Facebook will launch Libra’s own blockchain test network, on which GlobalCoin will build a stable coin cryptocurrency, next week.
According to the company, the Libra blockchain will be “safe, stable and reliable”, and the cryptocurrency will be tied to a “pool of real assets” that will provide it with “stability, low inflation, global acceptance and interchangeability”.
Libra will be launched under the Apache 2.0 free software license. It is expected that the announcement of the project will take place on June 18. On the same day, a test network will be launched, which will allow project participants to test the blockchain, and developers will receive actual feedback.
The company expects GlobalCoin to allow 1.7 billion people without access to the traditional banking system to gain new opportunities. At the same time, Facebook does not want to “destroy” the traditional financial system, but is going to make it more innovative, at least that's what they say.
“We are going to work with the financial sector, including regulators and experts from various fields. This is the only way to create a safe and trusted basis for the new system, ”the company said.
Interestingly, according to Facebook developers, the weak adoption of other blockchains and cryptocurrencies makes them a bad decision for storing funds on exchanging. They believe that their approach will help overcome these problems bringing cryptocurrencies closer then ever to mass adoption.
Note that such companies as Visa, Mastercard and PayPal, as well as dozens of other companies and startups have already joined the Libra project. The launch of stabe-coin is expected in the first quarter of next year. Let's wait and see all this hype calm down, then check what's actually implemented and hope this project will not annihilate the existing free ecosystem, as it did back days on world wide web territory.