How to become founding member of Libra Association.

How to become founding members of Libra Association.

 In this blog you will read How to become founding members of Libra Association.

Member of libra Association are validator node (validator node are responsible for securing network and validate  transaction that operate libra blockchain and will consist geographical distributed and diverse business and multinational organization, academic and research institution and non- profit organization.)

The present member of libra Association are:-

1.Payments: MasterCard,PayPal,payU,Visa mercado pago,stripe.

2.Telecommunication: Vodafone group,lliad.

3.Technology and market place: Facebook/calibra,Uber, Spotify, eBay,booking holdings,farfetch,Lyft,

4.Non-profit and academic institution: creative distruction lab,kiva,woman's world banks, mercy corps.

5.Blockchain: bisontrail, xapo holdings LTD,, coinbased.

6.Venture capital: Union square venture,Thrive capital,ribbit capital, Adreessen horowitz, .

According to Libra.org

 At first only present member of Association will serve as validator node that operate libra blockchain and form Libra Association Council.

Recruitment of founding member for non-profit organization, business and multinational organization , academic and research institution from all around the world is open that meet their technical requirement and organizational evaluation requirement which will be fortifyied and approved by the association. All the requirement which are given below:-

Technical Requirement: To join libra association and work as a validator node the organization has two hosting option:-

1. Self hosted.

2. Cloud service hosted.

Hardware requirement forself hosted node

• High speed internet connection 100 Mbps or above.

• Half  the rack of server space . Approx. (this space will be used immediately)

Personnel requiremen:-

1. Full time trustworthy engineer to maintain software and protect node.

2. A secure infrastructure that fortify the availability and security of  node to protect it against DDoS attack, attack of validator node , attack against data center. 

Running of cloud service validator hosting Node:-

Those organization who wants to run a validator node in cloud service provider . The association will provide all documents and tools to make arrangement. Although association do not provide much detail about running a cloud service validator.

Member evaluation criteria

As noted in white paper membership will be limited to certain type of organization in order to meet their requirement  in initial phase and latter the group of validator node will expand over a time where operating of validator node and to take membership in association will be open for every holder of   libra currency and earn more Libra coins.

There are certain guidelines laid by association for becoming founding member for organizations.

Business evaluation criteria:-

Those business organization who want to become founding member they need to satisfy at least two of the following criteria :-

1. Market value : Should be more than $1 billion USD in market value.

 2.Customer balance: balance $500 million USD.

3. Scale: Reach more than 20 million of people world wide .

4. Brand sustainability: To measure brand sustainability association may take reference from Interbrand global 100,the fortune500, the S&p global 1200, the FTSE eurotop 300 other regional and country specific list to identify it's member.

Newly emerging business organization who have not reached the above market value or scale they can also become founding partners if they satisfy these rules:-

1.Crypto-focused invester:- Greater than $1 billion AUM (Assets under management)

2. Blockchain infrastructure company(must meet all the following points):-

1. Has been in operation over 12 month.

2.Custodying or staking should be grater than $100 million USD.

3. Employee Enterprise grade-security, privacy, and infrastructure operation backed by modern policy and process- publicly  disclosed by security audit and presentation testing reports.

Academic evaluation criteria :-

Academic institution can become founding member if they fortify certain guidelines:-

1. Should rank top 100 by  QS world University ranking. 

2. Should have Strong computer science department.

Measure top 100 by CS Ranking.

Social impact partner evaluation criteria:-

Social impact partner become a founding member by satisfying certain criteria.

1 should have five year track record in poverty allocation program, including digital financial inclusion initiative in the field.

2 Trust:- should have diversity and credibility of funding source and proven social impact .

3. Scale:- Annual operating cost should be greater than $50 million USD.

Conclusion

As you have read how an organization can join libra association  in initial phase. once libra successfully launched than anyone having libra coin  can join libra association and earn money . Although association has not announced how a common man can join association and earn money. Hopefully they will announce it in coming months.

All data taken from libra.org

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