What is Facebook Libra Cryptocurrency

Facebook CEO Mark Zuckerberg announced about their new cryptocurrency libra last week. Along with this, they released the whitepaper and a prototype of their client software. Soon after, the crypto world, as well as the whole internet, got flooded with the new innovation and related discussion.

One can find tons of literary pieces already written on the privacy issues with Libra. Also in parallel, there are different discussions being carried in the financial as well as technological world regarding this.

Here I bring in an overview of libra blockchain in limited words consolidating the whitepaper and 29-paged technical description. The blog primarily focuses on the technical aspects of Libra rather than the raised issues concerning its privacy. The topic is treated neutrally.

To start with, Libra blockchain is a permissioned open-sourced blockchain which is expected to get launched in the inception of 2020. The design promises its extensiveness to other programmable resources, not limiting to the cryptocurrency alone.

There will also be a crypto wallet called ‘calibra’ exclusively for libra coins which is yet to launch. Libra mainly comprises of three parts that promise to work together envisioning a more inclusive financial system:

1. Built on top of libra blockchain

2. Backed by Libra reserve

3. Governed by the Libra Association

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Originally published at https://www.blockchainexpert.uk.