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LibraWhitePaper_en_US-1.pdf
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详细说明：FaceBook Libra白皮书，先一睹为快。想了解的同学可以下载看下。Introducing Libra
The world truly needs a reliable digital currency and infrastructure that together can deliver on the promise
of"the internet of money
Securing your financial assets on your mobile device should be simple and intuitive. Moving money around
globally should be as easy and cost-effective as- and even more safe and secure than- sending a text
message or sharing a photo, no matter where you live, what you do, or how much you earn New product
innovation and additional entrants to the ecosystem will enable the lowering of barriers to access and cost
of capital for everyone and facilitate frictionless payments for more people
Now is the time to create a new kind of digital currency built on the foundation of blockchain technology the
mission for Libra is a simple global currency and financial infrastructure that empowers billions of people. Libra
is made up of three parts that will work together to create a more inclusive financial system
1. It is built on a secure, scalable, and reliable blockchain:
2. It is backed by a reserve of assets designed to give it intrinsic value
3. It is governed by the independent Libra association tasked with evolving the ecosystem.
The Libra currency is built on the"Libra blockchain Because it is intended to address a global audience,
the software that implements the Libra blockchain is open source -designed so that anyone can build on it,
and billions of people can depend on it for their financial needs. Imagine an open, interoperable ecosystem
of financial services that developers and organizations will build to help people and businesses hold and
transfer Libra for everyday use. With the proliferation of smartphones and wireless data, increasingly more
people will be online and able to access Libra through these new services To enable the libra ecosystem
to achieve this vision over time, the blockchain has been built from the ground up to prioritize scalability
security, efficiency in storage and throughput, and future adaptability. Keep reading for an overview of the
Libra blockchain, or read the technical paper.
The unit of currency is called "Libra. Libra will need to be accepted in many places and easy to access for
those who want to use it. In other words, people need to have confidence that they can use Libra and that
its value will remain relatively stable over time. Unlike the majority of cryptocurrencies, Libra is fully backed
by a reserve of real assets. a basket of bank deposits and short-term government securities will be held in
the Libra reserve for every libra that is created building trust in its intrinsic value. the libra reserve will be
administered with the objective of preserving the value of Libra over time. Keep reading for an overview of
Libra and the reserve, or read more here.
The Libra association is an independent, not-for-profit membership organization headquartered in geneva
Switzerland. The association's purpose is to coordinate and provide a framework for governance for the
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network and reserve and lead social impact grant-making in support of financial inclusion This white paper
is a reflection of its mission, vision, and purview. The association,'s membership is formed from the network
of validator nodes that operate the Libra blockchain
Members of the Libra association will consist of geographically distributed and diverse businesses, nonprofit
and multilateral organizations, and academic institutions. The initial group of organizations that will work
together on finalizing the association s charter and become "Founding Members "upon its completion are,
ust
Payments: Mastercard, Mercado Pago, Pay Pal, PayU (Naspers'fintech arm), Stripe, Visa
Technology and marketplaces: Booking Holdings, e Bay, Facebook/Calibra, Farfetch, Lyft,
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
We hope to have approximately 100 members of the Libra association by the target launch in the first half
2020
Facebook teams played a key role in the creation of the libra association and the libra blockchain, working
with the other Founding Members. While final decision-making authority rests with the association, Facebook
is expected to maintain a leadership role through 2019. Facebook created Calibra, a regulated subsidiary,
to ensure separation between social and financial data and to build and operate services on its behalf on
top of the Libra network
Once the Libra network launches, Facebook, and its affiliates, will have the same commitments privileges
and financial obligations as any other Founding Member. As one member among many, Facebook's role in
governance of the association will be equal to that of its peers
Blockchains are described as either permissioned or permissionless in relation to the ability to participate as a
validator node In a" permissioned blockchain, access is granted to run a validator node In a"permissionless
blockchain, anyone who meets the technical requirements can run a validator node. In that sense, Libra
will start as a permissioned blockchain
To ensure that Libra is truly open and always operates in the best interest of its users, our ambition is for the
Libra network to become permissionless The challenge is that as of today we do not believe that there is a
proven solution that can deliver the scale, stability, and security needed to support billions of people and
transactions across the globe through a permissionless network. One of the association 's directives will be
to work with the community to research and implement this transition, which will begin within five years of
the public launch of the Libra blockchain and ecosystem
Essential to the spirit of libra, in both its permissioned and permissionless state, the Libra blockchain will
be open to everyone any consumer, developer, or business can use the Libra network, build products on top
of it, and add value through their services. Open access ensures low barriers to entry and innovation and
encourages healthy competition that benefits consumers. This is foundational to the goal of building more
inclusive financial options for the world
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The libra blockchain
The goal of the Libra blockchain is to serve as a solid foundation for financial services, including a new global
currency, which could meet the daily financial needs of billions of people. Through the process of evaluating
existing options, we decided to build a new blockchain based on these three requirements
Able to scale to billions of accounts, which requires high transaction throughput, low latency, and an
efficient, high-capacity storage system
Highly secure, to ensure safety of funds and financial data
Flexible, so it can power the Libra ecosystems governance as well as future innovation in financial
services
The Libra blockchain is designed from the ground up to holistically address these requirements and build
on the learnings from existing projects and research-a combination of innovative approaches and well
understood techniques. This next section will highlight three decisions regarding the Libra Blockchain
