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1-Page Summary of Cryptocurrency
Facebook recently released a white paper on its new cryptocurrency, Libra.
Facebook finally released its plans for Libra, a cryptocurrency. This was after years of speculation about the company’s intentions in this area. The white paper sought to dispel fears and provide some distance between Facebook and Libra, which is viewed with suspicion due to the Cambridge Analytica privacy scandal.
Libra will offer relatively stable value, supervised by an association of corporations that includes Facebook.
Like many other cryptocurrencies, Libra will use blockchain technology to ensure secure transactions. However, it will be different in that it’ll have a reserve of fiat currency overseen by the Libra Association, which is a nonprofit group made up of well-known financial services companies and venture capitalists as well as Facebook. The members pay at least $10 million to join the consortium and get one vote plus a share of interest earned on the reserve. This money goes into managing global low-volatility assets for users who can then transfer real-world currency into this pooled reserve and mint Libras based on those funds (which are then “burned” from existence). Users always get real-world money back for their Libras; these cannot exceed what’s available in the association’s reserves.
Governments and central banks have concerns and may try to regulate Libra.
Libra is a cryptocurrency that could potentially change the way people pay for things. It’s also expected to make it easier for people without bank accounts to use currency, which could help them save money and improve their lives. However, there are concerns about how Libra will be used, including privacy issues and crime. Central banks have expressed concern over this new technology as well, because they’re worried about losing control of currencies if Libra becomes more popular than regular money. One other concern is whether Facebook will make too much profit from Libra or how it makes its profits.
