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