来吧，让我们聊聊Facebook的“比特币”

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Facebook发币了。

Facebook coins up.

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尽管这二者看起来毫不相关，但它确实发生了。

Although these two do not seem relevant, they do happen.

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当地时间6月18日，由Facebook主导的数字加密货币——Libra官网正式上线并发布了白皮书，称其使命是建立一套简单的、无国界的货币和为数十亿人服务的金融基础设施。

On 18 June, local time, Facebook-led digital encrypted currency — the Libra network of officials — officially went online and issued a white paper, stating that its mission was to create a simple, borderless currency and financial infrastructure for billions of people.

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Libra到底是个什么东西？让我们从几个维度来谈谈。

What the hell is Libra? Let's talk in a few dimensions.

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标题的比特币之所以要加引号，是因为Libra虽然是一种数字加密货币，但它与比特币们其实不同。

The reference to bitcoin in the title is because Libra is a digital cryptographic currency, but it is different from the bitcoin.

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其白皮书称，世界需要一种全球性的数字原生货币，它能够集世界上最佳货币的特征于一体：稳定性、低通货膨胀率、 全球普遍接受和可互换性。而Libra，就是要做到这些。

According to its White Paper, the world needs a global digital home currency, one that brings together the world’s best: stability, low inflation, global acceptance and interoperability. Libra, that's what this is all about.

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为了达成以上目标，Libra将全部使用真实资产储备作为担保，储备将包括一系列“低波动性”资产，如一篮子稳定且信誉良好中央银行提供的存款和短期政府债券。这么做的目的是维持 Libra 加密货币的价值稳定，确保其不会随着时间剧烈波动。

In order to achieve these objectives, Libra will use all real asset reserves as security, which will include a series of “low volatility” assets, such as deposits and short-term government bonds provided by a stable and reputable central bank. The aim is to maintain the value stability of Libra’s encrypted currency and to ensure that it does not fluctuate sharply over time.

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注意，这就是Libra与之前比特币或者以太坊们不一样的地方，它在现实世界中有一个锚定物，你可以理解为抵押物。也就是说，发行一个Libra，就需要发行方储备相应的等价资产。而比特币，与现实世界中的资产实际上没有联系，这也是它一直引起争议的原因。

In other words, issuing a Libra requires that the issuer reserve an equivalent asset. Bitcoin, which is virtually unrelated to the real world’s assets, is why it has been controversial.

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有人说，Libra有点类似于USDT这样的稳定币。

Some say Libra's kind of like a stable currency like USDT.

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随着数字加密货币的发展，人们迫切需要一种将数字货币市场与现实货币市场连接起来的介质，于是稳定币出现了。所谓稳定币，其实就是拿数字货币与某现实货币挂钩锚定。比如1个USDT就相当于1美元，理论上，发行100个USDT就需要有100美元。这是不是有一些“金本位制”的影子？当然这只是理论，具体走歪的路这里暂时不表。那么，既然锚定了特定资产，稳定币就像它的名字一样，不会像其它数字货币那样产生太大的波动，长期来看趋于稳定。稳定币的作用，就是作为连接数字货币市场和现实法币世界的一个价值桥梁，方便投资者在数字货币交易所的交易行为。

As digitally encrypted currencies develop, there is an urgent need for a medium that connects digital currency markets to real currency markets, so that a stable currency emerges. A stable currency, in fact, is anchored with a digital currency. One USDT, for example, is equivalent to one dollar, whereas theoretically 100 USDT is needed.

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此前，摩根大通就发布了自己的摩根币（JPM Coin），按1：1锚定美元定价。在摩根大通的指定账户中，他们存放了与JPM Coin金额对应的美元。但目前，这一币种暂时只在少数摩根大通机构客户中进行测试。

Prior to that, Morgan Chase issued its own JPM Coin, at an anchor rate of 1:1. In JPM Chase’s designated account, they kept dollars corresponding to JPM Coin. However, for the time being, this currency is being tested only among a small number of JPM Chase clients.

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也有人说，Libra有点像SDR一篮子货币。

It's also said that Libra is kind of like a SDR basket of currency.

