Libra Coin will be a global currency backed by a basket of bank deposits and treasuries from high-quality central banks.
Calibra wallet, where you can hold the Libra coins, will be integrated across WhatsApp, Facebook, Messenger and Instagram.
Libra coin is unlikely to be available to Indian residents due to uncertain regulations on cryptocurrencies.
Libra Coin will be a global currency backed by a basket of bank deposits and treasuries from high-quality central banks. It will basically allow you to send money at nearly zero fees.
Libra protocol will be open source allowing people to develop on top of it.
Calibra wallet, where you can hold the Libra coins, will be integrated across WhatsApp, Facebook, Messenger and Instagram.
Facebook will also set up a subsidiary, Calibra (not to be confused with Calibra wallet), for this venture, and it is expected to protect users' data and privacy and not mingle payments with user data, to prevent ad targeting.
overall the success of this could bring a massive 2.6 billion boost to the crypto economy with most of them will use bitcoin as their first choice of coin.
Facebook says it hopes to reach 100 founding members before the official Libra launch and it’s open to anyone that meets the requirements, including direct competitors like Google or Twitter. The Libra Association is based in Geneva, Switzerland and will meet biannually. The country was chosen for its neutral status and strong support for financial innovation including blockchain technology.
Libra governance — who gets a vote
To join the association, members must have a half rack of server space, a 100Mbps or above dedicated internet connection, a full-time site reliability engineer and enterprise-grade security. Businesses must hit two of three thresholds of a $1 billion USD market value or $500 million in customer balances, reach 20 million people a year and/or be recognized as a top 100 industry leader by a group like Interbrand Global or the S&P.
Crypto-focused investors must have more than $1 billion in assets under management, while Blockchain businesses must have been in business for a year, have enterprise-grade security and privacy and custody or staking greater than $100 million in assets. And only up to one-third of founding members can by crypto-related businesses or individually invited exceptions. Facebook also accepts research organizations like universities, and nonprofits fulfilling three of four qualities, including working on financial inclusion for more than five years, multi-national reach to lots of users, a top 100 designation by Charity Navigator or something like it and/or $50 million in budget.
so what do you think guys? Libra coin to the moon?
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