The famous day has finally arrived; Facebook has put online the website dedicated to its Libra consortium and published the white paper of its cryptocurrency.
Different sources agreed on the official launch date of Facebook’s new cryptocurrency, which is named Libra code, and it would be for June 18, and it is today.The information was notably confirmed by Laura McCracken, head of Facebook’s financial services and payment partnerships for Northern Europe, in an interview with the German newspaper WirtschaftsWoche.
This new cryptocurrency will rely on the power of Facebook that has 2.5 billion users’ worldwide and annual sales of more than US $ 40 billion, which will enable it to guarantee the value of its change. It will also be indexed on several currencies to avoid fluctuations and among the different objectives of the social network; there is the idea of setting up an authentic distribution network similar to that of the current ticket machines.
Last December, Bloomberg reported that Facebook was working on this virtual currency that would allow users to transfer money, including its WhatsApp messaging application. It is finally there and it turns out that the cryptocurrency Libra is developed on an open source blockchain system sold as ultra-secure and is supported by reserves to maintain its stable value.
Once we open the white paper, we can see this message:
Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.
Now is the time to create a new kind of digital currency built on the foundation of blockchain technology. The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people. Libra is made up of three parts that will work together to create a more inclusive financial system:
It is built on a secure, scalable, and reliable blockchain;
It is backed by a reserve of assets designed to give it intrinsic value;
It is governed by the independent Libra Association tasked with evolving the ecosystem.
Diversified and geographically distributed companies, non-profit and multilateral organizations will have collaborated in the finalization of the charter of the association and will become “founding members“. The list includes Mastercard, PayPa, Stripe, Visa, eBay, Facebook / Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Iliad, Vodafone Group, Women’s World Banking and many other organizations.
In total, a multitude of companies will invest $ 10 million each in this new Facebook project. This cryptocurrency is expected for the first quarter of 2020.