Technology: Facebook Libra’s creators explain its often overlooked design - No banking without license for Libra and Facebook, insists the Bank of France - PressFrom - US

Technology Facebook Libra’s creators explain its often overlooked design

18:05  18 october  2019
18:05  18 october  2019 Source:

Facebook’s Libra Association is being investigated by EU antitrust regulators

Facebook’s Libra Association is being investigated by EU antitrust regulators Facebook's Libra cryptocurrency project is being probed again, this time by European Union antitrust regulators. The European Commission said it is "currently investigating potential anti-competitive behavior," related to the Libra Association, Bloomberg reports. In a questionnaire sent out this month, the EU authority expressed concerns that Libra would unfairly shut out rivals. The investigation, still in its early stages, is examining the governance structure and membership of the Libra Association. The purpose-built, independent nonprofit is meant to govern the digital currency.

Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the Every Libra payment is permanently written into the Libra Blockchain — a cryptographically authenticated database that acts as a public online ledger

While there is a Libra Reserve, Libra doesn’t seem like it ’ s necessarily pegged to its value. Rather, the reserve functions as a kind of lower bound on Libra ’ s The reserve will come initially from Facebook and its partners, but later, if you buy Libra ( Libras ? This also seems semantically unclear to me) for

Since Facebook and nearly two dozen other diverse businesses and nonprofits from around the world announced their plans to create the digital currency Libra this past June, there has been substantial debate about the project, its viability, and its potential impact.

  Facebook Libra’s creators explain its often overlooked design © Provided by Atlantic Media, Inc.

Libra is a stable digital currency backed one-to-one by a basket of highly liquid assets that aspires to become an affordable payment and financial services platform.

Overall, the concept of the project seems to resonate with major financial players as a premise for improving access to online transactions, but a series of regulatory concerns has led a number of them to leave the project.

France says it will block Facebook's Libra cryptocurrency in Europe

France says it will block Facebook's Libra cryptocurrency in Europe Facebook's Libra cryptocurrency has run into another stumbling block. Less than a month after the EU opened up an antitrust investigation into the project, officials in France have announced that they "cannot authorize" Libra on European soil. Speaking at an OECD conference in Paris on Thursday, French finance minister Bruno Le Maire said Libra would put the sovereignty of governments at risk. "All these concerns around Libra are serious," he said, according to a translation by CNBC. "So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil.

Facebook showed us its new News Feed yesterday. It ' s as pretty as anyone could have hoped, and a wonderful update to the design . But lost in the big images and new feeds was a pretty major change that actually started weeks ago: The first thing you look at on Facebook ' s page has moved.

The debut of Libra or whatever Facebook decides to call it could unlock a new era of commerce and payments Name: Facebook will likely use the Libra codename as the public facing name for its Token: The cryptocurrency will be a stablecoin — a token designed to have a stable price to prevent

But what’s often lost is why Libra is designed the way it is.

This understanding is all the more relevant with Facebook CEO Mark Zuckerberg set to testify on Capitol Hill next week.

Distributed governance

The Libra network distributes governance, rights, and responsibilities among multiple parties—100 at the time of its launch and potentially many more over time.

This approach is unusual for a new digital platform. It means that Facebook, through its subsidiary Calibra, gets just one vote among numerous players in guiding the evolution of the Libra network.

The move has garnered negative reactions and mistrust from some individuals and organizations concerned about the role of digital platforms—especially one like Facebook.

International banks to scrutinize Facebook's Libra cryptocurrency

International banks to scrutinize Facebook's Libra cryptocurrency The digital currency will face questions from regulators.

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Distributed governance is there precisely to make it easier for multiple firms and organizations to participate and engage in the Libra network, which in turn will create more choices for consumers.

Without distributed governance, organizations and individuals might be less willing to build on the same platform, reinforcing the fragmentation in payment services we see today. The Libra network is modeled after an open technology standard, akin to those used for ensuring that mobile phones can communicate across different carriers.

Open technology standards encourage broad participation, provide shared infrastructure, and can benefit consumers by allowing firms and public organizations to develop a variety of products and services that are compatible with one another. These standards are particularly valuable for new entrants and small firms because they lower barriers to entry, avoid costly duplication of effort, and allow users to build on the same intellectual property.

Facebook's Libra cryptocurrency under scrutiny from international banks

Facebook's Libra cryptocurrency under scrutiny from international banks The digital currency will face questions from regulators.

There are so many aspects of work environments that are overlooked and create turmoil between employers and/or employees as a result. On the surface, it may seem like the proletariat community is well managed and controlled, but it has become clear to me that is often the workforce’ s weakest link.

Deploy these often overlooked credibility boosters to persuade the fence sitters to cross over to your side, as believers and buyers. Nima, a startup making a device that tests foods for gluten, bolsters its credibility at a glance by presenting logos of magazines, TV programs and news sites that have

A more open network for payments and financial services stands to enable broader consumer participation, particularly among the unbanked and underbanked, and ultimately get a significant number of firms to support technology that—if it were widely adopted—could lower costs and benefit even more people.

Multiple players

Early on in the design of the Libra project, it became clear that a protocol for moving money across the globe should not be controlled by any single entity.

Hence, at each step of the design process, a crucial internal test was to make sure that the Libra protocol and incentives were such that members and non-members alike will be able to compete on the same terms. To achieve that, it was also apparent that Facebook would have to open-source the technology it had incubated, relinquish control over the Libra network’s development, and let the network and its governance be shaped by market forces.

The Libra Association, an independent non-profit governing organization made up of the validator nodes of the currency’s Libra network, is tasked with ensuring safe and smooth operation of the Libra network, developing upgrades to the protocol, and interoperability across wallets, merchants, and other service providers.

It will also maintain standards around user identity, auditability, and processes for fighting financial crime. This is to encourage healthy competition in the downstream market for wallets, payments, and other financial services.

Interoperability on the Libra network, combined with lower switching costs relative to current solutions, will allow consumers and businesses to easily choose products that best suit their needs.

That is to say, consumers will have choices. That means Facebook’s wallet Calibra—just like all the others—will have to compete on dimensions such as security, privacy, and cost.

Overall, the hope is that Libra will lead to more competition and innovation, not less, and that in turn it will help dramatically lower the cost of financial services and improve access to them around the world.

Facebook says Libra needs 'decades' to take hold .
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