What is Libra Association?

On 18 June 2019 Facebook announced that it is going to launch global digital currency named 'Libra' by mid 2020.

The project of libra currency and transaction are to be managed by, a genneva based entity having various founding partners that 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, breakthrough initiatives.

Libra Association.
According to libra.org.

Is non-profit organization whose mission is to create a global digital currency which empowers billions of people world wide. The head quarters of libra Association is in Geneva, Switzerland 

The member of association include any organization that  operate validator node ( in simple word validator node are  responsible for securing network and transaction) of Libra network and hold sufficient share in Libra. 

The association mainly coordinate validator node  with an aim to secure network and transaction. There are two area of coordination:-

1. Technical: proper arrangements of validator node and denote technical road map.
2. Finance: proper arrangements of funds in most productive manner .

In initial phase, libra association has to perform certain activity like recruitment of founding member who can serve as a validator node and development of Libra programing language called move .

As network grows and become mature into fully permissionless blockchain where  any one can serve as a validator node then these activities are no longer required as noted in 'white paper'.

The Libra Association Council, is the governing body of Libra association which include representative of each member of association . For any operating decision, voting is required depending on importance of decision.

However Facebook will play an important role in development of Libra Association and it's blockchain . Facebook also design calibra as a regulatory body that fortify appropriate separation between social and financial data.Calibra is the digital wallet introduced by Facebook for users so that they can store their libra coin . Calibra will be introduced in Facebook messenger and WhatsApp.
[Read more about calibra digital wallet Calibra the cryptocurrency wallet]

Once the libra currency launches, Facebook and other associated member will have same devotion, benefits and financial obligations as other associated member .

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Also read How to become founding member of Libra association.