The cryptocurrency Libra is the native currency of the Libra blockchain, an open-source blockchain protocol initiated by social media company Facebook. Originally referred to as FacebookCoin or GlobalCoin, the Libra network operates as a permissioned system in collaboration with major financial institutions such as Visa, Mastercard, Paypal, Ebay, Coinbase, Lyft, Uber, among others, under the Libra Association. The project aims to transform the digital economy by introducing fintech and banking services to the global population, particularly those without access to traditional banking. Libra is a stablecoin backed by a variety of stable assets including bonds and national fiat currencies. It employs a Proof-of-Stake (PoS) consensus based on Byzantine Fault Tolerance (BFT) algorithms and supports Ethereum smart contracts. The Libra blockchain testnet was set to launch by the end of 2019, with the mainnet deployment planned for 2020.