Editor's Note: This article comes fromBlock beats Blockbeats(ID: BlockBeats), author: 0x2, released with permission.

Editor's Note: This article comes from

Block beats Blockbeats

(ID: BlockBeats), author: 0x2, released with permission.

With the release of Facebook's stablecoin project Libra white paper, the outside world's attention to Libra has also reached an extremely hot level, and even appeared on Weibo and Zhihu's hot search list.

1. Libra is so awesome, do you want to join as a founding member to participate in the issuance of coins? Almost no ordinary people can participate because the threshold is very high. If you are an enterprise, you must enter the "Fortune" 500 to be eligible; if you are a cryptocurrency investor, the assets under management must be more than 1 billion US dollars; if you are a blockchain company, you must pass a security audit and publicly disclose relevant information. information, custody or custody of at least $100 million in assets for clients.

(Image via Cointelegraph)

2. The Libra blockchain has been forked. Twelve hours after the announcement of the project library, the fork project Libra Classic has appeared, and its slogan is "let billions of people not lose their privacy and not benefit large American companies." The Libra Classic consensus mechanism has changed from Byzantine Fault Tolerant FBT Change to "Satoshi Nakamoto Consensus" and everyone can run a node.

3. The Chinese name of Libra is Libra. Winklevoss, the twin brother of Winklevoss who sued Facebook, bought a large amount of bitcoins after receiving compensation, becoming the top 10 richest bitcoiners, and then founded a trading company called Gemini Place. Gemini means Gemini, and it also issued the world's first compliant stablecoin GUSD, 1GUSD=1 US dollar. In astrology, some people think that Libra and Gemini are a natural pair.

(Image via Cointelegraph)

4. After Facebook announced the currency issuance, the Winklevoss brothers who were against Zuckerberg stated on Twitter that FAANG (Facebook, Apple, Amazon, Netflix, Google) will issue currency within 2 years.

5. The Libra stablecoin will not use gold as collateral, nor will it use cryptocurrencies such as Bitcoin as collateral, but will use a basket of low-volatility assets (such as cash and government securities provided by stable and reputable central banks) ) for collateral. Therefore, the price of Libra can remain relatively stable.

6. Libra stable currency can be used to send money and pay. People working abroad can send money home in a convenient and fast way, while college students can pay rent as easily as buying coffee. Well, of course it's more convenient to change dollars.

7. There are many Chinese in the Move language development team. Runtian Zhou said on Zhihu that Libra Coin is a smart contract implemented in the Move language. The Move programming language was born out of a linear type system, and it did not use any previous virtual machine and blockchain programming languages ​​at the beginning of the design, because Facebook wanted to ensure the security of financial contracts. (The Libra Blockchain paper has been verified by BlockBeats, and Runtian Zhou is indeed the developer of the Move language)

8. Is Libra controlled by Facebook? The answer is no, Libra Coin is governed by the independent, non-profit Libra Association, and Facebook is the initiator of the project. The Libra Association is an independent, not-for-profit membership organization headquartered in Geneva, Switzerland. The association aims to coordinate and provide a governance framework for networks and asset reserves, and to lead socially impactful grants in support of financial inclusion.

9. The server configuration of the Facebook Libra verifier node is very low, and Amazon's m5.24xlarge can be used to meet the computing needs. According to Amazon Web Service's official pricing, the current price of an m5.24xlarge server is $4.6 per hour, and only $3312 per month. This is nothing compared to the engineers and a set of security infrastructure that need to work together to operate. In Silicon Valley, the annual salary of a full-time website reliability engineer is about $100,000-$150,000.

10. What are the benefits of being a Libra founding member? In addition to making a substantial contribution to society, membership in an association brings some potential benefits to an organization: playing an active role in association governance, being eligible for new user incentives and transaction rebates, and earning dividends through Libra investment tokens .

11. It has been Xiao Zha's obsession for many years to connect payment and finance. Facebook established a company called Facebook Payment that year, which not only added the payment function to the chat Messenger, but also issued a virtual currency called Facebook Credits. People can use Facebook Credits to buy items in games and non-game applications. One dollar is equivalent to 10 Facebook Credits, and there are 15 currencies to choose from, including US dollars, British pounds, and euros. But then this matter turned yellow and eventually became Libra.

