Altcoin News: Test Network for Facebook’s Crypto Project Will Start Tomorrow

June 17, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Facebook cryptocurrency project will be presented to the general public tomorrow, The Block writes, citing an introductory publication prepared by the company.

The stablecoin Libra will be based on the blockchain of the same name and will be provided with the “reserve of real assets” of the Libra Reserve, which will become the basis of the “stability, low inflation, global distribution and interchangeability” of the tool.

The Libra blockchain will be based on open source principles under the Apache 2.0 license. It is assumed that the Libra test network will be launched on June 18, thanks to which the company will be able to assess the public reaction and designate future directions of its activities.

Also The Block leads the list of proposed partners for the initiative, which includes several representatives of the blockchain industry, including Coinbase Exchange and Xapo custodial service, as well as participants from various industries, including e-commerce (eBay), investments (Andreessen Horowitz, Union Square Ventures), payments (Visa, PayPal, Mastercard), telecommunications (Vodafone), etc.

Image credit: The Block

Earlier, The Wall Street Journal confirmed that Visa, Mastercard, Uber, and PayPal are the investors in the Facebook cryptocurrency project.

Author: Marko Vidrih