@TechCrunch -Facebook announces Libra cryptocurrency
The risk and reward of building the new PayPal
In cryptocurrencies, Facebook saw both a threat and an opportunity. They held the promise of disrupting how things are bought and sold by eliminating transaction fees common with credit cards. That comes dangerously close to Facebook’s ad business that influences what is bought and sold. If a competitor like Google or an upstart built a popular coin and could monitor the transactions, they’d learn what people buy and could muscle in on the billions spent on Facebook marketing. Meanwhile, the 1.7 billion people who lack a bank account might choose whoever offers them a financial services alternative as their online identity provider too. That’s another thing Facebook wants to be.
Official Libra Links
Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.
This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.
4."Unlike previous blockchains, which view the blockchain as a collection of blocks of transactions, the Libra is a single data structure that records the history of transactions and states over time" 🤔— Julien Bouteloup - giver of Libra (@bneiluj) June 18, 2019 @bneiluj) June 18, 2019
5. Try Libra: https://t.co/FMfvcVNspw pic.twitter.com/kJ4cSBKhXY
- Contrbuting guide.
- Libra Protocol: Key Concepts
- Life of a Transaction
- Libra: The Path Forward
- Libra Discourse
Try Libra Core
The Libra Blockchain - Technical Paper
Abstract.The Libra Blockchain is a decentralized, programmable database designed to support alow-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange forbillions of people around the world. We present a proposal for the Libra protocol, which implementsthe Libra Blockchain and aims to create a financial infrastructure that can foster innovation, lowerbarriers to entry, and improve access to financial services. To validate the design of the Libra protocol,we have built an open-source prototype implementation —Libra Core— in anticipation of a globalcollaborative effort to advance this new ecosystem
- Move: A Language With Programmable Resources
- State Machine Replication in the Libra Blockchain
- Libra Core Overview
- Admission Control
- Bytecode Verifier
- Move IR Compiler
- Move Language
- Virtual Machine
- 1/X Thread on #Libra and its new language (#MOVE) : So I am reading about #Libra today and find it rather interesting they made their own VM and programming language: developers.libra.org/docs/move-paper
Move: A Language With Programmable Resources
Abstract.We present Move, a safe and flexible programming language for the Libra Blockchain. Move is an executable bytecode language used to implement custom transactions and smart contracts.
The key feature of Move is the ability to define custom resource types with semantics inspired by linear logic a resource can never be copied or implicitly discarded, only moved between program storage locations.
These safety guarantees are enforced statically by Move’s type system. Despite thesespecial protections, resources are ordinary program values — they can be stored in data structures, passed as arguments to procedures, and so on.
First-class resources are a very general concept thatprogrammers can use not only to implement safe digital assets but also to write correct businesslogic for wrapping assets and enforcing access control policies.
The safety and expressivity of Move have enabled us to implement significant parts of the Libra protocol in Move, including Libra coin,transaction processing, and validator management. -[source]
I hate myself for saying this, but as much as I worry about the privacy properties of Libra: at very least it’s an attempt to democratize payments. The alternative is a cartel payment/banking system that eats a huge chunk of people’s income.— Matthew Green (@matthew_d_green) June 20, 2019
- Everything you need to know about the Libra Facebook
- CNBC’s Brian Kelly Explains the ‘Huge Difference’ Between Libra and Bitcoin
@CaitlinLong_ 1/ FIRST ANALYSIS of @facebook ‘s #Libra: Facebook completely misunderstands money. 🤣 😩 Facebook understands payment systems–but that’s not the same as money. Two telling quotes: “Libra is backed by a reserve of real assets.” “Many cryptocurrencies today (eg #Bitcoin & #Ether…
Jack Dorsey says now is our chance to build a global currency for the internet
This is our one opportunity to align every community, and every country, around the world, which I think provides a lot of clarity, enables a lot more innovation, and most importantly creates a probability of much greater access for more people. As we bring more people online, we can also imagine a trend in parallel where they all have access to the same currency, and there are still conversions to a local currency like the pound, but being able to have one currency really takes away some of the barriers of the past and how we think about global markets.
… Do you think bitcoin could be the internet’s currency?
I haven’t seen any other currency that would challenge it across the dimensions that I think are really important. First, I think it has an amazing brand. The other thing that I think makes it probably the strongest candidate is that the principles behind it are very pure. The creation of it was very pure, and focused on a public good, rather than any other particular agenda. The fact that it’s meant to be deflationary, meant to incentivize savings instead of spending, I think is a net positive for the world and how we think about consuming. Because it is a scarce resource, it has a probability of always increasing in value, which makes you consider a lot more how you spend it. Because you know that spending it today—it might go up in a week. And purchasing coffee, or a new sofa, with that really puts everything in perspective. Do I really need this? So from a psychological perspective, I think that’s interesting. H/T @jamestodaromd
"Libra doesn't compete with central banks, they're using a basket of currencies"— Andreas M. Antonopoulos (@aantonop) June 19, 2019
Think about what happens in, say India, when they decide to apply monetary policy (devalue) and people have access to a "hard" Libra alternative. It undermines their power of monetary policy
- Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked
- The Ambitious Plan Behind Facebook’s Cryptocurrency, Libra
- Should you care about Facebook cryptocurrency? - It’s not bitcoin. It’s also not Venmo. It’s more like an attempt at the internet-age US dollar.
