Facebook is catching the attention of every news portal nowadays due to its much anticipated global cryptocurrency and the Libra Project that would allegedly back its custom-made digital asset and other financial services. In a recent update by The Block on June 14, Facebook with its incredible team is all geared up and would likely to unveil its project on June 18, 2019.
Geneva-based Libra Association is supported by various institutions spanning from technology to digital assets to retail companies. Some among them are cryptocurrency exchange Coinbase, American multinational financial services, and payments corporation firm Visa; Anchorage- the digital asset custodian firm for institutional investors, Paypal, Uber, Mastercard.
As per the information, the aforementioned organizations along with many more leading firms who are together backing the impending platform are going to announce the big news and make known to the public the predictable project Libra and its blockchain testnet.
The Block asserts that the news about Libra blockchain testnet launch came through their way by an introductory blog post from Facebook and also firstly reported by Techcrunch roughly a week ago. Further, the website mentioned about the Libra cryptocurrency hosting process that would be hosted on steadfast, secure, stable, and reliable Libra Blockchain which has got the backing of Libra Reserve. Libra reserve is purported “a reserve of real assets” that would offer the native cryptocurrency a “stability, low inflation, global acceptance, and fungibility.”
Moreover, it is also indicated that the Libra Blockchain platform would function on an open-sourced Apache License Version 2.0- an Apache License is a permissive free software license written by the Apache Software Foundation (ASF) software
Interestingly, The Block also stated that the information for the Facebook Testnet has been revealed to them by some industry sources who requested them to keep the anonymity due to the fear of retaliation because Facebook has given the updates to some leading media publications and the social media giant neither wants to share information about its project nor want to work with any cryptocurrency media portal.