The Whitepaper states that Libras mission is to enable a ” a simple global currency and financial infrastructure that empowers billions of people” by creating a reliable digital currency and infrastructure as a basis for the ”internet of money”.
Libra is made up of three key components that are meant to work together to ensure an inclusive financial system.
- A secure, scalable and reliable Blockchain.
- Backed by a reserve of assets designed to give it intrinsic value.
- Independent governance by the Libra Association which is tasked with evolving the ecosystem.
Other features unveiled today include the Calibra Wallet coming in 2020, with the goal of creating access to financial services for the millions of people around the globe that do not have an active bank account.
We are excited to see the integration of a blockchain based digital currency into many of Facebooks services, such as WhatsApp, Instagram or the Facebook Messenger App.