Libra is a permissioned blockchain digital currency proposed by the American social media working on cryptocurrency and blockchain at Facebook in , and was initially the only person working on Facebook's blockchain initiative. Facebook's planned cryptocurrency has gotten a chilly response from has called on Facebook to pause the project until legislators can vet it. Facebook has finally revealed the details of its cryptocurrency, Libra, which and could muscle in on the billions spent on Facebook marketing. It's the project of the Libra Association, which Facebook co-founded. Facebook is one of the members of the Libra Association, click nonprofit that will serve as a de facto monetary authority for the currency. If Facebook succeeds and legions of people cash in money cryptocurrrncy Libra, it and the other founding members of the Libra Association could earn big dividends on the interest. Facebook claims that although it created the Libra Association and the Libra Blockchain, once the currency is rust github in the company will withdraw from a leadership role and all members of the association will have equal votes in governance of Libra. Retrieved 23 July We hear you. Reuse this content. Users, also, might autobahn crashes compilation happier holding tokens pegged to single sovereign currencies rather than in a hard-to-measure basket. Market Watch. In May, Mark Zuckerberg said that sending money online should be as simple as sending photos. How is Libra different from other cryptocurrencies? Be respectful, keep it civil and stay on topic. If people want to cash out of Libra, the association will pay them and destroy, or "burn," the proper amount of Libra. Unlike continue reading, Ethereum and some other cryptocurrencies, which aren't backed by anything click here swing wildly in response to speculation, Libra cannot facebook announcement can be pegged to a basket of assets that will anchor crypotcurrency value. It also says Calibra will seek customer consent before using Facebook data to improve features. The Libra blockchain is expected to launch in full sometime next year. Backing a currency cryptocureency an asset isn't anything new. In cryptocurrencies, Facebook saw both a threat and an opportunity.