of outbreaks, if Libra is to become a globally strong liquidity digital currency, $1 billion is far from sufficient.

Libra's subsequent reserves will come from users, by pledgeing various legal currency assets to ensure adequate reserves and sufficient supply to maintain price stability. If Libra is needed in the market and cannot be replenished in time, it will cause the anchor price to deviate.

4.2 Guaranteed smooth and flexible redemption channel

The redemption channel is the channel through which the user and the stable currency issuer can redeem, directly determining the issuance and destruction of the stable currency. If the redemption channel is not smooth, when the demand for Libra suddenly increases or decreases in the market, it can only be carried out through transactions between off-site users. It is easy to make the price of the stable currency fluctuate and the price deviates. Since Libra is a stable currency collateralized by a basket of monetary assets and is expected to support the exchange of any legal currency, it will place higher demands on the redemption channel and need to meet the flexible redemption of reserves in multiple currencies.

4.3 Ensuring ample business and application scenarios

Market acceptance and application scenarios are important indicators for stabilizing coins. Only when there is sufficient demand for use can the liquidity of stable coins be guaranteed. Previously, Facebook also launched a payment business, but the results did not improve; similarly, although Alipay and WeChat payment are popular in China, credit cards are still the most mainstream payment method abroad. This shows that users have their own payment habits, and unless the new payment model has irreplaceable advantages and rigid needs, it is not easy to penetrate quickly. For Libra, it also needs to find its immediate needs as a starting point for promotion.

(1) More merchants support and promote Libra payments: In the future, support for Libra should be broader and more subtle, covering online and offline, and becoming a digital currency that can replace traditional payment methods on the infrastructure.

(2) Meet the needs of scenarios where digital currency must be used: such as blockchain applications, exchanges, wallets, etc.

(3) Strengthening the promotion of inclusive finance: There are about 1 billion people who do not have bank accounts in the world but have mobile phones. These users have the need for Libra, which is the most suitable area for promotion and penetration.

4.4 More dispersed global teams and partners

To further enhance decentralization and increase Libra's penetration and value, the association needs to expand its more dispersed global partners to support Libra's liquidity. At the same time, more nodes and association members can introduce more companies and groups with blockchain experience to create a more efficient operating community.

4.5 Meet the regulatory requirements of global governments

Although the Libra Association is a decentralized non-profit organization, the hosting and redemption of various funds still depends on a large number of compliant custodians, banks and dealers. This requires countries to have corresponding regulations on digital currency and currency transaction payments, such as obtaining a legal license, and reviewing it through KYC/AML. The regulatory systems of different countries are different, and Libra carries a huge volume behind it, involving global business. It is foreseeable that the road to compliance must be difficult.

In less than a day after the release of the Libra white paper, several governments have expressed their views on the project. For example, Bank of England Governor Mark Carney called for the G7 to closely review Libra; French Minister of Economy and Finance Bruno Le Maire said, “It is impossible for Libra to become a sovereign currency. This cannot and should not happen.” European Parliament German representative Markus Ferber also said that Facebook with more than 2 billion users may become a “shadow”. Banks, regulators should be highly vigilant. Maxine Waters, chairman of the US House Financial Services Committee, asked Facebook to suspend the development of the Libra cryptocurrency network until a hearing was held. Currently, the US Senate Banking, Housing and Urban Affairs Committee has decided to hold a hearing on Facebook's latest cryptocurrency, Libra, on July 16th. The main topic is to review Facebook's digital currency and data privacy considerations.

In addition, Libra also faces the problem of attribute definition, and the model of mortgage currency to stabilize the currency may also be regarded as issuing bonds. If this statement is accepted by the regulator, Libra is likely to apply the existing securities law directly. The issue is subject to registration. The issuer’s profitability may be required. Basically, it must meet the requirements for issuing traditional corporate bonds, and it should be regulated as a securities. In all countries where it is circulated, there is a corresponding regulatory risk.

At present, the global government has many concerns about the Libra project, and the explanation of the stored value assets in the white paper is not sufficient. But in any case, Libra must be on the road to compliance if it is to succeed globally, and it needs to be regulated by a representative country so that Libra's asset reserves can have a fundamental value.

5. What is the impact of Libra?

5.1 For facebook: new business and social impact

Facebook has been deeply involved in the scandal of infringing on user privacy and stealing data. The model of adding value to its own advertising business with free user data is not sustainable, which is a big impact for Facebook, which accounts for more than 90% of advertising revenue. It needs new business to reduce the impact of a single business encounter. Although Facebook is only a member of the Libra Association, apart from investing in infrared, the Libra blockchain can also be used to build Libra's various types of services, and there is a lot of profitable imagination in the future.

