Facebook already has its own cryptocurrency, which was put on the digital market since June 18, 2019. This is Libra. It has an independent administration and the support of real assets and the intention is that you can pay with it easily and simply, as if we were sending text messages. Now, according to Facebook, next year its users will be able to make use of their currency by making purchases through their platforms, and they will be able to store it in their digital wallet that will be called Calibra and at the same time, they will also be able to pay with Libra through their App itself, also the WhatsApp messaging service.

Facebook has been working on its own virtual currency for several years, it is a kind of Bitcoin, it will not be decentralized and can only be used on the home network. In addition, Facebook wishes to take advantage of the Blockchain, which is the system on which cryptocurrencies such as Ethereum or Bitcoin are being articulated and that builds trust by confirming that money is transferred and not cloned.

What does Facebook pursue with pound?

The idea of Facebook is that its 1.7 million users can carry out their commercial transactions with their local currency Libra, the currency of Facebook, and then pay among their users or pay to other businesses. At the outset it will be available only on Whatsapp and Messenger, that means that if you buy a quantity of Libra coins you can use them to pay your Facebook friends for the products that are sold there, also for Instagram friends, as well as send money to Your WhatsApp contacts

Some features of Libra, the currency of Facebook

This launch is one of the most important and strong bet of the network, which could become a before and after reaching its initial objectives, so far, Libra and Calibra have not been launched, only that it has been outlined the project and its characteristics. Let’s look at some of these particular characteristics of this coin.

Libra is a sample of Facebook’s intentions

There are several data that the same company has given that help contextualize Facebook’s intentions and that allow users to put into perspective the next movements of the company, which will be real from next year 2020 when they will really begin to be implemented, between We are going to mention the most prominent.

It has the control of a group of companies and renowned people

Libra will be controlled by a group of companies that will help in the creation of the cryptocurrency itself, Facebook will have important and world-renowned companies and partners, which help in obtaining the necessary funds to take the first steps of its foundation, with what It is expected to raise about $ 1 billion from its investors, which could be about 100 initially. Identify the project as a solid creation with strong support

There is a group of companies that have already agreed to give their support

Some of the companies that are in the initial project are Uber, eBay, Spotify, MasterCard, Visa and Vodafone, which are grouped in the so-called Libra Association, which will be in charge of controlling the currency and performing all actions and movements that have to do with its use development and its immediate future.

They have physical offices in Switzerland, a country recognized for its neutrality

The Libra association has its headquarters in Geneva and Switzerland, this country has a history of neutrality and global openness to Blockchain technology and the Association has aspirations of being an international and neutral corporation, that is why they have chosen this headquarters to Start your operations, which aims to generate more trust in users.

Like all cryptocurrency, it is based on blockchain

It is based on Blockchain technology, although there have been many who claim that Libra is not a cryptocurrency, because it is not fully decentralized, and that the role of users differs from that of other projects seen so far. However, the initial document published by the firm, makes it clear, Libra, is certainly a cryptocurrency, and therefore, inherits some properties of the new digital currencies, such as the ability to send money quickly, security, and freedom. of transferring money beyond borders.

Guarantees scalability and efficiency

The currency is based on the Libra Blockchain, which was created from scratch in order to prioritize its scalability, security, storage efficiency, processing rate and adaptability to the future. This means that for Facebook the priority of your cryptocurrency over other cryptocurrencies must be higher. In this way, Libra aims to be a currency that can be used for daily transactions, and that manages to retain its stable value over time, ensuring minimum variations in the value of it.

It has great network control

This network will be under the control of the companies that are part of the Libra Association, which will be the ones that will manage the validation nodes of all transactions effectively, they will also be in charge of processing the currency. This network is described as a Blockchain network with permission, since only those designated can perform the tasks described.

What do you think about this topic? Did you know these characteristics of Libra?

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Image of Bharat Bhise via Flickr.com under a creative commons license.


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