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All you need to know – TechCrunch



Facebook has finally revealed the details of its cryptocurrency balance, which allows you to buy things or send money to people who pay almost no fees. You will buy or pay for your balance online or at local bureaus de change such as grocery stores and spend it with compatible third-party wallet apps or Facebook's own Calibra wallet, which integrates with WhatsApp, Messenger and your own app. Today, Facebook has released a white paper outlining the scale and test network for fixing blockchain system bumps before the public launch in the first half of 2020.

Facebook will not fully control the scale, but only one Like other founding members of the Libra Association, including Visa, Uber and Andreessen Horowitz, each of which has invested at least $ 1

0 million in the operation of the project she only one vote in her governance. The association will promote the open sourcing platform for the Libra blockchains and developers using its own Move programming language and will also register companies that accept Libra as a means of payment and even offer customers discounts or rewards.

Dealing with crypto and preserving users' privacy by never mixing your balance payments with your Facebook data so they can not be used for ad targeting. Your true identity is not tied to your publicly visible transactions. However, Facebook / Calibra and other founding members of the Libra Association will be earning interest on the money that users keep in reserve to keep the value of the balance stable. Digital currencies that promote the financial inclusion of non-banks have more privacy and decentralization than expected by many. Instead of trying to dominate the future of Libra or getting out a lot of money right away, Facebook is playing the long game by pulling payments into its online domain. Blockchain vice president on Facebook, David Marcus, explains the business motive and relationship with the main source of income and says, "As more trading occurs, more small businesses will sell more on and off platforms and they will want to buy more ads on the platform so it will be good for our ad business. "

The Risk and Reward of Building the New PayPal

In cryptocurrencies, Facebook saw both a threat and a chance. They pledged to disrupt the buying and selling of things by eliminating the transaction fees associated with credit cards. This is dangerously close to Facebook's advertising business, which has an impact on what is bought and sold. If a competitor like Google or an upstart could build a popular medal and monitor transactions, they would find out what people were buying and could increase the billions spent on Facebook marketing. Meanwhile, the 1.7 billion people who lack a bank account could choose who offers them an alternative financial services provider as an online identity provider. That's another thing Facebook wants to be.

However, existing cryptocurrencies such as Bitcoin and Ethereum have not been developed specifically for scaling as a medium of exchange. Their unsecured price was prone to large and unpredictable fluctuations, making it difficult for traders to accept payments. And cryptocurrencies are exploiting much of their potential beyond speculation, unless there are plenty of places to spend them instead of dollars, and the experience of buying and spending them is easy enough for a mainstream audience. However, with Facebook's relationship with 7 million advertisers and 90 million small businesses, as well as users' experience, Facebook was well positioned to address this issue.

Now Facebook would like to make Libra for the advancement of PayPal. Hopefully the scales will be easier to set up, more pervasive, more efficient, with less fees, more accessible to non-banks, more flexible thanks to developers, and more sustainable through decentralization.

[19659002] "Success will mean that a person working abroad has a quick and easy way to send money to the family, and a student can pay his rent as easily as he does Coffee can buy, "writes Facebook in the Libra documentation. That would be a big improvement over today if you can not pay the rent with insecure checks, while exploitative remittance services charge an average of 7% for sending money overseas and take $ 50 billion off users each year. Libra could also trigger tiny microloans worth a few cents associated with credit card fees or replace your prepaid transit pass.

… or it might be ignored by consumers who regard it as too much effort for too little, global reward, or too unfamiliar and limited in use to pull them into the modern financial landscape. Facebook has made a name for over-developed, under-utilized products. It will need any help it can get if it wants to replace what's already in our pockets.

How does the balance work?

By now you know the basics of Libra. Buy currency in local currency, scale, how to spend dollars, with no big transaction fees or your real name whenever you want. You can always stop reading this article and share it with others if you just care about it. However, the underlying technology, the association, the wallets you use, and the way payments are made contain a multitude of intriguing details. Facebook has published over 100 pages of Libra and Calibra documentation, and we've put together the key facts. We dive.

