Richard Wang, Partner, DFJ Dragon Fund, DeFi Alliance Scholar
In the past few weeks, there are lots of discussions and elaborations about what Libra is trying to do. It is self-explained what Libra wants to achieve from its white paper, and the whole concept is pretty comprehended and straightforward as well. Though the application could be payment, settlement and clearance, as what Libra proposed or some other scenario that we didn't find the mass adoption today (or the personal behavior data from Facebook ?) I would like to further emphasize the concept about Super-Node which is the core of Libra.
The general BlockChain concept is actually trying to encourage and incentivize each node (could be individual or organization) to contribute and build up the certain community or a business-oriented ecosystem via a self-trust algorithm and protocol, such that all the process and operation would be fair, trusted and transparency. DAO is the ideal form of a trustless ecosystem, and the Super-Node is a quasi-DAO. Only all the game rules (for example, smart contract) could be placed well for Super-Node, the ecosystem would be possible grow steadily. Even though All watch what Libra is trying to do and what they are trying to achieve, the rule is the foundation.
As a well-established digital economy, I would totally agree the seven design principles that proposed by “Don Tapscott and Alex Tapscott“, which is Network Integrity, Distributed Power, Value as Incentive, Security, Privacy, Rights Preserved and Inclusion. So, when we decode Libra, we may like to review what Libra is base on those seven principles. We do find they share the power to hundred Nodes as Distributed Power that the power is distributed across a peer-to-peer network without single point of control. No single party can shut the system down. This kind of platform could enable new distributed models of wealth creation. Those Nodes also provide the value to the ecosystem as Inclusion. The economy works best when it works for everyone, so eventually, the nodes could be possibly extended. Though it is hundred Nodes today, the overall prosperity come from Inclusion.
As what Libra designed, those hundred Nodes also play the role as shareholders that they are able to get the incentives from those transactions, which is Value as Incentives. The system aligns the incentives of all stakeholders. Facebook always has issues about how to deal the Rights Preserved. Ownership rights are transparent and enforceable. Individual freedoms should be recognized and respected, so Libra might be a great solution for Facebook to resolve its genetic hassle.
I do believe blockchain technology could be an important transformation for protecting and preserving humanity, a means of communicating the truth, and further creating prosperity. If you don't follow the Soul of Libra, you don't know what you saw.
Richard Wang joined DFJ Dragon Fund since 2011. Mr. Wang has over 20 years of business development, technical marketing and sales management in high technology space experiences. Prior to DFJ Dragon Fund, Richard served as QunZhong E-Commerce’s CEO and successfully open up the market and developed the franchise channel. Prior to QunZhong E-Commerce, he founded OLEA Network with partners in Silicon Valley. The company research and develop wireless intelligent ECG senor by using the Doppler Radar technology. He has several technical papers published in IEEE journal. Mr. Wang holds MSEE from National Chiao Tung University since 1995.
Mr. Richard Wang is interested at Artificial Intelligence Application and fintech area especially in BlockChain sector, his portfolios including Yeepay, Senodia, NasoSic, Innodealing, Epticore, Vechain Metaversa, Redpulse, Alphacat , i-House, Apex, Kronos, OBEN, Primas,, Fusion, Penta,, IOTex, ODEM, Heronode, Skrumble, Quark，Sentinel, Navibration, HumanProtocol ,FMF, ROAMD , MOW , Vodi, IMOS and YAN.