We Found A Glitch in Libra’s White Paper

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The publication of Libra’s white paper — Facebook’s new cryptocurrency project — has become the headline of media all over the world. Libra prides itself as an ambitious project which aims to “enable a simple global currency and financial structure that empowers billions of people” that will perhaps finally drive blockchain and cryptocurrencies into mainstream adoption. As the only China-based blockchain mentioned by Facebook, we want to clarify a bit about a misunderstanding Facebook seems to have about Conflux’s tech.

In its Introduction section, it stated:

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“State Machine Replication in the Libra Blockchain” (M. Baudet et. al), p. 4

As mentioned, projects such as Conflux organizes blocks based on graph structure such as DAG, which can effectively improve block formation and utilize bifurcation. However, DAG is challenging to maintain and verify graph information after a temporary loss of connection, hence their decision in implementing BFT (Byzantine Fault Tolerance) protocol — a comparatively simpler way. In the world of blockchain, however, ‘simplicity’ often comes in hand with ‘sacrifice’, and we have yet to see what Facebook is compromising on.

Facebook mentions that Conflux uses a flat DAG for block formation, which is incorrect (or rather, has been vastly upgraded since). Conflux implements a novel structure called the Tree Graph, which differs from other graphical model-based protocols due to its pivot chain mechanism. Our system utilizes Link/Cut Tree system to make the recovery and verification of graph information easier.

Conflux believes in the power of blockchain in bringing about an open and decentralized world, and we support any project that will boost its mainstream adoption. We look forward to see what Libra’s development will bring, and hope that we can work alongside Facebook in promoting the development of blockchain technology.

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Conflux, where valuable bits are exchanged and validated.

Find out more about Conflux’s State-of-the-Art technology here and our academic paper here.

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!

Twitter: twitter.com/ConfluxChain

Telegram: t.me/Conflux_English

Github: github.com/conflux-chain

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Powering Decentralized Commerce | A Public Blockchain For a New World of DApps, Web 3.0 and Finance

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