The Libra Association – Crypto's New Oligarchy

Facebook knew that people would not dare to fully control the crypto currency they used, and it also wanted help to promote adoption. For example, Facebook recruited the founding members of the Libra Association to monitor the development of the token, the reserve of real assets that gave it value, and the blockchain's governance rules. Each founding member paid at least $ 10 million to become a member and optionally become a validation node operator (more on that later), to vote in the Libra Association Council, and to receive a share (proportional to his investment) in Die Interest earned on Libra reserve users is paid in Fiat currency to maintain the balance.

  • Payments: Mastercard, PayPal, PayU (Naspers' Fintech Arm), Stripe, Visa
  • Technology and Marketplaces: Booking Stocks, eBay, Facebook / Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies ,
  • Telecommunications: Iliad, Vodafone Group
  • Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
  • Risk Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures [19659015] Nonprofit and multilateral organizations as well as academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, and Women's World Banking

Facebook hopes to reach pre-official launch of Libra's 100 founding members, including direct competitors Like Google or Twitter.

To become a member, members must have half a rack of server storage, a dedicated Internet connection at 100 Mbps or more, a full-time Site Reliability Engineer, and enterprise-level security. Enterprises must reach two out of three thresholds with a market value of $ 1 billion or $ 500 million in customer deposits, reach 20 million people per year, and / or be recognized by a group such as Interbrand Global or S & P as the top 100 industry leaders. 19659002] Crypto-focused investors must have more than $ 1 billion in assets under management, while blockchain companies have been in business for a year, providing corporate-grade security and privacy, and holding assets in excess of $ 100 million need to use. And only up to a third of the founding members can do crypto-related business or randomly invited exceptions. Facebook also accepts research facilities such as universities and nonprofits that meet three or four levels, including work on financial inclusion for over five years, multinational reach of many users, Charity Navigator Top 100 awards, and the like and / or a budget of 50 million dollars.

The Libra Association will be responsible for recruiting more founding members as blockchain validation nodes, raising funds to boost the ecosystem, and designing incentive programs to reward early adopters. and grant social benefits. A council with a representative from each member will assist in selecting the club's managing director, who will appoint a leadership team and elect a board of directors with 5 to 19 top representatives.

Each member, including Facebook / Calibra, has only one vote or one vote% of the total votes (whichever is greater) in the Libra Association Council. This provides a degree of decentralization that protects against Facebook or other players who hijack the scale for their own benefit.

The Libra Currency – A Stable Coin

A Libra is a Libra cryptocurrency unit represented by a three waved horizontal line Unicode symbol ≋ as the dollar is represented by $. The value of a balance should remain largely stable, so this is a good medium of exchange, as traders can trust that today they will not receive a balance that will be worth less tomorrow. The value of the balance is tied to a basket of bank deposits and short-term government securities to yield a number of historically stable international currencies such as the dollar, pound, euro, Swiss franc and yen. The Libra Association maintains this asset basket and can adjust the balance of its composition if necessary to compensate for major price movements in any foreign currency, so that the value of a balance remains constant.

The Libra Association is still at the starting point for Libra, but it should be close to the value of a dollar, euro, or pound, so it's easy to imagine it. In this way, a gallon of milk in the US could cost 3 to 4 scales, similar but not exactly like dollars.

The idea is that you spend some money and maintain a balance between Libra and Libra that you can spend on the acceptance of merchants and online services. You can trade your local currency for certain wallet apps like Calibra from Facebook, third-party wallet apps, and local resellers such as convenience stores or grocery versus scales, and vice versa.

The Libra Reserve – One for One

Each time someone redeems a dollar or their national currency, that money is paid into the Libra Reserve and a corresponding value of the balance paid to that person. If someone makes a payoff from the Libra Association, the balance he returns will be destroyed / burned and he will receive back the equivalent in his native currency. This means that always 100% of the value of the balance is in circulation and secured with real assets in the balance reserve. It never runs fractionally. And unloved "tied" sturdy coins, which are tied to a single currency such as the USD, the balance retains its own value – though over time this should result in about the same amount of a particular currency.

