Odaily Translator |TechCrunch, Originally by Josh Constine
Odaily Translator |
On June 18th, not only JD.com’s shopping festival, Facebook may also release the white paper of the “Libra” cryptocurrency on this day, aiming to disclose and explain more details of its cryptocurrency to the public.
This incident was first disclosed to Sebastian Kirsch, a reporter from WirtschaftsWoche magazine, by Laura McCracken, Facebook's head of financial services and payment partners for the Nordic market, who participated in the Money2020 Europe held in Amsterdam, the Netherlands on Tuesday. The news came after watching a presentation by Paulette Rowe, Facebook's payments executive. Although Laura McCracken did not join Facebook's secretly established blockchain team, she revealed that Facebook's cryptocurrency has confirmed that it will be linked to a "basket" of currencies rather than a single dollar in order to effectively prevent price fluctuations.
The Information reporters Alex Heath and Jon Victor also previously reported that Facebook's cryptocurrency project will be released later this month.
In fact, Laura McCracken initially thought that the date of June 18 had been announced by Facebook, but this was not the case, so a communication manager of the Facebook blockchain team contacted the media to delete this message, and the official declined to comment on its cryptocurrency. any information about the project.
A Facebook company spokesperson claimed that the release time may change if there are problems with partners, and their goal is to officially launch the cryptocurrency in 2020.
There is no doubt that Libra's debut will usher in a new era of payments for commerce and social networks, with the Facebook cryptocurrency being used to provide low-rate (or even free) payments between friends, remittances to families of migrant workers abroad, and more. Although the specific information of Facebook’s cryptocurrency white paper is not yet available, according to Mr. Odaily (WeChat: o-daily)’s understanding of Facebook’s blockchain project, it can actually be analyzed from the following five aspects:
name:Facebook is likely to continue using "Libra" as the official name for its cryptocurrency, rather than the "GlobalCoin" name as previously reported by the BBC. According to Reuters, Facebook has previously registered a financial services company called "Libra Network" in Switzerland. The benchmark interest rate in the world - "LIBOR" is for banks, and "Libra" is for people.
Token:As previously reported, Facebook’s cryptocurrency will be a stablecoin to prevent discrepancies and other complications due to price fluctuations during payments or transfers. According to The Information, Facebook has approached a number of financial institutions with the aim of raising $1 billion to provide a “basket” of global fiat currencies and low-risk bond guarantees for its stablecoins. On the other hand, Facebook is still in contact with a number of countries, hoping to test run its stable currency by cooperating with the government.
use:team:
team:Governance:
Governance:Facebook plans to oversee its cryptocurrency through an independent foundation, and needs to pay $10 million to become a node operator, responsible for verifying Facebook cryptocurrency transactions and gaining network governance rights. Of course, node operators also gain economic benefits. Not only that, but by introducing a level of decentralization into the governance of this global currency project, Facebook was able to avoid holding too much power.
