Facebook Libra Coin - Bitcoin Ethereum Litecoin Killer?



what's going on guys Phillip at trade genius alright we're gonna talk about Libra this is Facebook's new cryptocurrency project touting to be a global cryptocurrency so Libra Libra coin we're gonna talk about that see if this guy here he's gonna ruin the party the crypto party or not also to guys real quick before we dive into this video we have special is still running you can get this moneymaker by signal or join us in the room again you can see how well this thing captures these moves is on a 15 minute Bitcoin chart and you can apply this to most any crypto up training crypto is better again smaller time frame stuff but I encourage you guys to check that out at trade like a genius calm alright so lots to cover in this let's dive into this video ok so Facebook had you know there was some rumblings of them coming up with a crypto currency project the official announcement was Libra and Libra is basically what they are touting has a global cryptocurrency so this was the website Libra org and it talks about how it's going to be mobile and stable fast global scalable securing all that stuff so what we're gonna do is want to dive into the white paper real quick I'm not gonna get too technical just so you guys kind of understand some key components of what's going on here and how this is gonna affect the crypto space they have a Libra reserve the Libra blockchain which a little bit of a misnomer there the Libra Association etc so we're gonna diving it out here so what we're gonna do is take a look at the blockchain white paper so essentially you know they talked about it being a decentralized programmable database designed to support a little volatility cryptocurrency that will have the ability this service an efficient medium of exchange for billions of people around the world so essentially you know this is a stable coin the Libra protocol allows a set of replicas referred to as validators from different authorities to jointly maintain a database of programmable resources so you know this is going to be centralized out of the gate gonna be different from like what you have with Bitcoin or litecoin this is a centralized start to this thing also talks about user-defined smart contracts and a new programming language called move so you'll probably hear a lot about move on in the incoming months user-defined smart contracts ok so that's gonna put projects like Chios and obviously aetherium and other smart contract and platforms on notice you're dealing with a very very large corporation deep pockets so it'll be interesting to see if they can conquer some of the challenges that a distributed computing platform has presented with the current projects or mechanisms enable the creation of a unique governance mechanism that builds on the stability and reputation of existing institutions in the early days but transitions to a fully open system over time so basically they're talking about starting off centralized with centralized authority with these validators and then trying to transition to a more decentralized open system over time these are the founding members of Libre so these are the guys that are going to be running the validators as you can see very corporate so you know again I think this is kind of anti-v goes against the ethos of Bitcoin as it were you know this is what looks to be a very big corporate backing of a stable coin so it goes on to say ecosystem will offer a new global currency the Libre coin back with a basket of bank deposits and Treasuries from high-quality central banks so again stable coin I'm over time membership eligibility will shift to become a completely open and based on the members holding to Libra so annum roadmap toward the shift for the shift toward a professional permissionless system so it's you know really sad that sounds like proof of work which the more you hold the more voting power you have on governance of the system and confirming the transactions that take place scrolling down liebherr protocol does not link accounts to a real world identity now the Libra wallet which isn't specifically talked about in this life here but the Libra wallet will require kyc know your customer right so that's where you have to be verified as a customer and you have to submit documents that verify where you live and things like that just like going to a bank or some of the legitimate regulated exchanges crypto exchanges so that part of it you will so it'll be interesting to see even though the protocol doesn't link account so a real real-world identity the actual Libra coin wallet that's currently out there will obviously they're looking to trade this on exchanges it'll be interesting to see if you wait for Libra the Libra coin to get on exchanges and then you can accumulate it on an exchange but for right now even though this says that Lincoln account to a real world identity if you want to get into Libra coin get the wallet right off the bat you are going to be identifying yourself doing so so that's an interesting statement there considering the initial start up on this so we'll have to see how that plays out there's probably going to be a way at some point that you'd be able to get a Libra coin let's say without going through the kose process but it wouldn't be directly through the Libra wallet okay moving down to farther down on the white paper the ledger history there's no concept of a block of Translation transactions in the ledger history so you know the way they have this set up it's not really a blockchain they keep calling it a blockchain but it's not set up like the Bitcoin blockchain so more I think the proper terminology would be distributed ledger technology DLT right you hear about that and so that's why they're taking basically a database and a version of a database and that's what gets updated but as far as the actual chain of blocks that's not how this is structured so calling it a blockchain is actually a misnomer the initial version of the Liebherr protocol only a limited subset of Meuse functionality is available to users this approach allows the move language and tool chain to Ammar to mature the approaches also the first scalability challenges in a transaction execution and data storage that are inherent to a general-purpose smart contract platform notice it says up this approach also the first scalability challenges so this is a work in progress because they haven't figured out what aetherium problems are and this is a solution to that so as far as this mean and aetherium killer or an iOS killer they haven't really figured anything out as of yet that I can see that would say that that's the case so they're still kind of in the same boat with everybody else okay moving down metered in order to manage demand for compute capacity leave your protocol charges transaction fees dominated and Libra coins this follows the gas model popularized by aetherium okay so again they're taking cues from existing distributed ledger platforms this here obviously just like eath as far as gas charges so in other words when you send or do a transaction with Libra they're gonna take a fee in Libra out of that okay this gets into some of the more technical things we're not going to get too deep into that this here I thought was interesting we anticipate that as the system is using actually storage growth associated with accounts may become a problem just as gas encourages responsible use of computation resources we expect that a similar rent beeps mechanism may be needed for storage we are assessing a wide range of approaches for rent based mechanism that best suits the ecosystem okay so this this is what I'm talking about they you know problems that are existing with this type of distributed platform they still haven't found ultimate solution for it so again this is a work in progress okay now if all this stuff was already taken care of and it was ready to go I would say