Earlier today, Facebook released the whitepaper for its much-anticipated crypto project. On top of this, the firm has also rolled out a testnet for the coin’s blockchain. The coin will power peer-to-peer payments and will run on Facebook’s Messenger app and Whatsapp.
According to the whitepaper, the coin is titled “Libra”. The paper adds that Libra would run on the native and scalable Libra blockchain. On top of this, the coin would be backed by a reserve of assets, which will give it value.
Facebook unveiled the project’s vision noting,
Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.
Previous reports unveiled that the Libra Association would govern the cryptocurrency’s ecosystem. The group comprises leading global firms such as Mastercard, Visa, and Uber.
Industry Experts Back Libra
This release marks the end of a long period of speculation by the crypto community. It also comes after numerous reports that tried to get an inside scoop on the coin’s nature and stages of development. Following the release, market observers have made bullish statements, noting that this move would boost crypto adoption.
Spencer Bogart, the general partner at Blockchain Capital, a San Francisco-based investment firm said,
Facebook’s efforts in the space has the potential to be one of, if not the most significant external catalysts for bitcoin and crypto adoption in the technology’s history.
In an interview, Michael Moro, the CEO of Genesis Global Trading stated that,
I think Facebook coming out with their own coin would make digital currency more familiar to people,
Speaking about how crypto adoption comes about, Moro added,
People have always questioned how mainstream adoption of something like this might come about. Having the retail base that Facebook has certainly helps that,
This news comes after a Mercado Libre executive disclosed that the platform would integrate Libra as a payment option. Allegedly, Mercado Libre would act as a node in Facebook’s Libra blockchain network. While the anonymous source confirmed the partnership between the two firms, they did not give more details.
Do you think Facebook’s Libra could be the gateway leading to mass adoption for the crypto sector? Let us know in the comments below.