First published at 09:58 UTC on June 19th, 2019.
FACEBOOK COIN LIBRA COMPREHENSIVE OVERVIEW - Is it a threat to Bitcoin?
Nutshell
Facebook has annouced that they are coming together with 27 organizations around the world to start the non-profit Libra Association and create a new currency called …
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FACEBOOK COIN LIBRA COMPREHENSIVE OVERVIEW - Is it a threat to Bitcoin?
Nutshell
Facebook has annouced that they are coming together with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra.
Libra's mission is to create a simple global financial infrastructure that empowers billions of people around the world allowing them to easy for everyone to send and receive money.
Mostly aim for users who don't have access to traditional banks or financial services.
It's powered by blockchain technology and the plan is to launch it in 2020.
Usage
The aim is to make sending and receiving money as simple as sharing messages and photos.
It will be run on Libra Blockchain which will aim to serve as a solid foundation for financial services, including a new global currency, which could meet the daily financial needs of billions of people.
To enable this, Facebook is also launching an independent subsidiary called Calibra that will build services that let you send, spend and save Libra -- starting with a digital wallet that will be available in WhatsApp and Messenger and as a standalone app next year.
Tokens
Calibra will be regulated like other payment service providers. From the beginning, Calibra will let users to send Libra to almost anyone with a smartphone at low to no cost
Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets — the Libra Reserve — and supported by a competitive network of exchanges buying and selling Libra.
Anyone with Libra has a high degree of assurance they can convert their digital currency into local fiat currency based on an exchange rate
It is governed by the Libra Association tasked with evolving the ecosystem.
Partners
In addition to Facebook efforts, many other companies will build their own services using Libra.
There are currently over 20 partners. Partnerships include payment companies like Mastercard, PayPal,..
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