There will always be questions around developer-friendliness and how well Libra can protect smart contract developers from shooting themselves in the foot.
It sounds like the Libra Association will be a federation that can evolve with the help of a voting system and some sort of pre-existing reputation. Use of a custom-built smart contracting language will result in a lot of questions around how feature-rich the language is, and as a result, how robust the system is against adversarial contracts. These core mechanisms enable the creation of a unique governance mechanism that builds on the stability and reputation of existing institutions in the early days but transitions to a fully open system over time.
The Libra protocol allows a set of replicas—referred to as validators—from different authorities to jointly maintain a database of programmable resources.
There’s no mincing of words here—the system will be controlled by a set of authorities in a top-down fashion. However, note that it says the database is for “programmable resources” rather than just digital currency.
Everyone is talking about the massive adoption of blockchain, and I believe the bridge between the crypto world and the general public is the stablecoin. The stablecoin is not just a stablecoin as a cryptocurrency, but the revolution of the human society in term of generating the currency. Because previously, only bank and government has the ability to generate the currency. This is the real right answer of stablecoin.
This is where we coming. We empower, delicate, build and connect and create new opportunity for the industry’s future.
The release of WaykiChain WUSD adds a very practical and extensive application scenario to WaykiChain ecosystem, which can effectively improve the value of WICC. It builds a bridge of industry ins and outs and will be integrated into WaykiChain’ s network to make it the de facto currency for buying and using DApps on the blockchain.
By now, all currency issuers are countries and institutions that have the right to issue money. In fact, our stablecoin WUSD adopts the model that allows anyone be the issuer of currency. Anyone of us can generate currency individually.As long as you put the assets as collateral, you can generate the currency that could be circulated in the market.
With the economic model of WaykiChain ecosystem, anyone can pledge any asset to generate a global currency. This is a revolutionary innovation for economics, and even for human history. Because no individual has ever been able to issue currency on their own before.
Anything old to be replaced will not happen just because the new one is better, but will happen when the value brought by the new thing is greater than the value of the old + conversion cost. WaykiChain intends to make a history. And together, we are changing the world.
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