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Cyber Bitcoin
Edited by qqqpeter at 2019-6-19 10:43 reported. Facebook cryptocurrency project Libra officially released the white paper and its official website on June 18. At the same time, Facebook also opened up the source code of the Libra blockchain and launched the Libra test network for developers to try and develop on the blockchain.


As mentioned in the white paper, Libra is based on a stable cryptocurrency in the Libra blockchain, which aims to create a simple, borderless common currency and financial infrastructure for billions of people, initially expected to be in 2020. Released in the first half of the year.

In order to create a more inclusive financial system, Libra will be composed of three major components:

  • Libra is built on a secure, scalable and reliable blockchain;
  • Libra will use its asset reserve as a guarantee to give its intrinsic value;
  • Libra is governed by the independent Libra Association, whose mission is to promote the development of this financial ecosystem.

As for the founding members of the Libra Association, it covers a wide range of companies, non-profit organizations and academic institutions across a wide range of industries, including:

  • Payment industry: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
  • Technology and Trading Platform: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, SpotifyAB, Uber Technologies
  • Telecommunications: Iliad, Vodafone Group
  • Blockchain: Anchorage, Bison Trails, Coinbase, Xapo Holdings Limited
  • Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
  • Non-profit organizations, multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s WorldBanking

In addition, in order to meet the daily financial needs of billions of people, Libra decided to design and build a Libra blockchain from scratch based on existing projects and research, bringing together innovative methods and well-understood technologies. The following is a highlight:

  • Design and use the Move programming language.
  • Use the Byzantine Fault Tolerance (BFT) consensus mechanism.
  • Adoption and iteration to improve the widely used blockchain data structure.

According to the white paper, Move is a new programming language that is used primarily to implement custom trading logic and smart contracts in the Libra blockchain. Essentially, it allows developers to more easily write code that matches their intent, reducing the risk of unexpected vulnerabilities or security incidents. Specifically, Move is designed to prevent digital assets from being copied.

In addition, the Libra blockchain uses a BFT mechanism based on the LibraBFT consensus protocol to enable all certifier nodes to agree 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.

The White Paper states that the Libra Association is also an independent entity responsible for managing Libra's reserves, thus controlling the stability and growth of Libra's economy, so only the Libra Association can manufacture (Mint) and destroy (Burn) Libra, and these activities of the Libra Association will be subject to The regulation and restraint of its reserve management policy, which can only be changed with the consent of the majority of the members of the association.

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