Cryptocurrency | Specifications of Project Libra Coin

The appearance of Stablecoin Libra invited a lot of attention from various groups and lately many people talked about it both from the community and the public.

Libra coins may be compared to digital money such as PayPal, Perfect money, or other electronic payments when viewed from market segmentation. This comparison feels suitable because the Libra function itself is more inclined as a global payment service that still accommodates conventional currencies.

Even though Libra is built using cryptocurrency basics, it seems that Libra will be a competitor of electronic payment services and the Stablecoin variant. But, Libra will not be Apple to Apple when compared to Cryptocurrency, because it is two different Tokens.

In the details of the whitepaper, it is explained that Facebook details basically two currencies that are made with different specifications.

Libra Stablecoin
This currency is fully functional like the general Stablecoin variance. This currency will be backed up with confessional money (Fiat). The reason is the same as the other Stablecoin variants, which is so that the Libra value is more stable

Libra Reserved
This currency will function as a large reserve of funds, which will be held by corporations that save large funds in this project. Simply put Libra Reserved functions as a special investment token. Libra Reserved is only owned by a handful of people or corporations, these coin owners will determine the direction of developing the Libre in the future. Libra Reserved owners are members of the Libra Association.

What is the total supply of Libra Coin?
The Whitepaper is not specified with certainty. What is the total number of posts to play Libra? What is certain is that the supply of Libra coins will follow with the number of available reserves. That is, the amount of supply will increase or decrease depending on the number of available funds.

Programming language used
Facebook said the term "Move" as the programming language used. While the consensus pattern used is not much different from the pattern of special node delegations in the DPoS pattern. Facebook says the code for Libra will be Open Source.

Blockchain and Libra validator protocol
Blockchain used by Libra is claimed to handle millions of transactions worldwide. If viewed more closely, this is not much different from Bitcoin or Altcoin.

The Libra validator protocol will be able to overcome the Byzantine General Problem, a major problem in the protocol for distributed consensus.

A typical generate Address in Libra will be the same as Bitcoin which is using 256 bits. The new user will create a pair of keys both the Public key and the Private key.

Wallet Calibra
The Calibra Wallet is generally prepared for storage and transaction activities. Reportedly the Calibra Wallet will be built by third-party service providers, and reportedly Calibra will be released next year.

Super Elite
Super Elit is a company incorporated in the Libra association and has deposited funds of 10 million USD, acting as the only party that can issue units of the new Libra Coin. This new coin will be issued through a reseller approved by the Libra association.

Following are the details of the corporation included in the Libra Association:
Payment: Mastercard, PayPal, PayU (Naspers' fintech arm), Stripe, Visa

Technology and Exchanges: Booking Holdings, eBay, Facebook / Calibra, Farfetch, Lyft, Mercado Pago, 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

NGOs and other organizations: Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking

Libra security is a big question, this is not separated from the privacy of Facebook, which is an important role. However, Mark Zuckerberg himself assured that both Libra and Calibra were fully decentralized. The reason is, this project involves many different organizations.

To further convince Zuckerberg to give a statement that he will replace the stolen funds, the return will be made through the Calibra wallet. Zuckerberg calls this additional protection.

Briefly, the process in Libra is like this: Every user who enters a local currency into Libra, the funds will go to Libra Reserved. Then the Libra coin will be issued with the value of the local currency, and the coin will be given to that user. This process will also apply otherwise.

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Cryptocurrency | Specifications of Project Libra Coin Cryptocurrency | Specifications of Project Libra Coin Reviewed by sheffter on July 18, 2019 Rating: 5

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