So Libra is a cryptocurrency?

Yes, but also no.This is where the disagreements start.The Libra blockchain is not decentralised the way the Bitcoin is.With the Bitcoin blockchain, anyone can theoretically run a node, even if that’s expensive.In contrast, Libra’s nodes will be only run from the servers of the Libra Association’s members—Facebook, Uber, Paypal and the others.Now, none of these companies will individually have much of a say on how transactions are processed and verified—it will be a collective effort—which is good, according to the blockchain ethos.

Still, the more libertarian cryptocurrency fans resent that Libra will be controlled by a club of mega-corporations.They also fear that the Libra Association could buckle under pressure if, for instance, a government ordered it to block a transaction.Facebook’s official reason for this make-up is that a fully decentralised model would not be powerful or fast enough to deliver the “global financial infrastructure” Libra aspires to become.