Binance Research Releases Review Of LIBRA - Facebook's Cryptocurrency - CRYPTOKIEMTIEN

cutnur (3)in #dlike • 5 years ago (edited)

Binance Research Releases Review Of LIBRA - Facebook's Cryptocurrency KEY TAKEAWAYS Libra is a cryptocurrency minted on the Libra Network, a blockchain.
KEY TAKEAWAYS

Libra is a cryptocurrency minted on the Libra Network, a blockchain developed by a Swiss foundation and a consortium led by Facebook.
This cryptocurrency is backed by a basket of financial assets (Libra Reserve) provided by node operators. In its initial release scheduled for 2020, Libra will be backed by assets denominated in four fiat currencies: USD, EUR, JPY and GBP.
Running on a Proof-of-Stake (PoS) blockchain with a 2-token system, this new financial infrastructure will rely on the BFT-consensus algorithm and will support smart-contracts after it completes its transition from a permissioned to a permissionless environment.
Within the next 18 months, Libra will be incorporated into the Facebook ecosystem built around Messenger, WhatsApp, and Facebook.com (using the Calibra wallet interface). It is likely to foster rapid expansion of its existing 2.4 billion user base to adopt (and transact with) the cryptoasset across the globe.
Yet, in the medium-long term, this initiative is expected to have a significant impact on both local and global markets, with significant implications on the cryptoasset, financial, and economic landscape.
In the medium term:
Facebook has a chance to further its place as a provider of open-source tools for digital apps, sites, and e-commerce.
Libra may spark additional cryptocurrency volume due to increased accessibility from both institutional players and everyday retail users.
In the long term:
Reshaping of the payment industry: A new set of gatekeepers may emerge in the digital world which would threaten the existing positioning of banks as “payment facilitators”.
New offerings of financial services: New service providers may emerge, building innovative decentralized applications on the Libra network which would ultimately provide new financial services for end-users across the globe.
Advancing greater freedom of money and lowering capital restrictions worldwide: Central banks may have a harder time preventing “capital flight” and maintaining monetary policies with strong capital restrictions.
“Un-dollarization of the world”: Should Libra see massive global adoption, a new unit of account for trade could emerge and hence, reduce the reliance on a single currency for quoting global exchange goods and services.
The Libra project has a chance at becoming the first “everyday” implementation of the ideology and theory behind the Special Drawing Rights (SDR) and other IMF / World Bank initiatives, manifested as a cryptocurrency targeting mass adoption by both institutions and individuals.
On June 18th 2019, Facebook released details about Libra, a stable cryptocurrency backed by a basket of financial assets, which runs on its own blockchain.

Throughout this report, we will look into details about this new, highly anticipated, cryptocurrency before diving into the technical details. Eventually, we will discuss what the impacts are from both a local and global perspective on different timescales.
Source
https://cryptokiemtien.com/binance-research-releases-review-of-libra-facebooks-cryptocurrency/

Source of shared Link