Facebook libra white paper 2.0
Same initiative with a regulatory friendly twist. While we have a full, in-depth Libra profile , here's the 5 minute version of Libra from to present. The Libra payment system will support single-currency stablecoins and a multi-currency coin LBR that will be a digital composite of some of the single-currency stablecoins available on the Libra network. On May 8, , Facebook Vice President David Marcus announced that he would be moving from Facebook's Messenger division to lead Facebook's blockchain initiative, kicking the initiative into high gear.
We are searching data for your request:
Upon completion, a link will appear to access the found materials.
Content:
- Diem ($DIEM) – Facebook’s Libra 2.0
- Is ‘Libra 2.0’ Any More Appealing to Regulators than the Original?
- Facebook: whitepaper and details about the Libra crypto
- Libra 2.0 How It Differs from Facebook’s First Attempt
- Facebook, others float new blockchain technology, Libra
- Cryptocurrencies & Digital Dollar
- Central Bank Digital Currency (CBDC)
- An overview of Stablecoins, Diem (Libra) and Regulatory Hurdles for the Diem Association
- Buried in Facebook's Libra White Paper, a Digital Identity Bombshell
Diem ($DIEM) – Facebook’s Libra 2.0
Moving money around the world should be as easy and cheap as sending a text message or a photo. Goodbye Switzerland, hello United States.
Facebook's Diem is moving its stablecoin project to the U. Diem Association announced it has partnered with U. New chiefs hired for launch in ! A: "The original [Libra] name was tied to an early iteration of the project that received a difficult reception from regulators.
Q: Why is it called Libra? A: The Libra name was inspired by 1 Libra the Roman unit of weight measure , which was eventually used to mint coins. The Libra name is a combination of money, justice, and freedom. Q: Why is it called Diem? A: Diem stems from the famous latin phrase 'Carpe Diem' translating to 'Enjoy the present, make the most of today', a common mistranslation is 'Seize the Day' according to Carpe diem Wiktionary.
Diem is the accusative of dies "day". A more literal translation of carpe diem would thus be "pluck the day as it is ripe" - that is, enjoy the moment. It has been argued by various authors that this interpretation is closer to Horace's original meaning.
Libra's mission is to enable a simple global currency and financial infrastructure that empowers billions of people. This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a contract platform that together aim to create a new opportunity for responsible financial services innovation.
Libra's goal: A stable cryptocurrency built on a secure and stable open-source blockchain, backed by a reserve of real assets, and governed by an independent association. Libra is a stable coin backed by a basket of four? Facebook has announced that each of the ? Source: Libra cryptocurrency Wikipedia. A: Libra can be broken into 1 million smaller units, that is, 0. The official name for the smallest 0.
Q: What are the actual assets that will be backing each Libra coin? A: The actual assets will be a collection of low-volatility assets, including bank deposits and government securities in currencies from stable and reputable central banks. As the value of Libra will be effectively linked to a basket of fiat currencies, from the point of view of any specific currency, there will be fluctuations in the value of Libra.
The makeup of the reserve is designed to mitigate the likelihood and severity of these fluctuations, particularly in the negative direction i. To that end, the above basket has been structured with capital preservation and liquidity in mind.
On the capital preservation point, the association will only invest in debt from stable governments with low default probability that are unlikely to experience high inflation. In addition, the reserve has been diversified by selecting multiple governments, rather than just one, to further reduce the potential impact of such events.
In terms of liquidity, the association plans to rely on short-dated securities issued by these governments, that are all traded in liquid markets that regularly accommodate daily trading volume in the tens or even hundreds of billions. This allows the size of the reserve to be easily adjusted as the number of Libra in circulation expands or contracts.
The Libra Association is the only party able to create mint and destroy burn Libra. Coins are only minted when authorized resellers have purchased those coins from the association with real assets to fully back the new coins.
Coins are only burned when the authorized resellers sell Libra coin to the association in exchange for the underlying assets. Since authorized resellers will always be able to sell Libra coins to the reserve at a price equal to the value of the basket, the Libra Reserve acts as a "buyer of last resort.
An additional goal of the Libra association is to develop and promote an open identity standard. We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition. Note to readers: The first Libra Association white paper was published in June This new Libra Association white paper, published in April , is intended to be a stand-alone update regarding the plans of the Libra Association.
Additionally, supporting technical papers also published in June have been edited or retired. The Official Diem White Paper.
This white paper, originally published by the Libra Association in June and then re-issued as a stand-alone update in April , replaces previous versions published by the Association. The Diem payment system incorporates three aspects that work together to create a financial system:. Diem Coins are single-currency stablecoins e. A: Diem single-currency stablecoin e. Diem single-currency stablecoins will be fully backed by the Diem Reserve, consisting of cash or cash equivalents and very short-term government securities denominated in the same national currency USD, EUR, and GBP as the stablecoins.
