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　　備受期待的Facebook的加密貨幣Libra官方網站正式上線，且公布了Libra白皮書。與此同時，Facebook宣布成立了新部門“Calibra”，將建立一款新的電子錢包，該錢包不僅可以在Facebook Messenger和WhatsApp使用，還會有獨立的iOS和Android應用。

　　在此，特意整理出中英文對照的版本供小伙伴學習。

　　Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people．

　　Libra 的使命是建立一套簡單的、無國界的貨幣和為數十億人服務的金融基礎設施。

　　This document outlines our plans for a new decentralized blockchain， a low-volatility cryptocurrency， and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation．

　　本白皮書概述了我們努力打造一個新的去中心化區塊鏈、一種低波動性加密貨幣和一個智能合約平臺的計劃，以期為負責任的金融服務創新開創新的機遇。

　　Section 1 Introduction

　　第 1 部分 簡介

　　Problem Statement問題陳述

　　The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world‘s knowledge and information， high-fidelity communications， and a wide range of lower-cost， more convenient services． These services are now accessible using a $40 smartphone from almost anywhere in the world.1 This connectivity has driven economic empowerment by enabling more people to access the financial ecosystem． Working together， technology companies and financial institutions have also found solutions to help increase economic empowerment around the world． Despite this progress， large swaths of the world‘s population are still left behind — 1.7 billion adults globally remain outside of the financial system with no access to a traditional bank， even though one billion have a mobile phone and nearly half a billion have internet access.2

　　互聯網和移動寬帶的誕生令全球數十億人得以獲得世界各地的知識與信息、享受高保真通信，以及各種各樣成本 更低、更便捷的服務。如今，只需使用一部 $40 美元的智能手機，即可在世界上幾乎每一個角落使用這些服務1。這 種互聯便利性讓更多人得以進入金融生態系統，從而推動了經濟賦權。通過共同努力，科技公司和金融機構還開發 出了幫助增強全球經濟賦權的解決方案。盡管取得了這些進展，但世界上仍有很多人游離在外。全球仍有 17 億成年 人未接觸到金融系統，無法享受傳統銀行提供的金融服務，而在這之中，有 10 億人擁有手機，近 5 億人可以上網2。

　　For too many， parts of the financial system look like telecommunication networks pre-internet． Twenty years ago， the average price to send a text message in Europe was 16 cents per message.3 Now everyone with a smartphone can communicate across the world for free with a basic data plan． Back then， telecommunications prices were high but uniform； whereas today， access to financial services is limited or restricted for those who need it most — those impacted by cost， reliability， and the ability to seamlessly send money．

　　對于很多人而言，金融系統的某些方面與互聯網誕生前的電信網絡頗為相似。二十年前，在歐洲發送一條短信的平 均價格是 16 歐分3。而現在，只需要一部購買了基本流量套餐的智能手機，任何人都可以在全球范圍內免費通信。那 時的通信服務很貴，但是價格是統一的；而如今由于受到成本、可靠性和匯款流暢性方面的影響，迫切需要金融服務 的人往往獲得的金融服務不足或會受到限制。

　　All over the world， people with less money pay more for financial services． Hard-earned income is eroded by fees， from remittances and wire costs to overdraft and ATM charges． Payday loans can charge annualized interest rates of 400 percent or more， and finance charges can be as high as $30 just to borrow $100.4 When people are asked why they remain on the fringe of the existing financial system， those who remain “unbanked” point to not having sufficient funds， high and unpredictable fees， banks being too far away， and lacking the necessary documentation.5

　　縱觀全球，窮人為金融服務支付的費用更多。他們辛辛苦苦賺來的收入被用來支付各種繁雜的費用，例如匯款手續 費、電匯手續費、透支手續費和 ATM 手續費等。發薪日貸款的年化利率可能達到 400% 甚至更高，僅借貸 $100 美元 的金融服務收費便可高達 $30 美元4。當被問及為什么仍然徘徊在現行金融體系的邊緣時，那些仍“未開立銀行帳戶” 的人往往指出：沒有足夠的資金，各種不菲且難以預測的費用，銀行距離太遠，以及缺乏必要的手續材料5。

　　Blockchains and cryptocurrencies have a number of unique properties that can potentially address some of the problems of accessibility and trustworthiness． These include distributed governance， which ensures that no single entity controls the network； open access， which allows anybody with an internet connection to participate； and security through cryptography， which protects the integrity of funds．

　　區塊鏈和加密貨幣具有許多獨特的屬性，因而具備解決金融服務可用性和信譽問題的潛力。這些屬性包括：分布式 管理，確保網絡不受單一實體控制；開放訪問，允許任何能連接互聯網的人參與其中；以及安全加密技術，保護資金 安全無虞。

　　But the existing blockchain systems have yet to reach mainstream adoption． Mass-market usage of existing blockchains and cryptocurrencies has been hindered by their volatility and lack of scalability， which have， so far， made them poor stores of value and mediums of exchange． Some projects have also aimed to disrupt the existing system and bypass regulation as opposed to innovating on compliance and regulatory fronts to improve the effectiveness of anti-money laundering． We believe that collaborating and innovating with the financial sector， including regulators and experts across a variety of industries， is the only way to ensure that a sustainable， secure and trusted framework underpins this new system． And this approach can deliver a giant leap forward toward a lower-cost， more accessible， more connected global financial system．

　　但是，現有的區塊鏈系統尚未獲得廣泛采用。現有區塊鏈缺乏可擴展性，加密貨幣具有波動性，到目前為止，這些因 素導致現有的加密貨幣在保值和交換媒介方面均表現欠佳，因而阻礙了它們在市場上的廣泛使用。另外，一些項目 還試圖破壞現有體系并繞過監管，而不是在合規和監管方面進行創新，以提高反洗錢舉措的效力。我們相信，攜手金 融部門（包括各個行業的監管機構和專家）進行合作和創新，是確保為這一新體系建立可持續、安全和可信的支撐框 架的唯一途徑。這種方法能夠實現巨大的飛躍，讓我們朝著更低成本、更易進入、聯系更緊密的全球金融系統邁進。

