Viewpoint | Libra eliminates the squint chain of blockchains

There is a scorn chain in the blockchain.

In terms of platform technology, the scorn of the public chain is the chain of alliances, and the chain of alliances is lost.

In terms of consensus mechanism, POW and POS despise BFT and DPOS, and think that BFT is not suitable for public chain, and DPOS is centralized;

In terms of application, the defying of the currency of the landing application is considered to be the game of cutting the leeks.

• Crazy mining machine market: Iranian miners domestic mining machine, second-hand mining machine rose 3 times in two months
• Zhou Xiaochuan: Libra presents new challenges to foreign exchange research
• Bitcoin’s block rate is at a new high, and miners’ competition is getting fiercer

In terms of origin, the original blockchain despise traditional companies to do blockchains. How do traditional companies themselves have made their own lives?

However, Libra appeared, these contempts did not say anything, Libra did everything that was despised, and most of the contempt was expecting Libra.

Many comments point to Libra's innovations, but in my opinion, Libra has broken the "catch-up" that plagues the blockchain practitioners from the perspective of pragmatic ability, and the elimination of "squint chain" is the biggest contribution.

Application depends on old comrades

Libra is not a success at the moment. Although the blockchain industry continues to praise it, the question from the outside and traditional regulators is endless. According to Murphy's law, its process is likely to be delayed.

However, Libra has been successful in terms of its impact. It proposes a blockchain solution that can really be used and is used by hundreds of millions of people, and it will come to practice with great probability, and at the same time trigger the world after Bitcoin and Ethereum. The third big concern for the blockchain. The degree of attention and breadth have been more than the previous two.

Libra is so excited that the entrants are so eager to let the critics be on the back, let the traditional financial institutions sit on the needles, and behind Libra is Facebook with a group of Internet, technology, and financial companies. They are all "big brothers", they have the strength and resources to do Libra.

With the popularity of Out of Control, the scientific community accepts the idea that innovation comes from the edge and boundaries. There is nothing wrong with this principle, but it is often misunderstood.

For example, many people in the original creed blockchain sneered at the blockchain of big companies and thought that they could not succeed at all. They believed that innovation was driven by small businesses. I have encountered many such people who are not convinced of blockchains such as government departments and BAT. However, the emergence of Libra made their logic uncoordinated.

The author believes that Libra is dominated by traditional large enterprises and is a pragmatic move in the application of blockchain. On the one hand, blockchain technology is indeed innovating on the edge, and large enterprises participating in blockchain business are also marginal departments, which does not violate the logic of “out of control”; on the other hand, it is a technology that changes production relations and needs to cooperate. There are many resource elements that require a strong organization to organize. Because blockchain organizations such as Bitcoin and Ethereum are not combined with actual applications, there are not many resource elements to be coordinated, and algorithms can be used to coordinate computing resources.

Analogy, blockchain is a distributed accounting system that brings more trust through changes in billing rights. In fact, the large version of iteration in the history of mankind has promoted the development of trust, thus promoting human collaboration.

The knot rope note was promoted by the tribal chiefs of the ancient times. The production activities of the tribes are well-founded. The ancestors can better distribute the rewards and promote the production of the tribes. China in the Western Zhou Dynasty, the western Mediterranean countries in the 5th century BC They all adopted the single-entry bookkeeping method. The Western Zhou Dynasty set up the “division of the division” to book accounts, which was done by the state and promoted the state's allocation of resources. After the invention of the double-entry bookkeeping in the 13th century, the Genoa City Hall promoted the adoption of capitalism. This large-scale collaborative production approach has evolved.

The public chain and the alliance chain are only the concept of the times.

In April this year, at a private gathering held in the blockchain world, the author proposed that with the development of the alliance chain, the alliance chain can be continuously expanded through the nodes, and even open to the public chain. Immediately, many people in the original blockchain, or the original scholastics, sneered. Hey: "How can these alliances change the world?"

