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Summary: Facebook’s white paper on Libra cryptocurrency, blockchain, reserve and association

After months of speculation, rumours and leaks, Facebook announced on Tuesday that it's launching a new cryptocurrency, called Libra, which it hopes could change how money works and one day become the world's global currency. The company released a white paper detailing its plans for: the Libra cryptocurrency, which will be pegged to a set of traditional currencies to keep its value stable and avoid the wild fluctuations that have plagued Bitcoin and others; the pseudonymous, open-source Libra Blockchain on which it will be built; the Libra Reserve, which will give the currency "intrinsic value", and which will be funded by the Libra Association, a consortium of 28 (and counting) entities that will, having paid $10 million each, have a say in how the currency is governed. a Facebook subsidiary called Calibra, which will handle the firm's crypto business and operate a crypto wallet of the same name. Facebook has taken pains to stress that Calibra will run independently of its social network business, and there will be strict separation of financial and social data. Here is a brief summary of the white paper that addresses each of these aspects: The Libra currency and Libra Reserve Facebook says Libra is designed to be a stable digital cryptocurrency, or stablecoin, that is backed by a reserve of real assets, the Libra Reserve. The reserve is "a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks". The value of the Libra…

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