Greetings everyone. Today we’re announcing the successful integration of Facebook Libra’s innovative Virtual Machine, Move VM. With this, dfinance is now the first Cosmos-based protocol to support Smart Contracts.
Integrating Libra’s Move enabled us to add support for rapid development and deployment of DApps, making this feature available for the first time to all Cosmos chains. Dfinance’s design and performance, combined with Libra’s Move, provides the entire Cosmos ecosystem with secure and rapid execution that will allow the building of sophisticated and secure financial instruments.
Development acceleration of financial products and instruments is one of the main goals of any DeFi platform, as these applications essentially serve as the platform’s end products. Dfinance has made the first move towards smart contracts support, where creators can develop, test and launch decentralized banking-level instruments quickly and efficiently. This support is beneficial to the entire interconnected ecosystem, enabling all compatible projects to create such instruments on their respective networks. These products have the potential to serve as alternative investment venues, in some cases with higher yields compared to traditional investment options.
In order to become the platform of choice while building and launching financial instruments, dfinance aims to provide the most secure and efficient execution environment. Ensuring that the financial instruments code can be created quickly and ran safely is a clear priority. To satisfy the high standards required from the VM of choice, we have performed a wide research into available solutions, which has shown that Libra’s Move answers on the majority of these requirements while compared to the alternatives. The team behind Move has leveraged years of experience gathered from Ethereum and other blockchain projects, designing a dedicated development platform for decentralized finance applications. The bottom line is that Move VM is a well designed solution which supports a broad variety of use cases and scenarios.
Move, the VM of choice for dfinance instruments
As mentioned above, Move VM will serve as a basis for all future products that will be built on dfinance 2nd layer chain. Below we describe the main logic points behind our decision to choose Move:
- Restrictive execution environment
Move was designed while taking previous smart contracts related lessons into account, thus it supports, from the ground up, a restricted model that prevents risky execution scenarios. These design choices ensure that instruments developed on dfinance will have inherent stability, making them safer by default. This feature also helps shorten the development and testing time, and assists with accidental introduction of bugs and issues. Our research found that some of the other VM’s were encumbered with past design choices that did not always bode well with the level of quality required by the financial instruments that are to be built on dfinance. More often than not, these alternatives introduced risks and would hinder the future adoption of dfinance as the standard for creation of high quality financial instruments. Move designers leveraged decades of experience accumulated at Facebook, which gave Move significant benefits compared to the competition.
- Resource oriented architecture
Another important feature that makes Move the optimal solution for us is that dfinance, as a financial-industry oriented protocol, can leverage Move’s resource-based architecture and Move’s language features to create deep connections between the built financial instruments. These connections can be achieved out of box with Move and can be applied to a broad range of financial instruments such as, options, futures, structured products and even on new kinds of instruments.
- High security
Move is very secure due to it’s resource-based architecture and it’s formal verification features. Smart contracts source code will be compared with bytecode before execution, which helps prevent dangerous errors and makes smart contracts much more secure.
- High execution performance
One of the reasons Move is so fast, is due to the programming language it is written in, which is Rust, the breakthrough high performance language introduced by Mozilla. This enables the Move VM to be one of the most performing options on the market, ensuring nearly instant execution of the operating financial instrument.
- Proven engineering practices
Move is the only VM that was developed by a team with a huge track record of building the world's leading infrastructure, on par with Google, Amazon and Microsoft. This is quickly visible when inspecting the Move code which presents a very quality of engineering.
- Ready for decentralization
Move was designed with decentralization in mind, thus execution on thousands of nodes and identical code execution verification, are a built-in feature. These features synergize with our vision of a genuinely decentralized platform, which is the only way to truly provide equal opportunities to all.
- Future growth
We are already witnessing multiple efforts that are oriented at making Move the VM of choice for decentralized projects. Some of these efforts include integration with Trusted Execution Environment, bridges with other development languages and security models - all these ensure that Move will remain competitive and is here to stay .
Finally, we also chose Move because it will assure that dfinance always stays on the forefront of technology, providing a cutting edge environment to creators looking to unleash their creativity and imagination while building new financial instruments. This helps empower dfinance to become the trusted platform for other Cosmos-compatible projects to use for their own financial products development.
Move as the solution for all Cosmos ecosystem projects
Dfinance is the first to fully and safely integrate Libra’s Move into a Cosmos-compatible blockchain. By allowing other ecosystem projects to utilize dfinance’s Move VM for their development needs, dfinance will help them save the significant time and effort required to develop a VM of their own. Additionally, thanks to dfinance’s full Ethereum fledged peg zone, instruments can also operate with a variety of Ethereum tokens, for such use cases such as payments, lending and staking. Thanks to Move and the peg zone, dfinance can act as an exchange medium between the Cosmos and the Ethereum ecosystems.
To try Move VM see our “Getting started” documentation.