Summary of Libra Cryptocurrency

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A witty and entertaining editorial by internet expert and academic John Naughton discussing Facebook’s cryptocurrency venture, Libra, as described in a recently released white paper. Naughton bases his description of Libra more on Facebook’s reputation than on a close reading of the material. While this preliminary proposal doesn’t fully reveal how Facebook could exploit Libra or abuse user privacy, it opens the door to more evaluation and critique than the author delves into here. The engaging op-ed describes technical concepts in accessible terms, offers useful context, and raises valid concerns for anyone either interested in the digital asset landscape or who just wants to learn more about how tech will continue to shape history.

About the Author

John Naughton is an academic, a researcher and the author of two books about the history of the internet. 

 

Summary

Facebook recently released a white paper on its new cryptocurrency, Libra.

After years of speculation, Facebook finally released a white paper detailing their plans for a cryptocurrency, called Libra. Certain aspects of the white paper seemed calculated to dispel fears and provide some distance between Libra and Facebook, with a public image tainted by the Cambridge Analytica data privacy scandal. 

Libra will offer relatively stable value, supervised by an association of corporations that includes Facebook.

Like many other cryptocurrencies, Libra will rely on blockchain technology...


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