(BlockBar) Vitalik Buterin, also known as V God publicly talks about Libra project, saying that it is not possible to completely replace decentralized finance, but may have a huge impact on the sovereign currencies.
Vitalik Buterin, a Canadian with Russian heritage, born in 1994, has a large forehead and a bony body. He speaks very fast and has extraordinary acumen in terms of economy, politics, technology and logic. Nakamoto’s Bitcoin Paper first brought encrypted currency into public, but early people have been working on the application of block chain, but they cannot get a breakthrough. Until 2017, through the intelligent contract platform of ETF, people could issue their own tokens. The blockchain, therefore, became popular. ETF, which was created by Vitalik, pushed the whole industry to its peak. In order to express worship, people called the 25-year-old young man “V-god”.
Vitalik has always considered himself an “outside the system”, so he set up the ETF in order to serve a group of marginalized people. Ironically, after the ICO boom in 2017, ETF became a paradise for speculators which is far from Vitalik’s original purpose. The first impact on ETF was a marketing currency like TRON. Vitalik said that if TRON surpassed ETF, he would lose hope for mankind”.
The second impact was Facebook’s Libra project. He commented that it is a more realistic and imaginative product. “I don’t think encrypted currencies endorsed by big companies like Libra will completely replace decentralized finance, and platforms that are not controlled by any individual or centralized organization still have great value,” Vitalik said. But Libra will absolutely compete with the de-centralized block chains.
Vitalik also mentioned that because most of the major participants in endorsement for Libra are U.S. companies, therefore, other countries will be wary of such a project, which is essentially controlled by the United States. Consequently, Libre will have an impact on the RMB and other sovereign currencies. But regarding the vast majority of Libra validators are in the United States, many people in other countries have great distrust of American-based systems because they distrust the U.S. government. This may be a major obstacle to its global application.
V god also said “Block chain combines the dual characteristics of economic incentives and social movements. So, people take the initiative to contribute to it because people really believe in its value and agree with the idea of decentralization. Decentralization is not only an ideal goal, but also a practical strategy with high success rate although in today’s increasingly distrustful world. In a word, we should stick to it in order to increase our chances of success. ”
Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.