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Tuesday, June 18, 2019

Facebook Teams to Produce Cryptocurrency

Whats the ultimate of this?  Payment/Procurement angle?  Examining.  Note the broad number of participants.  And will also include the ability to integrate secure smart contracts.

Facebook launches cryptocurrency with Visa, MasterCard, Uber, and others  Facebook plans to bring payments to Whatsapp and Messenger in 2020.   By Timothy B. Lee in  ArsTechnica

Facebook is leading a broad coalition of companies and organizations launching a new cryptocurrency, the company announced on Tuesday. The cryptocurrency, called Libra, will be backed by a basket of conventional currencies and other stable assets, preventing the wild price swings that have plagued bitcoin and most other cryptocurrencies.

The new cryptocurrency will serve as the foundation for a new payment feature for Facebook Messenger and the Facebook-owned Whatsapp. Facebook says it is creating a new subsidiary called Calibra to oversee its payment initiatives. This is partly to reassure people who are concerned about Facebook's privacy record. .... 

 .... Facebook and the Libra Association released a lot of information on Tuesday morning, and I haven't read it all. There's a new programming language called Move that's optimized for secure smart contracts. There's an in-depth explanation of the Libra blockchain. And there's more information about how Libra's peg to conventional currencies will work. Stay tuned for a much deeper dive into Facebook's ambitious new platform in the coming days. ... ' 

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