Facebook announces Libra cryptocurrency: All you need to know – TechCrunch

Libra is built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol. The Libra mission is to reinvent money and transform the global economy so people everywhere can live better lives.

Backed by a reserve of various assets designed to give it intrinsic value, it is governed by the independent Libra Association tasked with evolving the ecosystem. Members of the Libra Association consist of geographically distributed and diverse businesses, nonprofit and multilateral organizations, and academic institutions. Founding members include Mastercard, PayPal, Stripe, Visa, eBay, Facebook, Lyft, Uber, Spotify, Andreessen Horowitz, Vodafone Group, Kiva, Mercy Corps, Women’s World Banking and more.

Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members.

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Since Facebook announced its planned Libra currency June 18, the bitcoin market has gone haywire. The original cryptocurrency surged from $9,000 to $11,000 this past week, as investors perceived Facebook’s crypto initiative as a vote of confidence in blockchain-based assets.

Bitcoin’s price has steadily risen since April, and this week, it surpassed $10,000 for the first time in 15 months—dating back to March 2018.

News of the Libra, and its effect on bitcoin, has understandably piqued the interest of crypto speculators, some of whom may be anticipating a Libra boomlet.

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Libra cryptocurrency is a native coin as part of the open-source blockchain protocol, the Libra Blockchain, a consortium spearheaded by Facebook, the social media company.

Facebook has finally revealed the details of its cryptocurrency, Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger and its own app. Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.

Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association, including Visa, Uber and Andreessen Horowitz, which have invested at least $10 million each into the project’s operations.

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This is the perfect time to invest since Facebook just announced Libra cryptocurrency in public. This new digital currency is targeting 1.7 billion unbanked population.

The future is here as Facebook reveals its own cryptocurrency—Libra. Since the announcement of its launch last June 18, 2019, crypto has gone wild with erratic motions from $9,000 to $11,000.

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