Everything You Need to Know About Facebooks Cryptocurrency (Project Libra)

I read the Project Libra Whitepaper so you wouldn’t have to.

Reza Jafery
Jun 19 · 11 min read
Screenshot from Calibra.com

“The Libra Blockchain is a decentralized, programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world. We present a proposal for the Libra protocol, which implements the Libra Blockchain and aims to create a financial infrastructure that can foster innovation, lower barriers to entry, and improve access to financial services.” — Libra, Technical White paper

Prologue

Way to tug on our heart-strings with the message to Dad we all feel guilty about not sending enough. Text your parents more.

What you need to know

Facebook

Project Libra / Libra

Libra Association

Libra Reserve

Let's tie it all together…

LibraBFT

Calibra

Move

Validator Node

“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee,” — Project Libra, white paper

Key Takeaways from the Project Libra White Paper

The Libra Association is going to be the digital Illuminati

Libra will be decentralized to an extent

Photo by Alina Grubnyak on Unsplash

The white paper focuses heavily on helping the unbanked obtain access to digital financial services

They plan on being on a “network of exchanges”

It’s sorta clear how profits will be used

They’re hyper-focused on making cryptocurrency easy, fast, and trustable

They’ve created a separate entity to keep financial data separate from their social data

The homepage of Calibra.com

Despite wanting to collaborate with regulators, they’ve already been asked to stop

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” — Maxine Waters

This is going to make a great thumbnail.

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Reza Jafery

Written by

Writer / Blockchain Consultant for PwC / Partner at Blockchain Marketing Associates / Cofounder @LVLUPDojo

The Startup

Medium's largest active publication, followed by +479K people. Follow to join our community.