Libra white paper released as Facebook grinds closer to launching own cryptocurrency

For the first time, the social media giant Facebook has released the while paper for the much-hyped cryptocurrency as well as the blockchain-based financial infrastructure. The white paper refers to the stablecoin cryptocurrency as “Libra.” The stablecoin will execute on a very scalable “Libra” blockchain. It will enjoy the backing of asset reserves that have been “designed to give it intrinsic value.”

Libra is an open source blockchain according to the whitepaper giving it the ability to develop an open as well as an interoperable ecosystem of financial services that have a wide inclusion. The stablecoin will under the governance of a consortium referred to as the “Libra Association”. The consortium is tasked with overseeing the development of the network.

The stablecoin will enable payments across multiple social media platforms starting with Facebook, Whatsapp, and Instagram. This gives the crypto massive potential to reach billions of people. In fact, Facebook's target is to reach 1.7 billion people around the world and especially those the people that are still unbanked.

Facebook has finally cleared months of speculation by releasing the whitepaper. The CEO of Blockchain Capital, an investment firm Spencer Bogart says:

“Facebook’s efforts in the space has the potential to be one of, if not the most significant external catalysts for bitcoin and crypto adoption in the technology’s history.”