Conflux Co-Founder’s Chat with Facebook: They Picked A Boring Direction
Back in May, Conflux Co-Founder Fan Long paid Facebook’s blockchain team in San Fransisco a visit, so we asked him a few of questions about it!
Q: Why do you think Libra mentioned Conflux and DAG?
A: Libra mentions DAG and Conflux because 1) DAG is the most promising direction to build a scalable and permisionless blockchain, and 2) Conflux has the most promising technology to realize this direction. Libra cited our arXiv paper and mentioned technical challenges in the DAG direction.
We are happy to say that we have made significant research progress on addressing those challenges with our new consensus algorithm based on Conflux’s Tree Graph structure. We’re going to publish our new results very soon, so stay tuned!
Q: Is there anything you can share about your meeting with Facebook blockchain team back in May?
A: The discussion was mostly technical. We talked about different blockchain protocols and their pros and cons. They were very secretive about their plans at that moment.
Q: Do you think Facebook took some key insights from Conflux and other companies to build Libra’s infrastructure?
A: For some business or technical reasons, Facebook picked a boring direction and is building Libra as a permissioned chain with 100 nodes. Conflux believes in decentralization and will be a fully permissionless blockchain right from the start. Due to this difference in vision, Libra and Conflux chose totally different technical paths and there is little connection right now.
From a philosophical perspective, blockchain is a bottom up revolution. Steps by large companies in blockchain are only reactions to the pressure of the bottom up blockchain adoption trend. I don’t think Facebook’s Libra is an exception.
Q: Do you have any ideas of what might be the future or the next step for Libra based on your conversations?
A: They were very secretive, so I can only guess. A natural development is that Libra will disrupt and even replace state currencies in those countries with weak economies and banking systems.
Overall, industrywise Libra is a positive influence — it will encourage wider audience into the field and boost confidence. Facebook has a lot of talents, and their design is very interesting. However, whether Libra is very much a blockchain-spirited attempt or not, that remains to be seen.
Conflux, where valuable bits are exchanged and validated.
Our team is full of the best and brightest (Alan Turing Award winner? Graduates from top universities like MIT, UC Berkeley, and Tsinghua University? National Olympiad winners? We got them all). Get to know us more on our Telegram!