Is Libra just a stable currency project?

The world-famous FACEBOOK cryptocurrency project Libra white paper was released, although the wind has been passed for a long time, but it is not surprising to let the entire blockchain and digital currency industry shine, and because of the huge impact of its global technology Internet giants Force has also caused a sharp shock in the traditional Internet and financial circles. However, after a cursory look at the white paper, it feels like a stable currency project. Some friends laughed and said that it is no different from the general currency project. But I am afraid it is not that simple.

 

First, Libra is indeed a stable currency project first.

According to the white paper, blockchain technology can solve the problem of availability and reputation of lower financial services and easier service. It believes that blockchain technology can achieve the independence of asset identification, realize global payment at low cost, and achieve decentralization. Management, a blockchain-based payment system and a corresponding financial system are a common product and infrastructure.

Based on the above characteristics of the blockchain, the Libra blockchain will be extended to billions of accounts. It is necessary to build a high-throughput, low-latency, high-capacity storage system that requires high security and reliability to secure financial data and funds. Future innovation. The white paper clarifies that Libra's goal is to be a stable digital cryptocurrency that will be backed by a full use of real asset reserves (called “Libra Reserves”) and supported by a network of trading platforms that trade Libra and compete.

 

Second, Libra is a digital asset identification and production project

The white paper mentions the creation of a MOVE language for the pursuit of digital asset transactions. "Move" is a new programming language for implementing custom trading logic and "smart contracts" in the Libra blockchain. Because Libra's goal is to serve billions of people every day, Move's design first considers safety and reliability. Move is a programming language created from the experience of security contracts related to smart contracts that have occurred so far, making it easier to write code that matches the author's intent, thereby reducing unexpected vulnerabilities or security incidents. risks of. Specifically, Move is designed to prevent digital assets from being copied. It makes it possible to limit digital assets to "resource types" that have the same attributes as real assets: each resource has only one owner, the resource can only be spent once, and the creation of new resources is restricted. The Move language also makes it easy to automatically verify that a transaction meets certain attributes, such as a payment transaction that only changes the payer and payee account balances. By prioritizing these features, Move helps keep the Libra blockchain secure.

 

Third, Libra is a coalition chain project aiming at the public chain

The blockchain uses a BFT mechanism based on the LibraBFT consensus protocol to achieve agreement between all certifier nodes on the transactions to be executed and their execution order. This approach builds trust in the network because the BFT consensus protocol is designed to ensure that the network is functioning properly even if some of the verifier nodes (up to one-third of the network) are corrupted or fail. This type of consensus protocol also enables a high-traffic, low-latency, and more energy-efficient consensus approach than the “workload proof” mechanism used in other blockchains.

An additional goal of the Libra Association, which manages the Libra blockchain, is to develop and promote an open identity standard. The Association believes that decentralized and portable digital identity is a prerequisite for financial inclusion and competition.

The goal of the Libra project is to gradually increase the degree of decentralization. The white paper argues that this decentralization helps to lower the barriers to entry and use of the network, and in the long run it also helps to increase the resiliency of the Libra ecosystem. The Libra Association will gradually realize the unlicensed management and consensus of the Libra network. The association will strive to initiate this transition within five years and gradually reduce its reliance on the founders. Similarly, as a Libra reserve manager, the Libra Association will strive to minimize its reliance on itself.

 

Fourth, the project has just begun, welcome to participate in the global participation

The project will recruit a managing director for the association and continue to form the executive team of the association.

The project has just begun and needs to seek help from the community. If you believe that Libra can serve billions of people around the world, you can share your views and join the project. In order to make financial inclusiveness a reality around the world.

If you are a researcher or protocol developer, you can preview the Libra test network (released under the Apache 2.0 open source license) and accompanying documentation in advance. This process has just started, the test network is still an early prototype in development, but can immediately read the relevant content, develop and provide feedback. The current focus is on maintaining the stability of the prototype, and the project schedule may initially be slow in order to adopt the community's input. However, the project is dedicated to building a community-oriented development process and opening the platform to developers as soon as possible, starting with the merge request.

Organizations interested in becoming a founding member or applying to donate social impact funding to the Libra Association are also welcome.