LibraX： A Distributed Currency System Built to End The Digital Hegemony

LibraX is an open sourcefinancial blockchain project whose purpose is to assist organizations to issue and circulate a legal“generalized gold standard” digital currency with asset reserves.

May 11, 2020 /PressReleaseAgency/ —

LibraX is an open sourcefinancial blockchain project whose purpose is to assist organizations to issue and circulate a legal“generalized gold standard” digital currency with asset reserves to balance the profits and risks of current global credit currency system with the US dollar as the core.

In short, LibraX is created to surpass Libra. It is based on Libra's blockchain technology but has a different vision: money comes from trust, and trust comes from technology. In the core concept of LibraX, the issuance of currency should be based on the users’ trust, notthe issuers’ power.Undoubtedly the Internet technology, especially blockchain technology, is the best tool for trust supervision .

Will this world get better if Libra brings a simple and borderless digital currency to billions of people around the world? Perhaps it will be the beginning of a complete collapse of the global financial system.It is true that we need an efficient global payment tool, even a brand new currency system, but it will never be Libra. What we need now is to find a way to balance inflation in the era of collapsing of the credit monetary system, so that the personal wealth can maintain its value, rather than suffer losses as the value of the currency falls.

As we all know, Libra is a digital currency system with the US dollar as the core. In the past half century, many countries around the world have suffered a lot because of the hegemony of the US dollar, and now they arealso paying for the unlimited quantitative easing of the US dollar. But Libra will further extend the USD hegemony to the field of daily payments. Not only the sovereign currencies of at least dozens of small countries will be replaced by Libra in people ’s daily activities, but alsowill the businesses around the world beforced to join Libra Association and buy USD as reserves so that their customers can use the services provided by Libra. Once a major financial crisis even a direct collapse occurs (credit currency has crashed for many times in history)in this kind of credit currency system based on national credit (in fact, the United States does not have too much credit), it will be a global disaster.

LibraX will be the solution. Based on Libra's technology, LibraX’s goal is to reduce the risks posed by the unlimited excess of credit currency. Although Libra reserves a USD-centric currency package as its value support, but it actually acts as an extension of dollar hegemony which may raises the risks brought by credit currencies. However, to form a new "generalized gold standard" currency to supplement the current deficiencies of the global monetary system, LibraX will combine blockchain technology with IoT, edge computing, AI, etc., in order to connect the assets of the offline world and the digital currency of the online world.

The LibraX project team will officially release the LibraX White Paper, the road map and the first core nodes in the near future. As the increase in currency issuance of central bankswill bring huge instability to the future global financial environment, the "gold standard" advocated by LibraX may become a solution of this instability.

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Release ID: 88956940