What is Libra?06 Dec, 2019 David Kemp
The news that Facebook plans to release its own cryptocurrency Libra has taken the world by the storm. The name comes from Latin "scales", and in French Libre means "free". The creators of the coin set ambitious goals for it. So, over the next 18 months, they plan to fully integrate the cryptocurrency into the Facebook ecosystem. It will be used both in the social network and in WhatsApp and Messenger. The scale of use of these applications could lead to Libra becoming popular all over the world.
However, not everyone is on board with the cryptocurrency. In the "Criticism of Libra" article you may find out what causes concern among skeptics, politicians and legislators.
The Libra cryptocurrency uses open source code. It is implemented on the Libra Blockchain, the work is carried out on its own Proof-of-Stake Protocol.
Libra does not act as a classic stablecoin, its rate is not tied to the national currency of any country. Initially, support comes from a basket of assets, which includes the US dollar, Euro, pound sterling and yen. The nonprofit Libra Association will manage the reserve (maintain the coin value) and Libra Network.
Smart contracts use
Move programming language will be used for writing smart contracts, since it is designed specifically for Libra blockchain. It is translated in bytecodes and is used to implement smart contracts and conduct user transactions.
This blockchain allows the use of ready-made smart contracts, they must be pre-approved for use in the network. The contracts will be the only ones that will run when the network starts. Therefore, on the first day of work, opportunities for individuals and organizations will be reduced. Allowed functionality will be tested by the community and consortium, which will reduce the risk of errors in the chain.
Key features of Libra cryptocurrency
- Pseudo-anonymous transactions. All transactions that are not associated with storage are pseudo-anonymous. Only network members will be able to see the timestamp, transfer amount and public addresses. The management of the coin said that it will not store personal information of people using the blockchain.
- Security token offering. Libra Investment Token will be issued to cover operating costs and Finance incentive programs. Only accredited investors will be able to acquire assets, as tokens work the same as securities. Interest on reserves (investment income) will be used for profit.
- Starting nodes (nodes). To serve as validators, organizations need to make an investment of at least $ 10 million in Libra Investment Tokens. A validator node will cost approximately $ 280,000 per year. To join an Association, validators must maintain their own node.
Libra is a force to be reckoned with, considering 2.4 billion users of Facebook and its services. The US Congress and senior EU officials actively discussed the possibilities and potential threats of this cryptocurrency. This will help the digital coin quickly become popular and begin to be used everywhere. Why not create a wallet and buy some Libra today? Perhaps in future its value will increase many times.
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