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Libra (cryptocurrency)

Libra (cryptocurrency)

A cryptocurrency created by Facebook that is backed by real-world assets (a basket of bank deposits and short-term government securities). Libra is managed by a non-profit organization regulated by the Swiss financial authority known as the Libra Association; consisting of Facebook, Calibra (a subsidiary of Facebook), and 27 other companies.

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Will Suter
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Facebook executive and head of Calibra, David MarcusDavid Marcus, appeared before the United States senate on Tuesday July 16, 2019 to discus regulatory issues surrounding Libra. Prior to the senate hearing David Marcus went on record saying: 

Thomas Shaddox
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During the senate hearing law makers questioned David Marcus about why people should trust Facebook to manage their money and why Facebook should be trusted to pioneer financial technology regulations which could drastically change global financial systems. On May 9, 2019 the Mark Crapo and Sherrod BrownSherrod Brown of the United States Senate Committee on Banking, Housing, and Urban Affairs sent a letter to Mark Zuckerberg asking him to respond to several questions which were the primary focus of the senate hearing on July 16, 2019. These questions were:

Thomas Shaddox
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Facebook's Libra has seen some pushback from the US treasury secretary, Steven MnuchinSteven Mnuchin, regarding regulatory issues surrounding Libra. Mnuchin told reporters the Libra cryptocurrency is a national security issue because of its potential to be used by "money launderers and terrorist financiers". Mr.Mnuchin commented further about his concerns towards Libra's potential as a cryptocurrency by saying:

Dawson Sewell
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Regulatory issues and public reception

Facebook's Libra has seen some pushback from the US treasury secretary, Steven Mnuchin, regarding regulatory issues surrounding Libra. Mnuchin told reporters the Libra cryptocurrency is a national security issue because of its potential to be used by "money launderers and terrorist financiers". Mr.Mnuchin commented further about his concerns towards Libra's potential as a cryptocurrency by saying:

Cryptocurrencies have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking"

Facebook executive and head of Calibra, David Marcus, appeared before the United States senate on Tuesday July 16, 2019 to discus regulatory issues surrounding Libra. Prior to the senate hearing David Marcus went on record saying: 

Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals. 

During the senate hearing law makers questioned David Marcus about why people should trust Facebook to manage their money and why Facebook should be trusted to pioneer financial technology regulations which could drastically change global financial systems. On May 9, 2019 the Mark Crapo and Sherrod Brown of the United States Senate Committee on Banking, Housing, and Urban Affairs sent a letter to Mark Zuckerberg asking him to respond to several questions which were the primary focus of the senate hearing on July 16, 2019. These questions were:



  1. How would this new cryptocurrency-based payment system work, and what outreach has there been to financial regulators to ensure it meets all legal and regulatory requirements?
  2. What privacy and consumer protections would users have under the new payment system?
  3. What consumer financial information does Facebook have that it has received from a financial company?
  4. To the extent Facebook has received consumer financial information from a financial company, what does Facebook fo with such information and how does Facebook safeguard the information?
  5. Does Facebook share or sell any consumer information (or information derived from consumer information) with any unaffiliated third parties?
  6. Does Facebook have any information bearing on an individual's (or group of individuals') creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics or mode of living that is used (either by Facebook or unaffiliated third party) to establish eligibility for, or marketing of a product or service related to, (1) credit, (2) insurance, (3) employment, or (4) housing?
  7. How does Facebook ensure that information bearing on an individual's (or group of individuals') creditworthiness, credit capacity, character, general reputation, and/or personal characteristics is not used in violation of the Fair Credit Reporting Act?

Further reading

Title
Author
Link
Type
Date

Facebook's Libra could be misused, says treasury chief Mnuchin

Russel Hotten

Web

July 15, 2019

Documentaries, videos and podcasts

Title
Date
Link

Facebook's David Marcus testifies before Senate on Libra cryptocurrency - 07/16/2019

July 16, 2019

Dawson Sewell
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Libra is a permissioned blockchain digitalblockchain-based currencycryptocurrency that is price-stabilized (see stablecoin) through the backing of a basket of bank deposits and short-term government securities held in the Libra Reserve. 

