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Libra Blockchain explained

Libra’s Blockchain’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.

Facebook has unveiled an ambitious plan to launch an attack on the global financial system by creating a new cryptocurrency to be known as Libra, a payments system powered by blockchain and a digital wallet, as a precursor to moving into lending.

Facebook’s digital wallet, to be named Calibra, will be integrated into its Messenger and WhatsApp applications, and be available outside its communications platforms via a smartphone application that will allow users to send money as if they are sending a text message.

This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.

The Libra 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 Libra protocol, which implements the Libra 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 Libra protocol, we have built an open-source prototype implementation — Libra Core — in anticipation of a global collaborative effort to advance this new ecosystem.

Facebook example of Libra in Action

The Libra 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 smart contracts in a new programming language called Move.

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