After months of waiting, finally, Facebook released White Paper’s digital-based digital exchange. According to Whitepaper, Facebook’s Stable Kevin Facebook, called Libra, will launch on a scalable Chinese cell.
According to Cointelgraph, for the backing of this digital currency, stocks of assets are intended to give an intrinsic value to it, thereby reducing its volatility. These assets include a basket of bank deposits and short-term government securities that will be deposited in Libra Reserve for each Liberian digital currency being exported.
Libra describes her mission as follows:
“Libra is a simple global currency and a financial infrastructure that is supposed to help billions of people.”
This digital currency has developed the following three essential features for building such a financial system:
1 Libra is a secure, scalable, and reliable blockchain.
2 Libra is backed by stock assets that are designed to give intrinsic value to it.
3 This project is run by the Independent Association of the Liberal Coalition, whose mission is the evolution of the ecosystem.
This digital currency will be operated by the Swiss-based non-profit coalition Libra Association, which includes members of major corporations such as MasterCard, Paypal, Visa, Strip, eBay, Coinbase, Andersen Horowitz, Uber, and Spotify.
Facebook plans to bring the number of members of the consortium to 100 at the time Libre’s digital currency launches in the first half of 2020. In this Whitepaper, says:
While all companies will have decision-making power in the consortium, Facebook will retain its leadership role in 2019. In order to ensure that financial and social data is separate, Facebook has put together the construction and implementation of the Calibra Wallet service on the Libra network.
One of the leaders in the Mercado Libre e-commerce platform said:
We will use Facebook's digital currency as a payment method.
Libre’s Alliance will also be run by the Libra Association Council. The members of the association will initially be founders, each of whom will run a ninety for validation on the Libra network, and have invested in at least $ 10 million for this position. According to Facebook, every $ 10 million for each member of the council will be a void.
The company also unveiled Libra Investment Token, in addition to its user-eccentric digital currency. This token can be purchased or given as a dividend to the original members of the association or to investors.
Pointing to the fact that the digital currency does not need KYC, he said on Twitter:
Libra Facebook does not need KYC. They have a lot of information from 2 billion people. Not only the name, but also the identifier, address and telephone number of the person. They know your family, friends, the history of the places you've been with, with whatever you like. They know you much better than yourself! And now they'll know your wallet. The best way to avoid money laundering (AML) can be applied!
Walleteum manager added:
Facebook has a great potential for entering digital currency, provided that it meets the KYC.
Since the Liberian digital currency is not affiliated with any national currency, Whitepaper points out that users will not be able to always convert it to a fixed amount of Fiat money. However, Facebook has announced that it has chosen to rescues its assets to minimize fluctuations in this digital currency.
It’s as if the giant social network really wants to become the largest central bank in the world.
Whitepaper Digital Facebook was eventually released
To ensure decentralization, these assets are maintained by a distributed network of maintenance providers around the world, but managed by the Liberia Alliance. Only this entity will have the right to export and destroy this digital currency.
Facebook has posted its pilot project, called Libra Core, to enable developers to test and test Blackstone in Libra.
The Chinese block uses a new language called Move, a flexible programming language for implementing smart contracts and executing custom transactions in China’s Librarian Block.
Libra’s digital currency helped to facilitate the payment process on its various platforms, including WhatsApp and Instagram, which makes the digital currency accessible to 2.7 billion users worldwide.
With the release of Facebook’s digital Libra Digital Technical Specifications, speculation and news about the nature of the digital currency and its development ended. Market participants believe Facebook’s entry into digital currency is an important step towards accepting digital currency and Facebook itself. Spencer Bogart, a partner at Blockchain Capital’s Capital Investment Company, said:
It can be said that Facebook’s efforts, one and not necessarily the most important action to accelerate acceptance of Bitcoin and other digital currencies, are in the history of technology in the world.