What is «Libra» cryptocurrency at the moment?

What is «Libra» cryptocurrency at the moment?

Common

On June 19, a post about the Libra Association, a consortium of 27 organizations that will develop the Libra ecosystem together with Facebook, was published on the official page of Facebook founder Mark Zuckerberg. White paper is presented on the project site and a site dedicated to Calibra, an independent wallet that will provide access to Libra, is already available. So, first things first.


 

What is «Libra»?

Libra (LBR) is a token that is provided by a basket of fiat assets, and it is a tool for making payments. It is built on the Libra blockchain. In essence, this is a kind of payment network, which is designed to give access to the global financial system of 1.7 billion people. All that need for this is to have a smartphone and access to the Internet. Many may think that Libra is a stablecoin, but it is argued that this is not the case. The cost of the token will not be tied to any fiat currency, but it will have minimal volatility. Initially, Libra will be provided by four federal currencies: USD, GBP, EUR and JPY.

It is planned to add a token to some regulated electronic exchanges. Negotiations are also underway with various financial counterparties, so that people can convert their local currency into a token without any problems for making further payments.

Libra`s emission is unlimited. So, the consortium will be able to make any decisions on both additional emission and burning of tokens in unlimited quantities.


 

What is «Libra blockchain»?

For the project, a new programming language «Move» is developed, in which the blockchain and smart contracts will be built. Move is the «bytecode executable language that is used to implement user transactions and smart contracts».

Initially, the «Libra blockchain» will be closed, so only members approved by other nodes will be able to access it. Although it is planned to make it like a public blockchain in the future.

«Libra Blockchain» will have a Proof of Stake (PoS) consensus algorithm. Libra is an open-source blockchain that uses LibraBFT (Byzantine Fault Tolerant protocol). Due to this, integration with other chains based on the BFT consensus, for example, Tendermint or Binance Chain, will be possible in the future.

Transactions in the blockchain will be anonymous, that is, there is no relate to the individual. But it should be understood, that this is the same pseudo-anonymity as Bitcoin has, since only users who are pass KYC can get access to the payment network (more about that a bit later on).

 

What is the «Libra association»?

At the moment, there are 27 company partners in white paper, including MasterCard, PayPal, PayU, Visa, Booking Holdings, eBay, Facebook / Calibra, Lyft, Spotify, Uber, Vodafone Group, Anchorage, Bison Trails, Coinbase, Xapo, Andreessen Horowitz , Ribbit Capital, Thrive Capital, Union Square Ventures and others.


They form a non-profit organization «Libra Association», which is based in Geneva (Switzerland). In addition to managing the network, they will be engaged in the distribution of grants that will help the development of the network through its integration into various financial sectors.

At the moment of the network launch, which is planned in the first quarter of next year, there will be about 100 partners. Each of them must buy security tokens Libra Investment Token (LIT) in the amount of $ 10 million.

 

This money will be sent to a specially created fund. They are needed to create a Libra token providing for fiat currencies. The funds will not be stored in one place, but distributed in different jurisdictions.

LIT is another project token, which will be needed for management. Its value will depend on the cost of participation in this management or, probably, on income and various rewards.

P.S: Doesn’t it seem familiar? DPT and CDC. CDC is a stablecoin, and DPT is a service one, which is needed for paying commissions and other functions.

 

Well, now about the Calibra wallet.

Calibra is a wallet for Libra. It is an separate mobile application. That is, to access the network it is needed only a phone with the Calibra application and the Internet. Thus, the company plans to develop a new direction – the Internet of money. In Calibra, it will be possible to convert national currency to Libra and send tokens anywhere in the world. Fast, convenient and safe. Tokens can be used not only for cross-border payments, but also for day-to-day payments, for example, for buying coffee or paying for travel. Commission fees will i be completely absent, but it is planned to add them over time, but at a minimum level.

Calibra is a separate industry that is already registered with FinCEN as a money service company.


Immediately after the launch of the application, anyone can register, but only after the KYC procedure (as it was mentioned above). So, the blockchain is anonymous, but it is possible to get access to it only by providing passport information. Also somewhere in the network is information that countries and regions under US sanctions will not be able to use Calibra.

 

Binance CEO Changpen Zhao (CZ) expressed an interesting thought on this subject:
«Facebook has data on 2 billion people. They know not only names, passport numbers, addresses or phone numbers, but also your family members, friends, current and past location, your interests, hobbies, desires. They know you better than you do. But now they will know what’s going on in your wallets. This is the best AML mechanism that ever made»

 

Regulation

 

What about the regulators? There is not all so smooth. Many government agencies in most leading countries are skeptical of the new Facebook initiative. For example, Maxine Waters, chairman of the Financial Services Committee of the House of Representatives of the US Congress, said that the authorities should prevent the emergence of Libra:

«We have to act immediately for consumer’s protection, otherwise all the money will be transferred to Switzerland, and the Facebook project will begin to compete with the dollar». «It will be transferred to the country»

 

 

Оставить комментарий

Please Login to comment
avatar
  Subscribe  
Notify of

298 Posts

0 view

0

On June 19, a post about the Libra Association, a consortium of 27 organizations that will develop the Libra ecosystem together with Facebook, was published on the official page of Facebook founder Mark Zuckerberg. White paper is presented on the project site and a site dedicated to Calibra, an independent wallet that will provide access to Libra, is already available. So, first things first.


