Facebook’s much-hyped cryptocurrency project codenamed Libra may launch its testnet next week. According to The Block, Facebook and its partners will unveil the Libra association next week which will oversee the Libra project.
The Block has reported its findings based on an introductory blog post which Facebook has reportedly sent to some major tech publications. The blog says that Libra will be built on the Libra Blockchain and backed by the Libra Reserve – a reserve of real assets that will provide the cryptocurrency with “stability, low inflation, global acceptance, and fungibility.”
The Libra project, which will be sourced under an Apache 2.0 License, is expected to release a white paper on June 18, 2019. This will also mark the launch of its testnet in order to gain community feedback and chart a future course of growth.
Interestingly, Facebook has reportedly criticised existing blockchains in its blog post, claiming that they are yet to reach mainstream adoption, making them poor options as a store of value and medium of exchange. Facebook states that its collaborative, compliant and regulated approach will help it overcome challenges faced by other cryptocurrency projects.
Facebook and the Libra Association want to launch the Libra Blockchain and its supporting ecosystem by 2020, as predicted by earlier reports.
(Image Credit: Joe The Goat Farmer)