A: We expect most users will be able to buy Diem Coins through exchanges that list Diem Coins or through the applications that will be built on the Diem Blockchain, including digital wallets and other financial products and services.
A: Diem Coin holders can use Diem Coins for everyday use to pay for goods and services if big if accepted by the seller , send Diem Coins to other users, or cash out the Diem Coins back into the local public national currency. The Diem formerly Libra Association is a [self-proclaimed] independent membership organization [setup, financed and managed by Facebook], headquartered in Geneva, Switzerland.
The Association's purpose is to govern the Diem network and Diem Reserve; oversee the operation and evolution of the Diem payment system; help [Facebook] building services on top of the Diem Blockchain in a safe and compliant manner; and establish grant-making for banking the 1. We believe that for the Libra network to achieve its full potential, it needs to be permissionless. As a result, one of the association's directives will be to work with the community to research and implement this transition, which will begin within five years of the public launch of the Libra Blockchain and ecosystem.
The Diem Blockchain is open source. We're working to build a trusted and innovative financial network that empowers people and businesses around the world. Diem Developer Website HQ - developers. Featuring a reference wallet, tools for merchants, Move components, and more! From the Diem Forum post "Libra is now Diem" :. New Developer Site - We've restructured our developer website, written in-depth tutorials, and added tons of new documentation. Check out the new Diem Documentation site developers.
Reference Projects - We've built two new interactive projects that are now ready to test:. Reference Wallet developers. Reference Merchant developers. Move Documentation - We built our blockchain with Move, a new Rust-based language with resource scarcity and improved asset protections. We're excited to announce the long-awaited official Move documentation, publicly available for the first time developers. Abstract : The Diem Blockchain is a decentralized, programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world.
We present a proposal for the Diem protocol, which implements the Diem Blockchain and aims to create a financial infrastructure that can foster innovation, lower barriers to entry, and improve access to financial services. To validate the design of the Diem protocol, we have built an open-source prototype implementation - Diem Core - in anticipation of a global collaborative effort to advance this new ecosystem.
The Diem protocol allows a set of replicas - referred to as validators - from different authorities to jointly maintain a database of programmable resources. These resources are owned by different user accounts authenticated by public key cryptography and adhere to custom rules specified by the developers of these resources.
Validators process transactions and interact with each other to reach consensus on the state of the database. Transactions are based on predefined and, in future versions, user-defined contracts in a new programming language called Move. We use Move to define the core mechanisms of the blockchain, such as the currency and validator membership.
These core mechanisms enable the creation of a unique governance mechanism that builds on the stability and reputation of existing institutions in the early days but transitions to a fully open system over time. Abstract: We present Move, a safe and flexible programming language for the Diem Blockchain.
Move is an executable bytecode language used to implement custom transactions and contracts. The key feature of Move is the ability to define custom resource types with semantics inspired by linear logic: a resource can never be copied or implicitly discarded, only moved between program storage locations.
These safety guarantees are enforced statically by Move's type system. Despite these special protections, resources are ordinary program values - they can be stored in data structures, passed as arguments to procedures, and so on. First-class resources are a very general concept that programmers can use not only to implement safe digital assets but also to write correct business logic for wrapping assets and enforcing access control policies. The safety and expressivity of Move have enabled us to implement significant parts of the Diem protocol in Move, including Diem coin, transaction processing, and validator management.
Q: What's Move? A: A statically-typed programming language derived from Rust, compiled to bytecode. Welcome to Move, a next generation language for secure, sandboxed, and formally verified programming.
Its first use case is for the Diem blockchain, where Move provides the foundation for its implementation. Move allows developers to write programs that flexibly manage and transfer assets, while providing the security and protections against attacks on those assets.
However, Move has been developed with use cases in mind outside a blockchain context as well. Move takes its cue from Rust by using resource types with move hence the name semantics as an explicit representation of digital assets, such as currency. Move has all of the syntax and semantics you would expect from a first-class programming language.
However, there is an entire architecture dedicated to creating, using, and executing code based on Move. The diagram below shows the architecture of Move as it pertains to the Diem Payment Network, from using the source language to script execution.
Source: Move Introduction Diem Developers. More contract samples from the Move Contract Playground :. DiemBFT is based on HotStuff, a recent protocol that leverages several decades of scientific advances in Byzantine fault tolerance BFT and achieves the strong scalability and security properties required by internet settings. DiemBFT further refines the HotStuff protocol to introduce explicit liveness mechanisms and provides a concrete latency analysis.
To drive the integration with the Diem Blockchain, this document provides specifications extracted from a fully-functional simulator. These specifications include state replication interfaces and a communication framework for data transfer and state synchronization among participants. Finally, this report provides a formal safety proof that induces criteria to detect misbehavior of BFT nodes, coupled with a simple reward and punishment mechanism.
