For many cryptoasset fans, it was like Christmas in June. Facebook released the long-awaited white paper for its stablecoin Libra on the 18th of June. While plenty of digital ink has already been spilled both castigating and adulating the tech giants’ first major foray into digital assets, we wanted to provide our first glance takeaways on some of Libra’s key features:
Given the massive surge in the value of many cryptoassets, investors in the space have generally learned to ignore negative stories and retain their original conviction in their investments. However, as last year’s stories about potential manipulation in the bitcoin market and the surge of ill-conceived Ethereum ICOs has proved, it can be just as dangerous to ignore cynical headlines as it is to panic over every minor criticism.
Facebook’s foray into cryptocurrency has a lot of people shaking their heads in unequal parts of confusion, disbelief and misunderstanding. Blockchain technology is an emerging technology, one that I like to think I’ve got a reasonable handle on. So I’m here to tell you the top ten, most important things about what Facebook has just announced.