The Libra white paper explains how Facebook's new cryptocurrency is funded, the underlying blockchain, a programming language and more.
The announcement is significant because it's the first time a major technology company is implementing a digital currency, which could further legitimize the overall category.
"The existing blockchain systems have yet to reach mainstream adoption," the white paper states. "Mass-market usage of existing blockchains and cryptocurrencies has been hindered by their volatility and lack of scalability, which have, so far, made them poor stores of value and mediums of exchange."The group stresses that its Libra currency is different because it's backed aof real assets, including short-term securities from central banks.
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