Libra is a yet-to-be-released cryptocurrency proposed by Facebook, Inc., that will aim to serve as a global payment system and a stable financial infrastructure that people across the world can use.
The projected release date of the libra cryptocurrency is currently slated for 2020, while the project is currently being managed by the Libra Association.
Headquartered from Geneva, Switzerland, the Libra Association main purpose is founded on three pillars.
This includes the provision of a framework of governance oversight for the Libra network and Libra reserve, overseeing active operations and longevity of the Libra payment system, and facilitating the flow of services of the Libra Blockchain.
The Libra Association is overseen by the Libra Association Council.
This is comprised of organizations from the technology, telecommunication, payment, blockchain, venture capital, and nonprofit sectors.
The creators of the coin are Morgan Beller, who initially started working on cryptocurrency and blockchain technology at Facebook in 2017, David Marcus, and Kevin Weil.
Before the announcement of the Libra cryptocurrency on June 18th, 2019, Facebook had been considering coining the digital currency GlobalCoin or Facebook Coin.
Will Libra Ever Launch?
Facebook has expressed multiple times that they will not launch the Libra cryptocurrency until all regulatory matters have been met.
Facebook CEO Mark Zuckerberg has since assured lawmakers that Libra would not launch without first acquiring approval from United States regulators.
Past participants of the Libra Association who left in October of 2019 include PayPal, eBay, Book Holdings, Mercado Pago, Visa, Stripe, and MasterCard.
It should be noted that the source code for Libra is written in Rust that is open-source through the Apache License.
What’s unique about Libra is that it will not depend upon cryptocurrency mining while only members of the Libra Association will be in a position to validate and process transactions.
Facebook plans to launch a digital wallet known as Calibra in 2020, which will serve as an avenue for acquiring Libra along with Facebook Messenger and WhatsApp.