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On October 15th, Libra officially tweeted that today the 21 initial members of the Libra Association officially signed the Libra Association Charter and formally established the Libra Committee, which is a big step towards global financial sharing.
The following article was written by Katie Haun, Libra Association board member. She is a general partner of Andreessen Horowitz and a member of the board of directors of Coinbase and HackerOne. She was responsible for creating the first cryptocurrency working group of the US government and led the investigation of the Mt.Gox cryptocurrency exchange of Toumengou. In addition, Kathryn Haun was appointed to the board of directors of the newly established Libra Association.
Katie Haun said in the article, For Libra, this is just the beginning. Considering the scale and ambition of the project, there may still be many obstacles in the way of working, and of course some technical, financial and governance issues. In the future Over the next few months, we plan to participate in discussions within the Libra Association to help them grapple with these issues. We hope to actively contribute to the ultimate mastery of the cryptocurrency in a way that is true to the spirit of the original cryptocurrency while making the technology accessible to mainstream users In the hands of billions of people around the world.
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The Internet has changed almost every aspect of our lives. Ten years ago, it was hard to imagine such a huge change in the way people communicate and connect. We now collaborate with colleagues to get work done, stay in touch with friends and family, teach ourselves something new, and even order food and hail a car on demand—all with a few taps on our phones or computers.
But for all of our progress, the Internet is still in its early days, and while the Internet of Information has succeeded, the Internet of Value has not. In the world of the Internet of Value, we can transfer money to anywhere in the world at the lowest cost in real time, safely and securely - this is not just a promise of currency. In other words, we should be able to send money over the internet as quickly and easily as we can send photos and emails.
In todays Internet age, the simple and easy transfer of value has become a basic need of all human beings. People who want to participate in the global economy should not be locked into an outdated financial system. While digital payment apps are common in developed countries, they have high fees and fraud rates, and have limited functionality for transferring money across borders. For developing countries, solutions for transferring money across borders are either slow or costly. There are still more than 2 billion people in the world without bank accounts, but most of them have smartphones that can connect to the Internet. The problem now comes to the traditional financial system, because the traditional financial system does not seem to be better. solutions to help the unbanked integrate into the modern economy.
We believe that blockchain is a key technology for upgrading from the Internet of Information to the Internet of Value. Blockchain makes digital money a bearer, meaning recipients of funds can verify that they received the money without having to trust the sender or a third party, such as a bank. Blockchain also allows developers to build products freely, in the same way Facebook and Google freely developed products on top of the original Internet protocols. Because blockchain is decentralized and open source, you only need to trust the code, not the people and organizations behind it. In the blockchain world, internet services can be quickly combined, forked and remixed, unleashing new creativity for developers. And this is one of the reasons why we created the a16z Cryptocurrency Fund and invest heavily in existing blockchains such as Bitcoin and Ethereum and upcoming blockchains such as Dfinity and Celo. Given that we are still in the early stages of crypto innovation, we are experimenting with investing in a variety of different ways.
As mentioned above, this is why we have chosen to join the Libra Association as a founding member. The Libra Association is the membership organization behind the digital currency Libra, a new global currency and financial infrastructure based on blockchain technology, and has attracted world-class partners, including:
Technology companies like Stripe and Facebook who know how to create networks and infrastructures on a global scale;
Financial services companies with extensive experience in global payments, such as PayPal and Visa (withdrawn from the Libra Association as of this writing);
Platforms that know how to build user-friendly apps with millions of users, such as Spotify, Lyft, and Uber;
Cryptocurrency companies with extensive industry expertise, such as Coinbase and Anchorage;
NGOs like Kiva, Mercy Corps and Womens World Bank understand the needs and habits of various populations around the world.
These organizations can help Libra gain a certain number of users, businesses, and developers, with the goal of accelerating the adoption of encryption technology. Libra attaches great importance to developers, which is also very important. Its network is already open source and will be license-free in the future, allowing developers and entrepreneurs to freely build products and services on it, thereby helping to accelerate user-friendly encryption applications. Programs are adopted by the mainstream.
