Libra is on
Facebook got just announced new stable coin - Libra.
And here are the 9 major takeaways
It will start as permissioned blockchain but will aim to be permissionless in the future
There will be an STO called Libra Investment Token!
Validators on their network need to buy at least $10 million worth of LITs and are expected to incur annual costs of approximately $280,000.
The code is open sourced!
Facebook will be one of the 100 validating nodes and won’t have more than 1% of the voting power!
Governed by a non-profit, not by Facebook itself!
Their entity Calibra is already FinCEN registered as MSB in 50 states.
Test-net is live but the launch is 2020!
New programming language called Move!
and ..as no. 10 - here is a Libra White Paper if you want to read the whole concept.The group points to detailed technical documents describing the blockchain, the Move language and the implementation of BFT.
Worth to add at this stage the shortlist of Founding members. Founding members include:
Payments: Mastercard, PayPal (my current employer :)), PayU (Naspers’ fintech arm where I was working for several years :)), Stripe, VisaTechnology
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 organisations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
And how did it influence Facebook stock price? Well, the announcement sent Facebook Inc. stock rallying overnight, pushing prices up 4.84% as of the time of publication. Without a firm launch day set, the crypto community will have to wait and see how the rest of the Libra story plays out.
Watch the promo movie about the concept - again - we are betting on Emerging Markets!