When members of the Libra Association join and pay their minimum of $ 10 million, they receive Libra Investment Tokens. Their share of total cash is calculated by dividing the dividend they earn from interest on assets in the reserve. These dividends are paid only after the Libra Association has used interest to cover operating costs, ecosystem investments, technical research and grants to charities and other organizations. This interest is part of what attracted members of the Libra Association. When the scale becomes popular and many people have a large account balance, the reserve grows and earns considerable interest.

The Libra Blockchain – Designed for Speed ​​

Each Libra payment is permanently written to the Libra Blockchain – a cryptographically authenticated database that acts as a public online ledger for 1000 transactions per second. Blockchain is operated and under constant review by founding members of the Libra Association, each of which has invested $ 10 million or more in cryptocurrency control and the ability to run a validation node.

When a transaction is submitted, each of the nodes runs a calculation based on the existing GL of all transactions. Thanks to a Byzantine fault-tolerance system, only two-thirds of the nodes need to agree that the transaction is legitimate to execute and write to the blockchain. A structure of Merkle trees in the code makes it easier to detect changes to the Libra blockchain.

Transactions on the scale can not be reversed. If an attack affects more than one-third of the validation nodes and causes a branch in the blockchain, the Libra Association will temporarily suspend the transactions, determine the extent of the damage, and recommend software updates to resolve the branch.

Transactions are not completely free. They pay a tiny fraction of a penny charge for "gas," which covers the cost of handling the money transfer, as with Ethereum. This fee will be negligible to most consumers, but when they add up gas prices, bad actors are prevented from making millions of transactions to engage in spam and denial-of-service attacks.

Move Coding Language – For Moving Libra

The Libra blockchain is open source with an Apache 2.0 license, and any developer can create apps that work with the Move encoding language. The blockchain prototype today launches its test network and is therefore in developer beta mode until it is officially launched in the first half of 2020. The Libra Association is working with HackerOne to launch a bug-bounty system later this year, which will allow security researchers to be paid for secure identification of defects and disruptions. In the meantime, the Libra Association implements the Libra Core with the Rust programming language, which was developed to prevent security vulnerabilities and the Move language is not yet fully ready.

Move was created to simplify the writing of blockchain code, which follows an author's intention to introduce without error. It's called a move because its primary function is to move balance coins from one account to another and never accidentally duplicate those assets. The core transaction code looks like this:

LibraAccount.pay_from_sender (recipient_address, amount) method

Finally, Move can create smart contracts for programmatic interactions with the libra blockchain. By the time Move is done, developers can use Move to create IR modules and transaction scripts for Libra. These are high enough to be read by humans, but low enough to translate into true move bytecode written to the blockchain.

The Libra ecosystem and the Move language can be fully used and created, posing a significant risk. Crooked developers could track down crypto novices, claiming that their app works just as legit and that it's safe because it uses Libra. But if consumers are cheated on by these scammers, the trouble will surely rise on Facebook. Even if they try to dissociate themselves enough through the subsidiary Libra and the club, many people will probably always regard Libra as the cryptocurrency of Facebook and blame them for their suffering.

Using Libra In The Wild – Calibra

So how do you own and spend Libra? About Libra Wallets like Facebook's Calibra and others that are created by third parties, possibly also by members of the Libra Association such as PayPal. The idea is to send money to a friend or pay for something as simple as sending a Facebook message. However, you can only make or receive real payments after the official launch next year.

None of the members of the Libra Association has agreed to give details of what should be built on the blockchain. But we can use Facebook's Calibra wallet as an example of the basic experience. Calibra is launched together with the Libra currency on iOS and Android in Facebook Messenger, WhatsApp and a stand-alone app. When users log in for the first time, they will be guided through an anti-fraud process where they will be required to provide a government-issued photo ID and other verification information. You must carefully examine the customers and report suspicious activity to the authorities.

