[Discussion] Connecting Libra Network

Hub Proposals Proposal Ideas
1

It looks like the Libra Network has real consensus algorithm, real VM, and real PoA governance with real partners. For me, it is quite obvious that the Libra Network will absorb many dapps, Libra stable tokens to be the most used stable coin on Earth.

The vision of Cosmos Network is to connect various blockchains including public&private. I am not sure Libra is public or private, but as I saw it in its whitepaper, the governance structure is quite legimite and decentralized in their fashion(Proof of Authority). Users will feel safe to save at least several thousands of dollars in the network imo.

So, I think the Cosmos validator community has a good amount of responsibility to research and launch a Libra-Peg Zone in the hub as soon as possible.

Therefore I suggest to form a committee of validators to actively research and test, ultimately launch the peg zone together. How do you think?

Edit) after conversations, I admit it is not a good approach to officialize the libra peg zone research at this moment so dropping this discussion for now.

3 Likes
2

Yes Cosmos should connect with Libra eventually but it shouldn’t take priority. We shouldn’t fall for the hype created by the media, after all the news Libra still doesn’t have dapps, shops integrated or even users and it is already facing high scrutiny specially from European regulators. Should it take presence in financial transactions like wechat/wepay in China or at least it gets integrated directly into Paypal then connecting to the Libra Network becomes a good idea and might bring Cosmos to the public eye but as Libra stands today not so much. I’d rather see a Bitcoin or Etherum peg zone first instead of a Libra one.

3

This assumes Libra even gains any traction assuming it launches.

For me, it is quite obvious that the Libra Network will absorb many dapps

I’m not quite so convinced of this. I never really understood the motivation in programming dapps in a proprietary/custom blockchain language.

That being said, once it’s more obvious that Libra will indeed launch that a peg-zone should be launched.

4

I’m not quite so convinced of this. I never really understood the motivation in programming dapps in a proprietary/custom blockchain language.

I assume most dapps on libra will not need any super sophisticated programs. Most dapps will be quite plain vannila without much technical complexity. So they will not care much about the language itself unless it is super bad. Libra will absorb dapps because of the company’s platform power to draw massive users in short time.