Recently, one piece of news has been drowned out by high-profile news such as Tesla Battery Day and Oracle's "Cloud Plus State ": Morgan Beller, co-founder of the Facebook digital project Libra (Libra), has now left.Baylor, who joined Facebook in 2017, was also co-founder of the company's Novi payments program, formerly Calibra digital wallet.
Looking at the departure of important officials, how many people still remember the high-profile Libra coins? What will happen in the future?
February 12,2018, Silicon Valley investor, cryptographic currency technology expert Howard Wu invited to Facebook headquarters to discuss the impact, opportunities and risks of introducing blockchain technology to more than 2 billion online users.
Not Facebook CEO Mark Zuckerberg or vice president David Marcus, though. In fact, he met Morgan Baylor.
Baylor just joined Facebook less than a year ago. For the first time, she was the only person in charge of Facebook's blockchain program, researching blockchain technology and exchanging views with industry insiders.
As Baylor's efforts, Facebook began to attach importance to block chain technology. The blockchain project was officially launched in May 2018, and Marcus, formerly responsible for Messenger applications, joined the new department to recruit other top talent for the team within the company, such as Kevin Will, Instagram's product director.
Although Marcus has been in public for the Libra coin project and Calibra digital wallet since their public appearances, it is Marcus who has been making public appearances for these two projects, publishing details in blog posts, participating in interviews and attending congressional hearings. In fact, in the blockchain community, we all know that Baylor is the first person to promote the development of Facebook cryptocurrency.
After a year of silence, the mysterious encrypted currency project inside the Facebook was dug out by the media. According to media sources quoted sources familiar with the matter, Facebook plans to launch a stable currency based payment platform. Before that, the company had secretly prepared for more than a year.
The project's internal code name is "project Libra," which aims to develop a cryptocurrency that will allow billions of Facebook users to quickly transfer money and shop online. Meanwhile, Facebook is in contact with companies such as visa and MasterCard to get their support for cryptocurrency.
On June 18, 2019, the official website of Facebook cryptocurrency Libra was officially launched. The company said the coin would be managed by a global organization, the Libra coin Association. Facebook has also released a white paper for Libra, detailing its plans for the cryptocurrency. Meanwhile, Facebook has set up a subsidiary called Calibra, which will develop a new digital wallet that can be used in Facebook messenger and WhatsApp, as well as independent IOS and Android applications.
According to the white paper, Libra's vision is bold: to create a new decentralized block chain, a low-volatility encrypted currency and a smart contract platform; to work with the financial sector and innovate to build a lower-cost, more accessible, more connected global financial system; and to build a simple, borderless currency and financial infrastructure for billions of people.
encounter an obstacle
Facebook and Libra have struggled through the second half of 2019 in an atmosphere of heavy scrutiny.
At first, the market was very optimistic about Facebook's move into cryptocurrency. After the release of Libra coin, the company's share price has soared 4.2%.
But it soon became apparent that Facebook's Libra coin seemed to challenge the traditional global financial system. Facebook's huge business empire has been intimidating, and the company has lost user trust because of privacy issues. Is the Libra coin introduced at this time reliable?
All of a sudden, criticism came and went.
President Trump, who is still hostile to Facebook, said in a series of tweets that the Facebook Libra currency was "untenable or unreliable ," and that" if Facebook and other companies want to be a bank, they must, like other banks, obtain a bank license first and then comply with all banking regulations ……" and so on
Fed chairman Colin Powell said Libra couldn't make a rash announcement until the issue of Libra's operation was answered, given concerns about financial stability and consumer protection.
More and more American congressmen and organizations are calling for a moratorium on the development of Libra coins.
Group of Seven (G7) announced a working group to evaluate Libra coins, the Singapore Monetary Authority is also learning more about Libra coins, and the European Commission intends to launch an anti-monopoly investigation against Libra.
Libra program director David Markus twice went to Congress to testify. At the first hearing, he stressed that "the Libra project is important to the United States and can avoid the United States lagging behind other countries in the blockchain revolution ". Only, Facebook trapped in privacy and election scandals in the past are hard to trust, leading america's leading blockchain revolution ," why Facebook ?" The question has not been answered.
At the second hearing, Marcus said, "we will not launch a Libra until the regulatory confusion is fully resolved." However, the answer members want is to suspend the development of Libra coins.
Three months later, Facebook CEO Mark Zuckerberg went to Congress to testify. Zuckerberg reiterated that Libra will only be issued after the approval of U. S. regulators, and stressed that "I do not control Libra ". But mr zuckerberg didn't provide new answers based on what marcus testified about the bill in july.
So the possibility of a Libra coin coming out in 2020 is becoming less and less likely.
Under pressure, PayPal officially withdrew from the Libra coin Association in early October 2019. A week later, MasterCard, visa, Mercado Pago, booking holdings, eBay and stripe also withdrew from the Libra coin Association.
