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Facebook launches Libra Blockchain next week, supported by Libra Reserve

Quick Take

  • Facebook and dozens of partners will introduce the Libra Association and the Libra Blockchain next week.
  • The Libra Blockchain is backed by Libra Reserve, a "Reserve of Real Assets" that provides the cryptocurrency with "stability, low inflation, global acceptance, and fungibility."
  • The Libra Blockchain is submerged from the day of the announcement provided an Apache 2.0 license as an open-source version and at the same time a test network is launched

Facebook's eagerly awaited Cryptocurrency project, in progress for more than a year, will be launched early next week. Facebook and the dozens of partners The Block has already identified today will introduce the Geneva-based Libra Association, which will oversee Libra, a "simple global monetary and financial infrastructure" that will reach billions of people.

According to The Block's introductory blog post, Libra will be built on the Libra Blockchain, a "secure, stable and reliable blockchain" provided by Libra Reserve, a "reserve of real assets" providing cryptocurrency. is supported by "stability, low inflation, global acceptance and fungibility."

The Libra Blockchain will be released under an Apache 2.0 license as an open source version from the day of the announcement, which is expected to occur on Tuesday, June 1

8, and was originally reported by TechCrunch. This event will mark the launch of a test network to share community feedback on the project and its future direction, sent by several sources to The Block calling for anonymity for fear of reprisals. It was not shared with The Block, CoinDesk, or other major cryptocurrency releases under a Facebook embargo, according to sources that said the company did not want to work with such outlets and the social media giant hopes that this will "1 "7 billion adults worldwide" offers an opportunity that is "outside the financial system without access to a traditional bank".

In the post, Facebook criticizes the existence of blockchains that are claimed to have not been consistently adopted, turning them into bad solutions as a store of value and a medium of exchange. Facebook believes its collaborative, compliant and regulated approach will help overcome the hurdles faced by other cryptocurrencies.

As The Block first reported today, the companies involved in the project, as members of its governmental consortium, include technology-related companies, digital assets, and retailers. These companies include, for example, Anchorage Custodian, Visa Payments, Coinbase Crypto Currency Exchange and many others. Facebook Libra Map While some cryptocurrency projects aimed to "disrupt cryptocurrency" The company believes that the only way to collaborate and innovate with the financial sector, including regulators and experts from different industries, is to have a sustainable, secure and trustworthy system that underlies this new system. 19659009] Facebook and the Libra Association have set themselves the goal of launching the Libra Blockchain and an ecosystem to support them by 2020.

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