Editor's Note: This article comes fromEditor's Note: This article comes fromDeFi Lab
(ID: defilabs), author: Dai Shichao, reproduced by Odaily with authorization.
Being the overlord of the Internet world can no longer satisfy Zuckerberg.
Now, the Jew is leading an alliance of giants, rushing into the digital currency battlefield, vying for the right to mint coins.
What the world owed to the Jews in the past must be repaid with the private interests of people all over the world.
From online privacy, to financial privacy.
Yesterday, with people’s expectations for Facebook’s cryptocurrency white paper, Facebook stock rose by 4.2%. The increase brought by a white paper is enough to buy 10 wave fields.
image description
When an Internet company joins the Fortune 500, backed by the world's strongest empire, and enters the cryptocurrency field with such a large volume, what impact will it have on this industry?
image description
(Alliance supporting libra)
After the white paper of Facebook's stable currency libra was released, I looked around twitter.
Some people are mocking that Facebook may understand payment, but it still doesn't understand currency;
image description
(Forbes reporter, author of "Facebook 6 Major Forecasts")
There are also people who call on their countries to face up to cryptocurrencies, stop pretending to be asleep, and actively participate in this competition for currency power.
There are also people who were looking forward to new technologies and business models, but did not find surprising breakthroughs in the white paper.
After reading the libra white paper and related official materials, I found some important information that you may have overlooked. Let me share and discuss it here: From the perspective of open finance, what does this information mean to us?
secondary title
Hold LIT tokens and have the opportunity to earn interest from the Libra reserve pool
Libra's goal is a stable digital cryptocurrency, backed by real assets. Its reserves are a basket of low-volatility assets, including national currencies and government bonds.
The value of libra is not linked to a single legal currency and will be subject to fluctuations in the foreign exchange market. But users can convert libra into national legal currency.
There is no limit to the total amount of libra. Only when the fiat currency is used to purchase libra will the corresponding amount of libra be minted. With Libra's inflation or deflation, the size of the reserve pool can be adjusted.
Libra's reserves will be invested in low-volatility assets, but the interest generated will not be given to Libra users. Instead, it will first be used to pay for the operating costs of the system, etc., and the rest will be returned to early investors of LIT tokens as a return to early investors.
LIT token, Libra Investment Token (LIT) is an independent asset different from Libra.
The Libra blockchain is scheduled to be released in the first half of 2020. It adopts the Byzantine consensus algorithm and is written in the Rust language (also the programming language of polkadot), with a target of 1000tps.
If you want to become a libra node operator, the threshold is 10 million US dollars.
secondary title
Libra supports the cryptocurrency wallet Calibra, which is similar to the international version of WeChat payment, and KYC is required for use
Calibra is Libra's companion cryptocurrency wallet Dapp.
https://calibra.com/#newsletter
The app is still in development, and Calibra will be available as a stand-alone app in the App Store and Google Play. You can register by email to obtain early access rights:
Calibra has transfer and payment features:
Transfer Money: Using Calibra directly within the WhatsApp and Messenger apps, sending and receiving money is as easy as sending messages to friends, family and businesses.
Payment: You can make various online and offline purchases, such as buying coffee.
Of course, there is a small processing fee charged for each transaction. It can be regarded as the international version of WeChat payment.
It’s worth noting that using Clibra requires KYC, which means government-issued identification is required to register an account.
And Facebook can have permission to know your information.
secondary title
Know not only who you are, but where your money goes
Calibra, a subsidiary of Facebook, "promises" not to share your account information or financial data. However, aggregated data may be shared.
The specific commitment user agreement is as follows:
Calibra will not share account information or financial data with Facebook Inc or any third party without customer consent. For example, Calibra customers' account information and financial data will not be used to improve ad targeting for Facebook Inc's family of products.
However, user information will be shared in the following cases:
1) Prevent fraud and criminal activity. Information may be shared to prevent malicious activity such as fraud, security threats or criminal activity.
2) Obey the law. Information may be shared to comply with legal or regulatory requirements, including with law enforcement, regulators and/or government officials.
3) Payment Processing and Service Providers. When you make a payment, we share data with the third parties necessary to process that transaction. We also share Calibra customer data with hosting vendors and service providers, including Facebook Inc, to support our business (for example, to provide technical infrastructure or direct payment processing). In both cases, we only share Calibra customer data that is necessary for the service.
This means that Calibra always has a reason, whether it is business or legal, to extend its tentacles to users' financial data.
secondary title
From the perspective of open finance, what does Facebook's coin issuance mean?
We say that the essence of open finance is to give every ordinary person freedom of transaction and financial freedom. Allow individuals to have the right to own and manage their own assets.
However, KYC + permission to share user financial data, this combination is still equivalent to handing over the private key of my financial information to Facebook and its alliances.
——even the U.S. government behind it.
This has run counter to the original intention of open finance.
Open finance is already a trend and consensus. However, is the path of its realization bottom-up or top-down? Is it slowly permeating from inside the chain to the world outside the chain, or relying on the world outside the chain to strongly control the world inside the chain?
From JP Morgan to Facebook, the off-chain world is moving faster and more violently.
On the one hand, the entry of traditional giants has indeed brought more impetus to the industry. Capital and commercialization must promote the development and landing of the industry more efficiently than pure idealism. But, on the other hand, being driven by capital means submitting to the will of capital behind the scenes.
When we hand over the sickle in our hands to Facebook, should we take chances and expect that he will consciously seal the knife?
The ass decides the head. The self-innovation of traditional giants must be based on maintaining inherent interests and expanding their boundaries to the digital currency world.
Once the tentacles of the giants are stretched out, the fundamental characteristics of "decentralization" such as trustlessness, permission-free, and anti-censorship insisted by us "grassroots practitioners" may become insignificant in the face of sovereign ideology and capital interests.
If we take an optimistic view, we can only say that we are still experts in the chain world. The giants have too many interests involved, and they have a pair of eyes on every move. The part on the chain can only be cultivated by us, and we will stick to a "decentralized" and credible business environment.
Do what they are good at, will the result be 1+1 > 2?
What do you think?
