Facebook is set to launch a global cryptocurrency named Libra.
Facebook Releasing the White Paper for their ‘Blockchain’ project Libra. the social media giant revealed. The digital coin will come online in the first half of 2020 if regulators in Switzerland, where the new currency is to be based, give the go-ahead.
Facebook has created a management tool it has named Calibra, which will offer digital wallets to save, send and spend Libras. It will be connected to the billion-plus users of the Messenger and WhatsApp platforms as the network expands beyond social networking into the world of international finance.
Facebook revealed its long-awaited cryptocurrency plans, announcing “Project Libra,” a new type of digital money designed for the billions of people using its apps and social network. If the plan is successful, users will soon be able to shop with and send the currency known as Libra on Messenger and Instagram, as well as use it with a wide variety of other merchants like 28 partner companies in the project include household names such as Mastercard, Visa, Spotify, PayPal, eBay, Uber and Vodafone, as well as venture capital firms.
The name was inspired by Roman weight measurements, the astrological sign for justice and the French word for freedom, said David Marcus, a former PayPal executive who is heading up the project.
"Freedom, justice and money, which is exactly what we're trying to do here," he said.
Facebook finally released their much anticipated white paper on Project Libra, which may come as a surprise for those unfamiliar with the block-chain scene. It’s not customary for the large tech companies to release information about a product without any demo to share, even if it is years away from full release. However, Facebook took a route customary for block-chain projects because it has realized that timing is now pivotal for Facebook’s plans to succeed.
https://en.wikipedia.org/wiki/Libra_(cryptocurrency)
https://libra.org/en-US/white-paper
https://libra.org
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