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First Transaction on Facebook Libra Blockchain

10/July/2019
In recent years blockchain technology has reached par in terms of extensiveness and robustness. The fame of blockchain is skyrocketing when it is compared across counterparts software technologies. Most of the software giants are searching for a key move in their existing technology with blockchain. The reputation for term blockchain is higher for every software firm and is upheld everywhere. Some think that it's the future of invention, at the same time, some believe that it's the beginning of a decentralized era.

No matter what, currently nobody in the technological field is staying out from blockchain development, no matter how small or big the firm is?

LIBRA”, the term became popular when the software giant facebook adopted them. Last year laid a surprise for all the centralized software company when Facebook proclaimed the concept “Libra”.Everyone was curious to dig out what the Libra blockchain constitutes with?

Soon the curtain was unveiled and technological outbreak took place. The news spread like a wildfire that Facebook is launching its own crypto-currency. The word “libra" is pointing to that news. Facebook has already decided to implement their own crypto to its existing centralized platform.

But hows that possible, how can someone implement crypto to a centralized oriented software. This was the question that pondered every mind.

Finally, everyone got the answer when Facebook launched their whitepaper two weeks back. Yes, they are implementing libra coin as a payment system in facebook marketplace. To assure its robustness and scalability, Facebook also launched a testnet, where blockchain developers can crosscheck the working of Libra.

Here am explaining my first transaction in Libra Blockchain. 

1. Initially clone the repository of facebook libra from GitHub by using the following command in the command line.
  
	git clone https://github.com/libra/libra.git

2. After successful cloning, you will get a folder named Libra in your computer. Open the folder and enter into the libra folder by using

	cd libra

3. Now you are inside the cloned libra package, now before running the libra blockchain in your system, you need to install appropriate dependencies on it. In order to install all the necessary dependencies, run the following commands.

	./scripts/dev_setup.sh 

The setup installs following action.
? Installs rustup — rustup is an installer for the Rust programming language, which Libra Core is implemented in.
? Installs the required versions of the rust-toolchain.
? Installs CMake — to manage the build process.
? Installs protoc — a compiler for protocol buffers.
? Installs Go — for building protocol buffers.

4. Now your libra protocol is ready to connect with libra blockchain. In order to connect with testnet,  run the following commands.

	./scripts/cli/start_cli_testnet.sh

5. Once the client connects to a node on the testnet, you will see the following output. To quit the client at any time, use the quit command.
first transaction on facebook libra blockchain
In order to create an account in libra testnet, enter the following command in testnet. Enter the following command in testnet.
	“account c”

It will show the following output:

first transaction on facebook libra blockchain

One can create n number of accounts in the libra blockchain using this command. This will create an account with an index number and unique libra blockchain address. Now, in order to list out all the available account, one can use the following query.

	“account list”

Following image shows, the creation of two accounts with an index of 0 and 1. And account list command lists out the available account details.

first transaction on facebook libra blockchain

Now, you have two accounts with an index of 0 and 1.As next step, you have to mint some libra coin into each account. In order to add balance into account, you can use the index number of the corresponding account.

	account mint (index) (amount)

first transaction on facebook libra blockchain

Now, check the balance of each account by using the following query.

	query balance (index)

first transaction on facebook libra blockchain

Now, we can transfer libra coin from one account to another by using the following query

       transfer 0 1 10

first transaction on facebook libra blockchain

Now as you can see, the balance from index 0 is reduced and balance of index 1 got increased by 10. So now you understand how the first transaction in the libra blockchain is done. The libra testnet explains the basic flow of libra blockchain. Instead of the block, they use a Merkle tool protocol to bind the transaction and same way is also used to verify the transaction.

Moreover, Facebook is seeing Libra as a virtual currency in their marketplace and they are also planning to launch a wallet called ”calibra”, which can be used to store libra for all Facebook users.

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