12. The efficiency of the Libra blockchain is not high. According to the content of the technical white paper, the Libra protocol initially supports 1000 TPS, and the block interval time is 10 seconds, which is far lower than the 3996 TPS peak of EOS, and there is not much advantage compared with Tron's nearly 1,000 TPS peak.

13. Libra has just been released for a day, and it has already scared the vested interests. Patrick McHenry, a member of the U.S. House of Representatives, has called for a hearing on the Libra project. Waters, chairman of the U.S. House of Representatives Financial Services Committee, called on Facebook to stop developing a cryptocurrency and said Congress and regulators should investigate it.

14. Is Libra a legitimate currency? At least Facebook itself considers it legal and can be used in any country that allows the use of cryptocurrencies. But for Chinese users, it is very difficult for Facebook to enter China, let alone recognize the digital cryptocurrency it issued.

15. The Libra blockchain uses the Libra BFT (Byzantine Fault Tolerance) consensus protocol to prevent double-spending attacks. Even if 1/3 of the validator nodes in the entire network are attacked, the network can still process transactions normally. The Libra blockchain has 100 founder nodes when the network starts, which means that there can be up to 33 faulty nodes, and the blockchain can still run.

16. If you can find a BUG on the Libra blockchain, you can ask Zuckerberg to receive a reward. The Libra Association will launch a public bug-hunting bounty program as a major effort to strengthen the security of the blockchain.

17. The head of the Facebook blockchain said that Libra will exist for hundreds of years. We can't know how much capacity a Libra transaction has now, but if it is calculated by comparing the average capacity of each transaction on the EOS.IO blockchain to 20KB, after 100 years, the Libra node server will store more than: 1000 * 3600 * 24 * 365 * 100 =3,153,600,000,000 B ≈ 2.86 TB. (1000 is TPS, 3600 is seconds in an hour, 24 is hours in a day, 365 is days in a year, 100 is 100 years)

18. Libra's TPS is 1000, which means it can process 1000 transactions per second, and 31.5 billion transactions per year. This figure is very low. During the Spring Festival of the Year of the Pig, 823 million people sent and received red envelopes on WeChat. If they randomly sent 10 red envelopes, that was 8.2 billion transactions. However, the processing speed of Libra's blockchain can be expanded, and it can be expanded to a large extent in the future.

19. The block confirmation time of Facebook Libra is 10 seconds, which has a lot to do with the fact that the servers are scattered around the world and the synchronization of node information takes too long. The network delay from China to the United States will definitely have a delay of 150-250ms, and the synchronization between global nodes will consume more time, so the confirmation speed of 10 seconds is not surprising.

20. The Libra blockchain can be forked after being attacked. In the event that one-third of validator nodes behave maliciously and lead to a blockchain fork, the Libra Association will adopt a series of strategies that will include: temporarily suspending transaction processing for the Libra Reserve, determining the extent of the damage caused by the attack, and Release advice on how to apply software updates to resolve forks. In addition, the Association will develop strategies for other situations, such as the discovery of software vulnerabilities.

21. Don't even think about using Libra to launder money, because Facebook has long cooperated with law enforcement. As with any other currency or financial infrastructure, cyberdangers will attempt to profit improperly from the Libra network. In addition, transactions that occur on the Libra blockchain are pseudonymous, which also creates the possibility of fraudulent and illegal activities by third parties. But while the Libra network is open and accessible to everyone with an internet connection, its primary endpoints are subject to laws and regulations and established cooperation with law enforcement.

22. Sun Yuchen rubbed this hot spot 6 hours after Facebook Libra issued the white paper. Justin Sun is famous for following hot spots. After the news was released, he himself did not keep up with hot spots immediately, which may be related to his being abroad.

23. The user does not have the wallet private key of Facebook Libra. Libra is integrated in the Facebook account and belongs to the custody wallet. Similar to opening a bank account on Facebook, the money belongs to the Libra Association.

24. A day after Facebook's Libra launch, its Github project repository has gained 3,800 stars. In the past month, 13 developers pushed 23 commits to all branches, 1052 files were changed, 40539 new lines were added, and 13052 lines were deleted.