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First Transaction on Facebook Libra Blockchain

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LIBRA”, the term became popular when the software giant facebook adopted them. Last year laid a surprise for all the centralized software company when Facebook proclaimed the concept “Libra”.Everyone was curious to dig out what the Libra blockchain constitutes with? – PowerPoint PPT presentation

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Title: First Transaction on Facebook Libra Blockchain


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First Transaction on Facebook Libra Blockchain
blockchainexpert.uk
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  • INTRODUCTION

In recent years blockchain technology has reached
par in terms of extensiveness and robustness. The
fame of blockchain is skyrocketing when it is
compared across counterparts software
technologies. Most of the software giants are
searching for a key move in their existing
technology with blockchain. The reputation for
term blockchain is higher for every software firm
and is upheld everywhere. Some think that it's
the future of invention, at the same time, some
believe that it's the beginning of a
decentralized era. No matter what, currently
nobody in the technological field is staying out
from blockchain development, no matter how small
or big the firm is? LIBRA, the term became
popular when the software giant facebook adopted
them. Last year laid a surprise for all the
centralized software company when Facebook
proclaimed the concept Libra.Everyone was
curious to dig out what the Libra blockchain
constitutes with?
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  • Soon the curtain was unveiled and technological
    outbreak took place. The news spread like a
    wildfire that Facebook is launching its own
    crypto-currency. The word libra" is pointing to
    that news. Facebook has already decided to
    implement their own crypto to its existing
    centralized platform.
  • But hows that possible, how can someone implement
    crypto to a centralized oriented software. This
    was the question that pondered every mind.
  • Finally, everyone got the answer when Facebook
    launched their whitepaper two weeks back. Yes,
    they are implementing libra coin as a payment
    system in facebook marketplace. To assure its
    robustness and scalability, Facebook also
    launched a testnet, where blockchain developers
    can crosscheck the working of Libra.

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Here am explaining my first transaction in Libra
Blockchain. 1. Initially clone the repository of
facebook libra from GitHub by using the following
command in the command line. git clone
https//github.com/libra/libra.git 2. After
successful cloning, you will get a folder named
Libra in your computer. Open the folder and enter
into the libra folder by using cd libra 3. Now
you are inside the cloned libra package, now
before running the libra blockchain in your
system, you need to install appropriate
dependencies on it. In order to install all the
necessary dependencies, run the following
commands. ./scripts/dev_setup.sh
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The setup installs following action. ? Installs
rustup rustup is an installer for the Rust
programming language, which Libra Core is
implemented in. ? Installs the required versions
of the rust-toolchain. ? Installs CMake to
manage the build process. ? Installs protoc a
compiler for protocol buffers. ? Installs Go
for building protocol buffers. 4. Now your libra
protocol is ready to connect with libra
blockchain. In order to connect with testnet,
run the following commands. ./scripts/cli/start_
cli_testnet.sh
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5. Once the client connects to a node on the
testnet, you will see the following output. To
quit the client at any time, use the quit command.
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In order to create an account in libra testnet,
enter the following command in testnet. Enter the
following command in testnet. account c It
will show the following output One can create
n number of accounts in the libra blockchain
using this command. This will create an account
with an index number and unique libra blockchain
address. Now, in order to list out all the
available account, one can use the following
query. account list
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Following image shows, the creation of two
accounts with an index of 0 and 1. And account
list command lists out the available account
details. Now, you have two accounts with
an index of 0 and 1.As next step, you have to
mint some libra coin into each account. In order
to add balance into account, you can use the
index number of the corresponding
account. account mint (index) (amount)
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Now, check the balance of each account by using
the following query. query balance
(index) Now, we can transfer libra coin from
one account to another by using the following
query transfer 0 1 10
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Now as you can see, the balance from index 0 is
reduced and balance of index 1 got increased by
10. So now you understand how the first
transaction in the libra blockchain is done. The
libra testnet explains the basic flow of libra
blockchain. Instead of the block, they use a
Merkle tool protocol to bind the transaction and
same way is also used to verify the
transaction. Moreover, Facebook is seeing Libra
as a virtual currency in their marketplace and
they are also planning to launch a wallet called
calibra, which can be used to store libra for
all Facebook users.
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Click here to read more about First
Transaction on Facebook Libra Blockchain
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