Everything you need to know about Facebook Libra – Cryptowess
In June, the airwaves were abuzz with the latest news about a new cryptocurrency from Facebook. Called Libra, the official announcement said that it was expected to launch in early 2020.
In recent times, cryptocurrency has increasingly become accepted as a means of digital currency exchange around the world, with several channels being made to accept payment through this form of money.
The most common type of digital currency is Bitcoin. Apart from the flexible payment system it offers consumers around the world, there are also several benefits attached, which has made it here to stay.
Now, Facebook is ready to cash in on the prospects of cryptocurrency. Will Facebook Libra change the face of global commerce and finance when it is launched? Here is all you need to know about this cryptocurrency.
Facebook Libra: The Introduction
Developed by Facebook, Libra will be a new way for people to send money and pay for products. Similar to other forms of digital currency, Facebook claims that Libra will ease the process of sending money online, making it cheaper and faster. Also, it will improve access to financial services all over the world, especially for people without bank accounts or with limited access to banking.
Facebook’s Libra will be built on the Libra Network, a blockchain platform. Although it is called Facebook’s Libra, it will not be managed by this company. Instead, the Libra Association will handle its launch and govern the affairs of this currency.
The Libra Association is made up of twenty-eight founding members from companies and non-profits around the world. Based in Geneva, Switzerland, members include PayPal, Coinbase and Uber.
What makes Facebook Libra different from others?
Unlike many other cryptocurrency networks that allow any server to join the chain, the Libra Network is an authorized blockchain, which means that only specific servers can connect to the chain.
The company claims that this feature will allow the network to run faster than other cryptocurrencies, making Libra useful for several activities, especially online shopping. The system is built with open source code which allows any developer to create a digital wallet with which they can use Libra on top of the network.
The value of Facebook Libra will vary in relation to any currency as it will be backed by government securities, the US dollar, Euro and Japanese Yen.
To Wrap It Up
In the wake of the privacy scandal plaguing Facebook, will Libra be welcomed worldwide? Libra will be used by a subsidiary called Calibra to develop products and provide financial services.
When the Calibra Wallet is launched, this digital wallet will allow users to store and send Libra to friends, and it will plug into Messenger and WhatsApp, both owned by Facebook.
As this is expected to generate more ad revenue for Facebook through transactions between users and businesses on its platform, how secured is the data of users? What will be the effects of Libra on digital systems globally? We can only wait to see how it unfolds when it is launched in 2020.
If you have anything related to crypto on your mind feel free to write it here
Thanks for reading.
If you like this article, please left a few claps.
Published at Sun, 04 Aug 2019 13:20:51 +0000
Bitcoin Pic Of The Moment
By O’Reilly Conferences on 2015-01-27 09:31:02