Facebook recently announced its new cryptocurrency ‘Libra’
Today, Facebook announced its own cryptocurrency with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra. ⭐
Libra’s main motto is to create a simple and stable global financial infrastructure. It’s powered by blockchain technology and the plan is to launch it in 2020. You can read more about the association here: https://libra.org
⭐ Key features of ‘Libra’ ⭐
- We will be able to use Libra on our mobiles.
- Life will become easier as all this will be cashless. We don’t need to carry our cash everywhere. Also Libra will have very less money transfer fee!
- It will be very useful for billions of people who don’t have a bank account but have a mobile phone.
- Facebook claims that sending money will be as easy as sending a message or photo.
- The Digital wallet will be secure and also will be separate from the rest of Facebook.
- It is said to be secured by cryptography which helps keep your money safe.
- Libra is also open for developers.
- It is open source!
- The wallet will be called as Calibra.
⭐ More details on ‘Libra’ ⭐
In addition to Facebook efforts, many other companies will build their own services using Libra — from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Uber, to non-profits doing important work around financial inclusion like Kiva, Mercy Corps and Women’s World Banking, to companies in the crypto space like Anchorage, Coinbase, Xapo, and Bison Trails. A number of leading Venture firms are also joining to help drive innovation on the Libra network. ✨
This is the goal for Libra: A stable currency built on a secure and stable open-source blockchain, backed by a reserve of real assets, and governed by an independent association.✨
All of this is built on blockchain technology. It’s decentralized — meaning it’s run by many different organizations instead of just one, making the system fairer overall. It’s available to anyone with an internet connection and has low fees and costs. And it is said to be secured by cryptography which helps keep your money safe.✨
According to Mark’s post, the currency will be launched in 2020.✨
⚔ But as we all know there is a sense of distrust around facebook. How are people going to trust Facebook with their money? ⚔
Well, I have Trust Issues…. – INNOVATIVE NOOB 💡