The Facebook’s Libra blockchain is a trending topic in cryptocurrency world. Even some blame it for not being decentralize, yet there is a greater chance it to be popular as a new technology.
Libra project has grabbed many partners to support it. At the moment project is up and running on its own testing platforms. It is limited to its founding companies like Uber, PayPal and MasterCard. None of the outside persons can participate to block making. Libra is not like other blockchain currencies, that developers must run a node, but Facbook is supplying the nodes. Users can run a validator node by themselves using Libra Core.
The term “Developers” in Libra platform is referring to below groups:
- People develop applications to interact with a Libra client
- Make libra clients
- People contribute to the Facebook’s Libra blockchain platform.
- Make Libra clients
The testnet is a kind of prototype of it’s Libra Blockchain Software, it may be upgraded or updated when it’s going to production environment.
Few key points of Libra Protocol:
Every moment the blockchain has a “State”. When a transaction happens, the state changes from one to another.
The transaction is submitted by the clients of the blockchain that request to update the state of the blockchain ledger. A proper transaction must supplied with an account address of the sending person, a Public key, a program, Gas price, maximum gas amount, a sequence number, expiration time and a digital signature of the sender.
To successfully execute a transaction on the Libra blockchain, each of the validators must know the global state of the newest version of the database.
Every data in the blockchain is in a “single-versioned distributed database”. This versioned database allow a validator to submit a transaction against the ledger of the latest version. Also it give the clients details about the history of ledger.
Except of the above points, Account, Proof, Validator Node (Validator) are the rest of the other key points of the blockchain, We will give you more details about those on coming days. Also you can refer to Libra website and learn lot more about these points.