White paper focus
Before you start to play the Libra test network, draw the key points in the Libra white paper, such as how to generate and trade coins.
Build a simple, borderless currency and financial infrastructure for billions of people
The effect is that if you want to go to the United States and need some US dollars, you can exchange RMB into Libra currency through institutions and then into US dollars, or trade directly with Libra currency. It’s as simple as mobile payment.
Why do we believe in Libra coins
All real asset reserves (called “Libra reserves”) will be used as guarantee and supported by the trading platform network that buys and sells Libra and has a competitive relationship
A large number of assets are required for credit endorsement. Libra association is an independent non-profit membership organization headquartered in Geneva, Switzerland. The association aims to coordinate and provide the management framework of network and asset reserve, and take the lead in funding that can produce social influence to support Inclusive Finance.
Therefore, this association has great rights, on the premise that you have to trust this association. The members of Libra Association will include various enterprises, non-profit organizations, multilateral organizations and academic institutions in different geographical regions
Anyone who holds Libra can get a high degree of assurance that they can convert their digital currency into local currency according to the exchange rate, just like changing one currency into another when traveling. This approach is similar to the way other currencies were introduced in the past: to ensure that such currencies can be used in exchange for real assets, such as gold. The purpose is to help cultivate people’s trust in the new currency and realize its wide use in the early stage of its birth. Although Libra will not use gold as support, it will use a range of low volatility assets (such as cash and government securities provided by a stable and reputable central bank) as collateral.
The assets in Libra’s reserves will be held by custodian institutions with investment grade credit rating distributed all over the world to ensure the safety and dispersion of assets
Only the Libra association can mint and burn Libra
Libra coins will be manufactured only when authorized dealers invest legal assets to buy Libra coins from the association to fully support the new coins. Libra coins will be destroyed only when authorized dealers sell Libra coins to the association in exchange for mortgaged assets.
An important goal of Libra association is to gradually improve the degree of decentralization
The association will gradually realize the non licensing management and consensus of Libra network. The association will strive to start this transition within five years, thereby gradually reducing its dependence on its founding members. Similarly, as the manager of Libra reserves, Libra Association will strive to minimize its dependence on itself.
Libra beta has high requirements for cmake and proto versions. It is recommended to install them from the source code first, otherwise this error may be reported later:
Compiling grpcio-sys v0.4.4 error: failed to run custom build command for `grpcio-sys v0.4.4` Caused by: process didn't exit successfully: `/root/libra/libra/target/debug/build/grpcio-sys-18712f499919ddc1/build-script-build` (exit code: 101) --- stdout cargo:rerun-if-changed=grpc_wrap.cc cargo:rerun-if-changed=grpc cargo:rerun-if-env-changed=GRPCIO_SYS_USE_PKG_CONFIG cargo:rerun-if-env-changed=CARGO_CFG_TARGET_OS
wget https://github.com/Kitware/CMake/releases/download/v3.16.0-rc3/cmake-3.16.0-rc3.tar.gz tar zxvf cmake-3.16.0-rc3.tar.gz cd cmake-3.16.0-rc3 yum install -y openssl-devel ./configure && make && make install
yum install -y autoconf wget https://github.com/google/protobuf/releases/download/v3.6.1/protobuf-all-3.6.1.tar.gz tar zxvf protobuf-all-3.6.1.tar.gz ./autogen.sh ./configure make make install
git clone https://github.com/libra/libra.git cd libra git checkout testnet ./scripts/dev_setup.sh
This will help you install go trust. The protocol cmake installed in the script may not work, so it is installed first
Start test network
Then it will enter the interactive command line
usage: <command> <args> Use the following commands: account | a Account operations query | q Query operations transfer | transferb | t | tb <sender_account_address>|<sender_account_ref_id> <receiver_account_address>|<receiver_account_ref_id> <number_of_coins> [gas_unit_price (default=0)] [max_gas_amount (default 10000)] Suffix 'b' is for blocking. Transfer coins from account to another. help | h Prints this help quit | q! Exit this client Please, input commands: libra%
0 is Alice and 1 is Bob
libra% account create >> Creating/retrieving next account from wallet Created/retrieved account #0 address 3ed8e5fafae4147b2a105a0be2f81972883441cfaaadf93fc0868e7a0253c4a8
Index 0 and a hex account address are returned here. 0 is only local for your convenience
Create another one
libra% account create >> Creating/retrieving next account from wallet Created/retrieved account #1 address 8337aac709a41fe6be03cad8878a0d4209740b1608f8a81566c9a7d4b95a2ec7
Now you can see two accounts
libra% account list User account index: 0, address: 3ed8e5fafae4147b2a105a0be2f81972883441cfaaadf93fc0868e7a0253c4a8, sequence number: 0 User account index: 1, address: 8337aac709a41fe6be03cad8878a0d4209740b1608f8a81566c9a7d4b95a2ec7, sequence number: 0
Using the mint command to “coin” is the same as the hairstyle currency. The difference between bitcoin and bitcoin is that bitcoin is “dug up” by computing power, while Libra only uses the authority to type a command…
libra% account mint 0 110 >> Minting coins Mint request submitted
0 is your account index, and 110 is “silver”
Give another 52 oceans to Bob
libra% account mint 1 52 >> Minting coins Mint request submitted
libra% query balance 0 Balance is: 110 libra% query balance 1 Balance is: 52
First look at the transaction sequence, and add 1 for each transfer out
libra% query sequence 0 >> Getting current sequence number Sequence number is: 0 libra% query sequence 1 >> Getting current sequence number Sequence number is: 0
Alice (0) to Bob (1)
libra% transfer 0 1 10 >> Transferring Transaction submitted to validator To query for transaction status, run: query txn_acc_seq 0 0 <fetch_events=true|false>
Then look at the transaction sequence
libra% query sequence 0 >> Getting current sequence number Sequence number is: 1 libra% query sequence 1 >> Getting current sequence number Sequence number is: 0
Accounts of both parties:
libra% query balance 0 Balance is: 100 libra% query balance 1 Balance is: 62
Alice is 10 yuan less and Bob is 10 yuan more
The currency of globalization is bound to come, but Libra doesn’t know it, but the global promotion of Libra is bound to suffer great resistance from many countries, which may be a huge currency war in history.
Finally, I wish you can modify the numbers in your account with one line of command in the future~
Sealyun QQ group: 98488045