　　The Opportunity機遇

　　As we embark on this journey together， we think it is important to share our beliefs to align the community and ecosystem we intend to spark around this initiative：

　　在我們攜手踏上這段征程之際，我們認為有必要向社群分享我們的信念，以便于了解我們計劃圍繞這一倡議建立 的生態系統：

　　We believe that many more people should have access to financial services and to cheap capital．

　　We believe that people have an inherent right to control the fruit of their legal labor．

　　We believe that global， open， instant， and low-cost movement of money will create immense economic opportunity and more commerce across the world．

　　We believe that people will increasingly trust decentralized forms of governance．

　　We believe that a global currency and financial infrastructure should be designed and governed as a public good．

　　We believe that we all have a responsibility to help advance financial inclusion， support ethical actors， and continuously uphold the integrity of the ecosystem．

　　我們認為，應該讓更多人享有獲得金融服務和廉價資本的權利。

　　我們認為，每個人都享有控制自己合法勞動成果的固有權利。

　　我們相信，開放、即時和低成本的全球性貨幣流動將為世界創造巨大的經濟機遇和商業價值。

　　我們堅信，人們將會越來越信任分散化的管理形式。

　　我們認為，全球貨幣和金融基礎設施應該作為一種公共產品來設計和管理。

　　我們認為，所有人都有責任幫助推進金融普惠，支持遵守網絡道德規范的用戶，并持續維護這個生態系統的完整性。

　　Section 02 Introducing Libra

　　第 2 部分 Libra 簡介

　　The world truly needs a reliable digital currency and infrastructure that together can deliver on the promise of “the internet of money．”

　　我們的世界真正需要一套可靠的數字貨幣和金融基礎設施，兩者結合起來必須能兌現“貨幣互聯網”的承諾。

　　Securing your financial assets on your mobile device should be simple and intuitive． Moving money around globally should be as easy and cost-effective as — and even more safe and secure than — sending a text message or sharing a photo， no matter where you live， what you do， or how much you earn． New product innovation and additional entrants to the ecosystem will enable the lowering of barriers to access and cost of capital for everyone and facilitate frictionless payments for more people．

　　在移動設備上保護金融資產應該既簡單又直觀。無論您居住在哪里，從事什么工作或收入怎樣，在全球范圍內轉移 資金應該像發送短信或分享照片一樣輕松、劃算，甚至更安全。金融生態系統的新產品創新和新參與者將有助于降 低每個人的獲取資本的難度，同時為更多人提供順暢無縫的支付體驗。

　　Now is the time to create a new kind of digital currency built on the foundation of blockchain technology． The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people． Libra is made up of three parts that will work together to create a more inclusive financial system：

　　現在正是在區塊鏈技術的基礎上創造一種新型數字貨幣的最佳時機。Libra 的使命是建立一套簡單的、無國界的貨 幣和為數十億人服務的金融基礎設施。Libra 由三個部分組成，它們將共同作用，創造一個更加普惠的金融體系：

　　1． It is built on a secure， scalable， and reliable blockchain；

　　2． It is backed by a reserve of assets designed to give it intrinsic value；

　　3． It is governed by the independent Libra Association tasked with evolving the ecosystem．

　　1． 它建立在安全、可擴展和可靠的區塊鏈基礎上；

　　2． 它以賦予其內在價值的資產儲備為后盾；

　　3． 它由獨立的Libra協會治理，該協會的任務是促進此金融生態系統的發展。

　　The Libra currency is built on the “Libra Blockchain．” Because it is intended to address a global audience， the software that implements the Libra Blockchain is open source — designed so that anyone can build on it， and billions of people can depend on it for their financial needs． Imagine an open， interoperable ecosystem of financial services that developers and organizations will build to help people and businesses hold and transfer Libra for everyday use． With the proliferation of smartphones and wireless data， increasingly more people will be online and able to access Libra through these new services． To enable the Libra ecosystem to achieve this vision over time， the blockchain has been built from the ground up to prioritize scalability， security， efficiency in storage and throughput， and future adaptability． Keep reading for an overview of the Libra Blockchain， or read the technical paper．

　　Libra 貨幣建立在“Libra 區塊鏈”的基礎上。因為它旨在面向全球人民提供服務，所以實現 Libra 區塊鏈的軟件是開 源的，以便所有人都可以在此基礎上進行開發，且數十億人都可以依靠它來滿足自己的金融需求。設想一下，開發者 和組織機構將構建一個開放、可彼此協作的金融服務生態系統，幫助人們和公司持有和轉移 Libra 以供日常使用。 隨著智能手機和無線數據的激增，越來越多的人將通過這些新服務上網和使用 Libra。為了使 Libra 生態系統能夠 在一段時間內實現這一愿景，我們從零開始構建了其所需的區塊鏈，同時優先考慮了可擴展性、安全性、存儲效率 和處理量以及對未來的適應性。請繼續閱讀有關 Libra 區塊鏈的概述，或閱讀技術論文。

　　The unit of currency is called “Libra．” Libra will need to be accepted in many places and easy to access for those who want to use it． In other words， people need to have confidence that they can use Libra and that its value will remain relatively stable over time． Unlike the majority of cryptocurrencies， Libra is fully backed by a reserve of real assets． A basket of bank deposits and short-term government securities will be held in the Libra Reserve for every Libra that is created， building trust in its intrinsic value． The Libra Reserve will be administered with the objective of preserving the value of Libra over time． Keep reading for an overview of Libra and the reserve， or read more here．

