I’ve been looking at the design of the new Libra coin (LBR) in the updated Libra Whitepaper. Here’s what I think the differences are between this new “synthetic” coin and the previous iteration of the coin as described in 2019. Hope it’s helpful!
Note, this is just my attempt to explain it with the information that is available. It is probably still subject to change. If you’ve found it useful, feel free to share!
Everyone seems to be interested in programmable money (and assets), but what exactly does this mean? This post explores the concept of programmable money – what is possible today, and what is possible with the help of smart contracts on blockchains.
Ray Dalio is one of the best economic thinkers alive. On 9 April 2020, TED interviewed him about what coronavirus means for the global economy. Here is my summary. Any errors, omissions, misunderstandings are mine.
Interviewer: Corey Hajim (TED) Interviewee: Ray Dalio, Founder of Bridgewater Associates Released 9 April 2020
I’m often asked for material about CBDCs (central bank digital currencies), blockchains / distributed ledgers, stablecoins, and cryptocurrencies. So here’s a list of reports from central banks, regulators, international organisations and other agencies. Enjoy!
This short blog post describes three different types of currency wars that seem to be happening at the moment.
The phrase “currency wars” is not new – typically is has referred to deliberate devaluation of one’s own currency to increase competitiveness of exports. If your currency is worth less, then your goods are cheaper to foreigners, so they buy more of them, which is generally good for your country.
Yet with increased discussion and relevance of fintech, wallets, central bank digital currencies, Libra, bitcoin, etc, it seems to me that there is more going on. I’ve identified three distinct wars (battles? fronts?) being fought:
Summary: Issuers of today’s fiat-backed stablecoins (such as PAX, USDC and TUSD) need to identify (or KYC) only those users who convert between bank account money and stablecoin, not all holders.
Some people might be surprised that intermediate users of stablecoin may transact without needing to being identified by the issuers. Yet few people know that there are kill-switches built in that can hinder bad actors. This arrangement can be described as permissioned pseudonymity. Stablecoin issuers have permission by their regulators to have pseudonymous users in their network.
Permissioned pseudonymity is positive for innovation while the industry explores the most productive uses for stablecoins.
Yesterday I did an recording where the interviewer asked me a simple question – what is blockchain? This got me thinking – I had no go-to answer for this. People use this word to cover a wide range of networks and platforms, and some platforms such as R3’s Corda (Note: I work at R3) are categorised as “blockchain” platforms, when they don’t even bundle transactions into blocks!
The best description I could come up with was:
Blockchain is a word used to describe a bundle of technologies that allow digital assets to be created and passed from party to party with guarantees that the assets are authentic and haven’t been copied or counterfeited all without needing to trust a third party to open and maintain accounts for customers.
Last December I was approached by a publisher, Mango, who asked me if I would write a book about blockchain technology. A little nervously, I agreed, and I’m excited to announce the result of six months of effort:
The Basics of Bitcoins and Blockchains is an essential guide for anyone who needs to learn about cryptocurrencies, ICOs, and business blockchains. Written in plain English, it provides a balanced and hype-free grounding in the essential concepts behind the revolutionary technology.
I wrote The Basics for an audience of business people, students, practitioners, and those who are simply interested in this technology. I tried to make it entertaining even for those who are already working in the cryptocurrency or blockchain industry. For example, did you know: