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Topic: Libra, quick analysis and opinion (Read 113 times)

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CEO of Metaisland.gg and W.O.K Corp
June 23, 2019, 01:10:47 PM
#1


This analysis is based on this https://developers.libra.org/docs/welcome-to-libra
And this https://github.com/libra/libra

This is my opinion, in 10 minutes after looking at the code and the documentation. Feel free to criticize or correct me.

Libra is not real peer to peer.
The nodes are communicating with the validators. Validators are controlling the network and the execution of the Move scripts smart contract bytecode. Who controls the Validators? Facebook and a limited number of authorized nodes. Who authorize these nodes?

Also there is no POW (proof of work) and no mining. So what makes the blocks safe to hacking and decryption? Nothing apparently. Bitcoin is safe because the miners are doing a work that would be necessary to reproduce to modify a transaction.
Libra has no POW, so anyone having the private key can cancel, rewrite or modify a transaction. You can bet that the US gov will have the private keys and Facebook too.

The Move language is what Solidity is at Ethereum. Centralized smart contracts that are open doors to scammers. Practically a smart contract owner can execute whatever he wants. It is centralized banking. Move is compiled in bytecode.

Under the illusion of a blockchain, peer to peer, with a shared consensus and blah blah blah... the reality is a centralized validators system, peer to peer is limited to local storage of the database, no proof of work only a private key can edit any transaction...
They use mempool like Bitcoin, but the whole Libra package is written in RUST... it is fast about the same speed than C++. They have written a blockchain in Rust... that's the interesting part.


I don't feel that we have progressed much since 2008.
I think that the Bitcoin Core team will check what Libra does and if something has to be improved, they will do it in the versions to come.

It is a quick opinion.
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