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, which have 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.
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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://techcrunch.com/2019/06/18/facebook-libra/
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une 18th is nearing, and that means that Facebook’s crypto asset, expected to be nothing like Bitcoin (BTC), is on the verge of becoming full public knowledge.
For those who missed the memo, reports released by TechCrunch and other mainstream outlets revealed that the social media giant was planning on releasing a white paper for “Libra” or “Globalcoin”, as the project is known as, on the 18th.
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At least your post was not trashed, as the previous one I saw, because the other one gave warning about the freedoms we will be losing when this goes ahead. So, if you do not want to be censored (have your posts hidden and flagged), as you would be on FB, keep your tone nice and neutral, or write in favour of the glob sh*ts.
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