ItwasreportedthatFaceb-
ook’scrypto-currency‘Libra’
coulddebutthisweekandit
isbackedbyVisa,Master
card,Uber.Herearethe
sevenmostimportantthings
youneedtoknowabout
Facebook’snewcrypto-
currency.scalable,andreliableandit
isgoingtobegovernedbya
separate,independentbody
calledLibraassociation.Libra’stransactionamount,
timestamp,andpublic
blockchainaddresseswillbe
visibletothemembersonly
onthenetwork.The
Associationwillnothold
personaldataonpeoplewho
usetheblockchain.7 things you need to know about
Cryptocurrency Facebook Libra
The crypto will officially launch next year, in 2020. The testnet will
be released in the coming weeks, developers will have access to it
including the bounty program to dig out the bugs.TECHNOLOGYJuly 2019 | 15
Low-volatility
Thecryptocurrencyis
poweredbytheAssociation’s
nativesmartcontract
blockchainplatform
calledLibraBlockchain.Itis
designedtobe“secure,access to
network
UnlikeBitcoin,incaseof
Libra,onlyfounding
memberswillhaveaccessto
thenetwork.Itwillbebased
onapermittedblockchain
butnosinglepartywillbe
abletounilaterallychange
therulesofthenetwork.Libra’s
reserves
Reserveswillincludethe
collectionof“low-volatility”
assetslikebankdepositsand
governmentsecuritiesin
currenciesfromcentral
bankslikeUSD,GBP,EUR,
andJPY.HISHAM SARWARIS FOUNDER
OF BEINGGURU.COM AND CEO
OF INFOMIST, A LEADING
SOFTWARE HOUSELibra’s gover-
ning body
TheLibraAssociation,isa
non-profitbasedinGeneva.
Thegoverningbodywillhave
100 geographicallydiverse
foundingmembers.Current
foundingmembersinclude
Visa,Mastercard,uber,book-
ing.comandfewotherseach
investingamilliondollar.Anonymous
transactions
STO
Alotwasspeculatedabout
thetokensbutitseemslike,
thecrypto‘Libra’willissuea
securitytokencalledLibra
InvestmentToken.Itwillbe
onlyavailabletoaccredited
investorsassecuritiesand
theholderscanalsoearn
goodprofitsfromintereston
thereserves.launch in 2020
Thecryptowillofficially
launchnextyear,in
2020 .Thetestnetwillbe
releasedinthecoming
weeks,developerswillhave
accesstoitincludingthe
bountyprogramtodigout
thebugs.