All the hype around Facebook’s Project Libra keeps increasing rapidly. Now, a lot of the skeptics about the so-called LibraCoin, can take an in-depth look at the Libra white paper.
Even though, a lot of information pointed out that the coin would be named GlobalCoin, but the white paper refers to it as Libra or LibraCoin.
The Libra white paper describes the project as a stablecoin. All operations will be completed on the scalable Libra blockchain for the foreseeable future.
According to the recently revealed information about the Libra Association, the stablecoin will have solid financial backing. The guaranteed mass reserve will provide the stablecoin with intrinsic value and reduce volatility.
The Libra Association that is responsible for the governance of the new project, is based in Switzerland and is categorized as a non-profit organization. The founding members are MasterCard, Visa, PayPal, eBay, Coinbase and Uber so far. There are short-term projections to increase the Libra Association members to over 100. This is projected to happen in the first half of 2020 when the project is released.
The Libra white paper reveals some interesting details
Facebook has already revealed information about the Libra Investment Token (LIT). LIT tokens can be purchased or distributed as dividends to the association’s founders and respected investors.
The Libra white paper shed light on the issue of being pegged to a national fiat currency. It’s mentioned that users will not always have the ability to redeem the token for a fixed amount of fiat. The reserves however, should prevent strong volatility.
Decentralization will be secured via the management of the Libra Association. The association is only partially able to mint and destroy the coin. The white paper states:
“Since authorized resellers are able to sell Libra coins to the reserve at a price equal to the value of the basket, the Reserve acts as a “buyer of last resort.”
The Libra coin is setting itself to entirely change the crypto industry. Facebook shared information that the coin would be usable across the company’s platforms like WhatsApp, Instagram and Messenger. This will provide the Libra coin with an exposure to over 2.5 billion monthly users.
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