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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
(Score: -1, Offtopic) by Anonymous Coward on Tuesday June 18 2019, @11:18PM (1 child)
Btc never had a chance? Amazing how delusional people still are about what's happening. No gov or corporate coin has a chance because they will never agree to what "fair" to all interested parties, just look at what happened to SDRs.
Meanwhile bitcoin chugs along exactly as planned (just read the first few years of bitcointalk posts to see literally everything that has come to pass was perfectly predicted back then) and you'll be adding the coming ETF to your retirement account at $100 to $1k per mbtc in a few years.
(Score: 0) by Anonymous Coward on Wednesday June 19 2019, @12:40AM
If only I could understand the mind of people who just downvote stuff they don't want to hear... even if it makes them poor.