 

What is «Libra»?

Libra (LBR) is a token that is provided by a basket of fiat assets, and it is a tool for making payments. It is built on the Libra blockchain. In essence, this is a kind of payment network, which is designed to give access to the global financial system of 1.7 billion people. All that need for this is to have a smartphone and access to the Internet. Many may think that Libra is a stablecoin, but it is argued that this is not the case. The cost of the token will not be tied to any fiat currency, but it will have minimal volatility. Initially, Libra will be provided by four federal currencies: USD, GBP, EUR and JPY.

It is planned to add a token to some regulated electronic exchanges. Negotiations are also underway with various financial counterparties, so that people can convert their local currency into a token without any problems for making further payments.

Libra`s emission is unlimited. So, the consortium will be able to make any decisions on both additional emission and burning of tokens in unlimited quantities.


 

What is «Libra blockchain»?

For the project, a new programming language «Move» is developed, in which the blockchain and smart contracts will be built. Move is the «bytecode executable language that is used to implement user transactions and smart contracts».

Initially, the «Libra blockchain» will be closed, so only members approved by other nodes will be able to access it. Although it is planned to make it like a public blockchain in the future.

«Libra Blockchain» will have a Proof of Stake (PoS) consensus algorithm. Libra is an open-source blockchain that uses LibraBFT (Byzantine Fault Tolerant protocol). Due to this, integration with other chains based on the BFT consensus, for example, Tendermint or Binance Chain, will be possible in the future.

Transactions in the blockchain will be anonymous, that is, there is no relate to the individual. But it should be understood, that this is the same pseudo-anonymity as Bitcoin has, since only users who are pass KYC can get access to the payment network (more about that a bit later on).

 

What is the «Libra association»?

At the moment, there are 27 company partners in white paper, including MasterCard, PayPal, PayU, Visa, Booking Holdings, eBay, Facebook / Calibra, Lyft, Spotify, Uber, Vodafone Group, Anchorage, Bison Trails, Coinbase, Xapo, Andreessen Horowitz , Ribbit Capital, Thrive Capital, Union Square Ventures and others.


They form a non-profit organization «Libra Association», which is based in Geneva (Switzerland). In addition to managing the network, they will be engaged in the distribution of grants that will help the development of the network through its integration into various financial sectors.

At the moment of the network launch, which is planned in the first quarter of next year, there will be about 100 partners. Each of them must buy security tokens Libra Investment Token (LIT) in the amount of $ 10 million.

 

This money will be sent to a specially created fund. They are needed to create a Libra token providing for fiat currencies. The funds will not be stored in one place, but distributed in different jurisdictions.

LIT is another project token, which will be needed for management. Its value will depend on the cost of participation in this management or, probably, on income and various rewards.

P.S: Doesn’t it seem familiar? DPT and CDC. CDC is a stablecoin, and DPT is a service one, which is needed for paying commissions and other functions.

 

Well, now about the Calibra wallet.

Calibra is a wallet for Libra. It is an separate mobile application. That is, to access the network it is needed only a phone with the Calibra application and the Internet. Thus, the company plans to develop a new direction – the Internet of money. In Calibra, it will be possible to convert national currency to Libra and send tokens anywhere in the world. Fast, convenient and safe. Tokens can be used not only for cross-border payments, but also for day-to-day payments, for example, for buying coffee or paying for travel. Commission fees will i be completely absent, but it is planned to add them over time, but at a minimum level.

Calibra is a separate industry that is already registered with FinCEN as a money service company.


Immediately after the launch of the application, anyone can register, but only after the KYC procedure (as it was mentioned above). So, the blockchain is anonymous, but it is possible to get access to it only by providing passport information. Also somewhere in the network is information that countries and regions under US sanctions will not be able to use Calibra.

 

Binance CEO Changpen Zhao (CZ) expressed an interesting thought on this subject:
«Facebook has data on 2 billion people. They know not only names, passport numbers, addresses or phone numbers, but also your family members, friends, current and past location, your interests, hobbies, desires. They know you better than you do. But now they will know what’s going on in your wallets. This is the best AML mechanism that ever made»

 

Regulation

 

What about the regulators? There is not all so smooth. Many government agencies in most leading countries are skeptical of the new Facebook initiative. For example, Maxine Waters, chairman of the Financial Services Committee of the House of Representatives of the US Congress, said that the authorities should prevent the emergence of Libra:

«We have to act immediately for consumer’s protection, otherwise all the money will be transferred to Switzerland, and the Facebook project will begin to compete with the dollar». «It will be transferred to the country»

 

 

Authorisation
*
*
Registration
*
*
*

By clicking on the «Signup» button, I give my consent to the processing of personal data and consent to the privacy policy

Password generation