What is the the cryptocurrency Libra?
Long story short?
not OPEN
not PUBLIC
not NEUTRAL
not CENSORSHIP RESISTANT
Nothing more than old bad FIAT, only just in another digital shape.
After the announcements of the past months, Libra, the "crypto currency" used by Facebook to manage purchases and exchanges of money through the social network, was officially presented. It will be a stable currency, and therefore its value will be linked to a precise reference system and made, for example, of government securities or bank deposits. Doing so will prevent this currency from being exposed to fluctuations and speculation, as in the case of bitcoin and other major crypto currencies.
However, the blockchain on which Libra is based will not only be guaranteed by Facebook, but also by the Libra Association, an autonomous non-profit group based in Geneva. Facebook pointed out that the new digital currency will be managed by the Libra Association, which currently gathers 28 founding members but which is destined to expand with new entries and with the aim of reaching 100 subscribers.
Libra Networks, a limited liability company founded on 2 May this year by the Irish holding company Facebook Global Holdings II, is also based at the same address as Libra Association. The company's articles of association were registered on April 12 at the office of the notary Frederic Mancosu in Zoug, the capital of the German-speaking canton. Libra Networks was founded with a share capital of just 20,000 Swiss francs. From a reading of the company's purpose in the articles of association, it is clear that this company will develop all the services related to crypto currency. Article 2 states that the company's purpose is "to provide financial and technological services and to develop software and hardware with particular reference to investment, payment, finance, identity management, analysis, big data and blockchain". The company may acquire, hold, manage, finance and sell shareholdings in other companies of any kind in Switzerland and abroad.
Libra Association is made up of several companies, including the platform founded by Mark Zuckerberg, and financial companies that specifically deal with the management of the reserve on which the stability of the crypto currency is based. In addition, the company is also open to new partners who want to join the project, which will be required an investment of 10 million dollars.
Among the main founding members are some of the most important credit card companies such as Visa and Mastercard, which will make their payment circuits available to users. Also on the digital payments front, in the Libra Association there are also companies such as Stripe, the Dutch fintech company PayU or PayPal.
For its part, Facebook is part of the project with its new division Calibra, which develops financial services in support of the Libra platform, such as its digital portfolio that allows you to make online payments with the new currency. In terms of venture capital investment, the company can count on partners such as Union Square Ventures and Andreessen Horowitz, while the currency will be exchanged on the systems of Coinbase and Xapo.
Finally, among the companies that have already joined the platform there are some of the most important unicorns in Silicon Valley and not only as Uber, Lyft, eBay, Spotify and Booking. As for the telecommunications systems, Libra will be able to count on the networks and services of Vodafone and Iliad.![1bb20aa7f3c5d4853c4600c55cb13af3.jpg]