eToro Conducts Tests to Tokenize Assets on Libra
Adding to the mania over Libra, eToro has announced that their research team has successfully implemented an initial version of eToro tokenized assets on the Libra network. The script is based on a previous implementation to tokenize assets over Ethereum, June 20, 2019.
Facebook’s Reign Begins
For the last two years, almost every major decentralized project has looked to tokenize assets and create layered ecosystems by leveraging the power of the Ethereum blockchain. With the advent of Libra, it looks like institutions who were uncertain about public networks might now be comfortable using the Libra network as the base infrastructure for tokenization.
eToro’s research team completed the implementation using Move IR, the intermediary layer of what is eventually going to be the functional coding language for Libra. The takeaways from using Move IR were mostly positive from eToro, as it allows developers to control what data is associated with them. Move IR cannot be copied or moved, allowing for a more constructive code writing process since it protects against duplication and accidental loss – a necessity for constructing digital assets. The eToro team has likened the functionality of Move to that of Rust, with a much better mechanism for defining a resource in the stack.
Unlike Solidity, Scilla, and other languages made exclusively for blockchain programming, Move does not allow publishing data on behalf of others, forcing users to acknowledge this beforehand. Libra doesn’t currently allow modules to be published, which is why this has been published solely as a representative or test; eToro ran into a few obstacles, but this is expected when building with an intermediary representative language that hasn’t been fully developed yet.
Will Libra Bring Institutionalization?
The entrance of Facebook, one of the largest names in Silicon Valley, may very well be a game changer for the way the wider public and regulators see cryptocurrency. Less than 10 hours after Facebook publicly announced their crypto, Rep Maxine Water of the Democratic Party called for them to halt development until Congress is able to investigate it. On the surface, it seems like the ordinary regulatory scrutiny that digital currencies face on a day to day basis, but in reality, Congress has never been so hasty or keen to investigate a cryptocurrency – not even Bitcoin which is 10 years old now.
Even though it looks like Facebook might see some regulatory troubles in emerging markets with strict capital mobility laws, developed countries may welcome it. With its brand and reputation, Facebook’s network looks primed to absorb the innovation that has been uncertain for the past few years and waiting on the sidelines.