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SDR是国际货币基金组织（IMF）的特别提款权，也叫纸黄金，是国际货币基金组织创立的、根据会员国认缴份额分配的，可用于偿还国际货币基金组织债务、弥补会员国政府间国际收支逆差的一种记账单位。其价值目前由美元、欧元、人民币、日元和英镑组成的一篮子储备货币决定。会员国在发生国际收支逆差时，可用它向基金组织指定的其他会员国换取外汇，以偿付国际收支逆差或偿还基金组织的贷款，还可与黄金、自由兑换货币一样充当国际储备。但SDR无法用于IMF体系外的支付，本质上不是一种真正货币，使用时必须先换成其他货币，不能直接用于贸易或非贸易的支付。

SDR is the special drawing rights (SDRs) of the International Monetary Fund (IMF), also known as paper gold, which is a unit of account created by the IMF and distributed according to the shares of Member States for servicing the IMF debt and covering the intergovernmental balance-of-payments deficit of Member States. Its value is currently determined by a basket of reserve currencies consisting of the United States dollar, the euro, the renminbi, the yen and the pound sterling.

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不管Libra像什么，关键是好不好用。白皮书称，任何持有Libra的人都可以获得高度保证，他们能够根据汇率将自己持有的这种数字货币兑换为当地货币，就像在旅行时将一种货币换成另一种货币一样。

Whatever Libra looks like, the key is whether it works or not. According to the White Paper, anyone who owns Libra has a high level of assurance that they can convert their own digital currency into local currency at the rate of exchange, just like when travelling to exchange one currency for another.

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有一点你肯定看明白了，没错，Libra没什么炒作价值，想炒币的散了吧。

There's one thing you're sure to see. That's right. Libra doesn't have much value.

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2

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再来看看这个新币种的运行环境。

And look at this new currency operating environment.

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根据白皮书显示，Libra运行于Libra Blockchain之上，它是一个目标成为全球金融的基础架构，将满足三个需求——

According to the White Paper, Libra operates above Libra Blockchain, a goal that is the foundational architecture for global finance that will meet three needs -

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一是能够扩展到数十亿帐户，这要求区块链具有极高的交易吞吐量和低延迟等特点，并拥有一个高效且高容量的存储系统。

One is the ability to extend to billions of accounts, which requires blocks chains that are characterized by extremely high transaction throughput and low delay, as well as an efficient and high-capacity storage system.

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二是高度安全可靠，可保障资金和金融数据的安全。

The second is the high level of security that guarantees the security of financial and financial data.

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三是足够灵活，可支持Libra生态系统的管理以及未来金融服务领域的创新。

Thirdly, there is sufficient flexibility to support the management of the Libra ecosystem and future innovations in the area of financial services.

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Libra Blockchain设计和使用Move编程语言，同时使用拜占庭容错（BFT）共识机制，并采用和迭代改善已广泛采用的区块链数据结构。

Libra Blockchain designs and uses the Move programming language, using the Byzantine Errors (BFT) consensus mechanism and introducing and iterative improvements to the already widely used block chain data structure.

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看不懂？没关系，总之Libra还是基于区块链的原理，以及使用了成熟的技术。现在Libra也处在初期的初期，还有更多细节等待发布。

You don't understand? It's okay, Libra is still based on block chains and uses mature technology. Libra is also in the early stages, and more details are waiting to be published.

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但有一点要注意，Libra网络在初始阶段需要获得许可才能加入，这与比特币等区块链不同，只有创始成员才能访问网络。但随着时间的推移，Libra有计划过渡到一个不需要权限的网络，这意味着“任何一方都无法单方面改变网络规则”。

One thing to note, however, is that the Libra network requires permission to join in its initial phase, unlike the Bitcoin block chain, where only the founding members have access to the network. But, over time, Libra has a planned transition to a network that does not require privileges, which means that “no one can change the rules of the network unilaterally.”

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3

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那么，谁来管理这个区块链网络呢？

So, who's going to run this block chain network?

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有人会说了，那肯定是Facebook嘛。其实并非如此，Facebook强调，其只是在初期进行主导，而未来的管理工作，是由名为Libra Association（Libra 协会）的组织负责的。

Some would say that it was definitely Facebook. Indeed, Facebook stressed that it was only in the early stages and that future management was the responsibility of an organization called Libra Association.

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这一组织由Facebook发起，目前已有20余家机构参与运行，未来将增加到100 家。成员涵盖了支付业、技术和交易平台、电信业、区块链、风险投资、非营利组织、多边组织和学术机构，阵容非常强大。

The organization, launched by Facebook, now has more than 20 institutions in operation and will grow to 100 in the future. Its members include the payment industry, technology and trading platforms, telecommunications, block chains, venture investments, non-profit organizations, multilateral organizations, and academic institutions, with a strong presence.

