Facebook will launch Libra Blockchain testnet next week, with the support of Libra Reserve



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Fast setting

  • Facebook and dozens of partners will unveil Libra Association and Libra Blockchain next week
  • The Libra Blockchain will rely on Libra Reserve, a "real asset pool" that will provide cryptocurrency with "stability, low inflation, global acceptance and fungibility".
  • The Libra Blockchain will be open access under Apache 2.0 license from the day of the announcement and a test network will be launched at the same time.

Facebook's much-anticipated crypto-currency project, which is more than a year old, will be unveiled early next week. Facebook and the dozens of partners The Block identified earlier today will feature the Geneva-based Libra, which will oversee Libra, "a simple global financial and financial infrastructure" aimed at reaching billions of people.

According to a blog post presented by The Block, Libra will be relying on the Libra Blockchain, a "secure, stable and reliable blockchain," and will rely on Libra Reserve, "a real asset reserve. "which will give the cryptocurrency a" stability ". , low inflation, overall acceptance and fungibility. "

The Libra Blockchain will be open access licensed under Apache 2.0 as of the day of the announcement, which is scheduled to take place on Tuesday, June 18, according to the blog published by the social media giant and originally announced by TechCrunch. This event will mark the launch of a test network to gather community feedback on the project and guide future direction.

The blog, which was sent to important publications over the past week along with detailed briefings, was sent to The Block by several sources, who requested anonymity for fear of reprisals. It has not been shared with Facebook by The Block, CoinDesk or other important cryptocurrency publications, according to sources that say the firm did not want to work with such opportunities.

Libra's publication represents the boldest intrusion of Facebook into financial services. The social media giant hopes this will provide an opportunity for the "1.7 billion adults in the world" who are "outside the financial system and do not have access to a traditional bank."

In this article, Facebook criticizes existing blockchains, which it says have not yet been adopted by the majority, making them mediocre solutions as a store of value and means of exchange. Facebook believes that its collaborative, compliant and regulated approach will help to overcome the obstacles faced by other crypto-currencies.

As The Block reported for the first time today, the companies involved in the project, as members of the governing consortium, include companies specializing in technology, digital assets and retail. These companies include companies such as the Anchorage custodian, the Visa payment company, the Coinbase cryptocurrency exchange and many others.

Facebook Balance Card

Facebook also notes that while some cryptocurrency projects aim to "disrupt the existing system and circumvent regulations," the company believes that "collaborate and innovate with the financial sector, including regulators and experts from various sectors, is the only way to ensure a sustainable, secure and reliable framework underpins this new system. "

Facebook and the Libra association have set themselves the goal of launching the Libra Blockchain and creating an ecosystem to support it by 2020.

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