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..
[IMAGE: https://ipfs.busy.org/ipfs/Qmdi84DBpRAJgECQdE3pfVuwCnYuexB8xF5PNQd89CCwmD]
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
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Consensus uses state machine replication system designed for the Libra Blockchain. LibraBFT is based on HotStuff
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It will DPOS where max 100 validator nodes will be expected each with 1% vote weight
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From Execution point of view Protocol works more like Ethereum .i.e. Gas cost associated with each byte code instruction
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Project looks like Neo where they will have 2 coin structures
- Investment or Governance coin
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Network utility coin (for gas usage)
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Libra coin will be a stable coin back with a bucket of reserves called Libra reserve
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Libra reserve ( something other cryptocurrencies don’t have) https://libra.org/en-US/about-currency-reserve/#the_reserve
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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 ...
[IMAGE: https://ipfs.busy.org/ipfs/QmWHocyR4uaV5hs8HWfpe5c4EctqXwj1Le93fobPMwEv2q]
Project should definitely help on one of biggest issue in Crypto world "Mass Adoption".
Cheers
