Libra currency code

New York — Facebook is unveiling a digital currency called Libra as the company seeks to make its ads more valuable by enabling smoother transactions and payments online, particularly among those without credit cards or bank accounts. Libra will use the same security and record-keeping principles as Bitcoin, the most popular digital currency system today. But unlike Bitcoin, Libra is backed by several traditional financial companies, including PayPal, Visa and Mastercard, and will base its value on multiple real-world currencies such as the U. Cryptocurrencies exist not as physical bills or coins but rather as lines of digitally signed computer code. Records are typically kept on ledgers known as blockchain.

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Content:

• Libra - One coin to rule them all?
• Facebook can’t back out of digital currency initiative, has too much skin in the game
• Facebook’s ‘cryptocurrency’ Libra has nothing to do with Bitcoin
• What Is Facebook Libra (Diem)?
• AP Explains: Behind Libra, Facebook’s new digital currency
• What is Libra? All you need to know about Facebook's new cryptocurrency
• TheJakartaPost
• Unruly social media no model for Facebook's Libra currency: BoE's Carney
• Welcome to the Diem project

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Libra - One coin to rule them all?

In case you missed it how, exactly? Libra has released their early source code and the plan is to go live in The Libra website has detailed technical documentation as well as working code examples. Whoever you are, wherever you are, that combination of names by itself backing this project would be huge regardless of the goal.

You cannot ignore this project. Have a look at that logo list. There are no banks at all. Rumours are that some were contacted, but banks take forever to do anything. Maybe some even wanted to be involved. Facebook are pegging the value of Libra tokens to a basket of real world assets e. This potentially puts Libra into competition with central banks.

This may seem small but given how much banks have avoided the word, this is a significant moment for the concept of a currency not backed by a central bank. Libra itself is not regulated, but the expectation is that wallet developers building on the Libra Blockchain will follow the rules and regulations. Libra is a new entity and Facebook, in time, will have equal membership to it that all of the members e.

Visa and Mastercard do. This is, I suspect, to allay fears of Facebook using the coin to get more data and snoop on people. Libra is open source Apache 2. Libra is a registered non-profit in Geneva. Payments are a massive use case for WeChat, there are over m users of Apple Pay and payments are a proven business model for big techs. This gives Facebook a differentiated competitive positioning for WhatsApp and Messenger, and potentially a new revenue model.

Does them promoting something that competes with central banks sit well, and is that why no banks are involved? Facebook have dabbled with payments for nearly a decade, and have yet to find a killer use case or mass adoption. Will pivoting to emerging markets give them an edge? What will the other Libra members do with a stable coin? The flip side is that the more that Facebook and WeChat take away liquidity from retail banks and incumbent payment rails, the less important they become.

The presence of Visa and Mastercard may be a really well thought-out strategy to transform their networks, but the value they offered was around managing when something goes wrong in a payment e. Is that an opportunity? The messaging standard and network between banks has historically handled very large transactions and the customer was a long way from the network. WhatsApp is relied on by hundreds of millions of people who don't, and may never, have a bank account. Libra is issuing security tokens things you can buy as an investment as a way to fund incentives to use the network and investment programmes.

They will only be available to accredited investors, i. This could be a real competitor to Bitcoin but given the geopolitical tensions, will central banks allow Libra to gain traction? Given the concerted efforts to limit Bitcoin by global regulators, that seems unlikely. You could argue Bitcoin is too slow, not stable enough its price is very volatile and the per-transaction costs are too high. This is a real "oh, shit! We'll be covering more on Blockchain Insider this week, so stay tuned!

If you want to talk about what this means for you, get in touch with me on simon 11fs. He's also a regular host of the Fintech Insider and Blockchain Insider podcasts. Is this a game-changing moment and what should we do about it? A wallet that uses the Libra coin and will be integrated to WhatsApp, Instagram and Messenger from to bring payments to the 1.

So what are the 11 most interesting things about Libra? Facebook competes with WeChat and Apple Pay Payments are a massive use case for WeChat, there are over m users of Apple Pay and payments are a proven business model for big techs. What does this mean for payments and banks?

How does the stablecoin work? Summary This is a real "oh, shit! Payments Innovation Global Facebook cryptocurrency.