In addition, Libra has the characteristics of decentralized, multi-credit institutions, and the blockchain emphasizes user privacy protection. Libra's financial data will be separated from Facebook's social business data to ensure information security. If Libra can go smoothly, it will help Facebook to restore the public image and re-establish social influence.

5.2 Pair blockchain industry: Towards mainstreaming, compliance

The biggest impact of Libra's release is the current blockchain and digital asset industries. Facebook, a traditional giant with 2.7 billion users, enters the market, and cooperates with many world-renowned companies to directly penetrate the consumer Internet to face users, which is inconsistent with the meaning of ordinary stable currency. And the stable currency itself is regarded as a strategic tool in the industry. It is a good application scenario for the blockchain. The birth of Libra can popularize the blockchain concept and help the whole industry take a solid step toward mainstream economy and compliance supervision. .

For the stable currency already in the digital currency industry, Libra expects more user scale and application scenarios. The core of the stable currency is liquidity, so Libra will certainly have an impact on positioning cross-border payments, circulating digital currencies, and various compliance and non-conformity coins that are not as good as Libra. However, the strength of the specific impact depends on the support of various infrastructures for Libra. After all, users will maintain a certain viscosity for the usual stable coins. Libra has little impact on digital currencies such as BTC and other mainstream digital currencies.

5.3 For the Internet Industry: A New Model for Dimensionality Reduction

The release of Libra marks the beginning of Internet companies exploring new business models. Traditional Internet companies pursue more users, pursue network effects and platform monopoly, and blockchain is a new value Internet. As a digital currency with payment functions and liquidity, Libra will be the best carrier in the value Internet. For the release of Libra, the Chinese Internet circle of Da Ma, such as Huateng, Wang Xiaochuan and Wang Xing, commented on the closeness of the feasibility of Libra. If Libra succeeds, then the competition of the Internet giant will change from the competition of traffic portals to the flow of funds and the competition of credit subjects, which will be a down-conversion to traditional Internet companies.

5.4 For the global financial market: the regulatory attitude is the core, and the short-term does not have the strength to attack the sovereign currency.

Previously, many media and research institutions believed that Libra, as a global, non-sovereign currency, could impact global financial markets and become a new digital central bank. In view of the strict mortgage mechanism promised by the Libra white paper, Libra does not have complete coinage rights, no monetary policy, and in terms of the difficulty of implementation, at least in the short term, it does not have the strength to impact sovereign currency. Libra may have a certain impact on developing countries with underdeveloped financial facilities, especially those with insufficient currency credit. Developing countries have more rigid demand for Libra, unlike developed countries who already have their own financial habits. So if Libra can take advantage of Facebook's global user network, it will be foreseeable that Libra will become an important financial tool for some developing countries.

In the long run, Libra's position will depend greatly on regulatory attitudes, the governance mechanisms and execution of the Libra team. Since Libra's association members and partners are global and decentralized, if Libra is able to obtain permission from multiple representative governments to fund and use their funds, and establish a multi-currency compliance redemption channel, then The foundation of Libra's decentralized currency will be able to be established and become a global digital currency that is not controlled by a single government. Most importantly, the Libra Association has the ability to change the mix of reserve assets. When Libra has large-scale user and recognition, the change in the ratio of reserve assets in different countries will likely affect the status of sovereign currency behind it. Libra’s The meaning is more than just a payment-type digital currency.

Reference material

[1] Libra Chinese official website:

[2] Libra Chinese White Paper:

[3] Libra Technical White Paper:


1. The Firecoin Blockchain Research Institute does not have any relationship with the digital assets or other third parties involved in this report that affects the objectivity, independence and impartiality of the report.

2. The information and data cited in this report are from the compliance channel. The source of the data and data is considered reliable by the Firecoin Blockchain Institute and has been verified for its authenticity, accuracy and completeness. However, the Firecoin Blockchain Institute does not guarantee any authenticity, accuracy or completeness.

3. The content of the report is for reference only and the facts and opinions in the report do not constitute any investment advice for the relevant digital assets. The Firecoin Blockchain Institute shall not be liable for any damages resulting from the use of this report, except as required by laws and regulations. Readers should not make investment decisions based solely on this report, nor should they rely on the ability of this report to lose independent judgment.

4. The information, opinions and speculations contained in this report only reflect the judgment of the researcher on the date of the final report. In the future, based on industry changes and the updating of data information, there is the possibility of updating opinions and judgments.

5. The copyright of this report is only owned by the Firecoin Blockchain Institute. If you want to quote the contents of this report, please indicate the source. If you need a large reference, please inform in advance and use it within the allowable range. Under no circumstances may any reference, abridgement or modification of this report be made in any way.

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