Libra is a global currency and financial infrastructure built on open-source Libra blockchain and governed by Libra Association. The Libra Association is an independent, not-for-profit membership organization headquartered in Geneva, Switzerland.
The Facebook team plays the leading role in the creation and development of Libra Association and its currency.
Libra blockchain is using the Move programming language as well as the Byzantine Fault Tolerant (BFT) consensus. The Move language helps to implement smart contracts on the Libra blockchain. The Move language also facilitates automatic proofs that transactions satisfy specific properties, such as payment transactions only changing the account balances of the payer and receiver. Data on the blockchain is protected by Merkle trees. The Libra Blockchain is a single data structure that records the history of transactions and states over time.
The main features of Libra blockchain, according to its White Paper are:
- Scalability to billions of accounts, which requires high transaction throughput, low latency, and an efficient, high-capacity storage system.
- Highly security, to ensure the safety of funds and financial data.
- Flexibility to be able to power the Libra ecosystem’s governance as well as future innovation in financial services.
The unit of the currency called Libra. Libra is fully backed by a reserve of real assets named Libra Reserved. It is a stable digital cryptocurrency. The Reserve will help the currency to:
- to cover the costs of the system,
- to ensure low transaction fees
- to pay dividends to investors who provided capital to jumpstart the ecosystem
The association is the only party able to create (mint) and destroy (burn) Libra. Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to back the new coins fully. Coins are only burned when the authorized resellers sell Libra coin to the association in exchange for the underlying assets.
Libra Association members
- Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
- Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc.
- Telecommunications: Iliad, Vodafone Group
- Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
- Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
- Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
The Libra Association will construct well-documented APIs and libraries to enable users to interact with the Libra Blockchain.
The Libra Association will create a framework for the collaborative development of the technology behind the Libra Blockchain using the open-source methodology. Procedures will be designed for discussing and reviewing changes to the protocol and software that support the blockchain.
The association will perform extensive testing of the blockchain, which range from tests of the protocol to constructing a full-scale test of the network in collaboration with entities such as wallet services and exchanges to ensure the system is working before launch.
The association will work to foster the development of the Move language and determine a path for third parties to create smart contracts once language development has stabilized — after the launch of the Libra ecosystem.
See Also on BitcoinWiki
- Libra official Website
- Libra on Github
- Libra on Instagram
- @libra_ on Twitter
- Libra Association on Facebook