Why is Libra Great for the Growth of Crypto
(by Dennis de Klerk - CTO, HEAT Ledger Ltd.)
Intro: This article is about Libra the so-called Facebook cryptocurrency and how I (a blockchain protocol designer) believe its a good thing for crypto.
If you haven’t done so already head over to libra.org and read some of the stuff they put up there. Whether you are a blockchain protocol designer like myself or you are interested in the economics or future plans behind Libra, there are interesting and detailed write ups for all of us there.
Reading those pages on libra.org make me very happy. To me all this feels like the era of blockchain and the free flow and all out usage of cryptocurrencies worldwide is about to take off for real now.
Also, being a co-founder of a cryptocurrency, I don’t feel one bit threatened in the sense where Libra might push out of the market even a single existing cryptocurrency out there (except perhaps for some stable coins). Actually the opposite I believe to be true.
As it seems Libra will be a true crypto in all the technical ways.
- You truly own your Libra coins as long as they are in your address to which you have your private key
- Your coins in your address live on the Libra blockchain and if you never disclose your identity you could stay completely anonymous
- You can split up or combine all your Libra and send it to anyone with a Libra address
What seems to be the biggest difference is the fact that Libra has a stable value and will most likely be accepted in far more traditional places that now only accept payments in fiat currency.
Having such a free flowing currency like Libra available that can be transferred instantly and without limitations between anyone AND be used as a means of payment virtually anywhere. Will sooner be the death of fiat currencies and centralized exchanges than that of cryptocurrencies.
Today already albeit technically complex people can exchange cryptocurrencies that live on different blockchains and (atomic) swap one for another — without the need for a centralized exchange. Libra will work in the same way which means that applications will popup that allow you to store any cryptocurrency in your mobile app and when at the store you want to pay for groceries you will select which ever crypto balance you want to part ways with and on the fly it can be converted to Libra which is accepted at the checkout register.
And boom there you have it. Now you can pay with any cryptocurrency anywhere.
Happy summer!
REFERENCES
- https://heatledger.com/
- https://libra.org/en-US/white-paper/
- https://developers.libra.org/docs/the-libra-blockchain-paper
ABOUT THE AUTHOR
Dennis de Klerk is Co-Founder and CTO of Heat Ledger a Finland based blockchain development company and creators of the HEAT blockchain protocol. The HEAT Blockchain protocol operates live since 3 years and is capable of doing 1,000+ (real)transactions/a second and has a virtually unlimited storage capacity through its custom storage engine and unique design.
Since 4 months work has started on the development of a mobile wallet platform that together with the help of other blockchain protocol developers will become your one stop wallet to store and use all your cryptocurrencies (including Libra). Focus for the wallet app is on security, atomic swaps, decentralized exchange and supporting those features that make each blockchain unique. If you are a blockchain developer and see value in seeing your currency supported in a world class mobile wallet app please contact us and we will inform you about our easy blockchain integration kit.
