The cryptocurrency, called Libra, will be a secure blockchain-based payment system backed by hard assets and designed for ordinary users, making it among the boldest efforts yet to bring digital currencies into the mainstream.
Facing continuing scrutiny of its privacy practices, Facebook introduced Libra in a manner that seemed intended in part to head off potential regulatory concerns. It said it is creating a subsidiary, called Calibra, that would be governed with the help of external partners, to ensure “the separation between social and financial data.” Calibra will offer a crypto wallet—a digital app that can be used to pay for items online and send money—using Libra.
Here's a white paper on the concept
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