UK-based exchange Etoro has revealed that it has been able to implement the process of issuing tokenized assets through Facebook’s recently launched Libra protocol. The company posted the details of the trial in a blog on 20 June.
eTokens and Libra
The global investment company eToro had launched its cryptocurrency exchange on 16 April 2019 with a focus on tokenization of assets. The CEO of the company had expressed his beliefs at the time, about the potential of cryptocurrencies to take over traditional finance by the tokenization of all assets.
eTokens is the technology behind the asset tokenization process employed by the company. Given the immense potential of the Libra protocol, the experts at the research wing of the company have wasted no time in running a trial of the tokenization process through the prototype platform of Libra, which has been recently launched.
Some Interesting Conclusions
The team of experts had previously implemented the tokenization capabilities on the Ethereum blockchain. Building on that project, the team successfully carried out the trial on the Libra network. The team has used the Move Language’s Intermediary Representation or Move IR, which will be the final programming language for the Libra Network after it has been completely developed.
As a result, the team has concluded that in Move, resources, which are the data structures, cannot be moved or copied. This, they say, is great for asset tokenization, as in such a condition; there are lesser chances of duplication and loss. Moreover, the ownership module is also better for tokenization on this language compared to other smart contract languages. Also, Move, unlike other languages, does not allow publishing data on behalf of other users. Therefore, users get full control of the data. Overall, the team has welcomed the move, and have expressed positive notions about the prospects of the tokenization capabilities on the Libra network.