How is Libra blockchain technology implemented

Time:2020-4-5

As a social giant, Facebook is the world’s leading online social media and social network service provider, occupying the most powerful and influential position in the press. There is no doubt that if the world’s largest company promotes digital currency, encryption technology will soon be firmly applied worldwide. However, the bold idea of publishing cryptocurrencies announced by Facebook this summer immediately attracted close attention from the encryption industry, governments and global regulators.

Libra is backed by a basket of legal currencies and assets, with the proportions of 50% US dollar, 18% euro, 14% Japanese yen, 11% British pound and 7% Singapore dollar. However, global financial regulators and policy makers do not seem to like the Libra project because it undermines the stability of the global monetary order.
However, for Libra, its technology is self-evident. First, Facebook is the core participant of Libra project, and it has an absolute advantage in terms of technology. Second, technical details are not the absolute standard to measure a project.

According to the white paper, “the goal of Libra blockchain is to become a solid foundation for financial services. Based on the following three requirements, a new blockchain can be built. One is to be able to expand to billions of accounts, which requires the blockchain to have high transaction throughput, low latency and other characteristics, as well as an efficient and high-capacity storage system. The other is to be highly secure and reliable, which can guarantee funds and Third, it is flexible enough to support the management of Libra ecosystem and innovation in the field of financial services in the future. In order to fully meet these requirements, Libra blockchain is designed and built from scratch on the basis of existing projects and research, integrating various innovative methods and fully mastered technologies. “

Application of Libra blockchain Technology

In terms of technology, Libra fully summarizes and draws on the achievements of fintech and the experience of using blockchain technology in cryptocurrency over the past decade; moreover, as a technology leader, Facebook has made many achievements in quasi currency and payment technology, which is expected to be applied to 5g or 6G and quantum computing applications. Therefore, in terms of technology, Facebook is absolutely indisputable.

Libra blockchain technology decision

One is to design and use the move programming language. “Move” is a new programming language, which is used to implement the custom transaction logic and “smart contract” in the Libra blockchain. For Libra, it is bold to try new technologies in terms of technological innovation, and move highlights safety and reliability in terms of technology. Libra takes full advantage of its features and considers the security of billions of users every day at the beginning of design.

Move is a new programming language developed from the experience of security events related to smart contracts so far. In essence, it can make code writers easily write according to their own intentions, greatly reducing the risk of unexpected vulnerabilities and security events in the program operation, and also to prevent the recovery of digital assets.

The move language has the specific attributes of automatic verification in transaction. By prioritizing these features, move can help the security of Libra blockchain. At the protocol level, move accelerates the evolution of blockchain protocol and any financial innovation built on it.

Second, Byzantine fault tolerance (BFT) consensus mechanism. Libra blockchain adopts the BFT mechanism based on the librabft consensus protocol to achieve all the transactions that verify the node will execute and reach an agreement on the execution order. This method establishes trust in the network. Even if some nodes are destroyed or fail, the design of BFT consensus protocol can ensure the normal operation of the network. Compared with other blockchain mechanisms, this kind of consensus protocol has a high transaction, low latency and efficient consensus method.

Third, the widely used blockchain data structure is adopted. To ensure the absolute security of the stored data, the data in the Libra blockchain is protected by the Merkel tree. It is based on the data structure that has been widely used in other blockchains, and can detect any change of the existing data. The data structure of Libra blockchain is a single structure model, which simplifies the workload of accessing applications in application, allows them to read data from any node, and uses a unified framework to verify the integrity of data.

Following the principle of anonymity, Libra blockchain allows users to have one or more addresses that are not related to their real identity. This mode is well known in the field of blockchain.

Libra blockchain technology is not only limited to this, but also introduces Calibra, a digital wallet, in terms of technology application. Libra digital currency, equipped with a digital wallet called Calibra, will launch an independent app next year. At that time, users will send, charge and store Libra through their wallets. At present, the main function of most digital wallets in the market is storage, not payment. If Calibra can realize both asset storage and convenient payment under the support of blockchain technology, its application scope is quite large, and it is also widely used for blockchain technology.
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