The Ambitious Plan Behind Facebook’s Cryptocurrency, Libra | Wired

Final paragraphs from an extensive Libra reality check

"Facebook named Libra for three reasons: its use as an ancient Roman unit of measure, the astrological symbol depicting the scales of justice, and its phonetic resemblance to the French “libre,” meaning free. “A combination of money, justice and freedom,” explains Facebook. For the initiative to live up to those lofty values, it will have to draw not only powerful partners but be open to the grassroots developers in every place that receives an internet signal. Serious rivals to Facebook’s own Calibra wallet (in theory all Libra wallets will be interoperable) must emerge. The promises of privacy and security must be fulfilled. And the association must prove it can act independently of its corporate creator. Otherwise, the entire effort will come to be viewed as another self-interested move by Mark Zuckerberg—even if billions of people wind up spending Libras in Facebook applications.

As tough as it is to develop a groundbreaking global cryptosystem, Marcus says convincing people of Facebook’s intentions makes the job much harder. “This is by far the most difficult, intellectually stimulating and challenging thing I have ever done in my life,” he says.

Those challenges are only beginning. You can bet your last Libra on it."

The Ambitious Plan Behind Facebook’s Cryptocurrency, Libra | Wired