September 23, 2023

Libra project will receive its own smart contract programming language

Facebook's Libra project does not plan to use existing languages ​​for development smart contracts. Developers are creating a new programming language called Move.

As the head of the digital direction Calibra saidBen Maurer, Facebook plans to provide the most secure and easiest platform for developing smart contracts. It will enable much faster and safer development of decentralized financing (DeFi) applications.

“Move is the new smart contract programming language that will form the basis of the Libra project. Developers will be able to bring modernity to today's financial systems, ”said Maurer.

He also noted that the purpose of Facebook in creatingThe Libra project was to provide financial services to people without access to banks. There are almost 1.7 billion people around the world. Migrants every year lose $ 25 billion only on commissions when sending money home.

“As a technology fan, I don’t like whatpeople have to go to some store and pay a transfer fee. Libra will change this situation and create a new global payment system based on the blockchain, ”said Maurer.

Head of Digital Innovation Calibra emphasized thatusers will not need to rely on intermediaries to transfer funds. The Libra project will provide a single translation platform that can be used by people around the world.

The Move language is being developed with an eye onuse in financial services. It is interesting that, according to Maurer, when creating Libra, the developers focused on the already existing decentralized projects - Bitcoin and Ethereum.

“We are building our project for financialapplications to create a financial ecosystem for people who did not have access to the banking system. Move represents both assets and companies, ”concluded Maurer.

Recently Vice President of the European CommissionValdis Dombrovskis (Valdis Dombrovskis) said that EU regulators can not decide on the rules for stablecoin Libra, as the project is still developing.