Facebook Whitepaper Release

UPDATE! You can read the Libra whitepapers here:

Facebook’s cryptocurrency project Libra is about to officially come out of secrecy and into the public blockchain conversation with the release of its whitepaper reportedly scheduled for June 18. 

While the release date of the whitepaper has not been officially announced by Facebook’s blockchain team, leaks in the project have become inevitable as cooperation with governments, banks and other organizations is needed to prepare for the launch of the coin. The June date is earlier than anticipated, as previous expectations saw a public introduction of the coin not before 2020. 

The Facebook cryptocurrency will be a stable coin, meaning instead of only being tied to the US dollar or another currency, it will be tied to several fiat currencies and low-risk securities to stabilize its price. The Information reports the value of this stabilizing basket will be 1 Billion USD, reflecting partnerships between Facebook and various financial institutions. 

Facebook’s tech-star studded development team, led by David Marcus, is currently seeking acceptance of the cryptocurrency for merchant transactions, reports Tech Crunch. The coin will be transferrable without fees between users of Facebook and their other products such as Facebook Messenger and WhatsApp. Facebook is also expected to introduce a method of physically exchanging fiat currencies for the coin, according to The Information.

While many look on with eager anticipation for the new blockchain project, Facebook has come under criticism as well, including an allegation from Weiss Ratings that the aim is to take business away from banks rather than broaden the appeal of cryptocurrency. Some Facebook users have also shared a hesitation to divulge their financial information to the corporation that already knows everything about their social lives and, in many cases, their location. 

As with any big move by Facebook, it is not without passionate reactions from both sides. We at look forward to the expected whitepaper release on June 18 as everyone will get a chance to learn the details and decide for him or herself what this unique new coin will bring.