　　這種貨幣單位被稱為“Libra”。Libra 需要被很多地方接受，且對于那些想要使用它的人而言應該易于獲得。換言之， 人們需要相信他們可以使用 Libra，并且相信其價值將隨著時間的推移保持相對穩定。與大多數加密貨幣不同，Libra 完全由真實資產儲備提供支持。對于每個新創建的Libra 加密貨幣，在 Libra 儲備中都有相對應價值的一籃子銀行存 款和短期政府債券，以此建立人們對其內在價值的信任。Libra 儲備的目的是維持 Libra 加密貨幣的價值穩定，確保其不會隨著時間劇烈波動。請繼續閱讀有關 Libra 及其儲備的概述，或前往此處查看詳情。

　　The Libra Association is an independent， not-for-profit membership organization headquartered in Geneva， Switzerland． The association’s purpose is to coordinate and provide a framework for governance for the network and reserve and lead social impact grant-making in support of financial inclusion． This white paper is a reflection of its mission， vision， and purview． The association’s membership is formed from the network of validator nodes that operate the Libra Blockchain．

　　Libra 協會是一個獨立的非營利性成員制組織，總部設在瑞士日內瓦。協會旨在協調和提供網絡與資產儲備的管理 框架，并牽頭進行能夠產生社會影響力的資助，為普惠金融提供支持。本白皮書說明了其使命、愿景和權限范圍。協 會的成員系統由運作 Libra 區塊鏈的驗證者節點網絡構成。

　　Members of the Libra Association will consist of geographically distributed and diverse businesses， nonprofit and multilateral organizations， and academic institutions． The initial group of organizations that will work together on finalizing the association’s charter and become “Founding Members” upon its completion are， by industry：

　　Libra 協會的成員將包括分布在不同地理區域的各種企業、非營利組織、多邊組織和學術機構。共同負責協會章程 定稿，并在完成后成為協會“創始人”的首批組織包括（按行業）：

　　Payments： Mastercard， PayPal， PayU （Naspers’ fintech arm）， Stripe， Visa

　　Technology and marketplaces： Booking Holdings， eBay， Facebook\/Calibra， Farfetch， Lyft， MercadoPago， Spotify AB， Uber Technologies， Inc．

　　Telecommunications： Iliad， Vodafone Group

　　Blockchain： Anchorage， Bison Trails， Coinbase， Inc．， Xapo Holdings Limited

　　Venture Capital： Andreessen Horowitz， Breakthrough Initiatives， Ribbit Capital， Thrive Capital， Union Square Ventures

　　Nonprofit and multilateral organizations， and academic institutions： Creative Destruction Lab， Kiva， Mercy Corps， Women’s World Banking

　　支付業： Mastercard， PayPal， PayU （Naspers‘ fintech arm）， Stripe， Visa

　　技術和交易平臺： Booking Holdings， eBay， Facebook\/Calibra， Farfetch， Lyft， MercadoPago， SpotifyAB， Uber Technologies， Inc．

　　電信業： Iliad， Vodafone Group

　　區塊鏈業： Anchorage， Bison Trails， Coinbase， Inc．， Xapo Holdings Limited

　　風險投資業： Andreessen Horowitz， Breakthrough Initiatives， Ribbit Capital， Thrive Capital， Union Square Ventures

　　非營利組織、多邊組織和學術機構： Creative Destruction Lab， Kiva， Mercy Corps， Women‘s WorldBanking

　　We hope to have approximately 100 members of the Libra Association by the target launch in the first half of 2020．

　　我們希望到 2020 年上半年針對性發布時，Libra 協會的創始人數量能夠達到 100 個左右。

　　Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain， working with the other Founding Members． While final decision-making authority rests with the association， Facebook is expected to maintain a leadership role through 2019． Facebook created Calibra， a regulated subsidiary， to ensure separation between social and financial data and to build and operate services on its behalf on top of the Libra network．

　　Facebook 團隊與其他創始人合作，在 Libra 協會和 Libra 區塊鏈的誕生中扮演了關鍵角色。Facebook 將保有領導 角色至 2019 年結束。當然，在 Libra，協會擁有最終決策權。Facebook 創立了受監管的子公司 Calibra，以確保社交 數據與金融數據相互分離，同時代表其在 Libra 網絡中構建和運營服務。

　　Once the Libra network launches， Facebook， and its affiliates， will have the same commitments， privileges， and financial obligations as any other Founding Member． As one member among many， Facebook’s role in governance of the association will be equal to that of its peers．

　　一旦Libra 網絡發布，Facebook 及其關聯機構將與其他創始人享有相同的權利并承擔相同的義務和財務責任。作 為眾多成員中的一員，Facebook 會在協會管理方面承擔與其他成員相同的職責。

　　Blockchains are described as either permissioned or permissionless in relation to the ability to participate as a validator node． In a “permissioned blockchain，” access is granted to run a validator node． In a “permissionless blockchain，” anyone who meets the technical requirements can run a validator node． In that sense， Libra will start as a permissioned blockchain．

　　區塊鏈分為“許可型區塊鏈”和“非許可型區塊鏈”，這根據實體是否能作為驗證者節點接入區塊鏈平臺來決定。在“ 許可型區塊鏈”中，實體通過權限授予方式運行驗證者節點。在“非許可型區塊鏈”中，符合技術要求的任何實體都可 以運行驗證者節點。從這個意義上說，Libra 將以許可型區塊鏈的形式起步。

　　To ensure that Libra is truly open and always operates in the best interest of its users， our ambition is for the Libra network to become permissionless． The challenge is that as of today we do not believe that there is a proven solution that can deliver the scale， stability， and security needed to support billions of people and transactions across the globe through a permissionless network． One of the association’s directives will be to work with the community to research and implement this transition， which will begin within five years of the public launch of the Libra Blockchain and ecosystem．

