The previous phrase sounds reassuring, but then we read that: “The reserve is managed by the Libra Association.”
Here the Libra Association seems to be willing to perform a role even broader than a country’s Central Bank. It hopes to use their digital currency to “average out” various world currencies.
An objective never attempted by a private or public institution.
Even if we assume this possible, it would not be good enough for those cryptocurrency users that do not trust even their own government.
The Libra Technical Directives
Libra mentions three main technical directives:
1. Designing and using the Move programming language.
Move will be a programming language using smart contracts. Hopefully Move will
tighten up some of the security pitfalls present with smart contracts, but a final
solutions is far away from this approach. I have criticized in previous articles the smart