Cryptocurrency

Libra Is All Set For 2020!

Libra 2020!

Looks like the most well-known social media – Facebook which was founded on 2004 is getting prepared to launch their own cryptocurrency while some from us are still trying to reminisce the days where we log in to social media account just to interact with family, friends and acquaintances.

The existence of social media, especially Facebook has made everyone to feel like their circles are closer even though they live far apart. Recently, Facebook took it up a notch by releasing the white paper of their own digital currency that contains every detail of it.

Previously, there were a lot of mix reaction from the public and crypto enthusiasts voicing out their own opinion that if Facebook is ready to launch their own cryptocurrency. Dating back to June 2018, the fact that Facebook allowed advertisement that promotes cryptocurrency went viral. Since then, the public has set an expectation on Facebook if they will be launching their own digital currency.

Facebook’s own cryptocurrency named Libra is ready to be taken by storm in the first half of 2020. According to the white paper, it is Libra’s prime purpose to serve as an effortless cryptocurrency and financial infrastructure that allows the community to perform transaction with ease.

The establishment of Libra will be useful and easy to many as it is not necessary to have a Facebook account to perform the transaction as you still will be able to do it without one.  Even though it is a norm for everyone to have a Facebook account at this point of time including old generation.

Libra is initiated in order to provide an easy and inexpensive way of transferring money regardless of your income or where do you reside at!

According to the published white paper, Calibra, a regulatory subsidiary acts as a barrier between social and financial data while building and operating services on Libra Network.

Besides launching its own cryptocurrency, Facebook is determined to ensure that the public’s data is protected as they involve short-term government securities that will be held in the Libra Reserve for every Libra that is issued.

Facebook has joint hands with numerous of organization around the world to finalize the Libra Association’s Charter in various sector such as payment, telecommunication, blockchain, technology, venture capital and others.

According to the white paper, Libra will be administrated by a not-for-profit consortium based in Switzerland which includes Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber among its founding members.

Probably, what you about to read now will be a great music to your ears to, that Libra is backed by a reserve made to ensure its value is stable. It is also stated in the white paper that Libra is a cryptocurrency built on blockchain by bearing the people’s safety in mind.

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