Nick Chong · 1 week ago · 2 min read · Insights via Grayscale Investments
Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.
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Libra is for everyone
Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn.
- Mobile Libra will be accessible to anyone with an entry-level smartphone and data connectivity.
- Stable – Libra is backed by a reserve made to keep its value stable. Libra transactions are fast – send and receive money quickly.
- Fast – Libra transactions are quick and easy, no matter where you are sending, or spending, your money.
- For the world – Libra is a global cryptocurrency that will be available around the world.
- Scalable – Libra will foster an ecosystem of products and services made to help people use Libra in their everyday lives. Libra is built on blockchain designed with a security focus.
- Secure – Libra is a cryptocurrency, built on a blockchain designed with security in mind.
Libra is for the world
A stable global cryptocurrency built on a secure network.
- Blockchain Technology – Libra is built on a secure, scalable, and reliable blockchain.
- Stable Value – Libra is backed by a reserve of assets that help keep its value stable.
- Independent Governance – Libra is governed by the independent Libra Association, tasked with evolving the ecosystem.
How Libra works
- The Vision – Libra is a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. People will be able to send, receive, spend, and secure their money, enabling a more inclusive global financial system.
- The Currency – The unit of currency is called Libra. The aim is to make Libra as widely accepted and as easy to use as possible to create a currency that people can use with confidence and convenience in their everyday lives.
- The Reserve – Unlike the majority of cryptocurrencies, Libra is fully backed by a reserve of real assets. A basket of currencies and assets will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value.
- The Blockchain – The Libra Blockchain is operated by a network of validator nodes. The evolution of the blockchain will be overseen by the Founding Members of the Libra Association, and each member will be responsible for running a validator node. As the network grows and becomes more self-sustaining, the Libra Association will work to gradually transition to a permissionless mode of operation.
The Libra Association
The Libra Association is an independent, not-for-profit membership organization, headquartered in Geneva, Switzerland.
- Open Source – Fostering an open-source community to spur the development of a robust ecosystem of financial products and services that allow people to use Libra in their everyday lives, around the world.
- Scalable – Growing the network by adding more validator nodes and coordinating the technical roadmap among the validator nodes.
- Stable – Securing and managing the Libra Reserve to preserve the stable value of Libra.
- Role – The Libra Association works to evolve and scale the network and reserve and leads a social impact grant-making program that supports financial inclusion efforts worldwide. The association collaborates with the global community and partners with policymakers to help further the Libra mission.
- Organization – The Libra Association is made up of a group of diverse organizations from around the world. The Founding Members of the association each run one of the validator nodes that form the network that operates the Libra Blockchain. One of the association’s directives will be to work with the community to research and implement the transition to a permissionless network over time.