What is Libra?
Libra is a cryptocurrency (digital currency) created by Mark Zuckerberg's Facebook. Libra is an online token used to make and receive payments online.
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The use and regulation of Libra is manged and controlled by the Libra Association; a membership organization founded by Facebook's subsidiary Calibra and 27 others across payment, technology, telecommunication, online marketplace, venture capital and nonprofits.
Libra is similar to other cryptocurrencies in many ways, and especially stablecoins. It is built on a native blockchain and backed by a reserve of several currencies meant to mitigate the impact of price volatility. On the other hand, the new digital currency is different enough from other coins to warrant a closer look, especially now that the team has released its testnet and accompanying white paper.
According to the project’s leadership, the idea for Libra is to operate more as digital cash than the traditional speculative function most cryptocurrencies serve. To this end, Libra is designed to be easier to transact with and to offer faster throughput along with quicker validation times. Despite the similarity to fiat-pegged stablecoins, Libra is an alternative that is fundamentally and technically different while others believe it's way too different.
About the Libra Association
The Libra Association is an independent, not-for-profit membership organization, headquartered in Geneva, Switzerland.
- The Role of the Libra Association
The Libra Association works to evolve and scale the network and reserve and leads a social impact grant-making program that supports financial inclusion efforts worldwide. The association collaborates with the global community and partners with policymakers to help further the Libra mission.
- The organizational structure of Libra Association
The Libra Association is made up of a group of diverse organizations from around the world. The Founding Members of the association each run one of the validator nodes that form the network that operates the Libra Blockchain. One of the association's directives will be to work with the community to research and implement the transition to a permission-less network over time.
- Funding members of Libra Association
This initial group of organizations will work together to finalize the Libra Association's charter and will become the association's Founding Members upon its completion.
Below are the list of business that are funding the Libra project.
Should you have need to look for marketplaces where the Libra currency would be used, then below is a list of techs and marketplaces where libra coin would first be used. Sooner than later after successful launch in 2020, other merchants and marketplaces would start accepting Libra as a mode for payments.
Techs and Marketplaces where Libra is accepted.
- Booking Holdings
- eBay
- Farfetch
- Lyft
- MercadoPago
- Spotify
- Uber
Telecommunications companies that work with Libra
Blockchain companies that works with Libra.
Venture Capital
- Andreessen Horowitz
- Ribbit Capital
- Thrive Capital
- USV
- Breakthrough Initiatives
Nonprofit and Multilateral Organizations, and Academic Institutions
- Creative destruction lab
- Kiva
- Mercy corps
- Women's world banking
These lists categorized above are all founding members of the Libra cryptocurrency as well as funding members too because all of them are required to guarantee the success of Libra platform by independently donating the sum of $10M (Ten million USD) to the call of Libra.
Calibra and the Libra association have released the white paper for the Libra blockchain to the public.