that yeah then you know what these other projects like aetherium and AOS and other smart contract platforms they're gonna be put on notice that's right now it just looks like they're dealing with the same problems everybody else's here's another note I picked up on each validator in the Liebherr protocol maintains a full membership view of the system and connects directly to any validator it needs to communicate with we expect this approach to scale up to a few hundred validators before requiring partial membership use sophisticated failure detectors or communication or relays again I think this is scaling issues that need to be figured out again this speaks to this being a work in progress so beyond a few hundred validators and that might be enough to get the initial system going we'll talk about the capacity here in a second but you're gonna have to grow beyond 100 validators for a global project like this so again I mean we need to see some progress on this front moving on to the Libra core inflamation implementation the security of the Libra blockchain rests on correct implementation of validators new programs and the move virtual machine addressing these issues in Libra core is a work in progress so again things this is this is the white paper so there's a rough draft of what's going on but again this is a trust thing right think about like coin or a Bitcoin and like when things of that nature is a trustless environment where you have the blocks and the consensus and because of the way that the proof-of-work is designed you know you can get away with a decentralized permissionless system right there's no central governance like there is starting here so this is why this is not a Bitcoin killer okay this is vastly different this is a global stable point project and what this is telling us with a centralized governance that they hope to at one at some point turn into a more open decentralized system so there's a lot of ifs so far in this as far as performance goals we anticipate the initial launch of Liebherr protocol to support 1,000 payment transactions per second with a 10 second finality time between a transaction being submitted and committed that seems doable considering they have a hundred validators to start with and I think that that's probably realistic moving down bandwidth the validators require a 40 megabits internet connection modern signature schemes to support over a thousand verifications per second over a commodity CPU that just means like off-the-shelf higher in CPU and this the server's would need a 16 terabytes of SSD storage SSD is basically no moving parts right that will provide the quickest read/write times so just some technical shows you kind of the performance requirements of validators Libre coin the reserve is the key mechanism for achieving value preservation the reserve is managed by the Liebherr Association okay so more centralized governance users do not directly interface with reserve instead to support higher efficiency there are authorized resellers who are the only entities authorized by the Association to transact large amounts of fiat and leave our in and out of the reserve integrate into exchanges etc users do not need to worry about the association introducing inflation into the system or debasing the currency for new coins to be minted there must be a commensurate Fiat deposit in the reserve so they're saying they can't just print money like central banks do but they're gonna use central bank printed money to be the reserve or the backing for the value of this kind of funny right to be kind of cool if they use something like gold or even Bitcoin maybe but you know they're looking for something that isn't real volatile and I get that bitcoins volatility makes anything regarding stable backing tough at some point you will be able to do that with Bitcoin but bitcoins got to finish its s-curve adoption and then finally get to that flat line where it's met its valuation and it's been distributed to a large number of participants and creates a stability that way moving down under what's next for Libra talks about we anticipate usually move only for system 5 modules as opposed to letting users to find their own modules so they're gonna keep it locked we intend to for future versions of the Libra protocol to provide open access to the move language so and keep it locked down I you know I can see the approach there they want to make sure the bugs are out of the system before they really turn this thing over and let people start working on it so this is going to be you know it's have the Libra coin as an asset but think of it like you'll be able to build other assets on top of this on a smart platform okay so you could have other tokens representing other assets one of the top goals of the Libra Association is to migrate to leave our ecosystem to a permissionless system so that would be ideal again another if they have to show us kind of how that's gonna play out on how they plan to do that so basically that's it for the white paper again guys I think as far as this thing being like a crypto killer obviously there's some projects out there that this could be taking aim at and if Facebook being as deep pockets that they have could be setting the bar for how you roll out a project like this as far as you know cuz they'll be able to pay like the top in high-end developers right to work on this and a lot of them as far as killing you know being a Bitcoin killer or anything like that this is completely different this is not anywhere near a Bitcoin you know as far as cross-border payments you know this would be taking aim at things like XRP um as far as dealing with payments and things like that you know that's more in the wheelhouse of Visa and MasterCard and things like that although if you noticed who the founding members are they were can't beat them join them right so I think this is interesting that these guys are diving in on this crypto project but again it's not a blockchain okay it's not they're calling it you know violent under crypto but definitely not a blockchain so that's a misnomer but I think I think ultimately guys having a stable coin that gets widely used I think is a need I think it will help people for borderless tight payments you know bitcoin is great for the larger stuff or if you want a hedge inflation it won't get into that on another video if you want a hedge inflation you know and protect value of your savings bitcoins the way to go this would just be simply for that lower cost payment where you're just trying to get payments done and I think that's gonna play into kind of what how bitcoin is progressing right now is a store of value and at like I said at the top of the s-curve for Bitcoin you know everything has a growth s-curve that will be where Bitcoin becomes then can become a backing and a source of stable payment in the meantime I think having a stable payment option is nothing wrong with that but this will take aim at some of the existing alt projects that are out there so you will need to see that this isn't gonna come out to about 2020 so I don't think anything going to change immediately but this is definitely one to keep an eye on big big money behind this and again other stable coins are probably going to be put on notice other smart contract platforms are gonna be put on notice so that's my take on it guys not gonna kill any projects yet but there are some that will probably need to be on the defensive as far as Bitcoin litecoin those type of crypto chain block chains this isn't I don't really think this is in the same ballpark as that and will be a non-factor as far as those valuations go alright so I hope that helps Libra coin part of the or the native asset of the Libra protocol Facebook's new crypto project alright guys that's it for this video thanks for watching if you liked it please hit like and subscribe and we will see you on the next video take care bye bye




