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Libra - Facebook's Cryptocurrency will be in use by 2020

harryzaara profile image Zaara Harry ・2 min read

1. Libra - What is It?

Libra is a cryptocurrency built by Facebook and powered by a new Facebook-created version of blockchain. According to Facebook, Libra is a " global currency and financial infrastructure".
Libra will be available for use in 2020 and allows Facebook users for financial transactions across the world. A Libra is a unit of the Libra cryptocurrency and its denoted by $ whose value meant to stay stable, as like stablecoins.

2. Why Facebook launches libra?

The two keen points behind the launch of Libra - A New Cryptocurrency by Facebook is as follows:

  1. To overcome regulatory hurdles and antitrust concerns about Facebook.
  2. To reach 1.7 billion people who don't have a bank account and can make use of their Facebook account to process global transactions.

3. Executive Authority of Libra

The digital currency, Libra will be serviced by “Libra Association”, an independent, non-profit organization in Switzerland. Its two main functions are

  1. To validate the transactions on the Libra blockchain network.
  2. To manage the reserve Libra to allocate funds to social causes. Libra Association Council will be a governing body inside Libra Association who will vote for policy and operating decisions. Libra Association will withdraw its leadership role once the currency is launched in 2020 and every member of the association will have equal rights to votes in the governance of Libra.

4. Libra - How can we buy and use it?

Facebook doesn't mention in details about how the currency will be available at launch but looks like it follows a hybrid approach.
Calibra is a digital wallet of facebook cryptocurrency libra used to store the libra currency. This will users to send it to anyone with a smartphone. This calibra wallet usage will be available in Messenger, WhatsApp, and as a standalone app. Calibra will offer an expedited way of paying merchants through the scan of QR code.
Get more Info about Libra here at Bitdeal .

Posted on by:

harryzaara profile

Zaara Harry

@harryzaara

I'm a blockchain and cryptocurrency developer

Discussion

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Soooo having watched Mr Robot, this screams Evil Corp to me, especially because it's Facebook. For this to be trustworthy, it should have been launched by the IMF, or another global organization.

Oh and i bet it will require a Facebook account to use Calibra :D