Social media giant Facebook has released the white paper for its long-awaited cryptocurrency and blockchain-based financial infrastructure project today, June 18.
According to the paper, Facebook’s global stablecoin, dubbed “libra,” will operate on the native and scalable Libra blockchain, and be backed by a reserve of assets ostensibly “designed to give it intrinsic value” and mitigate volatility fluctuations.
These assets consist of a basket of bank deposits and short-term government securities that will be held in the Libra Reserve for every Libra that is issued.
The website for the digital asset, calibra.com, was briefly down around 5AM EST, about when it went live.
The new cryptocurrency will be governed by a not-for-profit, Switzerland-based consortium — the “Libra Association” — which counts Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber among its founding members.
Facebook ostensibly plans to expand the association to around 100 members by the time of Libra’s launch in the first half of 2020. The white paper notes that:
“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.”
The Libra Association is itself governed by the Libra Association Council. The council’s members initially are the founding members, each of which runs a validator node on the network and was notably required to make a minimum investment of $10 million to seal the position. Each $10 million investment secures an entity one vote on the council, per Facebook.
https://cointelegraph.com/news/facebook-releases-cryptocurrency-white-paper-for-libra-currency
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Topic: Facebook Releases Cryptocurrency White Paper for Libra Currency (Read 2884 times)