Introduction to Libra Coin Part 2

By Sleo821 | Sleo_777 | 10 Apr 2020

If you haven't seen Introduction to Libra Coin Part 1, please click here

Libra Association


  The Libra Association is managed by the Libra Association Council, which is composed of a representative appointed by each verifier node


  Through the association, the verifier node can be consistent with the network's technical solutions and development goals. In this regard, associations are similar to other non-profit entities



  The Libra Association is also an entity responsible for the management of Libra reserves, and therefore controls the stability and growth of the Libra economy. Only the Libra Association can manufacture (mint) and burn (burn) Libra



  For more information about the Libra Association, please see here



  What is Libra's next plan?


  The scheduled targeted release date is the first half of 2020


  Libra blockchain:

  * In the coming months, the association will collect feedback from the community on the prototype of the Libra blockchain, and then enter the production-ready phase. In particular, this work will focus on ensuring the security, performance, and scalability of the protocol  and implementation.

  * The Libra Association will construct well-documented APIs and libraries to enable users to interact with the Libra blockchain.

  * The Libra Association will use open source methods to create a framework for collaborative technology development behind the Libra blockchain. We will establish appropriate procedures for discussing and reviewing changes to the underlying protocols and software of the blockchain.

  * The association will perform a wide range of tests on the blockchain, from testing the protocol to uniting various entities (such as wallet services and trading platforms) to conduct an overall test of the network to ensure that the system is operating properly before release.

  * The association will strive to promote the development of Move language, and after the release of the Libra ecosystem, once the development of Move language stabilizes, we will establish a corresponding path for third parties to create smart contracts.

  * The association will work with the community to overcome technical difficulties on the road to unlicensed ecosystems, and strive to achieve our goal of starting the transition within five years after the release


  Libra Association:

  * The Libra Association Council will be expanded to include approximately 100 diverse members distributed around the world, all of whom will serve as the initial verifier nodes of the Libra blockchain.

  * Based on the current governance structure, a comprehensive charter and a series of rules for the association will be developed and adopted.

  * A managing director will be recruited for the association and continue to form an executive team of the association with this person.

  * We will select social impact partners who share our common mission, and work with them to establish social impact advisory committees and formulate social impact plans


  Major news


  Libra is currently facing several major problems because of the decentralized nature of cryptocurrencies, which will increase the difficulty of capital movement management, hidden risks behind money laundering, privacy, tax evasion, etc. In addition, Libra will bring about the current payment system and  liquidity Impact, affecting financial stability. Jerome Powell, the chairman of the Federal Reserve Board of the United States, once said that Libra had no conditions to operate until these worries were resolved.


  Last June, Facebook assembled 27 companies including Paypal, Mastercard, Visa, Spotify, ebay, Lyft, etc., and announced the issuance of cryptocurrency Libra, which caused great shock and discussion in the market.


  In the past few weeks, financial payment giants such as Paypal, Visa, Mastercard and other members have issued statements to withdraw from the Libra Association (Libra Association). Facebook's Libra dream seems to be gradually disintegrating. These payments all press the cooperation  stop button.


  On the eve of the general meeting, members of the Libra Association departed one after another!!


  Last year, the Libra Association expected to hold its first general meeting in Geneva, Switzerland on the 14th, US time, officially announced the first wave of Libra cooperative members, and confirmed the roles of various parties. On the eve of this important day,  almost all American payment giants such as Paypal, Visa, Mastercard, Stripe and others have chosen to leave the Libra alliance, which is undoubtedly a big warning.



  The first is PayPal, the official did not specify the reasons for withdrawal, only that it does not rule out the possibility of future cooperation with Libra


  The second is VISA, MasterCard, etc.

  Began to withdraw from the association



  There are clear laws and regulations on money laundering and fraud all over the world. When Libra was launched, governments of various countries realized that it is difficult for cryptocurrency with a decentralized concept to comply with the regulations of past laws and regulations. Companies such as  Paypal, Visa, Mastercard, Stripe, which specialize in handling gold flow, are in trouble.



  US Senator Brian Shatz once said: "Facebook seems to want to benefit from participating in financial activities, but it does not have to bear the responsibility of being regulated." Once money laundering and other things really happen in the future, compared to Spotify,  Lyft, VISA, Mastercard, etc. And other financial industries will become the target of criticism from the outside world, so they chose to withdraw before the Libra Alliance Conference and temporarily cut with Facebook


  As one of the founding members, PayPal issued a statement and announced its withdrawal from the Libra Association. Since then, including Mastercard, Visa, PayPal, eBay, Stripe, Mercado Pago, Booking Holdings, etc., the Libra Association has lost a quarter  of the founding members. In January this year, the British telecommunications group Vodafone also announced its withdrawal from the Libra Association, and now a total of eight companies have left the Libra Association


  Even though Libra will not come to an end in the short term, there will be more severe tests ahead. This big dream of building a new global payment system will become more and more difficult

  But Libra continues to do their thing

  It ’s just that the currency has not been issued

  Sooner or later they come out

  It's just that many places are suppressing

  Perhaps there are have secrets we don’t know?


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