Libra of Facebook is full of controversy, however, AO public chain GGE can be expected in the future.
On June 18th, the global Internet giant Facebook issued the Libra Coin Program. The international public opinion turned around and began to discuss the development of the US dollar, Bitcoin and financial giants. Various statements such as cryptocurrency war theory, dollar conspiracy theory, and neutral observation theory appeared.
The release of Libra by Facebook directly demonstrates the influence and value of the blockchain and cryptocurrency. As for Zuckerberg’s ambitions, outsiders cannot speculate. Some left-wingers believe that once the regulatory level is involved, business will succumb to political power. They believe that the United States will use Libra and the banking system to crush other countries’ legal currency systems, foreign exchange and financial markets, and consolidate currency hegemony in the digital age. However，this is not impossible.
On July 16, the US Senate Banking Committee held a Libra hearing. Sherrod Brown, vice chairman of the US Senate Banking Committee, asked: How can I convince you and Facebook not to introduce this cryptocurrency? If all of us feel that this is a bad idea, would you still do this?
David Marcus, head of Libra, replied: We think it is very reasonable for regulators to raise concerns. That’s why we released the white paper ahead of time. We will not introduce Libra unless the regulator is satisfied. From the results of the hearing, the future prospects of Libra are not clear enough.
In contrast, the GGE outlook of the AO public chain is clearer.
A stable coin is a bridge connecting the world of legal currency and cryptocurrency. It is also the most understandable and acceptable for traditional enterprises. Therefore, a stable coin is the future trend for the encrypted world. However, the drawbacks of counter-coin, such as TEDA, JPM Coin and Libra, have become more obvious, and there is a more stable hard currency in addition to legal currency — gold.
Gold has always been the safe-haven asset of choice for national or traditional institutions. Its rise is largely due to the declining credibility of the legal currency group represented by the US dollar, which has led more countries, institutions and even individual investors to choose to reserve more gold.
An increasing number of individuals and institutional investors are entering the cryptocurrency market. In the first quarter of 2018, the blockchain project financing amount reached 5.83 billion US dollars, exceeding the amount of last year. This shows that the market demand for stable coins will continue to expand.
AO is committed to the digitization and warranting of gold. Its main network token is GGE (Global Golden Exchange), and it is eternal anchored with gold (100GGE=1g gold). The initial issuance of 5 billion. GGE is the first important token to be released on the AO public chain.
The basic characteristics of the gold stable token determine its long-term value, which will gain a broad user base and application scenarios and will eventually be recognized by market and cryptocurrency enthusiasts. As a system without feelings, as long as the price does not return to zero, the benefits can drive the miners to record the books. As a value currency, GGE has asset collateral，which makes it more stable.
Based on the high-speed public chain, AO Ecology will build a blockchain ecosystem covering the “GGEC + GGE + GBB + GREE”.
Gold stable token GGE will learn from the experience and lessons of the stable coin that is traditionally linked to the US dollar and continue to contribute to the AO ecosystem.
Since the launch of the AO public chain main network on April 20th, the project and market progress have steadily advanced. The first application of the Global Blockchain Bank (GBB) has been officially launched. The launch of the future gold stable token will further promote the development and improvement of AO ecology.