Today, Facebook has released Libra's white paper on its digital currency project. At the beginning of the white paper, Facebook tells us that Libra's mission is to build a simple, borderless currency and financial infrastructure that serves billions of people.
Facebook founder and CEO Mark Zuckerberg shared the good news for the first time. Zuckerberg said:
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“Libra's mission is to build a simple global financial infrastructure that empowers billions of people around the world.”
Zuckerberg said that Calibra will send Libra through smart contracts at low cost or zero cost. In the future, it will realize one-click payment of bills, scan QR codes to buy coffee, or take local cash without carrying cash or subway cards. Features such as public transportation.
The following is the full text of Libra published by Zuckerberg:
Today, Facebook and 27 organizations around the world formed the non-profit Libra Association (Libra Association) and created a new currency called Libra.
Libra's mission is to build a simple global financial infrastructure that empowers billions of people around the world. Libra, driven by blockchain technology, is scheduled to go live in 2020. You can find more information about the association here: https://libra.org.
Using mobile payments has a significant positive impact on people's lives, because you don't have to carry cash with you at all times, because cash can be insecure or you need to pay extra transfer fees. This is especially important for those who do not have access to traditional banking or financial services. Currently, there are about 1 billion people who do not have bank accounts worldwide but have mobile phones.
We want to make it easy for everyone to send and receive money, just as you are using our app to share information and photos. To achieve this goal, Facebook will also launch an independent subsidiary called Calibra, which will provide Libra's delivery, cost and storage services. First, WhatsApp and Messenger will deploy a digital wallet and a standalone app will be launched next year.
Calibra will be regulated like other payment service providers. All the information you share in Calibra will be independent of the information shared on Facebook. Calibra will always allow users to send Libra at a low cost or zero cost through smart contracts. In the future, we hope to provide more services for individual users and businesses – such as paying bills with one click, buying coffee with QR codes, or taking local public transport without carrying cash or a subway card.
In addition to us, many other companies will build their own services while using Libra – from payment cards such as Mastercard, PayPal, PayU, Stripe and Visa to Booking, eBay, Farfetch, Lyft. Popular services such as Spotify and Uber, to non-profit organizations such as Kiva, Mercy Corps and Women's World Banking, which have made significant efforts in inclusive finance, as well as Anchorage, Coinbase, Xapo and Bison Trails and other companies active in the field of cryptocurrency. Some well-known venture capital firms have also joined to help drive innovation in the Libra network. We hope that by the time Libra will be released next year, the Libra Association will have more than 100 founding members.
All of this is based on blockchain technology. The blockchain is decentralized, that is, it is managed by many different organizations, which makes the whole system more fair. As long as you are connected to the Internet, anyone can use the blockchain at a low cost and cost. The blockchain is protected by cryptography, which helps to keep funds safe.
This is an important part of our vision of a privacy-focused social platform – on this platform, from SMS to secure payment, you can interact in any way you want.
Privacy and security will be integrated into every step of Libra. For example, Calibra will have a dedicated team of risk control experts to prevent people from using Calibra for fraudulent purposes. We offer fraud protection, and if your Libra is lost, we will provide a refund. We also believe that it is important to provide choices, so you can use many third-party wallets on the Libra network.
Before Libra officially launched, there was still a lot to learn and do. We know that this is a major task and responsibility, and we are determined to do it well. We have been working with decision makers and experts in the areas of inclusive finance, economics, security, privacy and blockchain, and we will continue to listen to their feedback to find the best way forward. We thank them for their cooperation and all the companies, organizations and academic institutions of the Libra Association.
This is the beginning of an exciting journey and I look forward to sharing more (progress) in the future.