The Libra project of the social network Facebook does not plan to use existing languages to develop smart contracts. Developers are creating a new programming language called Move.
According to the head of digital direction Calibra Ben Maurer, Facebook plans to provide the safest and easiest platform for developing smart contracts. It will allow for much faster and safer development of decentralized financing applications (DeFi).
"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," Maurer said.
He also noted that the goal of Facebook in creating the Libra project was to provide financial services to people who do not have access to banks. There are almost 1.7 billion such people all over the world. Migrants lose $25 billion each year on commissions alone when sending money home.
"As a technology fan, I don't like the fact that people have to go to some store and pay transfer fees. Libra will change this situation and create a new global payment system based on a blockbuster," Maurer said.
The head of digital innovation at Calibra stressed that users would not have to rely on intermediaries to transfer funds. The Libra project will provide a single platform for transfers that people around the world can use.
The Move language is being developed with the aim of being used in financial services. It is interesting that, according to Maurer, when creating Libra, developers focused on the already existing decentralized projects - Bitcoin and Etherium.
"We are building our project for financial application, to create a financial ecosystem for people who did not have access to the banking system. The language of Move represents both assets and companies," concluded Maurer.
Recently, the Vice-President of the European Commission Valdis Dombrovskis said that EU regulators cannot decide on the rules for the Libra sticky note as the project is still evolving.
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