Introducing Inside Libra

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Presented by Subscribe | View in browser Welcome to Inside Libra, our newsletter dedicated to Facebook's new and potentially game-changing cryptocurrency. This newsletter (our 50th!) will stand alongside our popular Inside Bitcoin newsletter and will take a weekly look at all things associated with Libra. We also – conveniently – own the @Libra Twitter handle, so follow that account for the latest news as well. -David       Facebook will officially unveil its cryptocurrency, Libra, during an event on Tuesday, according to multiple media outlets. The social giant, along with dozens of high-profile partners, is expected to release the project's white paper that will lay out a timeline for its future development – a plan that includes the creation of the Libra Association, which will oversee the social giant's potentially game-changing cryptocurrency project, along with a testnet to gather community feedback. As we prepare for tomorrow's official announcement, let's look at some of the things we know about Libra as the project stands today.       A little over a year ago, Facebook appointed David Marcus, its vice president of messaging products and the former president of PayPal, to oversee the then-unnamed cryptocurrency project. At the time, Marcus served on the Board of Directors of Coinbase and was considered an early promoter of cryptocurrencies at large. Marcus worked quietly behind the scenes to build out the project with the most details coming from job listings for the company. Facebook, not surprisingly, kept the project as secret as possible to the public, reportedly sequestering crypto team members from the rest of the company, The Wall Street Journal reported in May.       A MESSAGE FROM HACKAJOB The companies that change the world have one thing in common - world-class talent. We work with over 100k developers and software engineers to match them with the right role. We automate it using our unbiased AI so we're fairer, faster and cheaper than anywhere else. It works, with a time to hire of 17 days and more live candidates than anywhere else in Europe. Check us out. More details have trickled out in recent weeks as Facebook prepared to set a launch date. Of course, all of the details remain unconfirmed as the company continues its silence. Libra will be built on the Libra Blockchain a "secure, stable, and reliable blockchain" and backed by Libra Reserve, "a reserve of real assets" that will provide the cryptocurrency with "stability, low inflation, global acceptance, and fungibility," according to a Facebook blog post viewed, but not published, by The Block. That blockchain will be open-sourced under an Apache 2.0 License. That same blog post allegedly criticizes existing blockchains, which the social network claims has yet to reach mainstream adoption. Facebook allegedly argued that its blockchain features a collaborative, compliant and regulated approach that will help it overcome hurdles other crypto companies have struggled to overcome. Facebook has backing from more than a dozen firms including Visa, Mastercard, PayPal, Uber, Andreessen Horowitz, Union Square Ventures, and Coinbase. Facebook wants to attract 100 member companies. Each would pay $10 million to manage a node, providing Facebook with $1 billion.       A MESSAGE FROM BRIGHT CELLARS Can your taste for chocolate predict wines you'll like? With an algorithm developed by two MIT grads, Bright Cellars uses a quiz to determine your tastes and match you to wines you're likely to enjoy - delivered straight to your door. The best part? Here's 50% off your first order. Take the quiz now to see your top 6 wines matches.   Some other news and notes: Facebook employees can be paid in Libra if they so choose, The Information reported. The company is also planning stand-up ATMs where customers can exchange traditional cash for the digital coin. Facebook has reportedly hired Ed Bowles, the head of public affairs at Standard Chartered Bank, in anticipation of regulatory scrutiny in Europe. Bowles will officially join Facebook in September. Other cryptocurrencies have boomed as of late. Bitcoin jumped more than $1,600 per coin over the past seven days to reach a new high for the year. Other top coins, including litecoin, continue to soar as well. There is no shortage of opinions. RBC analysts Mark Mahaney and Zachary Schwartzman wrote in a note to investors that "We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams." Brent Thrill, a technology analyst at Jeffries, thinks differently. "I don't believe it's going to be this kind of major game-changer… We're still stuck in the way we use the current currencies. And I think anyone that's shopped on Instagram today realizes using PayPal is pretty easy. You have two clicks of your thumb and you've got a product on the way within a day." Your Take: Will Libra dramatically change commerce or will we forget it exists by Thanksgiving? Hit reply to this email and let us know your thoughts. We'll publish some of the responses in a future issue. Coming Tomorrow: We'll publish a newsletter following the official announcement from Facebook. We'll then follow up later in the day with some instant reaction from the community.       Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon. Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside) and Bobby Cherry (senior editor at Inside, who's always on social media).

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