What is the F is Libra Coin and Network? Quick Bullet pointers

Libra Network

High level overview

  1. Main Governing body is the Council
  2. Libra reserve is the membership fee that the entities have to pay to be a part of the council
  3. The reserve fee is US$10 million
  4. The reserve will be giving out interest return to the members
  5. Every1 in the organization/council must interact with the Libra blockchain using the Libra core software
  6. Libra Core software is open source
  7. The Council also has something known as an Advisory Board - these are external / no-conflict-of-interest educational institutions
  8. The Network will be maintained and run by a Validator Node - which initially will be formed by the first participants in the Council
  9. Libra Users will have a hexadecimal addresses
  10. Calibra - FB's digital wallet platform
  11. This will be used to submit the transaction to the network
  12. It will be integrated to all the FB products (eg Instagram)
  13. 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

  1. The documentation and the framework is still in discussion mode
  2. 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
  1. 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]
  2. There will be very less direct interaction with the reserve; a portion of the LC from the reserves will be sold to Authorized Resellers
  3. The AR will then be one of the important points of functioning in the local market
  4. It is expected that the AR will be responsible for managing the compliance with local regulations

Regulatory

  1. Couple of Global regulatory organizations have expressed concerns
  2. India, China and Germany have explicitly mentioned that they will NOT be permitting the use of LC within their geography
  3. China is apparently working on its on own cryptocurrency (though is is surprising and not surprising for its own reason!!!)

Technical Part

  1. Libra Core is written Rust
  2. Rust has garnered a lot of attention due its speed
  3. Transactions will Gas for execution
  4. Transaction will have:
    • Sender Address
    • Program (A Move Language Byte Code)
    • Gas Price
    • Maximum Gas Amount
    • Sequence Number
  5. Proof of Stake
  6. Likely hood of having randomness in selecting a leader validator node
  7. 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 and Transactions
  8. 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 for it and would love for it to come to life.

Written with StackEdit.

No Comments Yet