According to The Block, Facebook's highly anticipated cryptocurrency project Libra blockchain is expected to release test networks and open source on June 18 (Tuesday). At the same time, the Libra Association, founded by Facebook and its dozens of partners, will also be officially unveiled. The association will be responsible for the supervision and management of the Libra project.
According to an introductory blog post by The Block, the Libra project is intended to build the Libra blockchain into a “safe, stable, and reliable blockchain” supported by Libra Reserve. It is reported that LibraReserve is a "real asset reserve" that will provide "stability, low inflation, global acceptance and substitutability" for Facebook's cryptocurrency.
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In addition, the Libra blockchain is expected to be open sourced under the Apache 2.0 license on the day of the release on Tuesday, June 18. The launch event will launch a test network designed to collect community feedback on the project and inform the community about the future direction of the project.
This blog post was sent to major publishers last week with detailed newsletters and sent to The Block via several anonymous sources. According to sources, Facebook is reluctant to disclose Libra's information to The Block, CoinDesk, and any encrypted media affected by Facebook's encryption ban.
Libra's release represents Facebook's boldest attempt at financial services, and the social media giant hopes it will provide opportunities for "the world's 1.7 billion adults outside the financial system who cannot access traditional banking services."
In the blog post, Facebook criticized the existing blockchain, thinking that they have not reached the stage of mainstream adoption, but adopted a rather poor solution, which is a value storage and exchange medium. Facebook believes that its collaborative, compliant and regulated product approach will help overcome the barriers faced by other cryptocurrencies.
As The Block reported earlier today, companies participating in the Libra project will become members of its governance alliance, including companies in the music, payments, digital assets and retail industries, including hosting company Anchorage, payment company Visa, and cryptocurrency. Exchange Coinbase, ebay, Spotify, etc.
Facebook also pointed out that while some cryptocurrency projects are designed to “subvert existing systems and bypass regulatory regulations,” the company believes that “cooperating and innovating with the financial sector (including regulators and experts from all walks of life) is ensuring new systems. The only way to be a sustainable, secure and trusted framework."
The Facebook and Libra associations have set a goal to launch the Libra blockchain and an ecosystem that supports it by 2020.