In late 2008, Satoshi Nakamoto (the unknown investor of Bitcoin) announced Bitcoin, and it still is the most popular cryptocurrencies of today. Satoshi found the way to build a decentralized digital cash system while there were many other organizations doing research at the time, but they all failed. Currently, there are over 1600 cryptocurrencies available over the internet and this number is still growing.
The newest cryptocurrency that receives much attention is Libra, a digital cash system is developed by Facebook. The difference between Libra and other cryptocurrencies is “Libra is fully backed by a reserved of real assets. A basket of bank deposits and short-term government securities will be held in the Libra Reserved for every Libra is created” according to Libra Association. For more detail please visit Libra.
In general, Libra is started with permissioned blockchain and will become permissionless to be really open. Moreover, Facebook team has designed a new programming language called “Move”, it is used to implement custom transaction logic and smart contracts on the Libra Blockchain.
Additionally, a Byzantine Fault Tolerant (BFT) consensus approach is being used to “function correctly even if some validator nodes – up to one-third of the network-are compromised or fail”. BFT can handle high transaction throughput, low latency, and more energy-efficient than “proof of work”.
Bitcoin blockchain is a system that eliminates the need to trust human institutions. On the other hand, Libra blockchain is operated by an association (Founding Members) which involved human; therefore, using Libra means trusting Facebook (human institutions).