Notes on Libra White Paper.

Introduction

1.7 billion adults remain outside of the financial system.
People with less money pay more for financial services. (remittances, wirecosts, overdraft, ATM charges, financial charges)
We (Libra) believe that collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure that a sustainable, secure and trusted framework underpins this new system.
What Libra tries to achieve;
- More people to financial assets.
- Right to control the fruit of labor.
- global, instant movement of money.
- People will increasingly trust decentrailzed forms of govt.
- Global currency, financial infrastructure should be governed as a public good.
- uphold the inegrity of the current ecosystem (non-destructive)

Libra is a global currency and financial infrastructure.
Libra is backed by a reserve of aseets -> Intrinsic value.
- Bank deposits, short-term government securities for every libra that is created.
Libra is governed by Libra Association.
Value will remain stable.
HQ in Geneva, Switzerland.
Target launch first half of 2020. Target members 100.
Star with permissioned blockchain. "ambition" is to become permissionless. Bottleneck, permissionless do not scale. Transition planned within 5 years of public launch of the libra.
Permisonless or not, Libra Blockchain will be public.

Move lang.
Byzantine Fault Tolerant(BFT)
Merkle trees, a data structure used by other blockchains that enables the detection of any changes to existing data.
the Libra Blockchain is a single data structure that records the history of transactions and states over time.
- Q:: this is just a version controlled ledger? Not blockchain?
pseudonymous. Libra wants to enhance privacy while considering conerns of regulartory impact.

can convert their digital currency into local fiat currency based on an exchange rate
the reserve assets are being chosen to minimize volatility. investment-grade credit rating to provide both security and decentralization of the assets.
Q:: Digital portfolio with intrinsic stable value that can be sent instantly.
Intereset on the reserve assets will be used to cover the costs of the system -> low trans fee, pay dividiends to Libra Association.
Rules for allocating interest on the reserve will be set by Libra Association.
Q:: Libra Association better be a good portfolio investor.
Users/Devs of Libra do not receive a return from the reserve.

All decisions are brought to the council, and major policy or technical decisions require the consent of two-thirds of the votes.
Q:: If all decisions are done through Association, why would non-associates contribute to open source Libra code?
Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to fully back the new coins.
Coins are only burned when the authorized resellers sell Libra coin to the association in exchange for the underlying assets.

Libra seems to me is a next level stable assets portfolio that is accessible by people with internet, which can be used as an currency in a country with unstable financial/political systems.
Impact on current crypto market is like a impact of having more stable widely adopted USDT. i.e. positive.
Initially, all stable assets will increase in value as more demand has been created through Libra.