Facebook's Libra project website is up, whitepaper available

18 Jun, 2019
by Ryan Boltman
News
Facebook's Libra project website is up, whitepaper available

Facebook's highly publicized cryptocurrency project officially has a website with a whitepaper, Chepicap looks into what the website has to offer

Following the recent launch of Facebook's Libra projects own wallet, called Calibra, Facebook have now gone live with their cryptocurrency project website titled Libra. The website which has gone live today,  also includes their whitepaper.

The Libra website describes the upcoming cryptocurrency as "A simple global currency and financial infrastructure that empowers billions of people.

Reinvent money. Transform the global economy. So people everywhere can live better lives."

The cryptocurrency touts itself as being available to anyone with an entry-level smartphone, as well as being a stable coin backed by "a reserve made to keep its value stable". Libra also states that the transactions will be fast and easy, with worldwide availability. Also mentioned are scalability and security with the Libra crypto.

The Libra whitepaper also mentions members of the Libra Association, which include:

Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa


Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc.

Telecommunications: Iliad, Vodafone Group

Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited

Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures

Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking

The whitepaper explains that Libra expects to add an additional 100 member to the association, targeting 200 members by 2020.

Libra is described in the whitepaper as  "a stable digital cryptocurrency that will be fully backed by a reserve of real assets — the Libra Reserve — and supported by a competitive network of exchanges buying and selling Libra."

Facebook continue to move aggressively with the launch of their own cryptocurrency and digital wallet called Calibra.

Co-creator of Libra, David Marcus tweeted the announcement:

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