According to an article from The Block published on June 14, Facebook plans to unveil the ‘Libra Association’ next week. In addition, there is reported to be a special fund that will act as a reserve for Facebook’s own cryptocurrency .
The Libra Association is an association of parties that Libra will oversee. The association will be based in Geneva, according to the article. The Block bases the information on a blog article that Facebook would have shared with certain media. However, The Block does not want to publish from whom it obtained this information.
On June 18 it will also be announced that the cryptocurrency will be based on the Libra Blockchain. The blockchain will be open source and will be launched on the day of the unveiling. This is how The Block writes:
The Libra Blockchain will be released open-source under the Apache 2.0 license from the day of the announcement, which is expected to take place on Tuesday, June 18, according to the blog post of the social-media giant.
Facebook is also reported to launch a special fund. The Libra Reserve will consist of various assets that must guarantee the value of the stable coin. The reserve must offer the crypto “stability, low inflation, global acceptance and fungibility.”
Facebook’s cryptocurrency is already receiving a lot of criticism. This is mainly due to the fact that large companies such as Uber, Mastercard and PayPal have already agreed to become validators in the network. As a result, the cryptocurrency would be too centralized. Sarah Jamie Lewis, board member of the Open Privacy Research Society, writes sarcastically in a tweet :
Can’t wait for a cryptocurrency with the ethics of Uber, the censorship resistance of PayPal, and the centralization of Visa, all connected under the proven privacy of Facebook.