Programmer Analysis on Facebook Libra

Hey Folks,

Facebook launched their whitepaper and roadmap for a crypto currency backed by 28 major partners. Partners includes major players like Uber, Matercard , Paypal, Coinbase, Vodafone, PayU, Visa, Ebay, Spotify etc..

This is biggest threat for traditional Banking than BitCoin

This will increase the crypto adoption in mass and capture the banking opportunity to unbanked in developing nation in a better way than traditional banking systems.

KYC and AML will be in-built at wallet level, Thing are going to be interesting very soon..

Read more on Initial white paper https://libra.org/en-US/white-paper/

Technical white paper https://developers.libra.org/docs/the-libra-blockchain-paper

If you are a developer and looking to explore DeFi using Libra net

• You can use Libra Testnet https://developers.libra.org/

• Mainnet expected to live by 2020 if everything goes well from regulation side

• Being a developer u can start exploring new language named MOVE by libra project

• Consensus uses state machine replication system designed for the Libra Blockchain. LibraBFT is based on HotStuff

• It will DPOS where max 100 validator nodes will be expected each with 1% vote weight

• From Execution point of view Protocol works more like Ethereum .i.e. Gas cost associated with each byte code instruction

• Project looks like Neo where they will have 2 coin structures

  • Investment or Governance coin
  • Network utility coin (for gas usage)

• Libra coin will be a stable coin back with a bucket of reserves called Libra reserve

• Libra reserve ( something other cryptocurrencies don’t have) https://libra.org/en-US/about-currency-reserve/#the_reserve

• Their monetary policy Smart Contract looks simple.

  • There is not initial supply of Libra coin
  • Libra coins will be generate when someone deposit Fiat
  • Libra coins will be burned when someone redeemed them backed into Fiat

Process Flow ...

Project should definitely help on one of biggest issue in Crypto world "Mass Adoption".

Cheers