,
6 tweets,
2 min read
Read on Twitter
Early thoughts on the Facebook Libra launch:
(Thread.)
(Thread.)
1/ The Libra launch is market validation more than it is competition.
Can potentially introduce cryptocurrencies and digital wallets to 100s of millions of people (vs ~50M).
Can potentially introduce cryptocurrencies and digital wallets to 100s of millions of people (vs ~50M).
2/ The wallet (Calibra) can be more impactful in the short-term than the protocol (Libra).
They can turn every Facebook, Whatsapp, and Instagram account into a savings account.
They can turn every Facebook, Whatsapp, and Instagram account into a savings account.
3/ The consensus protocol is a permissioned BFT system (a variation of “HotStuff,” an earlier algorithm).
They modified HotStuff instead of other options because of a cleaner separation of safety (voting and commit rules) and liveness.
They modified HotStuff instead of other options because of a cleaner separation of safety (voting and commit rules) and liveness.
4/ Blockstack built the decentralized computing infrastructure and dev tools. We now have 140+ apps in early stages of user traction.
Facebook is using existing users with a path towards decentralization. Blockstack is open and permissionless and will always be.
Facebook is using existing users with a path towards decentralization. Blockstack is open and permissionless and will always be.
5/ I believe that the Libra team (@davidmarcus, @beller) has honest intentions, and care about privacy.
There are many upcoming challenges: (a) switch from permissioned to permissionless, (b) earning the trust of developers, and (c) conflicts with the Facebook business model.
There are many upcoming challenges: (a) switch from permissioned to permissionless, (b) earning the trust of developers, and (c) conflicts with the Facebook business model.
