Sirwin
Sirwin

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What is Libra, What Is It For?
Social media giant Facebook describes Libra as the “internet of money” by stating that the world needs a reliable digital currency and infrastructure.

In Libra white paper, where it is pointed out that securing financial assets in a mobile wallet should be simple and intuitive, the good news is that transferring money worldwide will be as easy and cost effective as sending a text message or sharing a photo. It is also stated that costs will be reduced and frictionless / invisible payments will be made.

The following details are given on behalf of Libra to create an inclusive financial system:

Built on a safe, scalable and reliable Blockchain,
Supported by asset reserve,
It is managed by the independent Libra Association, which is responsible for developing the ecosystem.
The cryptocurrency Libra is built on the Libra Blockchain and is completely open source. In this way, anyone can build something on the Libra Blockchain.

The currency is called Libra. Libra is a stablecoin fully backed by real asset reserve.

Libra's Reserve and the Source of the Reserve
The money in the reserve of Libra Coin comes from two sources, investors in Investment Token and users of Libra. Libra Association will make incentive payments to its founding members with Libra coin to encourage users, traders and developers. The funds of the crypto money, which will be distributed as an incentive, will come to investors from a private place.

For the creation of new Libra Coins on the user side, the equivalent Libra purchase must be made for fiat and this fiat needs to be transferred to the reserve. Therefore, the reserve will grow as users' demand for Libra increases. In short, in order to create more Libra coins, more investors and users must purchase more Libra with fiat and the reserve needs to be increased.

Libra Coin is not backed by gold or a single fiat coin. Instead, it is supported by a combination of low volatility assets such as bank deposits such as currencies from stable and reputable central banks and short-term government bonds.

What is the Libra Association?
Libra Association is an independent, non-profit association based in Geneva, Switzerland. The aim of the association is to coordinate and provide a framework for the management of the network, to provide reserves and leadership in the provision of social effects to support financial participation.

Libra Association Founding Members
Libra Association members will be geographically distributed and will consist of various businesses, non-profit and multinational organizations and academic institutions. On the conclusion and completion of the association's charter, “Founding Members” are as follows:

Payments: PayU (Naspers' fintech arm)
Technology and markets: Booking Holdings, Facebook / Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies Inc.
Telecommunications: Iliad and Vodafone Group
Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
Nonprofit, Multinational Organizations and Academic Institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
It is planned to increase the number of members of the association to 100 until the Libra launch, which is targeted in the first half of 2020.

Working with other association members to develop Libra, Facebook will lead the Libra Association. Facebook created Calibra, a subsidiary company designed to distinguish between social and financial data to work on the Libra network, and to build and operate services on its behalf.

Libra Blockchain
The purpose of the Libra Blockchain is to provide a solid foundation for financial services, including a new global currency that can meet the daily financial needs of billions of people. Libra Blockchain was created based on the following three needs:

Scalability for billions of accounts requiring high throughput, low latency and an efficient, high-capacity storage system,
High level security to ensure the security of funds and financial data,
Flexibility.
Libra Blockchain has been designed from the ground up to address these requirements in a holistic way and build on extraction from existing projects and research. Key features of Libra Blockchain:

Designing and using Move programming language,
Using a Byzantine Fault Tolerant (BFT) consensus approach,
Adopting widely adopted blockchain data structures.
Move programming language is a new programming language to be used for the development and implementation of smart contracts on the Libra Blockchain. Move has high security measures due to Libra's goal of serving billions of people daily.

To facilitate agreement between all confirmatory nodes related to the transactions to be performed and their order of execution.

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FACEBOOK AND LİBRA COİN
FACEBOOK AND LİBRA COİN

What is Libra, What Is It For? Social media giant Facebook describes Libra as the “internet of money” by stating that the world needs a reliable digital currency and infrastructure. In Libra white paper, where it is pointed out that securing financial assets in a mobile wallet should be simple and intuitive, the good news is that transferring money worldwide will be as easy and cost effective as sending a text message or sharing a photo. It is also stated that costs will be reduced and frictionless / inv

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