Facebook Has a Second Cryptocurrency for Early Investors (But You Can’t Have Any)

However, you shouldn’t count on getting any — since the token appears to be reserved for other corporate giants. Although Libra is designed to be used by practically anyone, anywhere, the new investment token is quite the opposite. Instead, it will only be distributed to elite members of the Libra association — which currently consists of 28 corporations. The tokens will be sold to the founder members of Facebook’s new consortium — the Libra Association — with a $10 million minimum investment required to run a validator node and participate in the governance of the platform. Since Libra will use a basket of reserve assets, including government securities and fiat currencies, to protect the cryptocurrency against Bitcoin-style price fluctuations, the interest earned on these will go directly to Libra investment token holders. As a result, the new investment token is classified as a security token and will hence be subject to strict identity verification requirements, as well as any laws and regulations that pertain to the transfer, ownership, and disbursement of securities. Any company that does not wish to take part in governance may abstain from running a validator node, despite owning the investment tokens. However, companies with a large pot of the investment tokens would have a significant say in early governance of Libra. According to the newly released whitepaper, each $10 million investment entitles the investor to one vote with each token holder capped to a maximum of one percent of the voting power. However, regardless of the amount of voting power conjugated, the financial rewards from the interest on the reserve assets will remain directly proportional to the investment — without any maximum caps. Along with its cryptocurrencies and the non-profit governing Libra association, Facebook has also launched a new subsidiary under the name of Calibra. Facebook has stated that, although Calibra would be a part of the governing consortium, its role in governance and overall influence will gradually diminish — eventually falling to equal that of the other companies forming the consortium. Currently, Facebook is looking to launch the new Libra blockchain in the first half of next year and hopes to have around 100 members in the Libra Association by this time. What is your opinion on Facebook’s two new cryptocurrencies? Do you think the Libra Investment Token will eventually find itself opened to the general public? Let us know your thoughts in the comments below!