Facebook's Libra Cryptocurrency: Under The Hood

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Stablecoin startups Dfinity and Celo have raised $167 million and $36.5 million respectively with New Jersey-based Basis raising $100 million before closing down operationsregulatory concerns.

“I would have loved to have found the perfect solution, it would have made our lives much simpler,” says Marcus, who was previously president of PayPay. “But unfortunately there wasn’t, so we had to build something new.” While true public blockchains are much more decentralized than permissioned blockchains, they also tend to have lower transactions volumes. Bitcoin processes about seven transactions per second, compared to the 1,000 transactions Libra needs to process. Which leads to another difference between Libra and more traditional public blockchains: Facebook has 2.7 billion users, not counting the users of the other 27 association members.

Perhaps most tantalizingly though, Marcus says libra will be able to be spent two different ways. One, the expected way, is by transacting on the blockchain. But another, yet to be clearly defined, is that the cryptocurrency is being designed so users can accept it using the existing payment rails. The solution to the problem in this case is an algorithm that lets groups reach consensus, even if some of the parties are dishonest. For bitcoin, only half of the network participants have to be honest. With BFTLibra, ⅔ has to be honest, but since the participants have to be pre-approved, they already have some trust built-in.

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