Will the future be converted to a PoS public chain? Facebook's Libra blockchain reveals this possibility

After waiting for nearly a year, Facebook finally released the white paper (Chinese/English version) of the cryptocurrency Libra. The current industry view is that Libra's function is similar to Alipay, but the chain found that the Libra blockchain did not refuse to become a PoS public chain, revealing plans to become a "non-licensed blockchain" in the future.

The following are the eight highlights of Libra's strokes, and the questions and answers provided by Libra are attached at the end of the article.

Initially a chain of alliances, the future will be transferred to the PoS public chain Facebook said that its Libra blockchain will initially start in the form of "linkage chain" or "licensed blockchain", recruiting 100 in the initial system of the build The certifier node, which implements 1,000 transactions per second, then works with the community to research and implement the transition from a licensed blockchain to a "non-licensed blockchain" or "public chain."

Facebook said it will strive to initiate this transition within five years. According to the Libra white paper, after the network becomes an unlicensed network, the Libra blockchain will change from relying on the ownership of Libra investment tokens to run the certifier node for governance voting to relying on Libra currency ownership. These activities, everyone can participate, using the Byzantine fault-tolerant LibraBFT consensus algorithm, when the Libra blockchain will become the PoS public chain. See https://libra.org/en-US/permissionless-blockchain/ for details.

Next year, the digital wallet Calibra will be launched . Facebook is now open for registration. It announced that it will launch the digital wallet Calibra in 2020. It is now open for registration and said it will support independent applications such as Messenger and WhatsApp. Calibra said that, with one exception, account information or financial data will not be shared with Facebook or any third party without the customer's consent. This data will not be used to improve the advertising targeting of the Facebook family. Calibra also said it will use Facebook data to comply with the law. Protect customers' accounts, reduce risk and prevent criminal activities. Calibra official website can be found at https://calibra.com/ .

01

Creating a compliance subsidiary, Calibra, Building and Operating the Libra Network Facebook said it has created a regulated compliance subsidiary, Calibra, to build and operate the Libra network. After the Libra network is released, Facebook will have the same rights and assume the same obligations and financial responsibilities as other founders, and Facebook will retain its leadership role until the end of 2019. The Libra Association, an independent non-profit organization founded in Switzerland, has the highest decision-making power over the governance of the Libra network.

Members of the Libra Association are made up of Librarian network's verifier nodes. Initially, these nodes are made up of global companies, partners, and academic institutions, the founders of the Libra Association. To become such a verifier node, entities need to invest in Libra. Tokens, invest at least $10 million in the network. Facebook said it plans to expand the Libra Association's Board of Directors to include approximately 100 diverse members across the board, with all members serving as the initial certifier node for the Libra blockchain.

Becoming a verifier node, the company's market capitalization needs to exceed $1 billion, but blockchain corporate standards are slightly lower. Facebook's stable currency Libra White Paper says the Libra Association, an independent non-profit organization founded in Switzerland, has the highest decision-making power over Libra's governance. The Libra Association is made up of the Librarian's Certifier node (also known as the Libra Association's founder). To become such a verifier node, the entity needs to invest at least $10 million in the network by purchasing a Libra investment token. In addition, Facebook has set strict standards for members of the verifier node.

To become a founder of the Libra Association, companies must meet at least two of the three criteria:

1. The market value exceeds USD 1 billion or the balance of receivables exceeds USD 500 million;

2. Serving more than 20 million people in multiple countries/regions each year;

3. Ranked as one of the top 100 industry leaders by third-party industry associations or media companies. For participants in the blockchain industry, if the above market capitalization or scale cannot be achieved, the Libra Association proposes additional criteria that need to be met: for cryptocurrency investors, the assets under management must exceed $1 billion; for blockchain infrastructure companies, requirements It has been in operation for more than 12 months and requires an enterprise-level security, privacy and infrastructure operating model that is guaranteed by modern policies and processes. It must be publicly disclosed through security audits or penetration testing reports. In addition, it is managed or kept for at least 1 customer. Billion dollar assets.

If the company does not meet the above criteria, but can make a meaningful contribution to the success of the network, the Libra Association may also provide the opportunity to become the founder of the association with the approval of the board. Academic institutions want to be founders and must meet the top 100 in the QS World University Rankings or the top 100 in the CSRankings list.

02

The LibraBFT consensus algorithm based on the Byzantine fault-tolerant consensus Libra blockchain will use the LibraBFT consensus algorithm based on the Byzantine fault-tolerant consensus, which is based on HotStuff. The HotStuff algorithm paper was published by the VMWare Research team. Its security and usability have been fully mathematically proven. Compared with the classic PBFT algorithm variants such as Tendermint and Algorand, HotStuff uses the threshold signature, and the view-change step has a complexity of only O ( n), with greater security and speed.

