Nowadays there are no Java developers who do not know about Spring and probably there are no Java applications that are not developed in Spring. But in the early days of Java development, there was not such a framework like Spring. Every Java developer had to develop applications from scratch. This means that he had to write the application framework and all the basic functions such as logging and security control. Applications developed this way usually do not have good quality. And it is often a nightmare to upgrade such applications.

Spring framework appeared several years after Java programming language…


Ever since the value of Bitcoin and the blockchain technology was discovered, there has always been innovations to make cryptocurrencies and blockchain technology better. The next milestone after Bitcoin is Ethereum. Ethereum let developers create various kinds of digital assets to be circulated and traded. Bitcoin and Ethereum are therefore leaders in their respective categories. Their dominance in their respective categories is very hard to be challenged. This is especially the case for Bitcoin. In the case of Ethereum, however, all new blockchains are trying to be next Ethereum. In my opinion, the market of Ethereum’s category is going to…


1, Bakkt in essence provides leveraged trading on Bitcoin spot.

2, Because of Bakket’s influence in the securities trading industry, its compliance nature, the nature of the daily settled Bitcoin future, and its wide institutional customer base, it will gain Bitcoin trading market share quickly.

3, The global Bitcoin trading price will be influenced the trading price at the Bakkt.

4, The settlement price of Bakkt one-day Bitcoin future will become an important reference for Bitcoin settlement price at the global level.

5, The volatility of Bitcoin trading price will be smaller.

6, Bakkt will further prompt more regulatory bodies…


In my previous article ( So Many Public Chains, So Few Dapps), I pointed it out that too many public chains was one of the reasons that there were so few Dapps. App developers really do not want to develop their apps for so many blockchains. The over supply of blockchains is actually hindering the adoption of blockchain technology. The Libra blockchain provides an opportunity to solve this problem.

Libra is composed of three parts, Libra stablecoin, Libra blockchain, and Libra Association. Currently, most attentions have been focused on Libra stablecoin. But, in my opinion, Libra stablecoin is just a…


Of course, Libra is not a paper tiger. Otherwise it won’t cause the immediate concern of global financial regulatory bodies and central banks, as well as the hearings by United States congress. But, this project indeed has inherent risks which make it very vulnerable. There is a good chance that it may get seriously delayed or may be forced to shut down if it cannot deal with these risks appropriately. If, unfortunately, it is forced to stop, then its short period of existence is then really a paper tiger.

Soon after the Libra project news was released on June 18…


The Libra project raised market’s attention to stablecoin to an unprecedented level. It not only forces global financial regulatory bodies and central banks to take necessary measures, but also stimulates market’s enthusiasm in developing more stablecoins. Since Libra’s project scope is too large, it assumes a lot of risks. There is a big uncertainty in its future. But, Libra’s design and its experience can certainly be learned by other stablecoin projects. Better designed and more feasible stablecoins can be brought to the market.

A couple days after the Libra news was released, I wrote a report analyzing this project (…


The Libra project is going to provide a financial market infrastructure(FMI) and issue a stablecoin on this FMI. This new FMI and its stablecoin will run in parallel with existing FMI. In view of the global presence and influence of the Libra Association members, this project inevitably causes serious concerns from financial regulators worldwide. This project then pushes central banks to make policies with regard to Libra as well as other similar stablecoins and speed up their own currency digitalization process. This paper explores possible measures central banks may take.

1,It all started with Bitcoin

The birth of Bitcoin in early 2009 can be said…


In my Libra project analysis report ( A Business Analysis of the Libra Project), I pointed out that there is still a very good opportunity to develop a new stablecoin that competes with Libra. The Libra project is definitely not the end of the stablecoin project, but a milestone in this process. More stablecoin projects will appear to provide more stablecoin products for the market. In terms of the mechanism for generating stablecoins, other stablecoin products can be substantially different from Libra. In terms of application scenarios of stablecoin, a more suitable application scenario can also be adopted. In view…


In the blockchain era, the basic components of the banking industry infrastructure are going through fundamental changes. Commercial banks operating on fiat currencies and clearing networks will inevitably undergo fundamental changes consequently. Only by clearly understanding this development trend can commercial banks adopt appropriate strategies and become winners in the new market structure brought about by this paradigm shift.

Blockchain and cryptoassets are fundamentally changing the current banking infrastructure as well as all market organizations and business processes on top of it. Commercial banks, the basic components of the financial market, bear the brunt of this market paradigm change. In…


This report analyzes the Libra project from different business perspectives. The goal of this report is to help our clients better understand the Libra project and the opportunities it brings so as to make the right business decisions.

  1. The Advantages and Opportunities of Libra

The coin minting mechanism of Bitcoin is a very fair one. Any individual or institution can obtain newly minted bitcoins by providing bookkeeping services. In the current financial society, however, the right to issue money is exclusively owned by governments. Governments obtain a large amount of wealth accumulated in the society through the money they issue…

Benjamin Gu

Founder & CEO, Liyan Consulting. He can be reached at benjamin.gu2019@gmail.com

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