‘Crypto Twitter’ anxiously awaits white paper for Facebook’s Libra cryptocurrency

‘Crypto Twitter’ anxiously awaits white paper for Facebook’s Libra cryptocurrency 1

Tomorrow, Facebook is expected to release full details of its new “cryptocurrency” project Libra  as always, Twitter has lots to say.

Few concrete facts about Facebook‘s Libra (formally known as GlobalCoin) have been made public so far. Reports indicate the likes of Mastercard, Visa, Stripe, and PayPal have already paid a $10 million fee to become validators on the network, which allows untapped access to related data.

Facebook‘s rumored goal is to attract 100 companies to join the Libra Association, which would see Zuckerberg and co. net a cool $1 billion right off the bat.

Unlike Libra, Bitcoin is a permissionless system, in which anyone with access to the computational resources required to run a full node (or a mining rig) can join. These are available for purchase for significantly less than $10 million.

We do know Libra will be a “stablecoin” pegged to a raft of international fiat currencies to reduce volatility, but the social media giant is yet to formally disclose exactly which ones (or even precisely how its value will be calculated and backed).

Facebook reportedly seeks to make Libra accessible to everyone, and will pitch it as a method of providing the 1.7 billion “unbanked” adults around the world with financial services (a number apparently sourced from a 2017 report published by the Global Findex Database).

The advent of Libra will place the social media giant within the realm of financial services – or fintech. Despite it being a stablecoin, some pundits believe Facebook’s sheer reach could see it have a negative impact on Bitcoin.

Other Twitter commentators hilariously believe this is all a conspiracy, and it’s really Ripple (XRP) that will power Libra, which seems an impressive exercise in optimism.

Facebook is expected to publish the Libra white paper tomorrow, and could launch a testnet version of its blockchain as early as next week, but it’s clear nobody really knows what will come next.

Published June 17, 2019 — 16:13 UTC

‘Crypto Twitter’ anxiously awaits white paper for Facebook’s Libra cryptocurrency 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

Leave a Reply

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 32,741.00
ethereum
Ethereum (ETH) $ 1,911.30
tether
Tether (USDT) $ 0.997613
binance-coin
Binance Coin (BNB) $ 285.91
cardano
Cardano (ADA) $ 1.22
dogecoin
Dogecoin (DOGE) $ 0.227092
xrp
XRP (XRP) $ 0.625985
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 14.92
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 32,741.00
ethereumEthereum (ETH)
$ 1,911.30
tetherTether (USDT)
$ 0.997613
bitcoin-cashBitcoin Cash (BCH)
$ 460.39
litecoinLitecoin (LTC)
$ 124.88
bitcoinBitcoin (BTC)
27.507,51
ethereumEthereum (ETH)
1.605,79
tetherTether (USDT)
0,838150
bitcoin-cashBitcoin Cash (BCH)
386,80
litecoinLitecoin (LTC)
104,92
bitcoinBitcoin (BTC)
23,542.25
ethereumEthereum (ETH)
1,374.31
tetherTether (USDT)
0.717329
bitcoin-cashBitcoin Cash (BCH)
331.04
litecoinLitecoin (LTC)
89.79

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020
Mining City insists that it is legit
Mining City Refutes Claims By Philippines SEC Of Being A Scam
September 23, 2020

Blockchain/Cryptocurrency Questions and Answers

What Is Plethori Platform And How Does It Work?
June 12, 2021
What Is The Fudge Token?
What Is The Fudge Token?
June 5, 2021
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
What Is Shiba Inu (SHIB) Cryptocurrency And How Does It Work?
May 31, 2021
What Is PancakeSwap And How Does It Work?
What Is PancakeSwap And How Does It Work?
May 27, 2021
How Has Internet Computer (ICP) Become A Top-10 Crypto?
How did “Internet Computer Coin”(ICP) Become A Top-5 Crypto?
May 19, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin32,515 0.59 % 4.33 % 15.15 %
Ethereum1,898.4 0.64 % 6.01 % 19.76 %
Tether0.9976 0.23 % 0.71 % 0.09 %
Binance Coin284.31 0.97 % 1.87 % 17.93 %
Cardano1.220 1.00 % 2.19 % 17.43 %
Dogecoin0.2256 0.02 % 4.49 % 26.58 %
XRP0.6228 0.85 % 1.71 % 25.49 %
USD Coin1.000 0.46 % 0.25 % 0.03 %
Polkadot14.89 0.79 % 9.20 % 34.81 %
Binance USD0.9942 0.35 % 1.11 % 0.52 %

bitcoin
Bitcoin (BTC) $ 32,741.00
ethereum
Ethereum (ETH) $ 1,911.30
tether
Tether (USDT) $ 0.997613
binance-coin
Binance Coin (BNB) $ 285.91
cardano
Cardano (ADA) $ 1.22
dogecoin
Dogecoin (DOGE) $ 0.227092
xrp
XRP (XRP) $ 0.625985
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 14.92
binance-usd
Binance USD (BUSD) $ 1.00