Libra is built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol. The Libra mission is to reinvent money and transform the global economy so people everywhere can live better lives.
There are two entities — the Libra Association, a not-for-profit and Novi, which is building a Libra-based wallet with WhatsApp and Messenger integration. Novi’s first product will be a cryptocurrency wallet. Users will be able to download the Novi app on their phones. Users on Messenger and WhatsApp will be able to send and receive money through the Novi wallet.
The launch of Libra will include several stablecoins — each of them will be backed by a single fiat currency (e.g. USD, EUR). Users of Novi and other Libra-enabled wallets will be able to send and receive LibraUSD, LibraEUR, LibraGBP, or LibraSGD. Novi will also act as an on/off ramp to convert fiat money to cryptoassets and vice-versa.
It is governed by the independent Libra Association tasked with evolving the ecosystem. Members of the Libra Association consist of geographically distributed and diverse businesses, nonprofit and multilateral organizations, and academic institutions. Founding members include Coinbase, Iliad, Shopify, Facebook, Lyft, Uber, Spotify, Andreessen Horowitz, and Uber.
Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members. While final decision-making authority rests with the association, Facebook is expected to maintain a leadership role through 2019.