Facebook can’t back out of digital currency initiative, has too much skin in the game

Facebook has announced its own form of cryptocurrency called Libra alongside a digital wallet named Calibra, which will allow users to pay for everyday items directly using their smartphone. It has been backed by Visa and Mastercard, as well as businesses such as Farfetch, Uber, Spotify and eBay meaning eventually users will be able to use the currency to pay for almost anything from their weekly shopping to an Uber journey or their Spotify subscription. Cryptocurrencies are entirely digital forms of money which use encryption to carry out transactions securely and in many cases anonymously between two parties, which many argue make it more secure against fraud. A key benefit of cryptocurrency is also that they are decentralised, meaning that no one entity controls the currency in contrast to how a central bank controls traditional currency. The currencies are often built on blockchain networks, a type of digital ledger technology where all transactions are publicly verified and recorded and can not be altered — creating a chain of information and improving transparency. The two biggest issues for cryptocurrency so far, Facebook argues, have been scalability and volatility.

Facebook’s ‘cryptocurrency’ Libra has nothing to do with Bitcoin

The makers of the OpenLibra project, which include the Interchain Foundation and the Danish Red Cross as well as other companies and non-profit foundations, said the cryptocurrency will focus on open governance and economic decentralization. Despite criticism from some lawmakers and countries such as Germany and France saying they would ban the currency in their countries, Facebook said that Libra would be backed by an independent, not-for-profit organization membership organization and the currency is backed by the Libra Reserve which is designed to stifle massive fluctuations that are prone to occur with other cryptocurrencies. Jakub Lewkowicz is a multimedia journalist who loves all things tech. He is also a Carnegie Hall pianist and music producer. Get access to this and other exclusive articles for FREE! Latest News Published: October 10th, Article Tags blockchain , cryptocurrency , libra , OpenLibra. Subscribe to SDTimes. About Jakub Lewkowicz Jakub Lewkowicz is a multimedia journalist who loves all things tech. View all posts by Jakub Lewkowicz.

What Is Facebook Libra (Diem)?

Ernest Foo does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Cryptocurrencies have become a global phenomenon in the past few years. The announcement has sparked fears that Libra could be a threat to traditional banks , warnings to be cautious , and sceptical commentary of claims that it will help developing countries. Read more: With cryptocurrency launch, Facebook sets its path toward becoming an independent nation.

AP Explains: Behind Libra, Facebook’s new digital currency

Home Libra Cryptocurrency. Libra Cryptocurrency. Marcus, the leader of Facebook's "F2" financial division and the co-creator of its Diem digital currency project, is stepping down. He joined Facebook in after two years as president of PayPal. Facebook selected USDP in its pilot program because of its track record, and regulatory and consumer protection attributes. Facebook is considering building products and features related to non-fungible tokens NFTs , the digital assets that have taken off with the rise of blockchain technology.

What is Libra? All you need to know about Facebook's new cryptocurrency

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TheJakartaPost

Diem, formally known as Libra, is an upcoming global payments network that is expected to launch in The Diem Network will operate using the Diem Blockchain, a new blockchain designed to be highly scalable, secure and flexible. According to its whitepaper , the mission of the project is to develop a financial infrastructure that "empowers billions of people.

Unruly social media no model for Facebook's Libra currency: BoE's Carney

In case you missed it how, exactly? Libra has released their early source code and the plan is to go live in The Libra website has detailed technical documentation as well as working code examples. Whoever you are, wherever you are, that combination of names by itself backing this project would be huge regardless of the goal. You cannot ignore this project.

Welcome to the Diem project

Facebook released the white paper of its much awaited cryptotoken, known as Libra, last week. Libra is the offspring of a collaborative effort between Facebook and several other notable institutions across payment and technology sectors. How is Libra different to existing cryptotokens? And what are the legal implications of this ambitious project? Will Libra be the One Coin to rule them all?

Facebook has unveiled its plan for a new digital currency, and people may be able to use it as early as The currency has some heavy-hitting companies behind it — the independent association governing the currency from Geneva, Switzerland will be made up of representatives from an initial group of 28 companies including Mastercard, Visa, Paypal, Uber, Vodafone, Thrive Capital and Spotify to name a few. Those companies will also contribute to the currency and each run a part of the currency's network. Facebook also is creating a subsidiary company , Calibra, that will offer digital wallets to spend the new currency.