Nexty, Libra & Me
I am happy that it happens !
Thanh Dao, author |Louis Nguyen, editor
June 18, 2019
Many people ask me: “What will happen to Nexty with the introduction of Libra?” The truth is, I am happy that it happened.
Nexty envisioned in September 2017, when we were finishing the whitepaper, which is stressed on delivering cryptocurrencies into daily transaction. It must have the following features: price stabilization, instant processing time, and low transaction fees. Fortunately, a big corporation like Facebook, along with other 28 partners have the same vision as Nexty, to bring Libra under construction. Although Nexty is a relatively small team to enforce that vision, but there are a few possibilities.
Libra introduction is one of many vital conditions for cryptocurrencies mass adoption. Anyone, from cities to rural areas, can use Libra for daily transactions, which the banking system or even cryptocurrencies have not yet achieved. A future of cashless payment and independent from centralized banks has yet to come.
The world needs decentralization..
The birth of Libra today made real thanks to the efforts of an important blockchain: Bitcoin. Bitcoin was supported by many people from different social classes in the world, because of its decentralization. We all need to realize that Bitcoin is the closest approach to decentralization. Libra couldn’t achieve this, or don’t have the intention of doing so. Its consensus is pBFT, but implemented on consortium model. Permission to write on blockchain or the permission to mint Libra does not belong to the public. The people can only have the “freedom” with their assets, but not with the inflation of the total supply.
Technically, as a member of Nexty core developers, I consider that Libra and many other public blockchains, haven’t reached a breakthrough, or solved the prevailing problems of current decentralized system, not account for their professional document composition and marketing strategy. There are something new, such as transaction scripts, new smart contract language: Move, which is putting assets to the highest priority. Libra is announced as a blockchain without block & chain, but in system architecture, even to application extend, definitions such as state, account, smart contract, etc. all inherited or refactored from Ethereum. Eventually, Libra will stumble across the current issues of Ethereum sooner or later.
Blockchain technology could be viewed as a baby. Whether it is raised by a wealthy family or a working class family, it deserves a fair chance of development. Ethereum, under the supervision of Vitalik will definitely prioritize its decentralization. Looking into Ethereum roadmap, somehow we could agree that Ethereum has the capabilities to solve the current blockchain problems. I firmly believe that Ethereum could retain its decentralization with Sharding and Plasma protocol, which have been extensively researched recently.
As a sidechain in Ethereum Plasma network, Nexty aspires to be a public blockchain for payment with features like: decentralized trustless stablecoin, instant transfer, zero transfer fee, unbiasable randomness, fairest external data feed, and many more under way. Our developers commit to build Nexty as the utmost distributed system.
In my point of view, Libra is the necessary transition from centralized economy to decentralized economy. Soon will come a place where decentralized projects like Ethereum, Nexty and high-adoption projects like TRON, EOS, and Libra form an ecosystem.
That is the bright future for daily payments !
