Unveiled in the USA, a few day ago, the
take-off, according to the social network founded by Mark Zuckerberg is to hold by 2020.
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The American firm is reported to have
ploughed up to $1 billion (£800 million) on the project, with more spending
envisaged.
Facebook’s cryptocurrency push is being
overseen by a consortium known as Calibra,
which is expected to have its own management structure because Facebook wants
to bolster trust among users.
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Calibra is formed by dozens of
companies such as Visa, Mastercard,
PayPal and Uber. In all, about
28 global companies partnered Facebook on the project. Libra is a digital
wallet, and will be available in Messenger, WhatsApp, and as a standalone app,
by 2020.
The scheme represents a boost for the
cryptocurrency industry, which has been hampered by wild price swings in recent
years and criticism that digital coins are used to launder money.
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Cryptocurrencies are a type of digital
currency that allows payments to be made without transactions having to go
through a centralised authority such as a bank. The payments are made through
the use of a technology known as the blockchain,
a decentralised peer-to-peer system that keeps a record of all payments made
through a network of connected computers.
According to Facebook, Libra will be
built on the Libra Blockchain a
“secure, stable, and reliable blockchain” and backed by Libra Reserve, “a
reserve of real assets” that will provide the cryptocurrency with “stability,
low inflation, global acceptance, and fungibility.” The Libra Blockchain will
be open-sourced under an Apache 2.0 License.
Libra’s mission is to enable a simple
global currency and financial infrastructure that empowers billions of people. According
to its White Paper, with the Libra currency built on the “Libra Blockchain,” it
is intended to address a global audience. The software that implements the
Libra Blockchain is open source — designed so that anyone can build on it, and
billions of people can depend on it for their financial needs.
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According to some founding members, it
is an interoperable ecosystem of financial services that developers and
organisations will build to help people and businesses hold and transfer for
everyday use.
Head of Calibra, Facebook, David Marcus, said Libra holds the
potential to provide billions of people around the world with access to a more
inclusive, more open financial ecosystem.
Marcus said the firm looks forward to
participating in the Libra network as a founding member, as well as through
providing the community with access to Libra through Calibra. “We know the journey is just beginning, but together we can
achieve Libra’s mission to create a simple global currency and financial
infrastructure that will empower billions of people,” he stressed.
Executive Vice President, Digital
Solutions, Mastercard, Jorn Lambert,
said: “Tomorrow’s innovation may just be an idea today.
We are committed to ensure that the Internet of Everything comes with the
inclusion of everyone. By activating partnerships to explore, co-create, and
test new ideas, we can cultivate ideas to make inclusion a reality sooner than
some may think. This effort embraces that spirit.”
Co-Founder and CEO, Luno, Marcus Swanepoel, said: “We’ve always believed that cryptocurrencies will play a key
role in addressing the acute financial needs of potentially billions of people
around the world, in particular in developing economies.
This addresses some of the
key shortcomings of traditional cryptocurrencies, and this initiative is
uniquely positioned to unlock an enormous amount of value to consumers in these
markets. It represents a highly disruptive step change not just for the
cryptocurrency industry, but also for the broader financial system.”
Other Facebook Executives noted that
Libra will need to be accepted in many places and easy to access for those who
want to use it. In other words, people need to have confidence that they can
use Libra and that its value will remain relatively stable over time. Unlike
the majority of cryptocurrencies, Libra is fully backed by a reserve of real
assets. A basket of bank deposits and short-term government securities will be
held in the Libra Reserve for every Libra that is created, building trust in
its intrinsic value. The Libra Reserve will be administered with the objective
of preserving the value of Libra over time. The Libra Association is an independent,
not-for-profit membership organization headquartered in Geneva.
According to the Libra Association, the
existing blockchain systems have yet to reach mainstream adoption. The body
noted that mass-market usage of existing blockchains and cryptocurrencies have
been hindered by their volatility and lack of scalability, which have, so far,
made them poor stores of value and mediums of exchange.
Libra Association stressed that some
projects have also aimed to disrupt the existing system and bypass regulation
as opposed to innovating on compliance and regulatory fronts to improve the
effectiveness of anti-money laundering.
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