Dawson Sewell
Dawson Sewell edited on 17 Jul 2019 3:30 pm
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Purpose of Libra

Dawson Sewell
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Libra is a permissioned blockchain digital currency that is price-stabilized (see stablecoin) through the backing of a basket of bank deposits and short-term government securities held in the Libra Reserve. 



Libra is a permissioned blockchain digital currency that is price-stabilized (see stablecoin) through the backing of a basket of bank deposits and short-term government securities held in the Libra Reserve. The Libra Reserve is managed by the the not-for-profit Libra Association, that is headquartered in Geneva, Switzerland and is regulated by the Swiss Financial Authorities. The Libra Association is made up of Facebook, a subsidiary of Facebook called Calibra, and 27 other companies. FacebookThe planspurpose onof allowingthe peopleLibra Association is to purchasedevelop permissionless governance and consensus for the Libra cryptocurrency online and at various brick and mortar locations around the worldnetwork. 



Facebook plans on allowing people to purchase the Libra cryptocurrency online and at various brick and mortar locations around the world. 

...

Purpose

According to Libra's white paper there are approximately 1.7 billion adults around the globe without access to traditional financial infrastructure, however, 1 billion of those adults have a mobile phone, and about 500 million of those 1 billion also have access to the internet. Libra is trying to create a global cryptocurrency capable of bringing secure financial services and financial infrastructure with low fees to the unbanked people of the world with access to the internet and a mobile device.

Dawson Sewell
Dawson Sewell edited on 17 Jul 2019 12:58 pm
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Libra is a permissioned blockchain digital currency that is price-stabilized (see stablecoin) through the backing of a basket of bank deposits and short-term government securities held in the Libra Reserve. The Libra Reserve is managed by the the not-for-profit Libra Association, that is headquartered in Geneva, Switzerland and is regulated by the Swiss Financial Authorities. The Libra Association is made up of Facebook, a subsidiary of Facebook called Calibra, and 27 other companies. Facebook plans on allowing people to purchase the Libra cryptocurrency online and at various brick and mortar locations around the world. 

Announcement

On June 18, 2019 the American social media company Facebook, released a white paper with details about their plans to launch an open-source stablecoin cryptocurrency project, called Libra, in the first half of 2020. Facebook plans on allowing people to purchase the Libra cryptocurrency online and at various brick and mortar locations around the world.

Further reading

Title
Author
Link
Type
Date

Facebook Confronts Bipartisan Resistance to Cryptocurrency Plans

Dave Michaels, Kate Davidson, Sam Schechner

Web

July 15, 2019

Facebook Says Libra Cryptocurrency to be Regulated by Swiss Financial Authorities--Update

Dave Michaels

Web

July 15, 2019

Libra stablecoin wants Swiss financial regulatory control

swissinfo.ch

Web

July 15, 2019

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Jude Gomila
Jude Gomila edited on 16 Jul 2019 8:59 pm
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Compared to traditional stablecoinstablecoin projects, Libra's price will fluctuate as the value of assets backing the cryptocurrency fluctuate in price. This will occur because the value of Libra is not pegged to a single fiat currency, but is instead pegged to assets held by a geographically distributed and regulated group of institutional custodians participating in the Libra Reserve. 

Dawson Sewell
Dawson Sewell edited on 16 Jul 2019 6:51 pm
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Libra (cryptocurrency)

A cryptocurrency created by Facebook that is backed by real-world assets such(a basket of bank deposits and short-term government securities). Libra is managed by a non-profit organization regulated by the Swiss financial authority known as a basket of bank deposits and short-term government securities. Libra is managed by a non-profit organization regulated by the Swiss financial authors called the Libra Association; consisting of Facebook, Calibra (a subsidiary of Facebook), and 27 other companies.

Dawson Sewell
Dawson Sewell edited on 16 Jul 2019 6:49 pm
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Libra (cryptocurrency)

A cryptocurrency created by Facebook that is backed by real-world assets such as a basket of bank deposits and short-term government securities. Libra is managed by a non-profit organization regulated by the Swiss financial authors called the Libra Association which; consistsconsisting of Facebook, Calibra (a subsidiary of facebookFacebook), and 27 other companies.

