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Libra coin is a stablecoin announced by Facebook in 2019 and slated for release in 2020. Rumours had been forming for months before the announcement, with multiple media outlets reporting that Facebook was carefully examining how to design a cryptocurrency solution in the remittances space.
The announcement resulted in the cryptocommunity criticizing the project, of which only some code has been released. A majority of the criticism was related to the fact that it would give Facebook, which has drawn a lot of flak for data collection and privacy related issues, more influence. Facebook has tried to alleviate this issue by forming a Libra Association, which is composed of 28 members who will act as validators on the network.
The Libra network is a permissioned one and utilizes a stablecoin pegged to fiat currencies. Facebook has said that the tokens are backed by a basket of assets like currencies and US Treasury securities in order to resist volatility.
The criticism levied against Libra is that it is not decentralized, with the Libra Association essentially acting as a central bank. Regulators in the United States too have shown extreme reservation about the effort, usually citing privacy, financial implications, consumer protection and an increase in Facebook’s influence as reasons. Other nations have had similar reactions to the announcement.
Development still appears to be in the early stages, despite the imminent launch in 2020. Facebook has released a whitepaper for Libra, though very little code has been released. No mining will take place and the plan is to move to a Proof-of-Stake system in 5 years.
19 Jun 2019 1 minute read 1 comment Cryptofivers
The most hyped up Libra coin’s whitepaper was unmasked a few days ago and not everyone is happy with what the new kid on the crypto block is designed to tackle. A candid look at the project reveals there is more than what meets the eye. The French fi...
19 Jun 2019 1 minute read 8 comments Mark Anstead
Just spent some time going through the new Libra whitepaper yesterday, and it's no surprise that they aren't doing anything special or new by any means. I did see something that was interesting- they look to be the first network to go from entirely p...
19 Jun 2019 1 minute read 2 comments LiteLiger
Libra Whitepaper Overview Okay time to talk about some big news regarding Facebook's reveal of their Crypto Currency coin called Libra, which today released a white paper on their website. Laying out their partners, goals, plans and some explanation...
19 Jun 2019 1 minute read 3 comments gduran
 Facebook has published the white paper for its future coin Libra and that has raised a lot of emotions. I saw an article on The Guardian about this and the commen...
18 Jun 2019 1 minute read 3 comments Turtle_Girl
Facebook stock is up 4% as it's gonna unveil Libra this week , Facebook has partership with Uber, Visa and Paypal to create cryptocurrency , You will able to send funds to your love ones through facebook Messenger and Whatsapp and this announcement a...
17 Jun 2019 1 minute read 1 comment drtn
Tomorrow, Facebook will unveil its white paper about the new libra cryptocurrency they will broadcast to all their subscribers in a few months. It's a paradigm shift. For the first time in human history, a private company will acquire monetary sovere...
1 Jun 2020 1 minute read 0 comments Ivar0001
The ECB recently posted in a news report that if Libra were to become famous and mainstream, the Libra Reserve would gain around $3 TRILLION in ASSETS. I mean if you think about it that's a lot. Facebook already has almost a billion users and most pe...
6 Mar 2020 1 minute read 0 comments Crypto Show
4 Mar 2020 1 minute read 0 comments The Global Crypto Press Association
The Global Crypto Press Association has obtained documents which give a first glimpse into what Facebook has been developing for their upcoming cryptocurrency 'Libra'... >> Read The Full Post Here
17 Feb 2020 1 minute read 0 comments mrnsaydou
The first major central bank issued digital currency is at our doorstep. That could mean trouble for Libra.
