Facebook revealed it’s Whitepaper and the associated missions for its new cryptocurrency, Libra. Libra is being designed not only as a means of payment but as a complete Blockchain platform. Ran Neuner, a Crypto-reporter, tweeted,
Just read the Libra stuff. Facebook just went all in on Crypto.
The Blockchain team, under David Marcus, has focused on almost all applications and bottlenecks of existing blockchain projects. In the end, they have created a mixed bag of cryptocurrencies; which challenges the utility and functionality of many existing cryptocurrencies. Mark Zuckerberg, the CEO and Co-Founder of Facebook noted,
Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra.
Libra Vs. Ethereum and Smart Contract Platforms
The non-profit organization, Libra Association, is similar to several development teams behind existing cryptocurrencies like the Ethereum Foundation, Litecoin Foundation, and Stellar Organization. The Association will be responsible for implementing and releasing updates or changes on the blockchain. David Marcus, the leader of Blockchain Team at Facebook, tweeted,
What we are presenting is only the beginning, and there’s a lot to improve. We wanted to share early and work with you, rather than wait for “perfection”.
The WhitePaper also revealed that the blockchain platform would execute programs compiled in a new programming language, Move. This is remarkably similar to Ethereum and its’ programming language solidity. The programs that run on top of these blockchains are essentially called smart contracts. Hence, the vision seems to include the utility provided by Ethereum, Tron, and EOS on a scalable blockchain.
Libra Vs. XRP
There are two types of blockchain based ledger on the basis on their validator duties.