Similar to Bitcoin, the digital currency Facebook has devised is based on blockchain technology, although it is meant to exist without being subject to price fluctuations.
“Facebook will have no access to transaction data,’’ David Marcus, Project Manager for the currency, which is named Libra said.
Among its current 28 members are financial service providers Visa, Mastercard and Paypal, high-profile companies that can facilitate the integration of Libra into payment systems.
Marcus hoped that the Libra Association would have over 100 members by the planned launch of the currency by 2020.
He stressed that neither Facebook nor any single company would control or operate it.
Blockchain currencies like Bitcoin are infamous for massive price swings, which is something Facebook desperately wanted to avoid crafting Libra.
Therefore, Libra will be fully covered by a reserve fund made up of different currencies.
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