Building Project Libra’s Infrastructure From Scratch

Facebook made waves this month when it announced its Project Libra cryptocurrency initiative. The project is backed by more than two dozen companies, including payment giants like Visa and PayPal, rideshare firms such as Uber and Lyft, eCommerce firms like eBay and Mercado Libre and nonprofits including Kiva and Mercy Corps. The announcement establishes a low-cost ecosystem that will enable Libra cryptocurrency users to make purchases both on Facebook and other online marketplaces. The system will use the Libra Blockchain, a new payment rail that provides a single data structure to record transactions, which are visible to others on the network. Project Libra is still in its early stages, so its full potential is challenging to gauge. The network will be shaped by players across many industries who will influence what the framework and ecosystem will ultimately look like.