H. Designing and using the Move programming language
2. Using a Byzantine Fault Tolerant BFT)consensus approach.
3. Adopting and iterating on widely adopted blockchain data structures
"Move"is a new programming language for implementing custom transaction logic and"smart contracts
on the Libra blockchain. Because of Libra's goal to one day serve billions of people, Move is designed with
safety and security as the highest priorities. Move takes insights from security incidents that have happened
with smart contracts to date and creates a language that makes it inherently easier to write code that fulfills
the author's intent, thereby lessening the risk of unintended bugs or security incidents. Specifically, Move
is designed to prevent assets from being cloned. It enables "resource types"that constrain digital assets to
the same properties as physical assets: a resource has a single owner, it can only be spent once, and the
creation of new resources is restricted. The Move language also facilitates automatic proofs that transactions
satisfy certain properties, such as payment transactions only changing the account balances of the payer
and receiver By prioritizing these features, Move will help keep the libra blockchain secure By making
the development of critical transaction code easier, move enables the secure implementation of the libra
ecosystems governance policies, such as the management of the Libra currency and the network of validator
nodes Move will accelerate the evolution of the Libra blockchain protocol and any financial innovations built
on top of it. We anticipate that the ability for developers to create contracts will be opened up over time in
order to support the evolution and validation of Move.
lo tacilitate agreement among all validator nodes on the transactions to be executed and the order in which
they are executed, the Libra blockchain adopted the BFT approach by using the LibraBFT consensus protocol
This approach builds trust in the network because BF I consensus protocols are designed to function
correctly even if some validator nodes -up to one-third of the network- are compromised or fail. This class
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of consensus protocols also enables high transaction throughput, low latency, and a more energy-efficient
approach to consensus than"proof of work"used in some other blockchains
In order to securely store transactions, data on the Libra Blockchain is protected by Merkle trees, a data
structure used by other blockchains that enables the detection of any changes to existing data. Unlike
previous blockchains, which view the blockchain as a collection of blocks of transactions, the Libra Blockchain
is a single data structure that records the history of transactions and states over time. this implementation
simplifies the work of applications accessing the blockchain, allowing them to read any data from any point
in time and verify the integrity of that data using a unified framework
The Libra blockchain is pseudonymous and allows users to hold one or more addresses that are not linked
to their real-world identity. This approach is familiar to many users, developers, and regulators. The Libra
Association will oversee the evolution of the Libra blockchain protocol and network, and it will continue to
evaluate new techniques that enhance privacy in the blockchain while considering concerns of practicality
scalability and regulatory impact
For more details, read the technical paper on the Libra blockchain. Detailed information is also available on
the Move programming language and the LibraBFT consensus protocol. We've open sourced an early preview
of the Libra testnet, with accompanying documentation. the testnet is still under development, and APls
are subject to change Our commitment is to work in the open with the community and hope you will read
build, and provide feedback
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The Libra currency and reserve
We believe that the world needs a global, digitally native currency that brings together the attributes of the
worlds best currencies: stability low inflation, wide global acceptance, and fungibility. The Libra currency
is designed to help with these global needs, aiming to expand how money works for more people around
the world
Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets-the
Libra reserve-and supported by a competitive network of exchanges buying and selling Libra. That means
anyone with Libra has a high degree of assurance they can convert their digital currency into local fiat
currency based on an exchange rate, just like exchanging one currency for another when traveling. This
approach is similar to how other currencies were introduced in the past: to help instill trust in a new currency
and gain widespread adoption during its infancy, it was guaranteed that a country' s notes could be traded
in for real assets, such as gold. Instead of backing Libra with gold, though, it will be backed by a collection of
low-volatility assets, such as bank deposits and short-term government securities in currencies from stable
and reputable central banks
It is important to highlight that this means one libra will not always be able to convert into the same amount
of a given local currency (i.e, Libra is not a"peg to a single currency). Rather, as the value of the underlying
assets moves, the value of one Libra in any local currency may fluctuate. However, the reserve assets are
being chosen to minimize volatility, so holders of libra can trust the currency's ability to preserve value over
time. The assets in the Libra reserve will be held by a geographically distributed network of custodians with
investment-grade credit rating to provide both security and decentralization of the assets
The assets behind Libra are the major difference between it and many existing cryptocurrencies that lack
such intrinsic value and hence have prices that fluctuate significantly based on expectations. Libra is indeed
a cryptocurrency, though, and by virtue of that, it inherits several attractive properties of these new digital
currencies: the ability to send money quickly, the security of cryptography, and the freedom to easily transmit
unds across borders. Just as people can use their phones to message friends anywhere in the world today
with Libra, the same can be done with money- instantly securely, and at low cost
Interest on the reserve assets will be used to cover the costs of the system, ensure low transaction fees,
pay dividends to investors who provided capital to jumpstart the ecosystem(read"The Libra association
here), and support further growth and adoption The rules for allocating interest on the reserve will be set in
advance and will be overseen by the libra association Users of libra do not receive a return from the reserve
