Facebook’s Libra Borrows from Other Cryptocurrencies

The long awaited white paper for Facebook’s crypto project is out and the details show the social media giant borrowed different aspects from the market for their GlobalCoin; CoinDesk examined the 29 page paper and provided some interesting insight; similar to bitcoin there is no real identity, like Hyperledger the blockchain will be permissioned to start, similar to tezos is comes with on-chain governance, like ethereum it makes currency programmable and believes proof-of-stake is the future, tokens will be issued and burned constantly, users won’t need their transaction history like coda and the full scope is still being worked out, similar to EOS; the paper also provided details on the 53 person team that features some of the top names in the blockchain industry; “We are publishing this early report to seek feedback from the community on the initial design, the plans for evolving the system, and the currently unresolved research challenges discussed in the proposal.” Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.