Facebook Libra Cryptocurrency, Move over Bitcoin and Ethereum, there is a new cryptocurrency coming to town. Just announced! Facebook is getting into the cryptocurrency, blockchain, and digital payment game with the exciting announcement of Libra, a cryptocurrency launching in early 2020.
However, Libra is a little different from other crypto counterparts out there. Primarily, because a member organization, called the Libra Association, which is based in the neutral city of Geneva, Switzerland, will oversee its valuation and transactions as well as the Libran Blockchain developer platform.
In addition to Facebook, other members of the Libra Association include Uber, Visa and Andreessen Horowitz, among others; all have invested a minimum of $10 million to join.
Libra Cryptocurrency uses for:
As a cryptocurrency, Libra will enable consumers to make transactions pseudonymously, and with ease whether it’s buying products, sending money to friends and family or paying rent.
Coinciding with the Libra launch is Calibra, Facebook’s digital wallet that will be accessible via its own app, as well as the Messenger and WhatsApp platforms. Unlike other cryptocurrencies which are not ideal to be used as a medium of exchange, Libra can handle the transactions.
In fact, Facebook has revealed that the Libra blockchain is able to process 1,000 transactions per second, compared to seven transactions by Bitcoin and 15 by Ethereum.
The main goal of Libra:
One of the main goals of Libra is to provide a currency for the millions of people around the world without a bank account. Given the support of the Libra Association, as well as Facebook’s incredible reach via its user network, advertisers and small businesses, Libra as a cryptocurrency already has huge support and immense potential to take off. When it comes down to it, it really is a matter if everyday people are ready to adopt this method of payment and exchange. Facebook is betting that they are.
Named after the Roman word Libra, a unit of weight measure, the cryptocurrency will be represented with three horizontal wavy lines. Also, unlike other cryptocurrencies, which have incredible volatility, Libra is much more stable, and as such, billed as a more reliable method of exchange.
As to its value, the Libra cryptocurrency will be pegged to a combination of bank deposits and short-term government securities for stable international currencies ranging from the U.S. dollar to the British pound, Euro, Swiss franc and Japanese yen. Other things to keep in mind is that all Libra transactions are irreversible, and there are no outrageous transaction fees.
Libra cryptocurrency buzz:
Facebook and company in the Libra Association are hoping that people around the world will find that Libra is easy to use and will be a trusted source of their transactions. It will be interesting to see how the general public will respond to the new cryptocurrency. Time will only tell. Whether it is successful in the future or not, one thing that is certain is that all the world is buzzing about the new Libra cryptocurrency.
So do you plan on getting some Libra when it comes out next year?