　　為了確保 Libra 真正開放，始終以符合用戶最佳利益的方式運作，我們的目標是讓 Libra 網絡成為非許可型網絡。 但挑戰在于，我們認為目前還沒有成熟的解決方案可以通過非許可型網絡，提供支持全球數十億人和交易所需的 規模、穩定性和安全性。協會的工作之一便是與社群合作，研究和實施從許可型向非許可型的過渡，過渡工作將在 Libra 區塊鏈和生態系統公開發布后五年內開始。

　　Essential to the spirit of Libra， in both its permissioned and permissionless state， the Libra Blockchain will be open to everyone： any consumer， developer， or business can use the Libra network， build products on top of it， and add value through their services． Open access ensures low barriers to entry and innovation and encourages healthy competition that benefits consumers． This is foundational to the goal of building more inclusive financial options for the world．

　　無論是在許可型還是非許可型狀態下，Libra 區塊鏈都將向所有人開放：任何消費者、開發者或公司都可以使用 Libra 網絡、在這個網絡上構建產品，并通過他們的服務實現增值作用。這種開放性是 Libra 精神的本質。開放訪問權限能 夠確保較低的進入和創新門檻，并鼓勵有利于消費者的良性競爭。這是實現以下目標的基礎：為世界建立更普惠的 金融服務。

　　Section 03 The Libra Blockchain

　　第 3 部分 Libra 區塊鏈

　　The goal of the Libra Blockchain is to serve as a solid foundation for financial services， including a new global currency， which could meet the daily financial needs of billions of people． Through the process of evaluating existing options， we decided to build a new blockchain based on these three requirements：

　　Able to scale to billions of accounts， which requires high transaction throughput， low latency， and an efficient， high-capacity storage system．

　　Highly secure， to ensure safety of funds and financial data．

　　Flexible， so it can power the Libra ecosystem’s governance as well as future innovation in financial services．

　　能夠擴展到數十億帳戶，這要求區塊鏈具有極高的交易吞吐量和低延遲等特點，并擁有一個高效且高容量 的存儲系統。

　　高度安全可靠，可保障資金和金融數據的安全。

　　足夠靈活，可支持 Libra 生態系統的管理以及未來金融服務領域的創新。

　　The Libra Blockchain is designed from the ground up to holistically address these requirements and build on the learnings from existing projects and research — a combination of innovative approaches and well- understood techniques． This next section will highlight three decisions regarding the Libra Blockchain：

　　Libra 區塊鏈就是為了全面滿足這些要求，在現有項目和研究的基礎上從頭開始設計和構建而成的，集合了各種創 新方法和已被充分掌握的技術。下一節將重點介紹有關 Libra 區塊鏈的三項決策：

　　Designing and using the Move programming language．

　　Using a Byzantine Fault Tolerant （BFT） consensus approach．

　　Adopting and iterating on widely adopted blockchain data structures．

　　設計和使用 Move 編程語言。

　　使用拜占庭容錯 （BFT） 共識機制。

　　采用和迭代改善已廣泛采用的區塊鏈數據結構。

　　“Move” is a new programming language for implementing custom transaction logic and “smart contracts” on the Libra Blockchain． Because of Libra’s goal to one day serve billions of people， Move is designed with safety and security as the highest priorities． Move takes insights from security incidents that have happened with smart contracts to date and creates a language that makes it inherently easier to write code that fulfills the author’s intent， thereby lessening the risk of unintended bugs or security incidents． Specifically， Move is designed to prevent assets from being cloned． It enables “resource types” that constrain digital assets to the same properties as physical assets： a resource has a single owner， it can only be spent once， and the creation of new resources is restricted． The Move language also facilitates automatic proofs that transactions satisfy certain properties， such as payment transactions only changing the account balances of the payer and receiver． By prioritizing these features， Move will help keep the Libra Blockchain secure． By making the development of critical transaction code easier， Move enables the secure implementation of the Libra ecosystem’s governance policies， such as the management of the Libra currency and the network of validator nodes． Move will accelerate the evolution of the Libra Blockchain protocol and any financial innovations built on top of it． We anticipate that the ability for developers to create contracts will be opened up over time in order to support the evolution and validation of Move．

　　“Move”是一種新的編程語言，用于在 Libra 區塊鏈中實現自定義交易邏輯和“智能合約”。由于 Libra 的目標是每天 為數十億人服務，因此 Move 的設計首先考慮到安全性和可靠性。Move 是從迄今為止發生的與智能合約相關的安 全事件中吸取經驗而創造的一種編程語言，能從本質上令人更加輕松地編寫符合作者意圖的代碼，從而降低了出現 意外漏洞或安全事件的風險。具體而言，Move 從設計上可防止數字資產被復制。它使得將數字資產限制為與真實資 產具有相同屬性的“資源類型”成為現實：每個資源只有唯一的所有者，資源只能花費一次，并限制創建新資源。Move 語言還便于自動驗證交易是否滿足特定屬性，例如，僅更改付款人和收款人帳戶余額的付款交易。通過優先實現這 些特性，Move 可幫助保持 Libra 區塊鏈的安全性。通過減輕關鍵交易代碼的開發難度，Move 可以可靠地執行 Libra 生態系統的管理政策，例如對 Libra 貨幣和驗證者節點網絡的管理。Move 將加快 Libra 區塊鏈協議以及在此基礎上 構建的任何金融創新的演變。我們預計將在一段時間后向開發者開放創建合約的權限，以支持 Move 的演變和驗證。