HotStuff supports asynchronous networks with higher fault tolerance than Tendermint, which only supports synchronous networks. Facebook said its LibraBFT algorithm further introduced an active mechanism fully integrated with the consensus protocol and provided specific latency analysis. To facilitate integration with Libra Blockchain, this document provides specifications extracted from the full-featured simulator. Technical papers are available at https://developers.libra.org/docs/the-libra-blockchain-paper .

Using the Move programming language, it is planned to create smart contract Libra blockchain designs for third parties and use the Move programming language, and use the Byzantine Fault Tolerance (BFT) consensus mechanism to adopt and iteratively improve the widely used blockchain data structures. Libra explains that Move is used to implement custom trading logic and smart contracts in the Libra blockchain. Since Libra's goal is to serve billions of people every day, Move's design first considers security and reliability and prevents it. Digital assets are copied. In addition, the libra.org association said it will create smart contracts for third parties and establish paths after the release of the Libra ecosystem and the development of the Move language.

The Libra blockchain test network and accompanying documentation have been released. The Libra blockchain has been released with test networks and supporting documentation. Developers can preview it at https://developers.libra.org/ . Libra said the test network was still an early prototype in development, but developers could read the content, develop it, and provide feedback. Libra said that because the current focus is on maintaining the stability of the prototype, the project schedule may initially be slow to adopt the community's input, and said that a community-oriented development process will be established, starting with the merger request and as soon as possible to the developer. Open this platform.

03

Libra White Paper, a stable currency issued by Facebook, will be used as a guarantee for Facebook's stable assets . Libra will use a series of low-volatility real asset reserves as a guarantee, such as cash and government provided by a stable and reputable central bank. Securities, supported by a network of trading platforms that trade Libra and compete, Libra said that anyone holding Libra can exchange the digital currency they hold at the exchange rate into local currency, just like when traveling The same currency is exchanged for another currency.

In addition, assets in the Libra Reserve will be held by custodians with global investment grade credit rating to ensure asset security and dispersion. Libra also said that interest on reserve assets will be used to pay for system costs, ensure low transaction costs, dividends for investors in the early stages of ecosystem start-up, and support for further growth and diffusion, interest distribution will be set in advance and will be accepted The Libra Association oversees and Libra users will not receive returns from reserve assets.

04

≋libra official question answer FAQ source: https://libra.org/zh-CN/learn-faqs/

Is Libra a cryptocurrency? Yes. Libra is a new type of cryptocurrency that is widely recognized worldwide for its stable and reliable design.

Can I use Libra now? Still not. In the coming months, the Libra Association will be dedicated to the development and development of the Libra network. If your organization is interested in joining the Libra Association, you can learn more here. If you are a developer, you can visit the open source test network (an earlier version of the Libra blockchain) and provide feedback on the code here.

Is Libra really money? Yes. Libra can be used like any other currency. Anyone with Libra can exchange their Libra for local currency at the exchange rate, just like transacting foreign currency while traveling.

What is the difference between Libra and the currency in circulation? You will be able to use Libra as you would with a local currency, but Libra is not tied to the currency system of any country. Libra is a global currency that can be used across borders. Available to users and businesses worldwide.

What is the difference between Libra and other cryptocurrencies? The value of many cryptocurrencies is subject to speculation and fluctuates, but unlike Libra, it uses asset reserves as a guarantee. This approach is similar to the way other currencies were introduced in the past, in order to help stabilize people's trust in the new currency and to achieve widespread use. This approach ensures that a country's currency can be exchanged for real assets, such as gold. However, Libra does not use gold as a support, but rather a series of mature financial assets.

Is Libra safe? Safety and reliability are the top priorities of Libra. To prevent malicious activity, the Libra blockchain was designed with security in mind. For more information on security, please see here.

How can I get Libra? There are two ways to buy Libra, one is through a trading platform that provides Libra trading, and the other is through applications built on the Libra blockchain, including digital wallets and other financial products and services.

Is Libra legal? Libra is legal and can be used in all countries where cryptocurrencies are allowed.

What is Libra Reserve? The Libra reserve is designed to preserve the value of the Libra currency. Each Libra currency will be secured by a stable set of assets held in reserve. Learn more about the source of reserves, the encumbered assets of Libra coins, and how reserves have changed over time.

Edit: Qian Gang