Transforming the global economy being the prime purpose of Libra protocol, there is still lacking of foundational components of user security. As a result there will be seen some shortcomings in inclusion that protection of the private key, decentralized compliance and also global privacy. For a ascertainable compliance those who are technical leaders should provide an infrastructure and an envision which will ensure less costs and a way to global automation.
If the quality of recorded intent for an online transaction is as strong there must be a purposeful and intended goal where all transactions will be ensured on the Libra network. The whole process is known as ‘’Internet of Money’’. Each and every transaction should be saved or recorded to the blockchain in a mathematical manner so that it can be delivered when necessary. This Internet of Money should be transacted globally and this money should have that facility to transfer it everywhere one intends. Utilizing a permission slip on the blockchain is likely to a hash of the manifest of authority before an instruction is sent to the chain. As the manifest is deemed to be Merkle tree which has the strength to accelerate the evidence to just a few bytes, simply packaged within a transaction.
Cryptocurrency has shown its ability in cross-border transaction in which site Libra is still failure. There is the need of establishment of worldwide cross-border commercial virtual network built to operate secure and provable business in a specific market. Open platform for ‘’Internet of Money’’ should be there to meet everyone’s needs. In that case smart instruction should be there to provide evidence of identity, compliance, and controls which offers a flexible and scalable model.
The proprietor of private key having the power of decentralized controls offers segregated various services to meet the market and regulatory requirements. This system provides the marketplace with the choice and competition required to run innovation. For monitoring and evidence-based compliance, the cornerstone then laid for.
Controller of Keys
In case of putting keys in a centralized storage system with a view to allowing for an easier experience, we usually lose our ways. Finding out the stored keys we can use multiple devices as a backup. There is lacking of storage of the private key in the Libra proposal. Storing of private keys will deface your user protection and that should be utilized in such a way which reduces the impact of security subsystem baffles.
The decentralized future will ensure users protection, compliance, control, privacy and freedom. Evidence will be provided by private compliance on a need to know basis.