　　To facilitate agreement among all validator nodes on the transactions to be executed and the order in which they are executed， the Libra Blockchain adopted the BFT approach by using the LibraBFT consensus protocol． This approach builds trust in the network because BFT consensus protocols are designed to function correctly even if some validator nodes — up to one-third of the network — are compromised or fail． This class of consensus protocols also enables high transaction throughput， low latency， and a more energy-efficient approach to consensus than “proof of work” used in some other blockchains．

　　Libra 區塊鏈采用了基于 LibraBFT 共識協議的 BFT 機制來實現所有驗證者節點就將要執行的交易及其執行順序達 成一致。這種方法可以在網絡中建立信任，因為即使某些驗證者節點（最多三分之一的網絡）被破壞或發生故障，BFT 共識協議的設計也能夠確保網絡正常運行。與其他一些區塊鏈中使用的“工作量證明”機制相比，這類共識協議還可 實現高交易處理量、低延遲和更高能效的共識方法。

　　In order to securely store transactions， data on the Libra Blockchain is protected by Merkle trees， a data structure used by other blockchains that enables the detection of any changes to existing data． Unlike previous blockchains， which view the blockchain as a collection of blocks of transactions， the Libra Blockchain is a single data structure that records the history of transactions and states over time． This implementation simplifies the work of applications accessing the blockchain， allowing them to read any data from any point in time and verify the integrity of that data using a unified framework．

　　為了保障所存儲的交易數據的安全，Libra 區塊鏈中的數據受梅克爾樹的保護，它是一種已在其他區塊鏈中廣泛使 用的數據結構，可以偵測到現有數據的任何變化。不同于以往的區塊鏈都將區塊鏈視為交易區塊的集合，Libra 區塊 鏈是一種單一的數據結構，可長期記錄交易歷史和狀態。這種實現方式簡化了訪問區塊鏈的應用程序的工作量，允 許它們從任何時間點讀取任何數據，并使用統一框架驗證該數據的完整性。

　　The Libra Blockchain is pseudonymous and allows users to hold one or more addresses that are not linked to their real-world identity． This approach is familiar to many users， developers， and regulators． The Libra Association will oversee the evolution of the Libra Blockchain protocol and network， and it will continue to evaluate new techniques that enhance privacy in the blockchain while considering concerns of practicality， scalability， and regulatory impact．

　　Libra 區塊鏈遵循匿名原則，允許用戶持有一個或多個與他們真實身份無關的地址。這是許多用戶、開發者和監管 機構都熟悉的模式。Libra 協會將負責監督 Libra 區塊鏈協議和網絡的演變，并將繼續評估可增強區塊鏈隱私保護 的新技術，同時考慮它們的實用性、可擴展性和監管影響。

　　For more details， read the technical paper on the Libra Blockchain.Detailed information is also available on the Move programming language and the LibraBFT consensus protocol． We’ve open sourced an early preview of the Libra testnet， with accompanying documentation． The testnet is still under development， and APIs are subject to change． Our commitment is to work in the open with the community and hope you will read， build， and provide feedback．

　　如需了解詳情，請閱讀有關Libra區塊鏈的技術論文 。也可查閱有關 Move編程語言和LibraBFT共識協議的詳細信息。我們已經推出了Libra 測試網的早期版本，并提供了配套文檔。測試網仍處于開發階段，API 可能會發生變化。我 們致力于開誠布公地與社群合作，因此希望您可以閱讀相關內容、進行開發和提供反饋。

　　Section 04 The Libra Currency and Reserve

　　第 4 部分 Libra 貨幣和儲備

　　We believe that the world needs a global， digitally native currency that brings together the attributes of the world’s best currencies： stability， low inflation， wide global acceptance， and fungibility． The Libra currency is designed to help with these global needs， aiming to expand how money works for more people around the world．

　　我們認為，世界需要一種全球性的數字原生貨幣，它能夠集世界上最佳貨幣的特征于一體：穩定性、低通貨膨脹率、 全球普遍接受和可互換性。Libra 貨幣旨在幫助滿足這些全球需求，以期擴展金錢對全球人民的影響。

　　Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets — the Libra Reserve — and supported by a competitive network of exchanges buying and selling Libra． That means anyone with Libra has a high degree of assurance they can convert their digital currency into local fiat currency based on an exchange rate， just like exchanging one currency for another when traveling． This approach is similar to how other currencies were introduced in the past： to help instill trust in a new currency and gain widespread adoption during its infancy， it was guaranteed that a country’s notes could be traded in for real assets， such as gold． Instead of backing Libra with gold， though， it will be backed by a collection of low-volatility assets， such as bank deposits and short-term government securities in currencies from stable and reputable central banks．

　　Libra 的目標是成為一種穩定的數字加密貨幣，將全部使用真實資產儲備（稱為“Libra 儲備”）作為擔保，并由買賣 Libra 并存在競爭關系的交易平臺網絡提供支持。這意味著，任何持有 Libra 的人都可以獲得高度保證，他們能夠根 據匯率將自己持有的這種數字貨幣兌換為當地貨幣，就像在旅行時將一種貨幣換成另一種貨幣一樣。這種方法類似 于過去引入其他貨幣的方式：確保這種貨幣可以用于換取真實資產，比如黃金。目的是為了幫助培養人們對新貨幣 的信任，并在貨幣誕生初期實現廣泛使用。盡管Libra 不會使用黃金作為支持，但它將采用一系列低波動性資產（比 如，由穩定且信譽良好的中央銀行提供的現金和政府證券）進行抵押。

　　It is important to highlight that this means one Libra will not always be able to convert into the same amount of a given local currency （i.e．， Libra is not a “peg” to a single currency）． Rather， as the value of the underlying assets moves， the value of one Libra in any local currency may fluctuate． However， the reserve assets are being chosen to minimize volatility， so holders of Libra can trust the currency’s ability to preserve value over time． The assets in the Libra Reserve will be held by a geographically distributed network of custodians with investment-grade credit rating to provide both security and decentralization of the assets．

