Facebook Libra Redesigned: A Whole New Setup of Cryptocurrency

Introduction:

Since the release of the whitepaper and the official launch of Facebook’s Libra cryptocurrency in 2019, the project has undergone various changes that are noteworthy. The changes were significant and required to make the project reach its peak and fulfill the big dreams of Facebook, to transfer money on the Whatsapp platform easily. The key spheres that have undergone alterations are the payment procedure, the cryptocurrency, the stablecoin system, and also some other factors that aim to balance with the regulatory customs and requirements.

All about the Redesigned Whitepaper:

The Libra Association team, after a thorough discussion with the Facebook in June 2019, decided to publish an upgraded version of the whitepaper for the Libra currency. The explanation for the significant changes in the project was announced by Michael Engle, one of the renowned developers of Libra Association.

Reason of the Redesign:

You might be wondering about the reason for redesigning as an initial whitepaper was already published after the launch. So when the same was asked to Mr. Engle, he shared his opinion by stating that the entire Libra blockchain technology aims at shaping an innovative approach to the various bankers, regulators, and officials. So for a smooth, regulated, and licensed payment mode, the upgraded whitepaper and other vital changes were very much required.

The Key Changes:

For achieving special attention, the newly redesigned Libra whitepaper comprises four key features. So let us briefly discuss each characteristic feature to know about the upgraded version better.

  • Single currency stablecoins- This is to allow a volatile transaction mode compared to the traditional currencies and for accessing a stablecoin in the currency for those who reside or work in various other regions.
  • Safe payment system- This is for massive user networks that provide several payments and also support non-financial services. A secure and smooth transaction has been aimed at with the redesigned Libra for commercial and mobile app transactions.
  • Permissionless transaction system
  • Protective Libra Reserve- As the developers are focusing on listing Libra on multiple electronic exchanges across worldwide, this feature can be considered as the most important one. 

Libra Coin:

Along with the whitepaper, the Libra coin has also adopted a new design which will not be a mere separate digital asset, but a composite single currency stablecoins in the Libra network.

Final Launch Date of the Redesigned Version:

Dante Disparte, the head of Libra Association, policy, and communications, revealed that the new Libra version’s launch date had been postponed to mid-November or the closing periods of the current year.