Digital Debit® Libra - Regulation compliant app demo


Update: We are ending our preview period of this Testnet build to the public and we will continue to monitor Libra core updates.

We’re excited to share our work with Testnet in the global release version of our Digital Debit® Android application. ^ Please click the image above to visit the Google Play Store to install in an Android mobile device in over 149 countries. See a quick Libra transaction demo here: https://youtu.be/FBYGlnBm-hQ

See our previous post about planned Mainnet features: Digital Debit® Libra Ads

About Us: Digital Debit Group is a FinTech R&D organization based in the United States and we develop regulation compliant applications integrating internal and external platforms and standards. We differ from other organizations which only provide specifications by building scaling global applications that integrate emerging and traditional FinTech payment rails into a single mobile app. Our focus with Digital Debit® is to expand on the successful QR P2P payment apps in China with a design that’s targeted for mainstream global ubiquity and to accessorize trends in popular social media culture.

Getting Started

Please install the app from the Google Play store (above) and sign in with your PayPal account. This version of Digital Debit® is compatible with our iOS version for PayPal transactions only. Features such as QR uploading and Libra Testnet transactions are only available in our Android version. For mobile devices, tablets, and Mac/Windows using BlueStacks.

Note: PayPal provides a KYC regulation compliant component, so please verify your PayPal account before signing in to the app.


Activating Libra Testnet

Go to Settings then switch on the “Use Libra Testnet” toggle. You must agree that Testnet is to be used for demonstration only and not for real-world transactions.

500 Libra will be generated and tied to your PayPal login in our app. Your balance will change with each transaction but may reset back to 500 whenever Testnet is reset or after R&D Testnet server maintenance.


How Libra Transactions Work

Digital Debit® is a dedicated QR based P2P payment application. Sending and receiving money using e-mail and mobile numbers is common among other payment apps, so we focus on the exchange of QR as a more privatized form of payment transaction communication.

In the Settings panel, you can find a balance of available Libra in your account.


Balance is displayed down to the Libit

On the main panel, select your preferred currency from 25 available currencies [a] and tap the amount field [b] to open the QR scanner and enter an amount to send to another user. You can also upload a QR [c] from another user to pay Libra.


The amount field provides real-time value conversion of 25 selectable currencies to a backend monitor of your Libra balance (currently tied to a USD base value). The receiving user’s set currency forces the sender to conduct Libra transactions in the same currency to maintain regional value integrity with Libra as the backing commodity.


If your entered currency amount is available within the converted value, the entered amount will display as a GREEN color. If your entered currency amount is not available in Libra converted value, the entered amount will display as RED.


Upon a successful transaction, 1 of 4 visual confirmations will display for both the sender and receiver devices. Our color confirmation system is designed for fast paced public transaction environments where a merchant or seller can verify a successful transaction using a multipoint method: 1) Confirmation numbers match, 2) Confirmation panel colors match, and 3) PDF417 barcode can be scanned and the Libra paying account + Libra amount can be settled with a configured PoS system.

(Future feature) Workflow of how Libra settles PoS:
PDF417 string format: de237ae50947146605d5437e80f2b38ab79aff100bf76c34f58e7424b09215d7_1.00
so the PoS system can check Libra block explorer and verify sender-to-receiver account was transferred within a window of a) Same Day, then b) within 30 minute server time, then c) within 2 minute server time to determine variables of instant single or duplicate PoS payments.


Customize App Background

Add a custom image background to represent your business, brand, or personal expression.


Export Libra QR

Go to Settings and select “Save your Digital Debit® Acceptance QR”.

Set Minimum Acceptance Amount

To set a minimum acceptance amount to the main panel QR and the Export QR function, enter the full minimum amount xx.xx into the Notes field [a] on the main panel and press “Enter” [b] on your Android type pad (example 12.00 or 5.35, not 12 or 5 without decimal). This feature is handy to create bespoke QR for individual product and services. Our QR format can also be integrated with automated QR generating systems.


Note: do not include currency symbol type character with your entered Note field minimum amount.

Demo Libra QR Examples
Note: We will post examples again once we make an update to the Testnet reset.

Our suggestions for Libra Mainnet regulation compliant operation

Facebook, Coinbase, and PayPal are already U.S. based FinCen compliant Money Transmitter operators and can release Mainnet lawfully today, please see:

Facebook: https://www.facebook.com/payments_terms/licenses

Coinbase: https://support.coinbase.com/customer/en/portal/articles/2689172-coinbase-regulatory-compliance

PayPal: https://www.paypal.com/us/webapps/mpp/licenses

Based on Libra associated hearings and regulator questions, we provide a list of functions that constitute Libra’s adherence to traditional global regulated monetary commodities:

  1. Developers of Libra Mainnet will need to register and operate from APIs offered from a libra.org official Validator host. We have integration of PayPal and Coinbase API platforms and plan to integrate a Calibra API when available.
  2. Validators will need to set a max daily send limit of 10k Libra - Validators can charge extended service fee for vetted high valued account holding individuals. Every regulated digital payment platform has a max daily limit to prevent money laundering, libra.org will need to define a global limit.
  3. Amounts over $2500 should be given an automatic 24 hours transaction grace period for a “veto” flag by hosting Validators (e.g., dispute).
  4. Validators need to offer an easy to find Libra management page and should send users a yearly end-of-year statement of hosted Libra account activity. This is a standard practice of all regulated commodity based services.
  5. To give Libra users the same consumer banking protections similar to traditional banking, libra.org must implement a 90-day Validator hosted account transfer policy. Users should be able to easily transfer their Libra account host to competing Mainnet Validator operators.
  6. Libra Mainnet Validators and developers must enforce a policy of using PCI-DSS compliant infrastructure. Digital Debit is built 100% using PCI-DSS compliant Amazon Web Services cloud services. Regulators will want assurance that Libra products are using industry standard security protocols.

Our Closing Thoughts

Libra is not Bitcoin and should not be developed upon to believe Libra Mainnet will become accessible to developments outside of globally regulation compliant API providers to Mainnet. Yes, anyone can start their own private Libra system but the reality is governments around the world will never allow anyone to operate a digital currency without the scrutiny of consumer protections, security, and economic stability.

We are excited for the future of Libra applications and wish everyone successful Libra development.

© 2019 Digital Debit Group - Digital Debit® is a registered trademark of Digital Debit Group | Qondado LLC managing member. Visit us: digitaldebit.com

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Digital Debit Group has been chosen as one of the top 100 FinTechs for 2019 as a member of the Money 20/20 Startup Academy Class of 2019: https://us.money2020.com/companies/digital-debit-group

Disclaimer: No warranties or insurance is offered against loss or harm arising from Libra Testnet demonstration use. Users are expected to understand Testnet is not real money and Digital Debit Group is not obligated to preserve Libra minted as a result of Testnet demonstrations. EMV-QR feature is reserved for regional partners.

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