　　必須要強調的是，這意味著一個 Libra 并不總是能夠轉換成等額的當地指定貨幣（即 Libra 并不與單一貨幣“掛鉤” ）。相反，隨著標的資產的價值波動，以任何當地貨幣計價的 Libra 價值也可能會隨之波動。然而，選擇儲備資產的目 的是最大限度減少波動性，讓 Libra 的持有者信任該貨幣能夠長期保值。Libra 儲備中的資產將由分布在全球各地且 具有投資級信用評價的托管機構持有，以確保資產的安全性和分散性。

　　The assets behind Libra are the major difference between it and many existing cryptocurrencies that lack such intrinsic value and hence have prices that fluctuate significantly based on expectations． Libra is indeed a cryptocurrency， though， and by virtue of that， it inherits several attractive properties of these new digital currencies： the ability to send money quickly， the security of cryptography， and the freedom to easily transmit funds across borders． Just as people can use their phones to message friends anywhere in the world today， with Libra， the same can be done with money — instantly， securely， and at low cost．

　　Libra 背后的資產是它與許多現有加密貨幣之間的主要差異，這些加密貨幣缺乏這種內在價值，因此價格會因心理 期望而大幅波動。然而，Libra 的確是一種加密貨幣，因此，它繼承了這些新型數字貨幣的幾個引人注目的特性：能 夠快速轉賬，通過加密保障安全性以及輕松自由地跨境轉移資金。正如當今世界人們可以隨時隨地使用手機向好 友發送消息一樣，我們同樣可以通過 Libra 即時、安全且經濟地管理資金。

　　Interest on the reserve assets will be used to cover the costs of the system， ensure low transaction fees， pay dividends to investors who provided capital to jumpstart the ecosystem （read “The Libra Association” here）， and support further growth and adoption． The rules for allocating interest on the reserve will be set in advance and will be overseen by the Libra Association． Users of Libra do not receive a return from the reserve．

　　儲備資產的利息將用于支付系統的成本、確保低交易費用、分紅給生態系統啟動初期的投資者（前往此處閱讀“Libra 協會”相關內容），以及為進一步增長和普及提供支持。儲備資產的利息分配將提前設定，并將接受 Libra 協會監 督。Libra 用戶不會收到來自儲備資產的回報。

　　For more on the reserve policy and the details of the Libra currency， please read here．

　　有關儲備政策和 Libra 貨幣的詳情，請參閱此處。

　　Section 05 The Libra Association

　　第 5 部分 Libra 協會

　　To make the mission of Libra a reality — a simple global currency and financial infrastructure that empowers billions of people — the Libra Blockchain and Libra Reserve need a governing entity that is comprised of diverse and independent members． This governing entity is the Libra Association， an independent， not-for-profit membership organization， headquartered in Geneva， Switzerland． Switzerland has a history of global neutrality and openness to blockchain technology， and the association strives to be a neutral， international institution， hence the choice to be registered there． The association is designed to facilitate the operation of the Libra Blockchain； to coordinate the agreement among its stakeholders — the network’s validator nodes — in their pursuit to promote， develop， and expand the network， and to manage the reserve．

　　Libra 的使命是建立一套簡單的、無國界的貨幣和為數十億人服務的金融基礎設施。為了實現這一使命，Libra 區塊鏈和 Libra 儲備需要一個由多元化的獨立成員構成的監管實體。這個監管實體就是 Libra 協會，一家獨立的非營利性會員制組織，總部位于瑞士日內瓦。瑞士一直以來都持全球中立立場，并對區塊鏈技術持開放性態度，而 Libra 協會也力求成為一家中立的國際性機構，因此在瑞士注冊是理所當然的選擇。Libra 協會旨在促進 Libra 區塊鏈的運營；協調各個利益相關方（網絡的驗證者節點）在推廣、發展和擴張網絡的過程中達成一致；以及管理儲備資產。

　　The association is governed by the Libra Association Council， which is comprised of one representative per validator node． Together， they make decisions on the governance of the network and reserve． Initially， this group consists of the Founding Members： businesses， nonprofit and multilateral organizations， and academic institutions from around the world． All decisions are brought to the council， and major policy or technical decisions require the consent of two-thirds of the votes， the same supermajority of the network required in the BFT consensus protocol．

　　Libra 協會由 Libra 協會理事會管理，理事會由各驗證者節點各指派一名代表構成。理事會成員共同對網絡和儲備的治理制定決策。在初始階段，這一群體由作為 創始人的全球企業、非營利組織、多邊組織和學術機構組成。所有決策都將通過理事會做出，重大政策或技術性決策需要三分之二的成員投票表決同意，即 BFT 共識協議中所要求的絕對多數網絡成員。

　　Through the association， the validator nodes align on the network’s technical roadmap and development goals． In that sense， it is similar to other not-for-profit entities， often in the form of foundations， which govern open-source projects． As Libra relies on a growing distributed community of open-source contributors to further itself， the association is a necessary vehicle to establish guidance as to which protocols or specifications to develop and to adopt．

　　通過協會，驗證者節點得以與網絡的技術方案和發展目標保持一致。在這方面，協會類似于其他非營利性實體，通常以基金會的形式出現，管理開源項目。由于 Libra 未來的發展依賴于一個分散的、不斷成長的開源貢獻者社群，因此協會是一個必要的媒介，就開發和采用什么樣的協議或規范給予引導。