Dawson Sewell
Dawson Sewell edited on 16 Jul 2019 6:47 pm
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Libra (cryptocurrency)

A cryptocurrency owned and operated by Facebook.

A cryptocurrency created by Facebook that is backed by real-world assets such as a basket of bank deposits and short-term government securities. Libra is managed by a non-profit organization regulated by the Swiss financial authors called the Libra Association which consists of Facebook, Calibra (a subsidiary of facebook), and 27 companies.

Edits on 30 Jun 2019
Dawson Sewell
Dawson Sewell edited on 30 Jun 2019 9:59 pm
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The Libra protocol is the blockchain protocol powering the Libra cryptocurrency.

The Libra protocol is the blockchain protocol powering the Libra cryptocurrency. The following image is a visual representation of how the Libra protocol operates. The Libra protocol uses a single merkel tree to provide an authenticated data structure within the Libra network. 

...

Transaction structure

The following is a generic overview of the data present in transactions on the Libra network: 

  • Sender address: Details containing the account of the users address sending the transaction. The senders address is read by the Move virtual machine and contains the sequence number, authentication key, and LibraAccount balance.
  • Sender Public key: Corresponding public key to the private key used for signing the transaction. The hash of the public key matches the authentication key stored inside of the senders LibraAccount.
  • Program: The Move bytecode of the transaction script required for execution, optional list of script inputs, and and optional list of publishable Move byte modules.
  • Gas price: Price of Libra coins the transaction sender is willing to pay for the processing of their transaction request.
  • Maximum Gas price: Maximum number of Libra coins, or gas units, a transaction is allowed to consume before transaction execution is stopped.
  • Sequence number: Unsigned number that is required to be equal to the sequence number of the senders LibraAccount. After transaction execution the sequence number increases by 1, and the transaction can never be replayed.
  • Signature: The senders digital signature.
...

Libra users submit their transactions by updating their ledger state, and each tranaction is charged a transaction fee denominated in Libra coins that is based on the gas model used by Ethereum. Each transaction is made using Move bytecode to create a transaction script containing information with the recipient account address or the number of Libra being sent. A validator receives the transactions script and runs it using the present ledger state as an input. The validator process the transaction and produces a deterministic transaction output that is committed during consensus after agreeing to a binding commitment regarding the output of the transaction. Once the transaction is officially committed by the consensus protocol the ledger state is updated. 

Dawson Sewell
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The Libra Reserve Genesis

Libra is a stable cryptocurrency because each unit of Libra is backed by a reserve of tangible real world assets held in a reserve called the Libra Reserve; consisting of a basket of bank deposits and short-term government securities. Compared to traditional stablecoin projects, Libra's price will fluctuate as the value of assets backing the cryptocurrency fluctuate in price. This will occur because the value of Libra is not pegged to a single fiat currency, but is instead pegged to assets held by a geographically distributed and regulated group of institutional custodiansThe participating inmembers of the Libra Reserve are required to have an investment-grade credit rating. 



Compared to traditional stablecoin projects, Libra's price will fluctuate as the value of assets backing the cryptocurrency fluctuate in price. This will occur because the value of Libra is not pegged to a single fiat currency, but is instead pegged to assets held by a geographically distributed and regulated group of institutional custodians participating in the Libra Reserve. 

Libra GovernanceAssociation

...



According to Libra's website the officially stated goals of the Libra Association are: 



  1. The transition to permissionless governance and consensus node operation, lowering the barriers to entry for participation and reducing the reliance on Founding Members.
  2. Minimizing the association's role as manager of the Libra Reserve by fully automating reserve management.
  3. Over time, the objective is for the association's primary role to be the coordination of the open-source community to define and develop the technical roadmap of the Libra network.
...

The Libra blockchains consensus mechanism will initially only grant voting rights for governance purposes to founding members. 

