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To Libra or Not To Libra

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An interesting fact about Libra Facebook’s native currency, which was announced June 18th, is that it was inspired from three distinct elements: the Roman weight measurement system, the astrological sign for justice, and the French term for freedom. The culmination of these three elements embodies the essence of Libra, which aims to be a global cryptocurrency for everyone. The focus of Libra is to create a currency that empowers billions of people, allowing them to engage in friction-less financial transactions in a simple, secure, and cost-effective manner. [2]

But Facebook is launching two cryptocurrencies, not just Libra.

As part of June 18th big reveal of the social network’s ambitious plan to create a global fiat-backed blockchain currency, (Fiat currency is a government-issued currency like the dollar). Facebook said that in addition to Libra, the project will also issue a “Libra investment token.” Unlike Libra – a currency that will be broadly available to the public – the investment token is a security, according to Facebook. As such, the token will be sold to a much more exclusive audience: the founding corporate members of the project’s governing consortium, known as the Libra Association, and accredited investors.

And while Libra will be backed by a basket of …

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