To win regulatory approval, the Libra revised its white paper in April 2020, abandoning its original idea of issuing a series of stable currencies backed by a single currency, rather than a single stable currency previously supported by a basket of currencies.
This adjustment means that the Libra coin association has made a great concession to the governments and central banks of various countries. The original plan for the Libra attracted global scrutiny and siege as soon as it was released, because there were concerns that it would damage national currency sovereignty.
"Since the launch of the original White Paper, the Libra project has indeed generated important discussions around the world, such as' How can we properly regulate digital payments and digital currencies ?' "said Dant Deppat, vice president of the Libra.
A month later, the original digital wallet Calibra was changed to Novi. Calibra was originally a digital wallet for Libra coin. Users can use it through messenger and WhatsApp, or it will be released as a separate app. But after the scale coin project was blocked, Calibra is now renamed Novi. Facebook said Novi would require authentication using a government issued ID, and the Novi wallet app would have built-in "fraud protection.".
After this series of adjustments, you can see that the Libra project will focus on creating a more traditional payment network, in which the currency is linked to the local fiat currency, which is a bit like the digital dollar in a PayPal account. Of course, Libra still has a stable currency supported by multiple national currencies, but its importance has declined.
Unlike last year's announcement of the Libra coin project, the current Libra coin project seems less ambitious and receives less attention. Although the resistance of the regulatory authorities can not be completely eliminated, the Libra coin association is still actively promoting market expansion and talent accumulation.
Over the past few months, Libra has appointed strategic executives to prepare for global expansion, the search for opportunities in ecommerce and digital payments. In August, Stephen Bennell, a former U.S. Homeland Security official, was appointed as the Libra General Counsel.
In May, the association appointed HSBC's chief legal officer and former U.S. Treasury undersecretary Stuart Levy as its new chief executive; in June, it appointed Credit Suisse's chief compliance officer, Sterling Dennis.
A former HSBC executive named James Emmett as Libra Networks managing director in September.
From this point of view, does this mean that the Libran project has become mature?
But on the other hand, the release of Libra coins seems so far away. According to previous reports, the Libra coin is planned to be released in the first half of this year. But now, with only 100 days left in 2020, it seems that Libra coins are increasingly out of sight.
The future remains uncertain.
And perhaps, as Facebook admitted in its disclosure to the sec, libra may never be released; or even if it is, it is not.
The following is a detailed timeline for the development of Libra coin project:
two thousand seventeenyearTwelveMonth: PayPal former president and Facebook vice president of Messenger applications david marcus (David Marcus) joined the board.
two thousand and eighteen YeaFiveMonth:Marcus announced that he would be in charge of Facebook's new blockchain division.
two thousand eighteenyearTwelveMonth:There are reports that Facebook is developing stable currencies for WhatsApp transfers.
two thousand and nineteen YeaTwomonth
February 4, 2019: Facebook acquires chainspace, a smart contract developer.
February 28, 2019: there are reports that Facebook is developing a cryptocurrency that can be used between its different platforms.
two thousand nineteenyearFivemonth
May 3, 2019: Facebook is reported to be in talks with visa and MasterCard to support its fiat currency linked stable currency, including seeking $1 billion in financing. The cryptocurrency "Libra project" was made public for the first time.
May 17,2019: Facebook registered a new company "Libra Networks"." in Geneva
May 24, 2019: there are reports that Facebook intends to launch stable currencies in a number of countries / regions in the first half of 2020; others add that Facebook has been in contact with coinbase and Gemini.
two thousand nineteenyearSix Month
June 3, 2019: Facebook is reported to be negotiating its stable currency program with the Commodity Futures Trading Commission (CFTC).
June 6,2019: it is reported that Facebook will announce Libra coins to the world in the coming weeks.
June 7,2019: Facebook financial services head of financial services in the Nordic region, Laura McClach (Laura McCracken), confirms that the company's stable currency will be linked to a basket of currencies, not just one currency.
June 13, 2019: Uber, PayPal, visa, stripe, Mercado Libre Bookings.com And MasterCard are interested in supporting Facebook's new cryptocurrency.
June 18, 2019: Facebook officially launched Libra coin and proposed a decentralized autonomous organization to supervise the project and its borderless, easy to transfer transaction method. Facebook said it would participate in the Libra coin project through its new Calibra subsidiary. Calibra will develop a digital wallet for the project. The Libra Association will lead the Libra coin project. The association currently has 28 member companies, which will grow to at least 100 in the future. Its main responsibility is to monitor the development of Libra coins and obtain returns through the "Libra investment token".
June 18,2019: U.S. lawmakers call for an immediate suspension of Libra development until they have a deeper understanding of the project.