For more on the reserve policy and the details of the Libra currency, please read here
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The libra Association
To make the mission of Libra a reality-a simple global currency and financial infrastructure that empowers
billions of people- the Libra blockchain and Libra reserve need a governing entity that is comprised
of diverse and independent members. This governing entity is the Libra Association, an independent,
not-for-profit membership organization, headquartered in geneva, Switzerland. Switzer land has a history
of global neutrality and openness to blockchain technology, and the association strives to be a neutral
international institution, hence the choice to be registered there. The association is designed to facilitate the
operation of the Libra blockchain; to coordinate the agreement among its stakeholders -the network's validator
nodes-in their pursuit to promote, develop, and expand the network, and to manage the reserve
The association is governed by the Libra Association Council, which is comprised of one representative
per validator node. Together, they make decisions on the governance of the network and reserve. Initial
this group consists of the Founding Members: businesses, nonprofit and multilateral organizations, and
academic institutions from around the world. All decisions are brought to the council, and major policy or
technical decisions require the consent of two-thirds of the votes, the same supermajority of the network
required in the BFT consensus protocol
Through the association, the validator nodes align on the network's technical roadmap and development
goals. In that sense, it is similar to other not-for-profit entities, often in the form of foundations which govern
open-source projects. As Libra relies on a growing distributed community of open-source contributors
to further itself, the association is a necessary vehicle to establish guidance as to which protocols or
specifications to develop and to adopt
The Libra association also serves as the entity through which the Libra reserve is managed, and hence
the stability and growth of the Libra economy are achieved the association is the only party able to create
(mint and destroy(burn) Libra. Coins are only minted when authorized resellers have purchased those coins
from the association with fiat assets to fully back the new coins. Coins are only burned when the authorized
resellers sell Libra coin to the association in exchange for the underlying assets. Since authorized resellers
will always be able to sell Libra coins to the reserve at a price equal to the value of the basket, the libra
Reserve acts as a buyer of last resort T hese activities of the association are governed and constrained by
a Reserve Management Policy that can only be changed by a supermajority of the association members
In these early years of the network, there are additional roles that need to be performed on behalf of the
association: the recruitment of Founding Members to serve as validator nodes; the fundraising to jumpstart
the ecosystem; the design and implementation of incentive programs to propel the adoption of libra,
including the distribution of such incentives to Founding Members; and the establishment of the association's
social impact grant-making program
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An additional goal of the association is to develop and promote an open identity standard. We believe that
decentralized and portable digital identity is a prerequisite to financial inclusion and competition
An important objective of the Libra Association is to move toward increasing decentralization over time
This decentralization ensures that there are low barriers to entry for both building on and using the network
and improves the Libra ecosystem's resilience over the long term. As discussed above, the association will
develop a path toward permissionless governance and consensus on the Libra network. The associations
objective will be to start this transition within five years, and in so doing will gradually reduce the reliance on
the Founding members. In the same spirit, the association aspires to minimize the reliance on itself as the
administrator of the libra reserve
For more on the Libra Association, please read here
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What's Next for libra?
Today we are publishing this document outlining our goals for Libra and launching libra. org as a home for the
association and all things Libra. It will continue to be updated over the coming months. We are also open
sourcing the code for the Libra Blockchain and launching Libra's initial testnet for developers to experiment
with and build upon
There is much left to do before the target launch in the first half of 2020
The Libra Blockchain: Over the coming months, the association will work with the community to gather
feed back on the Libra blockchain prototype and bring it to a production-ready state. In particular, this
work will focus on ensuring the security, performance, and scalability of the protocol and implementation
o The Libra association will construct well-documented APls and libraries to enable users to interact
With the libra blockchain
o The Libra association will create a framework for the collaborative development of the technology
behind the Libra blockchain using the open-source methodology Procedures will be created for
discussing and reviewing changes to the protocol and software that support the blockchain
a The association will perform extensive testing of the blockchain, which range from tests of the
protocol to constructing a full-scale test of the network in collaboration with entities such as wallet
services and exchanges to ensure the system is working before launch
o The association will work to foster the development of the Move language and determine a path
for third parties to create smart contracts once language development has stabilized-after the
launch of the Libra ecosystem
Together with the community, the association will research the technological challenges on the path
to a permissionless ecosystem so that we can meet the objective to begin the transition within five
years of the launch
The reserve:
o The association will work to establish a geographically distributed and regulated group of global
institutional custodians for the reserve
o The association will establish operational procedures for the reserve to interact with authorized
resellers and ensure high-transparency and auditability
o The association will establish policies and procedures that establish how the association can
change the composition of the reserve basket
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