How will the Facebook cryptocurrency Libra work?

Facebook Cypto

New member
Jun 22, 2019
Libra will be a STABLE coin, which will be backed by real assets like USD, EUR, JPY, and GPB. Libra will be backed by its own reserve, called “Libra Reserve”, which is comprised of low volatile assets structured to keep its value relatively stable. For withdrawing the funds, the users( mainly from WhatsApp or messenger platforms) would be able to convert the currency into legal tender based on an exchange rate, which will be like exchanging USD for Euros for a European vacation. You need not be worried about the security feature as the Libra payments won’t be connected with a user’s FB data and even will not be used for ad targeting with the data. You can store it in the Calibra wallet, which we shall discuss in the upcoming segments.

Just like MKR is the governance token for MakerDao, there will be governance token for Libra as well known as the Libra Investment token (LIT), which will enable the participation in the governance of the network.

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  • Facebook Libra Coin is built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol. 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. Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members. While final decision-making authority rests with the association, Facebook is expected to maintain a leadership role through 2019. The Libra mission is to reinvent money and transform the global economy so people everywhere can live better lives.

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