- eToro has announced that they made use of the Libra protocol for asset tokenization
- This was done by the research team at eToroX, their research arm
After months of speculation and anticipation, Facebook released the white paper for their Libra token this week and sent much of the financial world into a frenzy. World leaders and financial giants alike have been forced to examine just what this token will mean for the global economy and now it seems that the influence of the Libra protocol extends far beyond Facebook’s token. This comes as eToro, a UK-based trading platform, announced that they have successfully conducted a trial of issuing tokenized assets using the Libra protocol. This announcement was made on June 20.
A GitHub repository was published that detailed the activities in which eToroX, which is the firm’s recently-launched innovation and research arm, was able to debut their etoken on Libra.
According to the repository, the etoken is the technology that is used for issuing tokenized assets and the research team behind it wanted to fully test Libra’s capabilities within the first week of it being live. The blog post stated:
“By exploring Libra’s capabilities, and using Move IR (the intermediary representative layer of what will eventually be the final programming language), they successfully managed to implement an initial version of eToro tokenized assets on the Libra Network.”
The team behind the tokenization comprised of Chief Blockchain Scientist Dr. Omri Ross, Peter Emil Jensen, and Johannes Rude Jensen.
The post also had two takeaways which way that in Move, the various resources could not be moved or copied which is beneficial in that it prevents accidental duplication and loss. It was also mentioned that unlike other blockchain languages, Move does not allow the publishing of data on behalf of other parties which means that users must acknowledge this beforehand and give users full control of the data which is associated with them.
With this successful tokenization of assets, we could possibly see more projects being launched using the Libra protocol in the future and this will serve to expand its use beyond the highly anticipated Libra token which is due to be launched in 2020 by Facebook.