Facebook token plan speeds up: Anchoring multinational currencies and bringing 2.7 billion new users to the blockchain. In order to allow these users to trade and transfer in a peer-to-peer way without relying on intermediaries (such as banks), Facebook has launched a plan to issue Libra Token. The token involved in the Libra plan is called as “GlobalCoin”, which is a stable currency launched to anchor multinational currencies.
In order to improve the credibility of the entire system, Facebook decided to realize such a system by blockchain technology to avoid control right grasped in the hands of a single company or organization, thus increasing the trust of global users to the entire system.
Large Scale of Global Transaction requires super-high TPS
However, it is far insufficient to realize such a huge scale of transaction and transfer by billions of Facebook users based on Bitcoin public blockchain (7 TPS) or Ethereum public blockchain (15 TPS) or even EOS (3,000 TPS). Therefore Facebook proposed in its whitepaper to use consortium blockchain and BFT (Byzantine Fault Tolerance algorithm) mechanism to deal with transactions.
The characteristic of the Byzantine Fault Tolerance is the fast speed to reach consensus without calculation, and only the state of the surrounding nodes needs to be evaluated. However, this requires huge and frequent communications among all nodes. After the number of nodes is greatly expanded, communication costs surge. This is why some large enterprises adopt BFT in the initial stage, but switch to other consensus mechanisms (such as POW, POS, DPOS) soon after network is expanded. The premise for Facebook choosing such a mechanism is that communication infrastructure will be greatly improved under the advent of the 5G era (the speed of transmission for 5G can be 100 to 1000 times higher than that of 4G). As a result, the performance reduction due to significant increase of nodes can be offset by faster network speeds to meet the needs of higher-speed transactions.
Information security cannot be ignored
Facebook also highlighted user data privacy protection mechanism. It is well known that Facebook had suffered various difficulties and accusations on personal privacy leaks in the past few years. Therefore a great amount of concerns are unavoidable among users once the Libra Token starts to be used on a global scale, Facebook will indirectly grasp massive consumer habits, locations, property status and other vital private information. Once these information are leaked during transmission, storage, and processing, the consequences are unimaginable.
HSN (Hyper Speed Network) is the world’s first value eco-network system that combines “5G+ blockchain”. By combining high-speed traffic processing hardware, blockchain encryption algorithms and unique edge computing and storage mechanisms, HSN (Hyper Speed Network) can be operated in the new generation communication system and blockchain encryption technology, ensuring high-speed completion of information transmission and transaction processing, and ensuring the security and immutable modification of information throughout the process, thus providing strong support to large-scale online transaction processing projects including the Libra project.
Currently, the HSN (Hyper Speed Chain) project team is closely watching the progress of the Libra project and hopefully to with HSN ecosystem partners (including hardware manufacturers, application developers, DAPP development communities, etc.) to provide infrastructure support for applications that will be run on the Libra public blockchain in the future.
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