After the release of the Libra white paper, they praised it. Libra clarified the development path from the licensed alliance chain to the unlicensed public chain. If this route runs through, then the door to the "chain of alliances to the public chain" is opened.

The author also thought about why these people have a "hairpin bend" in the fusion of the alliance chain and the public chain (meaning that someone suddenly changed their opinions or opinions suddenly, sometimes even to the opposite extent), because of their interests. Most of the alliance chains have no coins, and they are based on the currency, and they advocate that the alliance chain continues to earn money. Although Libra is a chain of alliances, it also has coins.

From the "coin" as the latitude, the judgment of the blockchain itself is lost.

Going back to the blockchain itself is actually a migration of billing rights. The accounting rights are scattered from the center to the multi-center. From this perspective, there is no private chain, alliance chain or public chain in the blockchain. Even in the private chain, the original company only had financial accounting, and now it is possible to achieve common accounting such as sales, production, and management through blockchain technology. Different types of classifications in the blockchain originate from different scenarios. In fact, many scenarios don't require everyone to participate, so identity licensing is required. DPOS's project public chain is also a coalition chain to some extent, because the nodes involved in governance have identity permissions, but it is still advertised as a public chain. And this license is changing, or more open, or shrinking.

He Baohong, director of the Institute of Science and Technology of the Institute of Information and Communication, proposed the concept of “hybrid chain” when accepting the inter-chain pulse interview. This is possible because licensed and non-licensed blockchains also require information exchange.

The earliest Internet has the concepts of wide area network, metropolitan area network, local area network, and enterprise network, but now these are not the same, but the mutual information is connected, not mentioned; similar cloud computing, public cloud, private cloud, hybrid cloud, etc. Then it might be that cloud.

Therefore, whether it is a public chain, a private chain or a coalition chain, it is a blockchain, and the applicable scenarios are different. Maybe in another three or five years, no one will mention it.

Revolution comes from cross-border

Another revelation brought by Libra is that the blockchain revolution has reached the application stage, perhaps not from geeks, but from outside the domain. Some people say that Libra is Q coins + Alipay. This may be the case from the use of feeling, but this is only the appearance, Alipay, Q coins are still commercial banks for settlement, liquidation. Because Libra uses the blockchain, its transactions do not need to be settled by traditional financial institutions such as banks.

Observing Libra's first 29 nodes, no commercial bank joined. As we all know, in these nodes, whether Visa or MasterCard are closely related to traditional commercial banks, why do they not join the very "commercial" commercial banks to join, which further enhances the trust of Libra network.

These 29 nodes all have an effect on the construction of Libra network. Some are good at paying, some have usage scenarios, some are responsible for transactions, some provide technology, and commercial banks do not play any role in them.

In other words, if the Libra network is running, commercial banks will be marginalized and even revolutionized. Libra has just appeared. Some people say that Alipay and WeChat payment have been hit by downsizing. In fact, it is actually commercial banks.

The recent release of information from Chinese central bank officials portrays some of the Chinese digital currency. For example, Wang Xin, director of the Central Bank Research Bureau, pointed out that the central bank's digital currency (CBDC) can become an interest-bearing asset that satisfies the holder's security assets. Reserve demand can also be the lower limit of bank deposit interest rates.

In other words, the current interest is given by the bank, while the central bank's digital currency interest is automatically generated, and the value of commercial banks is greatly reduced. It may be the central bank that kills commercial banks.

Libra's model of cross-border subversion may be the way the blockchain is opened.

As another example, in the past, the airlines handed over the aviation insurance to the insurance company. If the airline organized an alliance and the smart contract automatically paid the money, why should the user still need to pay the insurance company so much management? fee.

For another example, real estate developers, business management, water and electricity gas, housing management bureaus and other joint organizations, the user to buy a house through the smart contract directly, you do not need real estate agents.

However, it is very difficult to let insurance companies and real estate agents do their own blockchain applications.

Text | Mutual Chain Pulse Author | Yuan Shang

This article is [inter-chain pulse] original, the original link: https://www.blockob.com/posts/info/17790 , please indicate the source!

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