29.07.2021

Crypto News

Insider information in the world of cryptocurrencies.

Bison Trailers has launched a protocol for creating cryptocurrency services based on Libra

Bison Trailers has launched a protocol for creating cryptocurrency services based on Libra

Infrastructure solutions provider Bison Trails has launched the Query and Transactions Clusters (QT) protocol, which will allow developers to create services for working with digital assets based on Libra.

Bison Trails technical director Aaron Henshaw said that Libra QT will “build a bridge” between the not-yet-launched Libra network and other external systems, and a special infrastructure will allow data to be recorded in the blockchain. The solution involves fully managed, dedicated, and resilient Libra nodes for reading and writing data.

Given that Bison Trails is a member of the Libra Association, the new tool aims to develop the Libra ecosystem, provide easy and secure integration of exchanges and wallets, and create new applications. Developers will be able to use the QT protocol to create wallets, trading platforms, and other cryptocurrency services in a “Pre-Mainnet” production environment. Henshaw added that Libra QT will allow you to process payments, confirm transactions, and create smart contracts.

The Libra project is facing tough regulatory pressure. Politicians in different countries are still negative towards Libra, believing that stablecoin can destroy the entire global financial system. For this reason, the payment operators Visa, Mastercard and PayPal decided to refuse to participate in the project. In April, Libra developers improved its structure and presented an updated White Paper, according to which the price of the base LBR cryptocurrency will be calculated on the basis of several stablecoins linked to fiat currencies.

Cryptocurrency skeptic David Gerard said he was surprised by the “uniform” response of international regulators to Libra. Despite the fact that the cryptocurrency has not yet been launched, lawmakers around the world have already begun to create barriers to it and change the current legislation to protect themselves from Libra and similar international stablecoins. The likelihood of introducing Libra into the global monetary system is high, and regulators cannot ignore this project, because it challenges the sovereignty of monetary policy.

Recall that the former governor of the Reserve Bank of India (RBI) Raghuram Rajan (Raghuram Rajan) said that Libra has a better chance of large-scale implementation than bitcoin and state-owned cryptocurrencies.