Calibra web: calibra. Calibra's launch is planned for the 2nd half of
Is ‘Libra 2.0’ Any More Appealing to Regulators than the Original?
Facebook-backed cryptocurrency association to issue digital versions of single currencies, stepping back from controversial synthetic coin scheme. The Facebook-backed Libra project has drastically reduced the scope of its planned cryptocurrency, following a sustained backlash from regulators. The move follows reports early last month that the independent, Switzerland-based project, whose development was led by Facebook, was planning on scaling back its initial plans. The Libra cryptocurrency, announced last year , was originally intended as an electronic medium of exchange backed by an array of assets but independent of any national currency. Critics, including central banks and regulators, argued this would create a host of risks ranging from money-laundering to the destabilisation of state-backed currencies.
Facebook: whitepaper and details about the Libra crypto
Imagine a digital currency that is as easy to share as an Instagram story, or an e-payments platform as ubiquitous as smartphones. Would bank accounts become obsolete? Would monetary policy matter? These futuristic questions have become more salient as the number of digital coins and tokens grows. When these experimental constructs move from the sandbox to the high street, the ramifications—good and bad—will be profound. Digital currencies, issued and maintained using blockchain and distributed digital ledgers, could overturn how individuals and organizations transact value, eliminating the need for costly payments intermediaries, ensuring greater price stability, and reducing counterparty risk. Not all digital currencies are created equal, however. Some digital coins and tokens are likely to deliver only modest improvements to existing payments models, but others could challenge financial systems at their core. The commercial impacts can also vary, with some coins aimed at improving efficiency within a closed system and others aimed at gaining competitive advantage more broadly. The design of a currency and the ripple effects it may cause in society have bearing on its potential value and the risks it might pose for users and those charged with governing its use.
Libra 2.0 How It Differs from Facebook’s First Attempt
Diem is a decentralized stablecoin powered by the Libra blockchain. Facebook unveiled Libra in with a vision of being a stablecoin backed by multiple government-issued currencies. Due to its global usage and a hard stab on the traditional finance industry, it received international regulatory backlash. In April , the Libra team changed its tune and indicated that it would launch an array of stablecoins, each backed by a single fiat currency. However, more had to be done.
Facebook, others float new blockchain technology, Libra
Note to Readers: The Diem project has evolved significantly from what was originally announced as Libra in June of and what is represented in the historical White Paper that was released in April of Our goal was to establish a collaborative dialogue early in the journey. We have worked with regulators, central bankers, elected officials, and various stakeholders around the world to determine the best way to marry blockchain technology with accepted regulatory frameworks. Our objective is for the Libra payment system to integrate smoothly with local monetary and macroprudential policies and complement existing currencies by enabling new functionality, drastically reducing costs, and fostering financial inclusion. The Association has made changes to its initial approach, many of which depart from the approaches taken by other blockchain projects.
Cryptocurrencies & Digital Dollar
Image source: Financial Times. The current global health and economic crisis have reinvigorated the discussion around normalising digital currencies. The crisis accentuates the need for safe, low-cost and speedy international monetary transactions. Libra 2. The multi-currency Libra coin is an index comprising certain national currencies in its basket.
Central Bank Digital Currency (CBDC)
Politics and Prose Bookstore Hours and Locations. From Libra to Diem Silicon Valley tries to disrupt the world - and the world says "no. A stupendous, world-shaping success.
An overview of Stablecoins, Diem (Libra) and Regulatory Hurdles for the Diem Association
As it turns out, the consortium has been working hard on version 2. This time, its proposed digital currency has a serious chance of being acceptable to authorities. It turns out that Libra had a lot of homework to do. When the initial white paper was published in June, a storm of criticism followed. Authorities all over the world were afraid a global stablecoin with the userbase of Facebook would create a de facto global private central bank, reducing the monetary autonomy of existing central banks.
Buried in Facebook's Libra White Paper, a Digital Identity Bombshell
In June of Facebook announced Libra and the world took notice. In the ensuing months, as regulators across the globe teased apart the mechanics of the announcement, the idea faced criticism — so much so that several prominent Association Members withdrew their support. While many core elements remain in place along with some stalwart Association members, the idea has matured and transformed into a more concrete and stable proposition. So how should payments professionals think about Libra 2. What is it and what will it do? This webinar is designed to provide you the salient information and a framework to explore these questions.
A stupendous, world-shaping success. But governments were giving Facebook trouble over personal data abuses, election rigging and fake news. Mark Zuckerberg wondered: what if Facebook could pivot to finance? Or, better: what if Facebook started its own private world currency?
It is remarkable, very amusing idea
Added to bookmarks. Now I will read more often!