From there, you can deposit into Libra, select a friend or dealer, set an amount to send to them, and add a description and send them Libra. You can also request Libra. It's also likely that Calibra offers a faster way to pay dealers by scanning their or their QR code today. "It's decentralized – that is, it's run by many different organizations instead of just one, making the system fairer overall – it's available to anyone with an internet connection and has low fees and costs, and it's cryptographically secure to yours Protecting Money This is an important part of our vision for a privacy-driven social platform where you can interact in any way, from messages to secure payments. "

By default, Facebook does not import your contacts or any of your profile information, but you may ask if you would like this, and none of your transaction data will be returned to Facebook so that you will not be targeted by advertisements, rated as newsfeeds, or otherwise directly paid for in Facebook.The data will only aggregate in certain cases , anonymous form or at the request of prosecution authorities.

If you get hacked, cheated, or lose access to your account, Calibra will refund your lost coins, if possible. 24-hour chat support. Given that Calibra is likely to become the standard wallet for many Libra users, this extra protection is crucial.

Calibra currently does not earn money. Kevin Weil, the Blockchain Facebook Team Product Manager, tells me that if Facebook reached the caliber, Facebook could bring to market other financial services that could make it money.

A Global Coin

If Facebook is successful and legions of people cash for the Libra, they and the other founding members of the Libra Association could earn large dividends on the interest. And when it suddenly becomes super-fast to buy things with Libra on Facebook, companies will increase their ad spending there. But if the scale is hacked or turns out to be unreliable, it can cost many people around the world money while using cryptocurrencies. And by offering an open Libra platform, dodgy developers could develop apps that not only retrieve the personal information of people like Cambridge Analytica, but also their hard-earned digital money.

Facebook just tried to reinvent money. Next year, we'll see if the Libra Association can do it.

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Today, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and…

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Posted by Mark Zuckerberg on Tuesday, June 18, 2019

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In case you are hacked, scammed, or lose access to your account, Calibra will refund you for lost coins when possible through 24/7 chat support. Given Calibra will likely become the default wallet for many Libra users, this extra protection is essential.

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For now, Calibra won’t make money. But Kevin Weil, the head of product for Facebook’s blockchain team, tells me that if it reaches scale, Facebook could launch other financial services through Calibra that it could monetize.

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A Global Coin

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If Facebook succeeds and legions of people cash in money for Libra, it and the other founding members of the Libra Association could earn big dividends on the interest. And if suddenly it becomes super quick to buy things through Facebook using Libra, businesses will boost their ad spend there. But if Libra gets hacked or proves unreliable, it could cost lots of people around the world money while souring them on cryptocurrencies. And by offering an open Libra platform, shady developers could build apps that snatch not just people’s personal info like Cambridge Analytica, but their hard-earned digital cash.

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Facebook just tried to reinvent money. Next year, we’ll see if the Libra Association pulls it off.

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Facebook has finally revealed the details of its cryptocurrency Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet […]

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Josh Constine is a technology journalist who specializes in deep analysis of social products. He is currently an Editor-At-Large for TechCrunch and is available for speaking engagements.

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Previously, Constine was the Lead Writer of Inside Facebook through its acquisition by WebMediaBrands, covering everything about the social network.

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Constine graduated from Stanford University in 2009 with a Master's degree in Cybersociology, examining the influence of technology on social interaction. He researched the impact of privacy controls on the socialization of children, meme popularity cycles, and what influences the click through rate of links posted to Twitter.

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Constine also received a Bachelor of Arts degree with honors from Stanford University in 2007, with a concentration in Social Psychology & Interpersonal Processes.

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Josh Constine is an experienced public speaker, and has moderated over 120 on-stage interviews in 15 countries with leaders including Facebook CEO Mark Zuckerberg, whistleblower Edward Snowden (via on-stage video conference), and U.S. Senator Cory Booker. He is available to moderate panels and fireside chats, deliver keynotes, and judge hackathon and pitch competitions.

