Libra技术指南白皮书：LibraWhitePaper_en_US-Revised101319

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2019-11-21

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Libra’s mission is to enable a simple global currency and

ﬁnancial infrastructure that empowers billions of people.

This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart

contract platform that together aim to create a new opportunity for responsible ﬁnancial services innovation.

Problem Statement

The advent of the internet and mobile broadband has empowered billions of people globally to have access

to the world’s knowledge and information, high-ﬁdelity communications, and a wide range of lower-cost,

more convenient services. These services are now accessible using a $40 smartphone from almost anywhere

in the world.

This connectivity has driven economic empowerment by enabling more people to access the

ﬁnancial ecosystem. Working together, technology companies and ﬁnancial institutions have also found

solutions to help increase economic empowerment around the world. Despite this progress, large swaths of

the world’s population are still left behind — 1.7 billion adults globally remain outside of the ﬁnancial system

with no access to a traditional bank, even though one billion have a mobile phone and nearly half a billion

have internet access.

For too many, parts of the ﬁnancial system look like telecommunication networks pre-internet. Twenty

years ago, the average price to send a text message in Europe was 16 cents per message.

Now everyone

with a smartphone can communicate across the world for free with a basic data plan. Back then,

telecommunications prices were high but uniform, whereas today, access to ﬁnancial services is limited

or restricted for those who need it most — those impacted by cost, reliability, and the ability to seamlessly

send money.

All over the world, people with less money pay more for ﬁnancial services. Hard-earned income is eroded by

fees, from remittances and wire costs to overdraft and ATM charges. Payday loans can charge annualized

interest rates of 400 percent or more, and ﬁnance charges can be as high as $30 just to borrow $100.

When

people are asked why they remain on the fringe of the existing ﬁnancial system, those who remain “unbanked”

point to not having sufﬁcient funds, high and unpredictable fees, banks being too far away, and lacking the

necessary documentation.

Blockchains and cryptocurrencies have a number of unique properties that can potentially address some

of the problems of accessibility and trustworthiness. These include distributed governance, which ensures

that no single entity controls the network; open access, which allows anybody with an internet connection

to participate; and security through cryptography, which protects the integrity of funds.

White Paper

•

From the Libra Association Members

An Introduction to Libra

Revised July 23rd, 2019

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But the existing blockchain systems have yet to reach mainstream adoption. Mass-market usage of existing

blockchains and cryptocurrencies has been hindered by their volatility and lack of scalability, which have, so

far, made them poor stores of value and mediums of exchange. Some projects have also aimed to disrupt

the existing system and bypass regulation as opposed to innovating on compliance and regulatory fronts

to improve the effectiveness of anti-money laundering. We believe that collaborating and innovating with

the ﬁnancial sector, including regulators and experts across a variety of industries, is the only way to ensure

that a sustainable, secure, and trusted framework underpins this new system. And this approach can deliver

a giant leap forward toward a lower-cost, more accessible, and more connected global ﬁnancial system.

The Opportunity

As we embark on this journey together, we think it is important to share our beliefs to align the community

and ecosystem we intend to spark around this initiative:

• We believe that many more people should have access to ﬁnancial services and to cheap capital.

• We believe that people have an inherent right to control the fruit of their legal labor.

• We believe that global, open, instant, and low-cost movement of money will create immense economic

opportunity and more commerce across the world.

• We believe that people will increasingly trust decentralized forms of governance.

• We believe that a global currency and ﬁnancial infrastructure should be designed and governed as

a public good.

• We believe that we all have a responsibility to help advance ﬁnancial inclusion, support ethical actors,

and continuously uphold the integrity of the ecosystem.

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