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posted by chromas on Tuesday June 18 2019, @04:54PM   Printer-friendly
from the capricorn-or-taurus-but-not-libra dept.

Facebook announces Libra cryptocurrency: All you need to know

Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You'll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook's own Calibra wallet that will be built into WhatsApp, Messenger, and its own app. Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.

Facebook won't fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz who've invested at least $10 million each into the project's operations. The association will promote the open-sourced Libra blockchain and developer platform with its own Move programming language plus sign up businesses to accept Libra for payment and even give customers discounts or rewards.

Facebook is launching a subsidiary company also called Calibra that handles its crypto dealings and protects users' privacy by never mingling your Libra payments with your Facebook data so it can't be used for ad targeting. Your real identity won't be tied to your publicly visible transactions. But Facebook/Calibra and other founding members of the Libra Association will earn interest on the money users cash in that is held in reserve to keep the value of Libra stable.

Also at Business Insider and The Verge.

See also: Facebook announces new cryptocurrency called Libra - business live
Facebook's Answer to Bitcoin Poses a Double Threat
How Libra Would Work for You

Previously: Facebook Cryptocurrency
Facebook Plans to Launch 'GlobalCoin' Cryptocurrency in 2020


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  • (Score: 0) by Anonymous Coward on Tuesday June 18 2019, @05:33PM

    by Anonymous Coward on Tuesday June 18 2019, @05:33PM (#857078)

    The drawbacks of Bitcoin combined with the drawbacks of PayPal, all backed by a company known not to give a rat's ass about privacy or security? Sign me up! /s