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Constine has been quoted by The Wall Street Journal, CNN Money, The Atlantic, BBC World Magazine, Slate, and more, plus has been featured on television on Good Morning, America, The Today Show, China Central Television, and Fox News. Constine is ranked as the #1 most cited tech journalist on prestigious news aggregator Techmeme.

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[Disclosures: Josh Constine temporarily advised a college friend's social location-sharing startup codenamed 'Signal' that was based in San Francisco before dissolving in 2015. This advising role was cleared with AOL and TechCrunch's editors and has concluded. Constine's fiancu00e9e Andee Gardiner co-founded startup accelerator Founders Embassy. Constine's cousin Darren Lachtman is the founder of influencer advertising startup Niche that was acquired by Twitter, and he's since left and founded teen content studio Brat. Constine does not write about Founders Embassy or Brat. Constine has personal acquaintances stemming from college housing circa 2007 with founders at Skybox Imaging (now Terra Bella), Hustle, Snapchat, and Robinhood, but does not maintain close social ties with them nor does that influence his writing. Constine occasionally does paid speaking engagements at conferences, but only those funded by companies he does not cover. Constine owns a small position in Ethereum and Bitcoin cryptocurrencies, does not day-trade, and discloses his positions directly in articles where appropriate. Constine does not do consulting, angel investing, or public stock trading beyond public stock invesments by his parents' estate that he has no role in managing or advising.]

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Josh Constine is a technology journalist who specializes in deep analysis of social products. He is currently an Editor-At-Large for TechCrunch and is available for speaking engagements.

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Previously, Constine was the Lead Writer of Inside Facebook through its acquisition by WebMediaBrands, covering everything about the social network.

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Constine graduated from Stanford University in 2009 with a Master's degree in Cybersociology, examining the influence of technology on social interaction. He researched the impact of privacy controls on the socialization of children, meme popularity cycles, and what influences the click through rate of links posted to Twitter.

nn

Constine also received a Bachelor of Arts degree with honors from Stanford University in 2007, with a concentration in Social Psychology & Interpersonal Processes.

nn

Josh Constine is an experienced public speaker, and has moderated over 120 on-stage interviews in 15 countries with leaders including Facebook CEO Mark Zuckerberg, whistleblower Edward Snowden (via on-stage video conference), and U.S. Senator Cory Booker. He is available to moderate panels and fireside chats, deliver keynotes, and judge hackathon and pitch competitions.

nn

Constine has been quoted by The Wall Street Journal, CNN Money, The Atlantic, BBC World Magazine, Slate, and more, plus has been featured on television on Good Morning, America, The Today Show, China Central Television, and Fox News. Constine is ranked as the #1 most cited tech journalist on prestigious news aggregator Techmeme.

nn

[Disclosures: Josh Constine temporarily advised a college friend's social location-sharing startup codenamed 'Signal' that was based in San Francisco before dissolving in 2015. This advising role was cleared with AOL and TechCrunch's editors and has concluded. Constine's fiancu00e9e Andee Gardiner co-founded startup accelerator Founders Embassy. Constine's cousin Darren Lachtman is the founder of influencer advertising startup Niche that was acquired by Twitter, and he's since left and founded teen content studio Brat. Constine does not write about Founders Embassy or Brat. Constine has personal acquaintances stemming from college housing circa 2007 with founders at Skybox Imaging (now Terra Bella), Hustle, Snapchat, and Robinhood, but does not maintain close social ties with them nor does that influence his writing. Constine occasionally does paid speaking engagements at conferences, but only those funded by companies he does not cover. Constine owns a small position in Ethereum and Bitcoin cryptocurrencies, does not day-trade, and discloses his positions directly in articles where appropriate. Constine does not do consulting, angel investing, or public stock trading beyond public stock invesments by his parents' estate that he has no role in managing or advising.]

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