The CEO of one of China’s leading search engines has hailed the potential for Facebook’s proposed Libra digital currency to expand the use of consortium blockchains.
Speaking at Gaoshan University on 22 August, Wang Xiaochuan (王小川), CEO of New York-listed Sogou Inc., said that the success of Libra itself won’t just change the financial system itself, it will also serve as a “link between the old continent and the new continent” of blockchain technology.
“Today’s blockchain definitely requires consortium chains,” said Wang. “Eventually, [we] will need consortiums to be able to transfer offline assets online, which isn’t a pure form of decentralisation.
“Today what we can achieve is multi-centralisation, and multi-centralisation is the core logic…Libra itself has multiple centres.”