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Facebook and giant of pay behind its decryption

Visa, Uber, MasterCard, PayPal, as well as Xavier Niel's Iliad are included in the list of companies that will financially support the creation of Facebook's cryptocurrency "Libra" or "GlobalCoin".

Facebook virtual currency

The Wal Street Journal and Les Echos, scheduled to be released in the first quarter of 2020, decided to make a huge sum on Friday. A consortium that finances and supports its creation.

A source close to this case is the Wall Street Journal, a consortium stakeholder Invest about $ 10 million. To collect the $ 1 billion needed to start the project

The French newspaper Les Echos, the owner of the French investor and free owner of Xavier Niel, is one of the 20 members of the unprecedented membership of Uber, MasterCard, PayPal, Visa, and Iliad.

Consortium interest

The consortium was realized by establishing a company in Switzerland, Collect 100 investors with call initiation It is based on block-chain technology or "blockchain".

"The trustworthy person of a node already reduces the complexity and cost of modulation, unlike bit coins, where node anonymity is costly and compensated by complex transaction validation."

Charles Cubelliez

Professor of ULB Crafts School

But a key element of the initiative is the opportunity to create a private "block chain" where each member of the consortium can take on the "nodes" that form the skeleton of the chain. deal.

Charles Cuvelliez, ULB's École Polytechnic Professor on this topic, explains: "Trusting people already on a node can reduce the complexity and cost of transaction validation.The anonymity of a node is different from the bit coin, which is compensated by expensive and complex transaction validation to avoid the risk of manipulation. "

Moreover, he did not allow stakeholders to miss the virtual money train through the consortium. For example, Uber or can overcome banking transaction costs and affect commercial margins. With respect to Visa and Mastercard, "It is better to ride in the boat than to stay in the marina."He speaks paradoxically.

Central bank song

According to our experts, in addition to currency in the distribution, Facebook is composed of Foreign reserves of foreign buyers. This feature will inevitably bring the technology business's new business closer to the business of the central bank.

"I am wondering what differentiates Facebook from a new central bank like the Federal Reserve of Us (EDF), who can think of members of the consortium as intermediaries, Before he questions, he explains: "Will we share the rules to see Facebook in the central bank's cozy hall?"

"Libra" is located

If his name is clear, "Libra" is definitely preferred to "GlobalCoin", Facebook cryptocurrency still raises many speculations about its operation.

"Libra" is expected to revolutionize online payments and transactions, with around 2.4 billion monthly users on a variety of platforms owned by companies (WhatsApp, Instagram, Messenger) designed for worldwide use. user.

Then, in his currency, Facebook dramatically diversifies your advertising and data-driven businesses. Gives the potential to restore severely aggravated images due to recent scandals. Here, Charles Cuvelliez points out: Facebook has the opportunity to retain a liberal image in a positive sense with its customers. The currency invites a sense of belonging and Facebook hopes to create a new community built around autonomy and postage. "

Finally, unlike most competitors, Mark Zuckerberg's corporate currency must be indexed by the dollar's exchange rate and the Bart currency, which is controlled and issued by the United States and developed independently. Gold or silver prices limit the volatility of value and prefer the possibility of switching to another currency.

So it's closer to other models of the "private block chain". Like the JPM coin, it uses the decrypt function of JPMorgan Chase bank. JPMorgan Chase is used inside the bank and is reserved for certain privileged investors.

The "White Paper" of June 18

Next week, Facebook should issue a "white paper" to provide details about the progress of the project and at the same time satisfy the curiosity of impatient people.

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