　　The Libra Association also serves as the entity through which the Libra Reserve is managed， and hence the stability and growth of the Libra economy are achieved． The association is the only party able to create （mint） and destroy （burn） Libra． Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to fully back the new coins． Coins are only burned when the authorized resellers sell Libra coin to the association in exchange for the underlying assets． Since authorized resellers will always be able to sell Libra coins to the reserve at a price equal to the value of the basket， the Libra Reserve acts as a “buyer of last resort．” These activities of the association are governed and constrained by a Reserve Management Policy that can only be changed by a supermajority of the association members．

　　Libra 協會還是一個負責管理 Libra 儲備的實體，因此掌控著 Libra 經濟的穩定和成長。只有 Libra 協會能夠制造 （mint） 和銷毀 （burn） Libra。只有當授權經銷商投入法定資產從協會買入 Libra 幣以完全支持新幣時，Libra 幣才會被制造。只有當授權經銷商向協會賣出 Libra 幣以換取抵押資產時，Libra 幣才會被銷毀。由于授權經銷商始終能夠將 Libra 幣以等于籃子價值的價格賣給儲備，因此 Libra 儲備承擔著“最后的買家”的角色。 Libra 協會的這些活動受 儲備管理政策 的監管和約束，該政策只能在絕對多數協會成員同意的情況下進行更改。

　　In these early years of the network， there are additional roles that need to be performed on behalf of the association： the recruitment of Founding Members to serve as validator nodes； the fundraising to jumpstart the ecosystem； the design and implementation of incentive programs to propel the adoption of Libra， including the distribution of such incentives to Founding Members； and the establishment of the association’s social impact grant-making program．

　　在該網絡發展的最初幾年，需要額外依靠一些角色來替協會完成下列工作：招募擔當驗證者節點的創始人；為快速啟動生態系統而進行籌款；設計和實施激勵計劃，從而推動 Libra 被廣泛采用，包括向創始人發放此類激勵獎金；以協會名義建立社會影響力資助計劃。

　　An additional goal of the association is to develop and promote an open identity standard． We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition．

　　協會的一個額外目標是開發和推廣一種開放性身份標準。我們認為，分散而便攜的數字身份是實現金融普惠和競爭的先決條件。

　　An important objective of the Libra Association is to move toward increasing decentralization over time． This decentralization ensures that there are low barriers to entry for both building on and using the network and improves the Libra ecosystem’s resilience over the long term． As discussed above， the association will develop a path toward permissionless governance and consensus on the Libra network． The association’s objective will be to start this transition within five years， and in so doing will gradually reduce the reliance on the Founding Members． In the same spirit， the association aspires to minimize the reliance on itself as the administrator of the Libra Reserve．

　　Libra 協會的一個重要目標就是逐步提高分散化的程度。這種去中心化有助于降低網絡構建和使用的進入門檻，而且從長遠來看，它也有助于提高 Libra 生態系統的彈性。如上文所述，協會將逐步實現 Libra 網絡的非許可型管理和共識。協會將力求在五年內啟動這一過渡，并以此逐漸減少對創始人的依賴。同樣地，作為 Libra 儲備的管理者，Libra 協會也會力爭最大程度降低對自身的依賴。

　　For more on the Libra Association， please read here．

　　如需詳細了解 Libra 協會，請參閱 此處。

　　Section 06 What’s Next for Libra？

　　第 6 部分 Libra 的下一步計劃是什么？

　　Today we are publishing this document outlining our goals for Libra and launching libra.org as a home for the association and all things Libra． It will continue to be updated over the coming months． We are also open- sourcing the code for the Libra Blockchain and launching Libra’s initial testnet for developers to experiment with and build upon．

　　今天，我們將發布此文檔來概述有關 Libra 的目標，并推出 libra.org 作為協會和所有 Libra 事務的信息發布主頁。 該站點將在未來幾個月內持續發布更新。我們還開放了 Libra 區塊鏈的源代碼并推出 Libra 的初始測試網，供開發 者嘗試并在此基礎上進行開發。

　　There is much left to do before the target launch in the first half of 2020．

　　預定的針對性發布日期為 2020 年上半年，而在此之前，我們還有大量工作要做。

　　The Libra Blockchain：

　　Libra區塊鏈：

　　Over the coming months， the association will work with the community to gather feedback on theLibra Blockchain prototype and bring it to a production-ready state． In particular， this work willfocus on ensuring the security， performance， and scalability of the protocol and implementation．

　　在未來幾個月內，協會將收集社群關于Libra區塊鏈原型的反饋，然后進入生產就緒階段。特別要說明的是，這項工作將側重于確保協議和實現的安全性、性能和可擴展性。

　　The Libra Association will construct well-documented APIs and libraries to enable users to interact with the Libra Blockchain．

　　The Libra Association will create a framework for the collaborative development of the technology behind the Libra Blockchain using the open-source methodology． Procedures will be created for discussing and reviewing changes to the protocol and software that support the blockchain．

　　The association will perform extensive testing of the blockchain， which range from tests of the protocol to constructing a full-scale test of the network in collaboration with entities such as wallet services and exchanges to ensure the system is working before launch．

　　The association will work to foster the development of the Move language and determine a path for third parties to create smart contracts once language development has stabilized — after the launch of the Libra ecosystem．

　　Libra協會將構建有據可查的API和庫，實現用戶與Libra區塊鏈之間的互動。

　　Libra協會將使用開源方法為Libra區塊鏈背后的協同技術開發創建框架。我們將建立適當的程序，用于討論和審核針對區塊鏈底層協議和軟件的更改。

　　協會將對區塊鏈執行廣泛的測試，從對協議的測試到聯合各家實體（如錢包服務和交易平臺）對網絡進行整體測試，從而確保系統在發布前運轉正常。

　　協會將努力促進Move語言的發展，并且在Libra生態系統發布之后，一旦Move語言發展趨于穩定，我們將為第三方創建智能合約確立相應路徑。

　　Together with the community， the association will research the technological challenges on the path to a permissionless ecosystem so that we can meet the objective to begin the transition within five years of the launch．

