custodial-wallet
A digital wallet managed by Novi (Facebook) that holds users' Libra funds and provides customer support, contrasting with traditional cryptocurrencies where users control their own keys.
1 chapter across 1 book
Libra Shrugged: How Facebook Tried to Take Over the Money (2020)David Gerard
This chapter provides an overview of Facebook's Libra project, explaining its intended function as a digital payment system with its own currency backed by a basket of national currencies. It highlights the practical user experience, privacy concerns, regulatory challenges, and the contrast between Libra's original ambitious cryptocurrency vision and its more limited fallback as a PayPal-like system integrated with Facebook. The chapter critically examines Libra's promises, potential benefits, and the skepticism surrounding Facebook's motives and the project's feasibility.