Libra White Paper

#1

Post by hulahoof » Tue, Jun 18, 2019, 8:59 AM UTC

Libra White Paper
libra.org

Re: Libra White Paper

#2

Post by zxcb1 » Tue, Jun 18, 2019, 10:06 AM UTC

We believe that a global currency and financial infrastructure should be designed and governed as a public good

And social infrastructure?

Re: Libra White Paper

#3

Post by rahulkapil » Tue, Jun 18, 2019, 10:11 AM UTC

A fair financial system is one which I am comfortable giving to my worst enemy to run.

This is not it.

Re: Libra White Paper

#4

Post by 2T1Qka0rEiPr » Tue, Jun 18, 2019, 10:12 AM UTC

As someone somewhat out of the crypto-loop, would someone be able to explain/posit/cite why Facebook are entering this market, and why traditional payment providers are also getting involved? On the face of it, this suggests it aims to essentially reduce transaction costs (which would be to the detriment of the status-quo)?

Re: Libra White Paper

#5

Post by bitxbit » Tue, Jun 18, 2019, 10:14 AM UTC

It is sad that Zuckerberg chose to squander all that capital on frivolous endeavors at Facebook. He could have done so much.

This is what gets me the most: "We believe that a global currency and financial infrastructure should be designed and governed as a public good." It's very rich coming from Facebook who could have made itself a public good a decade ago.

Re: Libra White Paper

#6

Post by wslh » Tue, Jun 18, 2019, 10:16 AM UTC

I just skimmed through their documents and I saw they use BFT. BFT algorithms are slow (and slower when more nodes are added) so are they using another layer for gaining performance?

Currently the fastest BFT implementation is BFT-SMaRt: https://github.com/bft-smart/library

Re: Libra White Paper

#7

Post by thefounder » Tue, Jun 18, 2019, 10:20 AM UTC

2T1Qka0rEiPr wrote: post #4

As someone somewhat out of the crypto-loop, would someone be able to explain/posit/cite why Facebook are entering this market, and why traditional payment providers are also getting involved? On the face of it, this suggests it aims to essentially reduce transaction costs (which would be to the detriment of the status-quo)?

It looks like for the end customer this is no better than a closed payment platform(think of visa network or ACH) unless they provide at least read access to the blockchain ledger/database. If that's the case it's not worth the name of crypto currency.

They also say in 5 years will provide full(r/w) access to the public clients/nodes...I wouldn't hold my breath.

It has "fraud" prevention built in, charge backs, compliance etc...how would that work on a public blockchain? I believe they lie and they know it will never be released as a public/permisionless blockchain.

Re: Libra White Paper

#8

Post by ArmandGrillet » Tue, Jun 18, 2019, 10:20 AM UTC

Interesting bits:

"target launch in the first half of 2020."

"“Founding Members” upon its completion are, by industry:

Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc. Telecommunications: Iliad, Vodafone Group Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking"