The Blockchain of Libra: 1:30
The BFT algorithm: 3:31
Economics Concerns: 5:10
The Impossible Trinity: 5:44
Applications and Problems: 6:47
Takeaways – Libra in my eyes:
Libra is:
Similar to Bitcoin: It is an electronic currency, not issued by the government or the central bank, issued by facebook and libra association (currently 27 affiliates).
Similar to Bitcoin: Using blockchain technology to make information decentralized and stored with high security
Different from bitcoin: Only members of the libra associate participate in the blockchain, and ordinary users do not participate in the blockchain.
Different from Bitcoin: Backed by a 1:1 Fiat currency; Libra is a stable electronic currency.
What Libra can do:
1. Provide inter-country trade support
2. Stored value and investment
3. Convenient and secure electronic payment system, “safety” refers to information loss and tampering
4. Payment system based on huge users base and application scenarios
What Libra can’t do:
1. Mining
2. Speculation
3. Replace traditional currency (specifically, a basket of currencies behind or “dollars”)
Blockchain 101:
Libra white paper:
The Impossible Trinity:
The Byzantine Fault Tolerance (BFT) Algorithm: