Ripple developer: 'Libra design choices really validate XRP Ledger model'

19 Jun, 2019
by Richard Allen
Ripple developer: 'Libra design choices really validate XRP Ledger model'

Now that the whitepaper for Facebook’s cryptocurrency Libra has been out for more than a day, industry heavyweights are sharing their first impressions. Nik Bougalis, a developer at Ripple, recently shared his view, noting the similarities it shares with XRP.

Bougalis recently shared his thoughts on Libra. Instead of seeing a potential threat as many have suggested, Bougalis says Facebook’s design choices have actually proven the efficacy of the model developed by the XRP Ledger. He says:

“I normally don’t comment on other projects, but my first thought about #Libra after reading the docs was that many of their design choices really validate the model pioneered by the XRP Ledger. With that said, some of their decisions seem… let’s be polite and just say curious", Bougalis said on Twitter.

Not only XRP similarities

Da Hongei, founder of the NEO Foundation, also noticed that the Libra whitepaper and design contained elements of his project, NEO:

"Libra made a wise choice with its consensus mechanism which NEO happened to make 4 years ago", Da said about the NEO dFBT mechanism.

As CoinDesk reports, others have also noted that Libra’s whitepaper seems to have borrowed some features from existing blockchains. Much like Bitcoin, for example, there’s no real identity on Libra’s blockchain. Only public-private key pairs exist.

Libra also comes with on-chain governance, similar to Tezos. Only those that hold Libra Investment Tokens have the ability to vote on the network. Additionally, Libra’s designers have agreed with Ethereum’s system that running code should have a cost. As such, operators need to use Libra as gas.

The similarities continue, incorporating Binance Coin’s frequent burning technique and Coda’s disposable ledger.

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