1/ Hello, ≋
2/ Libra's mission is to enable a simple global currency and financial infrastructure that empowers billions of people.
3/ Because it's time for the internet to have a protocol for money, and it's time to try something new for the 1.7 billion people who are still unbanked 30 years after the invention of the web.
4/ The journey begins today, and we're grateful to have such an outstanding group of cofounding members of the Libra Association — the independent non-for-profit entity that will govern this new network and currency, which we hope will become a public good for the world.
5/ 🙏 to all of you we're starting this journey with, by industry:
Payments: @Mastercard, @PayPal, PayU, @Stripe, @Visa
Tech & Marketplaces: @BookingHoldings, @eBay, @Farfetch, @Lyft, @Spotify, @Uber
Telecom: @Free / Iliad, @VodafoneGroup
6/ Crypto: @Anchorage, @BisonTrails, @Coinbase, @Xapo
Venture: @a16z, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, @USV
Education, NGOs & multilaterals: @creativedlab, @Kiva, @MercyCorps, @WomensWorldBnkg
and to the many more to come.
7/ @Facebook has created a subsidiary, @Calibra — that I'll lead with the amazing team I've been working with for the past year, and that will build services on top of the Libra network and currency, starting with a wallet (one of many that will launch on Libra).
8/ One of the reasons for creating @Calibra was to have a dedicated, regulated entity that will make strong privacy commitments to its customers as we've heard loud and clear that you don't want social and financial data commingled. We understand we will have to earn your trust.
9/ While @Facebook/@Calibra will continue to contribute and work on this project, we will not have any special rights or privilege with the Libra Association and the network by the time it launches. In other words, we will have the same governance rights as any other member.
10/ Libra has 3 distinct components:
1) a BFT-based (LibraBFT) permissioned (to start) scalable blockchain;
2) a reserve-backed cryptocurrency designed to be a medium of exchange;
3) a new programming language (Move).
11/ We have much work to do with all of you to get the prototype we're unveiling today to production. What we are presenting is only the beginning, and there's a lot to improve. We wanted to share early and work with you, rather than wait for "perfection".
12/ Our hope is to create more access to better, cheaper, and open financial services — no matter who you are, where you live, what you do, or how much you have.
13/ We recognize that the road to delivering this vision will be long, arduous, and won't be achieved in isolation — it will take coming together and forming a real movement around this pursuit.
14/ We hope you'll join us and help turn this dream into a reality for billions of people around the world.