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Jun 20, 2019

Facebook issued a white paper officially announced the cryptocurrency Libra


On the afternoon of June 18th, Facebook Libra officially launched the Libra white paper on cryptocurrency, and announced that Libra’s mission is to build simple, borderless currencies and financial infrastructure for billions of people.

According to a white paper published by Facebook, Libra will be built on a secure, scalable and reliable blockchain. It will be governed by an independent Libra association whose mission is to promote the development of this financial ecosystem. Libra is empowered to intrinsic value Backed by asset reserves.

The Libra Association will be an independent, not-for-profit consortium based in Geneva, Switzerland. The consortium aims to coordinate and provide a management framework for networks and asset reserves, and to lead grants that generate social impact to support inclusive finance.

Facebook said Libra’s goal is to be a stable digital cryptocurrency that will be backed by a real asset reserve and supported by a network of trading platforms that buy and sell Libra.

The price of Bitcoin has continued to rise in the near future, returning to the $9000 mark. Outside analyzes that this is related to the recent “embrace” of virtual currency by the U.S. companies represented by Facebook. 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.”

“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.'”

Published by Emerson L. Sullivan & last updated on June 20, 2019 6:32 am

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