The Libra blockchains consensus mechanism will initially only grant voting rights for governance purposes to founding members. As the Libra cryptocurrency grows the Libra Association will grow to include any entity operating as a node validator that holds a sufficient stake in the Libra network. The two main purposes of the Libra Association is to ensure effective coordination and governance of the Libra network by attempting to align validator nodes and the open-source community around Libra's technical roadmap, and to manage the Libra reserve and allocate funds for social-impact projects managed by the Libra Social Impact Advisory Board (SIAB). 

...

Social Impact Advisory Board (SIAB)

The Libra Social Impact Advisory Board is an advisory board of the Libra Association lead by a group of social impact partners (SIPs) consisting of nonprofit organizations and academic institutions. SIAB acts to influence how the Libra Association allocates its grants and social impact investments by measuring and reporting on the social impact of its previous projects, developing future social-impact initiatives, increasing the effectiveness of grantees, and to serve as a convening party focused on bringing new SIPs into SIAB. When each grant/funding recommendation is agreed upon by members of SIAB it is brought to the Libra Association for approval. If a grant/funding is approved, SIPs are given the opportunity to serve as nodes delegated by the founding members of Libra. 



SIAB will initially consist of the managing director of the Libra Association (elected by the Libra association every 3 years) and 4-6 members elected by the Libra Association during their first council meeting. The Libra Association can vote to expand the number of members of SIAB. Each member of SIAB serves a one year term before elections take place to re-elect or elect new SIAB members. Each SIAB member has the right to be re-elected indefinitely by the Libra Association, and the Libra Association has the power to remove any SIAB member at anytime with a majority vote. 

Further reading

Title
Author
Link
Type
Date

Libra's mission is to enable a simple global currency and financial infrastructure that empowers billions of people

Munee Bali

Web



Documentaries, videos and podcasts

Title
Date
Link

Facebook की Libra Cryptocurrency क्या है? Bitcoin vs Libra which one is better? Current Affairs 2019

June 23, 2019

Facebook's New Libra Cryptocurrency to Have Over 100 Launch Partners

June 18, 2019

Libra, Facebook's new cryptocurrency, explained

June 18, 2019

Edits on 28 Jun 2019
Smriti Arya
Smriti Arya edited on 28 Jun 2019 3:56 am
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Further reading

Title
Author
Link
Type
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Facebook announces the Libra Cryptocurrency with the release of Libra Whitepaper



Web

June 18, 2019

Facebook’s Libra Coin: Everything You Need to Know



Web

June 25, 2019

Edits on 23 Jun 2019
Daniel Frumkin
Daniel Frumkin edited on 23 Jun 2019 4:14 pm
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Libra is a stable cryptocurrency because each unit of Libra is backed by a reserve of tangible real world assets held in a reserve called the Libra Reserve; consisting of a basket of bank deposits and short-term government securities. Compared to traditional stablecoin projects the LIbra, Libra's price will fluctuate as the value of assets backing the cryptocurrency fluctuate in price. This will occur because the value of Libra is not pegged to a single fiat currency, but is instead pegged to assets held by a geographically distributed and regulated group of institutional custodians participating in the Libra Reserve. 

...

The Libra AssociationLibra Association consists of Facebook, Facebook's subsidiary Calibra, and 27 other technology companies (such as eBay, Uber, and Lyft), financial service providers (such as PayPal), venture capitalists, and other non-profit organizations. Each member of the Libra Association has equal voting rights to make decisions regarding the development of the Libra cryptocurrency; ensuring Facebook does not control the entire cryptocurrency network itself. 

Related Topics

Edits on 21 Jun 2019
Jude Gomila
Jude Gomila edited on 21 Jun 2019 11:56 pm
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Further reading

Title
Author
Link
Type
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Libra's mission is to enable a simple global currency and financial infrastructure that empowers billions of people

Munee Bali





Jude Gomila"incorrect"
Jude Gomila edited on 21 Jun 2019 11:52 pm
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On June 18, 2019 Facebook released a white paperwhite paper with details about their plans to launch an open-source stablecoin cryptocurrency project called Libra in 2020. Facebook plans on allowing people to purchase the Libra cryptocurrency online and at various brick and mortar locations around the world.