When the whole world had been wondering what Facebook’s next Big Move would be, on the 18th of June, Facebook co-founder and CEO Mark Zuckerberg made their intentions to introduce cryptocurrency Libra by 2020. Cryptocurrency is picking up speed around the world as it keeps expanding and also generating interest.
Amid the turmoil and criticism regarding security and privacy violations, Libra has become a cryptocurrency that will not go away. And, why not, it’s not like it’s the first time Facebook has encountered opposition but thrived.
It is usually thought that your critics are a sign that you are being seen and also that you are doing something good. This article provides you with a comprehensive overview of all that you need to know about and concerning Libra.
What is Cryptocurrency
Cryptocurrency in easy words is online money. A virtual money that uses encryption methods for producing units of currency. It has no central bank control like the normal currency of a nation.
Facebook’s Libra Cryptocurrency
Libra is a concept, permission, blockchain cryptocurrency released by the US social media behemoth: Facebook. The thought behind the introduction of this currency is stated to empower billions because it would be a worldwide currency with a solid financial backbone.
The trust factor is the members who have stepped forward in collaboration to introduce this currency into circulation. Listed below are the names of companies that are well-known in their field and offer full support to this business.
The Founding members among many others are:
- Mastercard
- PayPal
- Stripe
- Visa
- eBay
- Lyft
- Uber
- Spotify
- Andreessen Horowitz
- Vodafone Group
- Kiva
- Mercy Corps
- Women’s World Banking
- Coinbase
- PayU
This Libra Association comprises 28 members in total and is Swiss-based. It was said to have been a claimed 100-member association by the launch time of the network.
Libra Different From Other Cryptocurrencies
The aspect of Libra that separates it from the earlier currencies such as Bitcoin and is widely discussed is stability in terms of value. Libra is going to be developed with the sole aim of staying clear of volatility and extreme fluctuations in its value which have been witnessed in other instances. Libra will be supported by a “Reserve Fund”. This makes it more trustworthy than its counterparts.
Calibra: Wallet
A wallet of cryptocurrency stores public and private keys. The keys are the address used to send/receive cryptocurrency. With a Private key, one can spend the currency by authoring in a public ledger. While a Public key helps others send currency to your wallet.
Libra is linked with Facebook, and that has raised the majority of concerns regarding privacy, instances of money laundering, etc. Calibra has been established with a single objective of giving a wallet to transact in Libra. Additionally, Facebook has promised not to merge the users’ financial activities, status, or dealing history with their social media profiles without consent. In this regard, only Calibra will maintain the records.
Worth of Libra
Facebook has joined hands with large companies and raised a huge amount of money that guarantees whatever situation arises, all the money of each user is safe. Nevertheless, The second question is regarding the value of one “Libra Coin”.
The price of one Libra will be fixed as the average of U.S. Dollars, U.K. Pounds, Euros, and Swiss Francs.
Libra Work
A validator node network runs the Libra blockchain. Its development will be overseen by the founding members. One member will run each validator node dedicatedly. It is planned that as the network expands to become increasingly autonomous, it will slowly shift to a permissionless mode of operation.
Libra Cryptocurrency Release date
Well, your wait to taste your luck in Libra Cryptocurrency will now be a tad longer as it is scheduled to be released somewhere in 2020.
But, it also needs to be mentioned that right after it releases, it is going to feature on WhatsApp and Facebook Messenger and a few other of its co-partners platforms.
Future of Libra Coin Introduced by Facebook
If all goes according to plan and also stated, Libra can storm the world in the financial market.
The prospect of finally sending money across nations without any charges is enticing in itself. Other aspects such as transfer time, Security, and Genuine identity also get taken care of. Libra promises to be present at the touch of a button, so, having something to pay everywhere in the world immediately, in a secure manner, and at minimal expense feels highly beneficial.
Libra Bring in to Keep You Engaged
Move” is Libra’s programming language. It is coded in “Rust” language. Facebook has given some code to its users that they can experiment with. This is another new way in which Facebook is establishing its public engagement.
To conclude, some might surmise that Libra can become a “sovereign currency” and Facebook the “Shadow Bank”, only time will be able to tell if we are prepared for this digital shift in the right sense. Let us hope this is not another fiasco in the ever-upgrading digitally driven financial world.
