Facebook Libra cryptocurrency blockchain is highly anticipated. Facebook’s Libra cryptocurrency will run on a blockchain network secured, at launch, by 100 distributed computer servers. 28 node-running members are already confirmed.
We can confirm that the Libra Cryptocurrency will go live in 2020, with the Libra Association, a Swiss non-profit, leading the development. The White Paper was released today, and the organization detailed how the Libra blockchain will utilize the Byzantine fault-tolerant. Broken down, this means that faulty behavior by some of the actors in the network will not compromise the security of the entire blockchain.
It states:
“[The Libra Blockchain makes] it extraordinarily difficult for an attacker to compromise 33 separately run nodes that would be required to launch an attack against the system.”
Initial nodes tasked with validating transactions in the network will be run by “Foundation Members” – members include Visa, Mastercard, Coinbase, PayPal, Uber, Lyft, and others. The Founding members are paying a hefty $10 million to join the Libra Consortium.
For the time being, this also means that the blockchain will be private – unlike Bitcoin or Ethereum, in which anyone in the world can dedicate, contribute, and look into the transactions, Libra will be chained off to validate the network’s transaction history. However, node participation for Libra will eventually be opened up to everyone.
Facebook says that it intends to work alongside the existing financial system. As more nodes are added, Libra will become more decentralized. In today’s published White Paper by the Libra Association, one of the key projects is to create a more accessible, more connected global financial system. Facebook will maintain a leadership role over the initiative this year, but decision-making authority will ultimately rest upon the non-profit – Libra Association.
It’s important to note that the Libra Cryptocurrency Blockchain’s programming language is completely new as well – Facebook developed a programming language called “Move” to run the blockchain. The purpose of developing a new programming language was to remedy the shortcomings of existing blockchains.
But what about privacy and security? At launch, it’s been noted that the Libra Blockchain will require its members to be responsible for starting up the nodes that will connect to, participate, and ultimately secure the Libra network. The software and hardware that these independent node operators will ensure that they’re all independent from one another and all other internal company systems. Privacy will be ensured by validating and committing transactions on the Libra blockchain by using the public address of the wallet holders.
What do you think? We’ve talked about how the white paper for the Libra cryptocurrency was coming out soon – here it is! Let us know what you think on our Facebook page!
