The crypto and social media space has been curious with the release of the much anticipated project “Facebook Coin” Whitepaper. For the sake of people new to the crypto space, Whitepaper is document that explains in details the scope of a project, distribution of tokens, protocols and what the crypto project intends to achieve at different stages. It is however subject to change as the crypto space is dynamic and keeps growing from time to time.
There has been so much anticipation in regards to what a world known technology giant, Facebook intends to achieve by finally coming into the crypto space despite putting strict measures on crypto through its platform in the past.
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A deep look into the whitepaper reveals that Libra is a project that wants to enable a simple global currency and financial infrastructure that empowers billions of people. In order to achieve this proposed border-less, global and less volatile stable coin, a Libra Association has been formed which comprises of top companies cutting across fields such as Payments, Blockchain, Telecommunications, Venture Capital, Technology & Marketplace, Non-profit & Multilateral organizations.
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Notable among these partners that are also Founding Members are Mastercard, Paypal, PayU, Visa, Fabeoook/Calibra, Lyft, Uber Technologies, Vodafone Group, Coinbase, Xapo Holdings Limited, Mercy Corps, Kiva and so on with more expected to come on board.
Facebook which played a key role in the creation of Libra Blockchain which the Libra coin will be developed and operated on while is expected to maintain a leadership role through 2019.
Libra Blockchain will be making use of a “permissioned” consensus with the intention of becoming “permissionlesss blockchain”. Presently, to be become a validator requires some very stringent requirements and must be approved by the Libra Association.
To read more about the whitepaper, kindly follow this official link https://libra.org/en-US/white-paper/
However, the crypto community still expects more clarifications regarding Libra Network and how it will change the crypto space while bringing in more adoption.
Will Libra be a centralized coin owned and controlled by the mighty few as against the real idea of crypto which is decentralization, time will tell!