How the Libra payment system works
The Libra payment system is built on blockchain technology to enable the open, instant, and low-cost movement of money. People will be able to send, receive, and spend their money, enabling a more inclusive global financial system.
The Libra payment system will support single-currency stablecoins (e.g., ≋USD, ≋EUR, and ≋GBP) and a multi-currency coin (≋LBR).
Libra Coins are fully backed by a reserve of assets made up of cash or cash equivalents and very short-term government securities. This ensures people and businesses have confidence that their Libra Coins can be converted into their local currency when they need it to be.
The Libra Blockchain is the technological backbone of the payment system, operated by a network of validator nodes. The software that implements the blockchain is open source — designed so that anyone can build on it — and is able to scale so that billions of people can depend on it for their financial needs.
The Libra White Paper
The Payment System. The Blockchain. The Reserve. The Association.Read the White Paper