Facebook has proposed digital currency named as “Libra” but it is yet not into existence in terms of it’s use. It is being planned to launch it in early 2020. It will let you to buy goodies and send money to different people by investing almost zero fees.
It will work in association with third-party wallet apps or may Facebook release it’s own wallet built into WhatsApp, messenger etc.
It will also operate in the same manner as that of bitcoin but there is a slight difference in both of them as bitcoin is of higher market value than Libra.
It would be really interesting to see the competition between Libra cryptocurrency and Bitcoins.
The Libra cryptocurrency is represented by 3- wavy horizontal line unicode character which is blue in color as color code of Facebook.
Libra initiative taken by Facebook is really very amazing because you would never run out of money as it will always remain stable and is considered as good medium of exchange.
The soon to be announced cryptocurrency of Facebook will allow people to spend it via a third party app effortlessly with security.
Many of us are in dilemma that will Facebook handle Libra alone? So let’s put an answer on this question mark so, No, it will be controlled by the “Libra association” that also has other founding members like Visa, uber, Andreesen Horowitz etc.
Along with this, Facebook is also planning to open subsidiary company, under name “C which will be responsible for managing and dealing cryptocurrency and protect the data provided by the users.
Facebook is considering Libra as both challenging and as golden opportunity as they will not charge any extra transaction fees associated with your credit cards but due to it’s high volatility rate , it is difficult for the sellers to accept it as one of the payment method.
Below is the line quoted by Facebook in the Libra Documentation:
“Their success will mean that the person working abroad has a fast and simple way to send money to his/her family back in the town and a college student can pay their rent as easily as they can buy other stuffs.
How will it work?
By now, you have totally understood the concept of Libra cryptocurrency, but it’s high time to understand that how will it work?
Facebook will join hand with a governance team known as Libra Association so that people can fully trust them. For joining Libra Association one should met following requirements like must have an internet connection of 100 mbps or above , have at least sufficient reck of server space.
For meeting the above listed requirements “ Libra Blockchain” have been developed that uses “Move programming language for custom transaction logic”. It will allow users to have at least one or more addresses that may not be associated to their real identity.
Facebook CEO “Mark Zuckerberg” said that because it is decentralized so it will keep your money safe and also will provide any of your personal data to the third – party for the sake of security. So you are fully secured if you join Libra.
Facebook is calling it as a stable coin because it will be way different from bitcoin. It will get support from governmental and other organizations. It means, it is legal to use Libra cryptocurrency unlike Bitcoin.
Libra cryptocurrency is in trouble !
There is multiple hurdles that is coming across Libra like, France and Germany pledged to block Libra from operating in Europe, US Federal Reserve chairman, Jerome Powell suggested that the project couldn’t advance before addressing serious privacy, money laundering, consumer protection and financial stability.
Sennator Sherrod Brown have quoted against Libra that, “If you take thus on, you can expect a high level of scrutiny from regulators not only on Libra related payment activities, but on all the activities”.
Democratic Senators wrote to warn Visa, MasterCard and Stripe who are joining hand with Libra Association that this project will forseably fuel the growth in global criminal activities.
A report by G7 group said that Facebook’s Libra cryptocurrency must not go ahead until the firm proves it is safe and secure.
So, there is much obstacles in the path of Libra, so let’s hope for the best .
- Libra is the digital currency. 2. It has been launched by the Facebook which is the world’s greatest
social networking site. 3. Facebook is also providing security of money transfer so your money
will be fully secured. 4. Some countries have been always opposing it because they don’t
want that Facebook release it’s virtual currency. 5. According to Facebook, it is a stable coin . 6. It’s 2020 , but Facebook has not yet launched it , means it is in huge
trouble and suspense.