Comments
  1. People that are knowledgeable need to educate others on the difference between this & true decentralized coins/ projects. Also, everyone should be asking every merchant you walk into or use if they accept Bitcoin, Litecoin, Monero, whatever! They're not going to start if people aren't asking for it.. Then #PayWithLitecoin or Your coin of choice, & just rebuy the same amount right away…

  2. πŸ‘ thanks Phil … ultimately libra will direct more people into the crypto space … it's just a stepping stone to the legit blockchain! πŸ‘

  3. Right, because the company that illegally collects and sells all your data should be put in charge of all your financial transactions. I will not be buying libra coin, just as I will not be seen on Fascistbook. Ever.

  4. As soon as you insult the first snowflake or post facts on FB, which are somehow uncomfortable for liberals – they will block your #libra wallet instantly and write "we closed your account – with no rights to appeal – good luck with paying your next rent"

  5. Another bankster coin with some C_A sprinkled in. Will be COMPLETELY REJECTED by the crypto community. We are Patriots. Crypto was designed to take down the central bank's control of the people.

  6. Side rant: Why won't YouTube let me like this video (won't stay)? FIX YOUR APP! Had to go on the desktop to leave a like. -_-

  7. Totally ridiculous. Not even Blockchain but claiming so? Centralized as all hell…..yet one more way to track you and now your purchases on FubarBook….I hope this Libra β™ŽοΈπŸ’© fails miserably.

  8. Oh yeah, I'm going to invest in a crypto that runs on a platform that, if Zuchy doesn't like what I say, I can be banned from accessing. NOT!

  9. libra is what bitcoin was suppose to be now all these loser are trying to switch the purpose of what bitcoin was suppose to be read the original white paper bitcoin was suppose to be libra now itsthey say some bullshit how its a store of value that goes up down in an hour 20-25% at any given time what a bunch of bologna libra is the bitcoin killer world currency

  10. libra backed by usd a good thing better than bitcoin backed by nothing gold would be the best but they could implement that in the future but to say back libra with bitcoin thats stupid bitcoin is worthless tied to nothing might as well back it with air

  11. bitcoin a store of value that goes up&down 80% in a month hahahah no flatline for bitcoin never get rich quick scheme

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