Crypto Diaries: Facebook reveals the White paper for its stable coin Libra
Facebook’s Libra Coin, Helium IoT Hotspots, GRAM token sale & VISA’s B2B Connect
The announcement by the social media giant Facebook to launch its own native digital token dubbed as ‘ Libra’ as per the white paper released, is perhaps the biggest announcement Cryptoverse has seen in its short history of a decade. More on this & some other recent developments later.
Unexpectedly though, the noise around Libra coin didn’t have any discernible impact on the prices of mainstream Cryptos. Bitcoin, the crypto kingpin is consolidating just below the high of over $9400 reached earlier. BTC dominance stands at 57.3% with the total market cap of $284 billion for the Cryptos at the time of publishing.
Libra Coin White paper
The social media giant has decided not to leave the field empty for the mainstream Cryptos by launching its own native token. With more than 2.5 billion users under its belt — it would certainly hurt the major players in the legacy financial system more than doing any harm to the decentralized Cryptocurrencies. Let’s review some of the major features of Project Libra:
- Easily convertible into your local currency, Libra coin can be spent like fiat money without the big transaction fee or revealing your identity, making it a good medium of exchange.
- Libra’s value will be pegged to a basket of bank deposits and short-term government securities & kept in a Libra Reserve which would be responsible for the exchange between Libra coins & fiat currencies.
- A not-for-profit organization called ‘Libra Association’ will govern the project and has 28 founding members (infographic below) — Facebook intends to reach 100 members before the official launch in 2020 & it’s open to direct tech competitors like Google or Twitter.
- Each founding member has paid $10 million to become a validator node operator and gaining one vote in the Libra Association council which would also be governing the Libra Reserve. Facebook gets only one vote as well.
- The transactions process on a blockchain based ledger employs the Byzantine Fault Tolerance Protocol…