　　協會將與社群一起，在通往非許可型生態系統的道路上攻克技術難題，力爭實現我們在發布后 五年內開始過渡的目標。

　　The Reserve：

　　儲備：

　　The association will work to establish a geographically distributed and regulated group of global institutional custodians for the reserve．

　　The association will establish operational procedures for the reserve to interact with authorized resellers and ensure high-transparency and auditability．

　　The association will establish policies and procedures that establish how the association canchange the composition of the reserve basket．

　　協會將為儲備設立監管小組，成員由分布在各地且受到監管的全球機構托管人組成。

　　協會將為儲備建立運營程序，以便與授權經銷商進行交易，并確保高透明度和可審計性。

　　協會將制定適當的政策和程序，以規范協會更改儲備籃子組成的方式。

　　The Libra Association：

　　Libra協會：

　　We will work to grow the Libra Association Council to around 100 geographically distributed and diverse members， all serving as the initial validator nodes of the Libra Blockchain．

　　The association will develop and adopt a comprehensive charter and set of bylaws for the association on the basis of the currently proposed governance structure．

　　We will recruit a Managing Director for the association and work with her\/him to continue hiring for the association’s executive team．

　　We will identify social impact partners aligned with our joint mission and will work with them to establish a Social Impact Advisory Board and a social impact program．

　　我們將擴充Libra協會理事會，使其包含大約100名分布在各地的多元化成員，所有成員均擔當Libra區 塊鏈的初始驗證者節點。

　　我們將在目前提出的治理結構的基礎上，為協會制定一份全面的章程和一系列細則并予以采用。

　　我們將為協會招募一名常務董事，并與此人一起繼續組建協會的執行團隊。

　　我們將選定與我們肩負共同使命的社會影響力合作伙伴，并與他們合作建立社會影響力咨詢委 員會和制定社會影響力計劃。

　　Section 07 How to Get Involved

　　第 7 部分 如何參與

　　The association envisions a vibrant ecosystem of developers building apps and services to spur the global use of Libra． The association defines success as enabling any person or business globally to have fair， affordable， and instant access to their money． For example， success will mean that a person working abroad has a fast and simple way to send money to family back home， and a college student can pay their rent as easily as they can buy a coffee．

　　協會希望打造一個充滿活力的生態系統，供開發者構建應用和服務，從而鼓勵世界各地的人們使用 Libra。協會認為， 如果這個系統能讓世界上任何個人或公司以公平實惠的方式即時支取自己的資金，它就是成功的。例如，成功將意 味著，在國外工作的人可以通過一種方便快捷的方式將錢匯回家，而大學生則可以像買咖啡一樣輕松地支付房租。

　　Our journey is just beginning， and we are asking the community to help． If you believe in what Libra could do for billions of people around the world， share your perspective and join in． Your feedback is needed to make financial inclusion a reality for people everywhere．

　　我們的征途才剛剛開始，需要尋求社群的幫助。如果您相信 Libra 能夠為全球數十億人服務，請分享您的觀點并加 入我們。為了讓金融普惠在世界各地成為現實，您的反饋意見不可或缺。

　　If you are a researcher or protocol developer， an early preview of the Libra testnet is available under the Apache 2.0 Open Source License， with accompanying documentation． This is just the start of the process， and the testnet is still an early prototype under development， but you can read， build， and provide feedback right away． Since the current focus is on stabilizing the prototype， the project may initially be slower to take community contributions． However， we are committed to building a community-oriented development process and opening the platform to developers — starting with pull requests — as soon as possible．

　　If you want to learn about the Libra Association， read more here．

　　If your organization is interested in becoming a Founding Member or applying for social impact grants from the Libra Association， read more here．

　　如果您是一名研究人員或協議開發者，您可以提前預覽 Libra 測試網（根據 Apache 2.0 開源許可發布）和配套 文檔。這個流程才剛剛啟動，測試網還是一個開發中的早期原型，但您可以立即讀取相關內容、進行開發和提 供反饋。由于目前的重點是保持原型的穩定性，項目進度最初可能會偏慢，以便我們采納社群的意見。但是，我 們致力于建立一個面向社群的開發流程，并從合并請求開始，盡快向開發者開放此平臺。

　　如果您想了解 Libra 協會，請前往此處查看詳情。

　　如果您的組織有意成為創始成員或申請向 Libra 協會捐贈社會影響力資助，請前往此處查看詳情。

　　The association will work with the global community in the coming months and continue to partner with policymakers worldwide to further the mission．

　　在未來幾個月，協會將與全球社群合作，并繼續與世界各地的決策者攜手，推動實現這一使命。

　　Section 8 Conclusion

　　第 8 部分 結語

　　This is the goal for Libra： A stable currency built on a secure and stable open-source blockchain， backed by a reserve of real assets， and governed by an independent association．

　　Libra 的目標如下：在安全穩定的開源區塊鏈基礎上創建一種穩定的貨幣，該貨幣以真實資產儲備為后盾，并由獨 立協會管理。

　　Our hope is to create more access to better， cheaper， and open financial services — no matter who you are， where you live， what you do， or how much you have． We recognize that the road to delivering this will be long， arduous， and won’t be achieved in isolation — it will take coming together and forming a real movement around this pursuit． We hope you’ll join us and help turn this dream into a reality for billions of people around the world．

　　我們希望創造更完善、更實惠的開放式金融服務，人們不論身份、不論地域、不論職業、不論貧富，均可享受這種服 務。我們深知，要實現這樣的愿景將需要長久的艱辛努力，并且絕非一己之力可以完成，這將需要大家同心協力、腳 踏實地地向前邁進。希望您能加入我們，協助我們將這一夢想變成現實，造福全球數十億人。

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