Facebook cryptocurrency Libra

A digital currency called Libra was announced on June 18 by American social media giant Facebook. It is a cryptocurrency that seeks to make transactions worldwide possible for billions of Facebook users. In 2020, Libra is anticipated to launch

alongside a supporting blockchain network. The firm also launched its latest subsidiary, Calibra, a payment interface that will leverage Facebook’s multiple assets such as Messenger and WhatsApp.

About Libra :

As noted above, Libra is the recent Facebook-backed cryptocurrency. The business thinks that it will be used by individuals in developing nations to move cash; who do not have access to a adequate banking system. However, the ultimate goal is to

develop the first mainstream cryptocurrency that is more in use than Bitcoin. Facebook thinks that Libra will become a stable and decentralized currency; this implies that no nation will have the right to rule over it. While the social media

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company is creating the currency, along with 27 other partners it has established the non-profit Libra Association to assist it grow and bring the cryptocurrency into the mainstream market. There are names like Mastercard, Visa, eBay, PayPal, Uber and Vodafone in these partners.

Together, the above-mentioned organisations are set to contribute to the Libra Reserve asset pool. This will ensure that each Libra (a currency unit) is supported by something in nature that is vital. This is distinct from how Bitcoin operates because it

depends on its rarity and inadequacy to boost value. Because of the sheer amount of individuals actively using Facebook, which is about 2.4 billion a month, Facebook’s Libra is regarded as a economic giant. However, as the business is always in the

center of a privacy discussion, when it landes next year, it may also face a lot of criticism.

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