- The Main Features of Facebook’s Libra and How it Can Impact the Crypto Industry
- Libra-coin Currency Corporations Not People (redirect-loop atm)
Facebook reveals its cryptocurrency Libra (decrypt.co)
Libra tech in 1 tweet: Pseudonymous base-layer. Smart contracts. 1000 tx/s onchain so forget about running a full node. You’ll DL a Merkle root with >2/3 sigs to know your balance - full trust in signatories (like XRP). Consensus algo called “HotStuff” (improved PBFT). Rust impl. -@ercwl
The @Libra_ release looks really amazing. Based on HotStuff (which is itself inspired by Tendermint!), written in Rust, with a new smart contract environment, open source license, and non-profit governance. All fantastic things. But the social implications are terrifying to me.— Ethan Buchman (@buchmanster) June 18, 2019
Annotated White Paper
Improvements on Ethereum?— Philippe Castonguay ♢ (@PhABCD) June 18, 2019
📦 Libra uses modules instead of contracts (good for storage rent, which Libra is exploring)
🔐 Strongly typed modules and variables (security!)
🤖Native account abstraction (Ethereum? Smart wallets)
📄One-time tx (see https://t.co/T9Z0dJe67C)
Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people. This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.
Problem Statement: The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world’s knowledge and information, high-fidelity communications, and a wide range of lower-cost, more convenient services.
These services are now accessible using a $40 smartphone from almost anywhere in the world.
1 This connectivity has driven economic empowerment by enabling more people to access the financial ecosystem. Working together, technology companies and financial institutions have also found solutions to help increase economic empowerment around the world. Despite this progress, large swaths of the world’s population are still left behind — 1.7 billion adults globally remain outside of the financial system with no access to a traditional bank, even though one billion have a mobile phone and nearly half a billion have internet access.
The biggest question for me while researching @Libra_ today was this: Is it possible for users who aren’t “founding members” (@facebook, paypal, visa, uber, etc) to gain access to the network and fully validate the “chain”?— Udi Wertheimer (@udiWertheimer) June 18, 2019
The answer is a resounding NO. pic.twitter.com/C8EawEzgjC
Response from the State
The US gov't is calling for hearings blocking Facebook Libra token.— Charlie Shrem (@CharlieShrem) June 19, 2019
Over the past 10 years, they have largely left #Bitcoin alone while creating regulations around the industry, some good and some bad.
Facebook may have just fucked us. https://t.co/OPfZCStjSx. Listen now🚀 pic.twitter.com/2dhlf052Ey
NEW: The top lawmakers on the House Financial Services Committee are targeting Facebook’s new cryptocurrency, #Libra.— Brian Fung (@b_fung) June 18, 2019
Chairwoman Maxine Waters says it’s another example of Facebook’s “unchecked expansion,” urges execs to testify and calls on FB to stop working on the currency. pic.twitter.com/xOklWsfLdx
- White Paper
- The Libra Blockchain - Technical Paper
Facebook’s cryptocurrency partners revealed—we obtained the entire list of inaugural backers
As recently reported by The Wall Street Journal, Facebook’s cryptocurrency will be governed by a consortium of firms known as the Libra Association, which includes the likes of Visa, Mastercard, and PayPal. But The Block has gotten its hands on consortium marketing materials and can now report dozens of firms not previously known to be involved, including investors such as Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase, and non-profits including Mercy Corps. Calibra, a subsidiary Facebook formed to oversee the social media giant’s crypto efforts, is also among the founding members, according to a source familiar with the matter.
How to become a founding member of the Libra Association
Validators will have the option to run their node self-hosted, in which they themselves would be directly managing it, or cloud service-hosted, where the organization could run the node via a cloud service provider.
Must meet two of the following criteria:
- More than $1 billion USD in market value or more than $500 million USD customer balances.
- Reach more than 20 million people a year, multinationally.
- Be recognized as an established top-100 industry leader by a third-party association.
Anchorage Becomes Founding Member of the Libra Association
Today, we are honored to announce that Anchorage will be a Founding Member of the Libra Association, an independent not-for-profit group responsible for the operation and governance of the Libra network. Libra Association Founding Members include some of the world’s most trusted leaders in finance and technology.
Spotify Why We’re Joining the Libra Association
Spotify has always focused on innovation that fosters greater accessibility. Since day one, we’ve worked to create a platform where fans can directly access the audio they want—at any time, anywhere, and at the right price—while also offering economic viability for creators.
Continuations - Joining the Libra Association
Today we announced that we have joined the Libra Association, the governance for a global stable coin. Nick has written a post on the USV blog explaining our decision. I have argued before that we don’t really know what path will take us to a decentralized future and therefore have to try many things. Some of these paths involve centralized corporations exposing their endusers to crypto. Nobody has more users than Facebook!
Why USV is Joining the Libra Association
A new blockchain & cryptocurrency project, Libra, was announced today. Libra has been incubated by Facebook. USV will be one of the founding members of the governing body, the Libra Association. Libra is a stable, fiat-backed cryptocurrency that will launch inside some of the world’s largest consumer-facing applications.
- Farfetch Joins Facebook’s Libra Association, Is Kylie Jenner Looking to Sell Kylie Cosmetics?
- Visa announces intent to join the Libra Association
- PayPal : Why PayPal Plans to be Part of the Libra Association
This is Why These Two Crypto Companies Joined Libra Association
Four blockchain related companies have joined the club:
- Anchorage, a digital asset custody;
- Bison Trails, an infrastructure platform for a number of protocols and blockchains;
- Coinbase, a major crypto company, best known for its exchange and wallet services;
- Xapo Holdings Limited, a custodian of the cryptocurrency.
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