(BlockBar) On June 18th, Libra’s official website, Facebook’s global digital cryptocurrency, was officially launched, and the Libra Stabilization White Paper has also been released. According to official sources, the emergence of Libra Stabilization Coin will serve as a simple global monetary and financial infrastructure that benefits billions of people.
After months of intense speculation on Libra project, Facebook finally released the details of the new cryptocurrency project Libra, which is managed by a new subsidiary called Calibra. In fact, Libra is actually distributed by an organization called the Libra Association. This organization is sponsored by Facebook and is run by dozens of organizations. Participants who were familiar with the project said that organizations and companies that want to join the Libra blockchain need to pay $10 million in membership fees to Facebook, and then they can run nodes on the blockchain for data viewing and data writing. There are currently 28 partners listed, moreover, they plan to increase to 100 members in the future. Facebook can generate $1 billion in revenue, which is equivalent to $1 billion in financing for the Libra project.
As many have predicted, Libra is a stable currency – which means its value is designed to remain as constant as possible, in this case, it gives up the feature of volatility of many cryptocurrencies. To achieve this stability, Libra links its value to the underlying assets in the Libra reserve, which is described as “a collection of currencies and other assets used as collateral for every Libra that is created.”
Libra will anchor a currency basket, which can be deposited in and withdraw a variety of legal currencies. After Facebook Libra Blockchain is running for several years, 2.6 billion Facebook eco users have experienced the convenience that Libra brings to life, and then the e-commerce, games, services and financial digital ecosystems that are attached to Facebook will undergo radical changes, all Services will no longer be denominated in US dollars or traditional currencies, but will be valued in Libra. As a cryptocurrency, Libra is designed to make it easy for anyone to transfer value to any other Libra wallet holder. Libra will allow users to buy things on Google Play store and IOS Apple store at first, and then it will be available for payment in Whatsapp and Facebook messenger and even other platforms – allowing users to send money as easily as email.
As a stable currency created by a huge international entity (Facebook), Libra may enforce strict KYC requirements to ensure it complies with the regulations of as many countries as possible. It has now been confirmed that Calibra requires a government-issued ID card to verify the new account. By verifying the account, Calibra promises that all Libra users will be protected from fraud. Furthermore, if a user is subject to any unauthorized fraud, he will receive a full refund.
Currently, Facebook is still tight-lipped on Libra’s release date, just noticed that the site is about to be “coming soon” and prompts users to sign up for early access so that they can be notified when the network goes online.
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