June 19, 2019: the US Senate Banking Committee announced that it would hold a hearing on Libra in July.
June 21, 2019: the group of seven (G7) announced that it would set up a working group to evaluate Libra coins.
June 24,2019: Congressman Maxine Waters (Maxine Waters), chairman of the House Financial Services Committee, announced a hearing on Libra in July.
June 27, 2019: the monetary authority of Singapore announced that it was looking for more information about Libra coins and was in contact with Facebook.
two thousand and nineteenyearSevenmonth
July 2, 2019: public citizen, a North American privacy and consumer watchdog, calls on lawmakers to stop the development of Libra coins; more members call for a halt to the development of Libra coins.
July 12,2019: U.S. President Donald Trump (Donald Trump), in a series of tweets attacking Bitcoin and Facebook, said Libra coins were "untenable or unreliable ".
July 16,2019: David Marcus attends the Senate Banking Committee hearing; notably, Bitcoin was not mentioned during the hearing.
July 17,2019: David Marcus attends the House of Representatives Financial Services Committee hearing.
July 20,2019: former Anderson Horowitz partner Morgan Baylor (Morgan Beller) appears in media reports; she is said to be the main driver behind Facebook Libra project and Calibra.
July 24,2019: Visa CEO Alfred Kelly (Alfred Kelly) said that although his company has signed a non-binding letter of intent, the company has not yet become a member of the Libra Coin Association.
July 25,2019: Facebook CEO Mark Zuckerberg (Mark Zuckerberg) said that "no matter how long" his company would try to convince lawmakers and launch Libra coins.
July 30, 2019: in a disclosure to the SEC, Facebook acknowledged that Libra coins may never be released.
two thousand and nineteenyearEightmonth
August 23, 2019: it is reported that strong regulatory opposition has upset three Libra members, two of whom are considering withdrawing completely from the project.
August 27, 2019: the Libra coin Association announced a loophole reward program that rewards up to $10000.
two thousand and nineteenyearNinemonth
September 10, 2019: Facebook released a list of fiat currencies that make up a basket of Libra currencies: US dollar, euro, Japanese yen, British pound and Singapore dollar.
September 11, 2019: the Swiss financial market regulator confirmed that the Libran association had been contacted and asked how the regulator would assess it.
September 16,2019: David Marcus again tries to refute Libra's threat to monetary sovereignty or economic stability in response to criticism from parliamentarians such as Bruno Lemerre (Bruno Le Maire) in France.
September 23, 2019: Facebook reveals details of its support for the Libra basket of currencies: 50% US dollar, 18% euro, 14% Japanese yen, 11% British pound and 7% Singapore dollar.
two thousand and nineteenyearTenmonth
October 4, 2019: PayPal officially withdraws from the Libra coin Association.
October 11, 2019: MasterCard, visa, Mercado Pago, booking holdings, eBay and stripe withdraw from the Libra coin Association.
October 14, 2019: 21 companies signed the constitution of Libra coin Association, formally established the stable currency initiative Council, and elected the Executive Committee.
October 22,2019: Mark Zuckerberg attends the House of Representatives Financial Services Committee hearing.
two thousand and twentyyearOnemonth
Jan.9,2020: Facebook CEO Mark Zuckerberg says the company plans to decentralize finance and business by 2030.
January 17, 2020: the Libra coin Association announces the establishment of a Technical Steering Committee, led by representatives of its five member entities, which will oversee the development of its technology roadmap and attempt to build a developer community.
two thousand and twentyyearFourmonth
April 16, 2020: the Libra coin Association revises the white paper, abandons the original idea and announces the issuance of a series of stable currencies supported by a single currency rather than a single stable currency supported by a basket of currencies.
two thousand and twentyyearFivemonth
6 May 2020: Libra appointed HSBC's chief legal officer and former U.S. Treasury undersecretary Stuart Levy (Stuart Levey) as its new chief executive.
19 May 2020: Libra appointed Robert Werner (Robert Werner), a former member of the Financial Crimes Enforcement Network and the Office of Foreign Asset Control, as General Counsel.
May 26, 2020: Calibra is renamed Novi; Facebook also details Novi's interoperability with messenger and WhatsApp platforms.
two thousand and twentyyearSixMonth: sterling denis (Sterling Daines), head of financial crime compliance at credit suisse, was appointed chief compliance officer of the libra currency association.
two thousand and twentyyearEightMonth: Former Homeland Security official Stephen Bennell (Stevan Bunnel) was appointed as the Libra General Counsel, only three months after Warner was appointed.
two thousand and twentyyearNinemonth
September 17,2020: Libra announced that former HSBC executive James Emmett (James Emmett) will become the managing director of Libra Networks.
Sept.22,2020: Libra co-founder Morgan Beller leaves Facebook and Novi, to enter venture capital NFX.