High-level overview
- Main Governing body is the Council
- Libra reserve is the membership fee that the entities have to pay to be a part of the council
- The reserve fee is US$10 million
- The reserve will be giving out interest return to the members
- Every1 in the organization/council must interact with the Libra blockchain using the Libra core software
- Libra Core software is open source
- The Council also has something known as an Advisory Board - these are external / no-conflict-of-interest educational institutions
- The Network will be maintained and run by a Validator Node - which initially will be formed by the first participants in the Council
- Libra Users will have a hexadecimal addresses
- Calibra - FB's digital wallet platform
- This will be used to submit the transaction to the network
- It will be integrated to all the FB products (eg Instagram)
- To make sure that Libra is Open Source, there is a likely hood that there will be other wallets as well
Little Deeper Dive
Libra Association and the Reserve
- The documentation and the framework is still in discussion mode
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Stable Coin:
- Backed by the membership fee collected
- 1 : 1 asset-backed ("Basket of Fiat Currencies")
- Most of the assets will be low volatility assets, eg, Government Debts
- New Libra Coins will be minted on 1:1 deposit of fiat currencies by any user of the FB / Libra network [Question, how will the unstable currencies be valued to be able to mind LC]
- There will be very less direct interaction with the reserve; a portion of the LC from the reserves will be sold to Authorized Resellers
- The AR will then be one of the important points of functioning in the local market
- It is expected that the AR will be responsible for managing the compliance with local regulations
- Backed by the membership fee collected
Regulatory
- Couple of Global regulatory organizations have expressed concerns
- India, China, and Germany have explicitly mentioned that they will NOT be permitting the use of LC within their geography
- China is apparently working on its on own cryptocurrency (though is is surprising and not surprising for its own reason!!!)
Technical Part
- Libra Core is written Rust
- Rust has garnered a lot of attention due to its speed
- Transactions will Gas for execution
- Transaction will have:
- Sender Address
- Program (A Move Language Byte Code)
- Gas Price
- Maximum Gas Amount
- Sequence Number
- Proof of Stake
- Likely hood of having randomness in selecting a leader validator node
- LibraBFT:
- All calls to the network will be through
Admission Control
; which will be made available only through the Council - Admission Control will accept 2 kinds of calls:
Query
andTransactions
- All calls to the network will be through
- Move Programming Language
-
Unique Ownership
Any resource within the network cannot be copied, it can only 'move' within the network - `No 3rd Party "Modules" (loosely read Smart Contracts) will not be accepted immediately
-
Hope you liked this quick bullet point discussion. Feel free to throw in any question that you may have on Libra Coin. Personally, I am quite excited about it and would love for it to come to life.
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