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Facebook has officially announced the details of its cryptocurrency project Libra and released a whitepaper explaining the technical aspects of the currency and its blockchain system
The coin will let you buy things within Facebook�s marketplace and send money peer-to-peer with nearly zero fees. Facebook is going to introduce its own Calibra wallet that will be built into WhatsApp, Facebook Messenger, and its native app, and will allow users to buy, store and send Libra coins peer-to-peer with all transactions stored on a blockchain.
Facebook announced that Libra blockchain is going to be an open-source project, owned and controlled by the founding partners of the Libra Association. It�s already known that Visa, MasterCard, Uber, and Andreessen Horowitz, among others, have committed to invest at least $10 million each to participate in the governance of and control over the Libra Association.
Libra coin will be structured as a stablecoin, thus allowing to the founding members of the Libra Association to earn interest income on cash reserves held to keep the value of the Libra coin stable. The higher the global adoption of the Libra coin, the higher the cash reserves, and the higher the interest income earned on those reserves. This incentive makes participation in the Libra Association commercially attractive.
Importantly,Facebook claimed that it wouldn�t mingle the users�s Libra payments with their personal Facebook data, meaning that payment information won�t be used for personalized ad targeting. In our research article we assumed that, hypothetically, the availability of transactional data of actual purchases would allow Facebook to create a nearly perfect ad targeting engine based off of actual consumption preferences and likes of every user.
Even though Facebook has promised that it won�t abuse its power in this respect, let�s not forget that, by the end of the day, ad targeting is a primary revenue source for Facebook, and Libra creates a very tempting opportunity to increase its ad revenues substantially.
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