This is Facebook's white paper "Balance" on crypto

After a long wait, the public can finally read today White Book about the cryptocurrency "Balance" or what has been dubbed "GlobalCoin", Which was initiated by Facebook with a number of partners across Association Balance.

Inside White Book As mentioned, Libra is conceived as a global currency and as a simple Blockchain Balance for many people. The Libra blockchain adopts the BFT (Byzantine Fault Tolerant) consensus algorithm and is hereinafter called LibraBFT.. The Libra Association also feels the need to create a special programming language, namely "Move"For smart contracts (smart contract)

"Libra provides a decentralized blockchain technology, low currency volatility and intelligent contract platforms that can be used for financial services innovation, and the source code of the software used is also openly available," said the Libra Association.

White Book It is also mentioned that Libra as a monetary unit can be used anywhere and easily accessible.

"Unlike other cryptographic currencies, each unit of the Libra cryptocurrency is linked to a number of real badets: bank deposits and government bonds (link) short tenor. This is what guarantees the intrinsic value of Libra, "said the Libra Association.

The badociation Libra also ensures a number of founding members of the badociation, namely Mastercard, PayPal, PayU (affiliated with Naspers), Stripe, Visa, Booking Funds, eBay, Facebook / Calibra, Farfetch, Lyft, Pago Mercado, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage , Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Innovative Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Nonprofit, Creative Destruction Lab, Kiva, Mercy Corps and Women's World Banking.

"We hope that Libra members will reach 100 members by the middle of 2020," Libra said.

Although the badociation is independent, Facebook, through its new subsidiary, Calibra was created as "supervisor" of this project until 2019.

Then, there are two mechanisms for using the blockchain system as a node (node) transaction validator, namely "authorized"Or"without permission"In the early stages, it was mentioned that the Balance Blockchain would first execute the mechanism authorized. In other words, only certain parts are allowed as validation nodes.

Already mentioned, information on the currency based on blockhain technology is still vague. Facebook is also reluctant to talk. The only information directly from Facebook arrived in early June, based on: interview of the German economic magazine, WirtschaftsWoche with Laura McCracken (Head of Financial Services and Facebook Payment Partnerships for Northern Europe).

Laura McCracken said Facebook's "GlobalCoin" was a type Stablecoin, but the price does not depend directly on the price of fiduciary currencies such as the US dollar, the yen or the won, as in crypto USDT.

"GlobalCoin prices are indexed according to"money basketball"To avoid volatility," said Laura McCracken.

What is it? money basketball?
Also commonly called "coin anklet", It is generally used in futures trading ((to come up)

Based on Blockchainmedia's research, the term refers to a type of index composed of the prices of several other currencies, such as the European Currency Unit (ECU), the Asian Currency Unit (ACU) and the most famous, at know USDX for US dollars. Determination money basketball in principle identical to the stock index. The USDX, designed since 1973, consists of Euros, Yen, Pounds Sterling, Canadian Dollars, Swedish Kroner and Swiss Francs.

Strong signal from 2018

The news of Facebook's involvement in blockchain technology has had an impact since the beginning of 2018. The founder of Facebook, Mark Zuckerberg himself gave strong signal thanks to its Facebook status: For example, one of the most interesting issues of technology at the present time concerns centralization versus decentralization. Many of us get into technology because we think it can be more powerful in the hands of people … that is, it draws the power of centralized systems and puts it back in the hands of people. hands. But they may be more difficult to control. I'm interested in the positive and negative aspects of these technologies and how to use them in our services.

Then came the news of Mark Zuckerberg's men, namely David Mark (former chairman of PayPal, who developed for several years the Facebook Messenger application). This is what Marcus said on May 9, 2018 on his Facebook account: After nearly four incredibly rewarding years at the helm of Messenger, I decided that it was time to meet a new challenge. I'm creating a small group to explore the best way to take advantage of Blockchain on Facebook, from scratch.

The Libra Blockchain technology and the Libra cryptocurrency aroused public interest, as they were closely linked to large corporations such as Facebook, whose user base reached 2 billion. Ultimate Libra can be used as a means of payment on a number of Facebook, Instagram, Messenger and WhatsApp.[[[[ed]