Facebook, the social media giant, officially unveiled its much-anticipated cryptocurrency today with the launch of its official website and whitepaper. The cryptocurrency will be called Libra and will be built on the Libra blockchain, according to the whitepaper. Notably, Libra blockchain implements LibraBFT consensus protocol, “a variant of HotStuff Byzantine Fault Tolerant consensus protocol.”
The social media giant expects to launch the cryptocurrency in the first half of next year, while the testnet is now live and can be reviewed on GitHub.
The whitepaper stated,
“Libra is a simple global currency and financial infrastructure that empowers billions of people. Libra is made up of three parts […] 1. It is built on a secure, scalable, and reliable blockchain; 2. It is backed by a reserve of assets designed to give intrinsic value; 3. It is governed by the independent Libra Association tasked with evolving the ecosystem.”
The main organization that will be working towards the growth and development of the cryptocurrency is the Libra Association, an independent non-profit organization headquartered in Geneva, Switzerland. The association consists of well-known venture capital firms, non-profit organizations, technology service providers, and financial firms. This includes Coinbase, PayPal, VISA, Stripe, eBay, Spotify, Xapo, Facebook’s Calibra, Vodafone, Union Square Ventures and Mastercard. These members would be operating and maintaining the network’s node, and manage the cryptocurrency’s reserve, Libra Reserve.
Further, the association will be making decisions pertaining to the cryptocurrency and its ecosystem via a voting mechanism. Every member of the association has the right to cast a vote on decisions on Libra, where each member would be able to cast only one vote or 1 percent of the total votes, whichever is greater.
The social media giant also addressed concerns surrounding the launch of the cryptocurrency,