LIVE NOW

“Joyful”: Developers are already loving Facebook’s Libra blockchain

Posted: 21 June 2019 12:42 pm
News

Picture not described

After taking an asset tokenisation test drive of Libra and Move, eToro developers say it handles well.

eToro CEO Yoni Assia was quick to welcome Facebook's Libra coin to the ecosystem after its announcement. And apparently, eToro's blockchain developers were too. One of the first things they did was take it for a test drive.

The experience was relayed by Peter Emil Jensen, Johannes Rude Jensen and eToro chief blockchain scientist Dr Omri Ross, in "A joyful early experiement (sic) of building eTokens on Libra".

It's a test asset tokenisation script, which is highly appropriate considering that eToro CEO Yoni Assia helped pioneer the idea, co-writing the Coloured Coins asset tokenisation whitepaper with Vitalik Buterin back in 2012.

It "was obviously a bit premature" Assia would later muse.

But not anymore. Based on people's early experiences with Move IR, a test version of Facebook's purpose-built Move programming language, the time is now.

"The prototype of the Libra blockchain, the testnet, launched on Tuesday and is in beta mode until the launch in H1 2020. We were excited to explore a test implementation of eToro's tokenised assets on Libra in Move IR," Ross said. "We applaud the early initiatives of the Libra team in designing Move IR, and are excited to follow the development in the near future. The combination of the many qualities associated with the Rust programming language and the HotStuff consensus algorithm is a promising direction in a rapidly maturing industry."

It handles like a dream and has all the latest safety features

Move was definitely built for blockchain and has safety features that prevent developers from doing things that would unintentionally open up vulnerabilities.

For example, it eliminates the potential of double spending or re-entrancy attacks.

"A 'resource' is a structure datatype that utilizes the ownership model, but can never be copied only moved and borrowed. This is a core feature of the Move language as it guarantees that no defined resource accidentally duplicates, thus eliminating the possibility for double-spending or re-entrency attacks," the test drivers wrote.

It's also worth noting that other data types, such as identity information and all the details of your Facebook account, can also be tokens of a sort. And the Move programming language doesn't allow the publishing of data on behalf of other users without their acknowledgment, which suggests a strong focus on the building of applications to give users control of their own data.

It's been clear for a while that blockchain is a good match for self-sovereign identity systems where people can take personal control of their own data and all the value it generates. Libra and Move could end up being a critical step in that direction.

"All in all, Libra and Move IR is a welcome step forward in smart-contract development. Having strong asset-guarantees helps developers to produce less error-prone code and move faster," eToro's developers conclude. "Nonetheless, Move IR is still in an early stage and is not user-friendly in its current iteration. It is called an 'intermediate representation' for a reason :-)."



Also watch


Disclosure: The author holds BNB, BTC at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site