EToro Confirms Tokenized Asset Trial on Facebook Libra

Published at: June 21, 2019

United Kingdom-based trading platform eToro has conducted a successful trial of issuing tokenized assets on Facebook’s Libra protocol. The company confirmed the results in a blog post on June 20.

According to a Github repository detailing its activities, eToroX, the firm’s recently-launched innovation and research offshoot, managed to debut its eToken on Libra.

eToken is the technology behind eToro’s tokenized assets, with researchers explaining they wished to test Libra’s current capabilities in the first week of its existence.

“By exploring Libra’s capabilities, and using Move IR (the intermediary representative layer of what will eventually be the final programming language), they successfully managed to implement an initial version of eToro tokenized assets on the Libra Network,” the blog post confirmed.

As Cointelegraph reported, Libra forms Facebook’s first major stab at creating a cryptocurrency ecosystem. An in-house token with the same name will likely be the first product to see the light of day, with other, as yet unknown offerings to follow.

Lawmakers have reacted with alarm to the launch, with one U.S. government official already requesting Facebook halt development altogether pending discussions set to start in July.

Cryptocurrency industry figures have also released appraisals of Libra as a cryptocurrency, which sharply criticize its technical characteristics.

For eToro, however, the protocol’s current state provides reason for enthusiasm.

“We applaud the early initiatives of the Libra team in designing Move IR, and are excited to follow the development in the near future,” Dr. Omri Ross, eToroX’s chief blockchain scientist, concluded in separate comments.

“The combination of the many qualities associated with the Rust programming language and the HotStuff consensus algorithm is a promising direction in a rapidly maturing industry.”

Tags
Blockchain
Facebook
Libra
Related Posts
Facebook's Calibra Team Introduces a Novel Distributed Audit Protocol
In a recent presentation at the 3rd ZKProof Workshop, the Calibra research team presented Distributed Auditing Proofs of Liabilities, or DAPOL, protocol designed to make improvements to the existing distributed audit procedures. The team led by Konstantinos Chalkias, contends that their protocol builds upon and improves existing methods by introducing additional optimization and enhanced privacy. It allows entities to undergo a distributed audit of their liabilities and it works in any situation where an entity does not have a motivation to overstate its liabilities. The latter is the reason why DAPOL cannot be used to audit assets. For example, a …
Blockchain / May 2, 2020
Better Safe Than Hacked? Google and Apple Flip-Flop on Crypto
The cryptocurrency sector has many criticisms. One is that it can appear impenetrable to newcomers. Another is that it is probably easier to lose money investing in crypto than in most other areas of finance. What’s more, these issues can combine to create a lucrative environment for hackers with nefarious intentions. Chrome browser extension makes a stink By virtue of the fluctuations and hype that influence the markets, investors are often highly motivated to buy certain cryptocurrencies. Regardless of their background, all face the same initial hurdles: Where to buy the cryptocurrency and where to store it? Due in part …
Blockchain / Jan. 9, 2020
RBC Analysts: Squashing Libra Could Boost China’s Digital Currency
Analysts at RBC Capital Markets have suggested that stifling Facebook’s Libra may leave the field open to China’s central bank digital currency (CBDC) to dominate in emerging economies. China shifts development of digital currency in extra gear On Oct. 15, financial news outlet Markets Insider reported that RBC analysts believe that once Facebook announced its Libra stablecoin plans, China shifted development of its own yuan-backed CBDC into the next gear. RBC wrote to clients: "If US regulators ultimately dismiss Libra and decide not to draft regulations to encourage crypto innovation in the US, China's CBDC may be strategically positioned to …
Blockchain / Oct. 16, 2019
Jamie Dimon Says Libra Does Not Pose a Threat in Short Term
Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future. As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.” Dimon continued saying that any new effort will have to comply with …
Blockchain / July 17, 2019
Coinbase UK CEO: We Need Centralized Entities to Support Crypto
Zeeshan Feroz, United Kingdom CEO of Coinbase, has argued that we need centralized entities like central banks and Facebook to support the crypto ecosystem. In an interview with CNBC published on Oct. 24, Feroz said he saw two ways for cryptocurrency to go mainstream: central bank digital currency (CBDC) issuance and Facebook’s Libra. Central banks will catalyze adoption better than Silicon Valley As distinct from cryptocurrencies, a CBDC is a digital currency issued by a central bank, whose legal tender status depends on government regulation or law. CBDCs such as a digital US dollar or British pound, Feroz argued, could …
Blockchain / Oct. 24, 2019