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Blockchain: Facebook Announces the Libra CryptoCurrency

By Dick Weisinger

The Libra. It’s Facebook’s version of Bitcoin-like crypto-currency that is scheduled to go live next year. Facebook announced the new currency on Tuesday this week. It is an open source project and available on GitHub.

The new currency will be managed by a new unit in Facebook called Calibra. The Libra Whitepaper says that “Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

The new currency comes also with crypto-wallet software called Calibra. Calibra will initially be available as a button on Messenger and WhatsApp and is expected to power retail payments in Instagram, peer-to-peer payments and gaming.

The Libra Whitepaper says that “the world truly needs a reliable digital currency and infrastructure that together can deliver on the promise of “the internet of money.”

Mike Chapple, Cybersecurity and privacy expert , told the Washington Post that “the potential trade-off, however, is privacy. Libra’s design does leverage the blockchain, preserving the privacy of transactions from outsiders peering in, but the facilitation role played by Facebook and other partners leaves the company the ability to penetrate that veil of privacy. While Facebook promises that they won’t access information from the currency’s digital wallets ‘without customer consent,’ there are no technical barriers to them doing so. As with many technological innovations, Libra offers us a trade-off between privacy and convenience.”

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