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Cryptocurrency of ​Facebook Libra launches the white paper

2019-06-18 10:19 am | Resource: News Section | No Views : 57

Cryptocurrency of ​Facebook Libra launches the white paper Facebook, the white paper of its new cryptocurrency project "libra", based on blockchain technology, launched Tuesday, June 18.
According to the paper, the currency of Facebook, the world-renowned social networking site, libra, will operate on a scalable blockchain libra, and will be supported by a set of assets ostensibly "designed to give it intrinsic value" and mitigate market volatility.
These assets consist of a basket of bank deposits and short-term government securities, which will be held in the balance reserve against each libra issued.
The new cryptocurrency, a not-for-profit consortium, based in Switzerland - "Libra Association" - consisting of Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz, and Uber among its founding members.
Facebook is apparently planning to expand the consortium to include about 100 members by the time Libra is launched in the first half of 2020.
The white paper noted the following:
"Although the final decision-making power rests with the consortium, Facebook is expected to maintain a leadership role until 2019. Facebook Calibra, a regulated subsidiary, has established a social, financial, service building and operation service on behalf of the network."
The Libra consortium is itself governed by the Council of Cryptocurrency Libra. Initially, the members of the Board are the Founding Members, each managing an authentication node on the network, and a minimum investment of $ 10 million was required to close the center. Each investment of $ 10 million secures a single vote in the board for each Facebook.
Facebook has also unveiled Libra Investment Token - the world's most popular digital currency libra - that can be purchased or distributed as a dividend to founding members of the consortium and accredited investors.
Because libra is not technically linked to any particular national currency, the white paper states that users will not always be able to retrieve the token against a fixed amount of traditional currencies, although Facebook claims that backup assets have been selected to reduce volatility.
While the reserve assets are ostensibly retained by a "geographically distributed network of guardians" to secure decentralization, the reserves are run by the consortium itself, the only party capable of minting and destroying the currency.
The White Paper states:
"Since authorized vendors will always be able to sell digital currencies from Libra to the reserve at a price equal to the value of the basket, libra's reserve acts as a last resort buyer.
Facebook also noted that the software that implements the blockchain of the Libra cryptocurrency is open-source in order to create an interoperable, scalable ecosystem of financial services.

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