Description & Discussion of Libra aka Facebook Coin

[wry]

Now that it's official and Facebook coin, known as Libra (apparently Globalcoin didn't work out for them) is official time to analyze its main features and characteristics.

This discussion draws from:  https://techcrunch.com/2019/06/18/facebook-libra/

The full white paper is at:  https://libra.org/en-US/white-paper/

When is it?  It's supposed to launch the first half of 2020, so figure June, a little less than a year from now.

What is it?  Libra is the name of the network but the governing body is the Libra Association.  Libra will be like a stable coin, e.g. Tether, but wont be tied to just one major currency rather it will use the dollar, pound, euro, swiss franc, and yen.  Its symbol is ≋ but with three lines not just two.  

Being tied to a currency basket raised a red flag with me, but it may not be much of an issue as they expect to adjust the levels of those currencies in the basket as the value changes.  E.g. the £ dropped a lot on Brexit worries, so I'm not sure how they will always be able to adjust or maybe the just wont.

Who's the boss?  The Libra Association is what the 28 founding partners, e.g. Mastercard, Uber, paid money to buy into.  They each get 1% voting power and a proportionate share of the "dividends".  The Libra Association is a non-profit and Facebook hopes to have 100 founding members.  No member can have more than 1%, so the idea is this will create decentralization or at least, not total Facebook control.

The dividends result from the interest they expect to earn on all the fiat money they hold.  This will first go towards expenses, including marketing, but after that will go to the members of Libra Association.  There is also a discussion of unspecified "incentives".

Speed.  It's fast, 1000 transactions a second.  Versus 7 - 15 for Bitcoin.

Fees?  There is a small fee, called, gas like ETH, but should be negligible in most situations.

Other Info!

The plan is to have it be proof of stake.  It wasn't clear to me how rewards, if any, would go to non Libra Association members.

Calibra is a subsidiary of Facebook, their representative in the Libra Association, and the creator of a Libra wallet, called, Calibra.

Users will have to submit full know your customer verification, e.g. some sort of state issued photo ID.

Obviously there is a lot more to read, but that seems to be the core of the points about the actual coin.

Please add your thoughts, corrections, insights to the thread!  Maybe this will be the next coin on Stake!

[ivan19911991]

1 year from now but this token got a lots of attention from media. I feel this thing will gonna be a real Big thing in 2020. Im excited for this one

[Kate]

We have to wait a year for this but they said that is their just predicted date not the exact one but they also said that Uber will be accepting Libra as payments.