Facebook has announced its blockchain platform called Libra. Its mission is "to enable a simple global currency and financial infrastructure that empowers billions of people".
The whitepaper available from the Libra website outlines plans for a decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform.
Some of the most important takeaways from the whitepaper:
1. The platform will start as a permissioned blockchain, but there are plans to turn it into a permissionless one in the future. For the time being, the existing permissionless solutions were rejected.
2. It will be governed by a non-profit organization The Libra Association (headquartered in Switzerland), not by Facebook itself.
3. Facebook will be just one of the 100 validating nodes. It won’t have more than 1% of the voting power. The network will work as a consortium of peers.
4. There will be a STO - Libra Investment Token.
5. The platform will use open-source code.
6. A new programming language called Move will be used for smart contracts.
7. The test network is already live, but the official launch is planned in 2020.
8. The Libra Blockchain is pseudonymous and not anonymous. It is public and can be audited by law enforcement and other third-parties.
9. Libra is pegged and backed by other "low-risk" assets (e.g. fiat currency basket reserves, bank deposits, securities).
10. Facebook is committing to fixing its footprint on the regulatory environment in multiple jurisdictions.
Get the Libra whitepaper and Move programming language paper: