While Facebook has been driving the project, the company is framing its role as one member of a federation of dozens of companies and non-profit organizations that will together manage the currency through a Swiss foundation. Corporate members of the organization, known as the Libra Foundation, will be required to contribute a minimum of $10 million to help the currency gain traction, an effort that will likely see users receive a small amount of Libra to test it out.

Initial members of the foundation are Facebook and 27 other partners, including Visa, MasterCard, PayPal, Coinbase, and venture capital firms like Andreessen Horowitz and Union Square Ventures. Marcus hopes as many as 100 partners will be onboard by the time the currency debuts, by which time the group will have crafted a formal charter that sets out voting rights and other rules.

The Libra blockchain—like other blockchains—will provide a tamper-proof record of transactions on the network. But, unlike Bitcoin and other public blockchains, only authorized bodies—in this case, foundation members—will be allowed to run a node.

In addition, members will also maintain the supply of Libra in response to demand—meaning they will issue new Libra as needed, and destroy the digital currency when people redeem them.

Sourced through Scoop.it from: fortune.com