2. What is a ‘Cryptocurrency’?

3. What is a ‘Cryptocurrency’?

4. What is a ‘Cryptocurrency’?
The ‘blockchain’ is a technology that is going to change the world.

5. What is a ‘Cryptocurrency’?

6. What is a ‘Cryptocurrency’?
bitcoin Blockchain Example

7. What is a ‘Cryptocurrency’?
Think of a Blockchain like an accounting ledger
David
10.1
Paul
30.7
Amy
0.005

8. What is a ‘Cryptocurrency’?

9. What is a ‘Cryptocurrency’?

10. What is a ‘Cryptocurrency’?
Everybody owns a copy of the ledger and it is public.

11. What is a ‘Cryptocurrency’?
However, long codes are used instead of names to help keep it
anonymous

12. What is a ‘Cryptocurrency’?
On a simple level you just broadcast to everyone on the network and tell them:

13. What is a Libra & their mission?

14. The Mission
“Simple global currency and financial infrastructure that empowers billions of people.”

15. The Mission
1.7 billion adults globally remain outside of the financial system (31% of the world)

16. Common Reasons: - Too expensive
The Mission
Common Reasons: - Too expensive
Too far away
Not having the required documents

17. Cross border payments currently take 2-7 days
The Mission
Cross border payments currently take 2-7 days

18. The poorest people pay the most. The average commission is 9%
The Mission
The poorest people pay the most.
The average commission is 9%

19. We will cover it in more detail in the technology part of this talk.
What is a Libra
What is a Libra -
We will cover it in more detail in the technology part of this talk.

20. Libra is a cryptocurrency developed by Facebook
What is a Libra
Libra is a cryptocurrency developed by Facebook

21. “Sending money should be as easy as sending a picture or message”
What is a Libra
“Sending money should be as easy as sending a picture or message”

22. It is built on a secure, scalable, and reliable blockchain;
What is a Libra
It is built on a secure, scalable, and reliable blockchain;
It is backed by a reserve of assets designed to give it real-world value;
It is governed by the independent Libra Association tasked with evolving the ecosystem.

23. Recommended read: https://libra.org/en-US/white-paper/
The Mission
Recommended read:

24. How people will/can use Libra

25. You will need a digital wallet.
How we will use Libra
You will need a digital wallet.

26. Facebook have their own wallet called Calibra
How we will use Libra
Facebook have their own wallet called Calibra
Third-parties can create their own wallets

27. How we will use Libra

28. How we will use Libra
Facebook has publicly said you will not need a FB account and they will not track you.

29. How do you put real-world cash in to your calibra wallet?
How we will use Libra
How do you put real-world cash in to your calibra wallet?

30. Local or online currency exchanges
How we will use Libra
Local or online currency exchanges

32. How we will use Libra
Users can then turn their libra back in to local currency using the same system.

33. How we will use Libra
There will be a less and less need to convert to a local currency the more businesses start accepting

34. How we will use Libra

35. The technology behind Libra

36. The Technology
Love or hate Facebook, they have the best technology and minds cryptocurrency has ever seen

37. The Technology
Libra create the ‘tokens’ out of thin air. They can ‘mint’ as much as they want whenever they want.

38. The Technology
Libra will also burn tokens when they are sold back or when there are too many tokens not being used.

39. Libra is designed to be a stable cryptocurrency
The Technology
Libra is designed to be a stable cryptocurrency
USD, Pound, Swiss Franc and Japanese Yen

40. The Technology
Your money is backed by ‘secure’ investments in different parts of the world.

41. Facebook has the ‘network effect’
The Technology
Facebook has the ‘network effect’

42. Blockchain transactions are confirmed by ‘nodes’
The Technology
Blockchain transactions are confirmed by ‘nodes’
In bitcoin, anyone can be a ‘node’ at a low price ($40-$80).

43. The Technology
Currently, to become a node operator for Libra you need to join the “The Libra Association” which costs a minimum of $10million per node

44. The Technology

45. Full node operators make a profit.
The Technology
Full node operators make a profit.
When sending a payment there will be a small transaction fee (called GAS) that will go to the node operators.

46. The Technology
Long-term Facebook wants to allow anyone to become a node operator, but they openly admit today that they don’t know how.
Maybe proof of stake?

47. “The Libra Association” have their own secret voting tokens
The Technology
“The Libra Association” have their own secret voting tokens

48. The Technology
“The Libra Association” also get dividends from interest earned on the Libra reserve. The more ‘tokens’ the bigger the percentage.

49. The Technology
Facebook created its own programming language only for Libra called: Move

50. The Technology
Specifically designed for blockchain transactions, and for developers to build apps that work with Libra.
(not public today.)

51. Libra Blockchain is open source. Anyone can develop and connect to it.
The Technology
Libra Blockchain is open source.
Anyone can develop and connect to it.

52. The Technology
Eventually, Move developers will be able to create smart contracts for programmatic interactions with the Libra Blockchain.

53. Plans to keep businesses onboard:
The Technology
Plans to keep businesses onboard:
For each transaction they process, merchants will also receive a percentage of the transaction back.
Business that keep users sufficiently active for over a year will be rewarded
Business that pull users through the ‘Know Your Customer (KYC)’ anti-fraud and money laundering process will be rewarded

54. Advantages and Disadvantages

55. Advantages
Fast global payments
Very small fees (not publicly known yet)
Secure and safe
Fast adoption
Opening new markets

56. Advantages
In case you are hacked, scammed or lose access to your account, Calibra will refund you for lost coins when possible through 24/7 chat support because it’s a custodial wallet.

57. Advantages
Libra vaguely said that anywhere that accepts Visa or Mastercard will accept Libra as a form of payment (no timeframe or solutions given)

58. Facebook isn’t exactly known for its ethical operations.
Disadvantages
Facebook isn’t exactly known for its ethical operations.

59. Disadvantages
You don’t own your money and it can be taken from you or the rules can be updated anytime without your agreement.

60. Disadvantages

61. Disadvantages
They want to ‘help’ the unbanked and undeveloped, but can they legally do it?

62. Disadvantages

63. Legal

64. How will Tax work? An avoided subject
Legal
How will Tax work? An avoided subject

65. Governments are businesses and their income is Tax.
Legal
Governments are businesses and their income is Tax.

66. They will have to be checking where and to who pays are going to.
Legal
They will have to be checking where and to who pays are going to.

67. Libra vs other Cryptocurrency

68. Libra vs other Cryptocurrency
Libra vs bitcoin

69. Libra vs other Cryptocurrency
Libra vs Ethereum

70. Libra vs other Cryptocurrency
Libra vs Litecoin

71. Personal Notes

72. Will raise awareness of Cryptocurrency
Personal Notes
Will raise awareness of Cryptocurrency

73. Changing the current banking system excites me and makes me nervous
Personal Notes
Changing the current banking system excites me and makes me nervous

74. Where is Google, Apple and Microsoft?
Personal Notes
Where is Google, Apple and Microsoft?

75. Questions?