Facebook announces its new cryptocurrency, Libra

The widely anticipated white paper from Facebook was released today. The cryptocoin, called Libra, lets users buy things online or send people with almost zero fees. Users can buy or cash out the cryptocurrency psuedonymously online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook's own Calibra wallet built into WhatsApp, Messenger, and the Facebook app. Facebook will not fully control Libra, but instead have just one vote in the governance along with other founding members of the Libra Association including Visa, Uber, and (venture capital firm) Andreeson Horowitz who each invested $10 million into the project's operations.The association will promote the open-sourced Libra blockchain and developer platform with its own Move programming language and sign up businesses to accept Libra for payments and build discount and reward programs around Libra. Facebook created a subsidiary called Calibra that manages its Libra efforts and protects user's privacy by keeping Libra transactions and data separate from Facebook. Your Libra identity is not tied to your Facebook identity at Calibra. Tech Crunch