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在这29家合作机构中，你可以看到各个领域的巨头，有支付业的Mastercard、Visa、PayPal、PayU (Naspers' fintech arm)、Stripe；技术和交易平台的Booking Holdings、eBay、Facebook/Calibra、Farfetch、Lyft、MercadoPago、SpotifyAB、Uber；电信业的Iliad、Vodafone Group；区块链业的Anchorage、Bison Trails、Coinbase、Xapo；风险投资业的Andreessen Horowitz、Breakthrough Initiatives、Ribbit Capital、Thrive Capital、Union Square Ventures；还有非营利组织、多边组织和学术机构Creative Destruction Lab、Kiva、Mercy Corps、Women's WorldBanking等。

Among the 29 collaborating institutions, you can see the giants in various fields: Mastercard, Visa, PayPal, PayU (Naspers' informch arm), Stripe; Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, SpotifyAB, Uber; Iliad, Vodafone Group in telecommunications; Anchorage, Bison Trails, Coinbase, Xapo in the sector chain;ressen Horowitz, Breakthrough Initiatives in the venture industry, Ribbit Capital, Thrive Capital, Union Square Ventres; and non-profit organizations, multilateral organizations and academic institutions, such as Creative Dispute Law Lab, Kristraction Corps, World Bank.

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而Libra协会将由Libra协会理事会管理，理事会由各验证者节点各指派一名代表构成。理事会成员共同对网络和储备的治理制定决策。所有决策都将通过理事会做出，重大政策或技术性决策需要三分之二的成员投票表决同意。

Instead, the Libra Association will be administered by the Board of Directors of the Libra Association, which will be composed of one representative from each certifying point. The board members will jointly decide on the governance of the network and the reserve.

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白皮书声称，Facebook将保有领导角色至2019年底，日后将退居为一名普通的创始成员。Libra协会拥有最终决策权。

The White Paper states that Facebook will retain its leadership role until the end of 2019 and will later retire as an ordinary founding member.

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4

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最重要的问题来了，Libra未来会怎样？

Here's the most important question. What's going to happen to Libra?

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看着Facebook旗下的产品网络，以及已经加入的业界各方，你很容易想到它未来的应用场景。未来，也许你可以在WhatsApp、Instagram和Messenger中自由收付Libra，你甚至可以用Libra叫车、购物、跨境转账。就像白皮书说的，26亿Facebook生态用户体验到了Libra为生活带来的便利之后，届时依附于Facebook的电商、游戏、服务和金融数字生态，所有的服务将不再以美元或者传统货币计价，而是以 Libra 来进行计价。

In the future, perhaps you can freely pay Libra in WhatsApp, Instagram, and Messenger, and you can even call Libra for cars, shopping, and cross-border transfers. As the White Paper says, 2.6 billion Facebook eco-users experience the benefits of Libra’s life, and then are attached to Facebook’s electricity, games, services and financial digital ecology, and all services will no longer be valued in dollars or traditional currencies, but in Libra.

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这的确是一场颠覆。过去，市场上有过不少稳定币，但它们只是数字货币交易所的附庸，在现实世界中没有其它用途。而Facebook强大的应用场景和庞大的客户群体，或许将使Libra真正流行起来。

In the past, there have been a lot of stable currencies in the market, but they are mere approximation of the digital money exchange, with no other use in the real world. And Facebook’s powerful applications and large client groups may make Libra really popular.

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但就像腾讯创始人马化腾点评此事所言：“技术都很成熟，并不难。就看监管是否允许而已。”

But as the founder of the Circumcision said, "Technology is mature. It's not hard. It depends on whether regulation allows it."

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是的，监管的态度，在很大程度上决定了未来这个项目的走向。想要在世界范围内实现金融资产的自由流通，想想都知道绝非易事。洗钱的风险、用户的数据、跨境的监管……这涉及到方方面面的问题。

Yes, the regulatory approach largely determines the course of this project in the future. It is not easy to think about the risk of money-laundering, data from users, cross-border regulation... It is a whole range of issues.

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就目前看来，各国监管人士不少都持否定态度。比如美国众议院金融服务委员会主席Maxine Waters呼吁Facebook暂停Libra项目的开发，并要求Facebook高层接受美国国会质询，说明Libra将对全球Facebook用户数据的隐私和安全带来什么影响，待国会举行听证会后再做进一步决定。

For example, Maxine Waters, President of the US House of Representatives Financial Services Committee, has called for Facebook to suspend the development of the Libra project and has asked high-level Facebook to be questioned by the United States Congress about the implications that Libra will have for the privacy and security of global Facebook user data, pending a further decision by Congress.

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此前，也有过致力于跨境支付的Ripple，但目前看来并没有掀起太大波澜。强大如Facebook的互联网巨头，是否能梦想成真，让我们拭目以待。

Before that, there was a Ripple dedicated to cross-border payments, but it does not seem to be too much. A powerful Internet giant, like Facebook, has a dream to come true and let’s see if we can wait.

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