Facebook has revealed that it’s currently working on a cryptocurrency called Libra. It is thought that Libra will be released by 2020, and Facebook has already formed the Libra Association, an organization which should focus on the technology and implementation strategy.
Cryptocurrencies are notorious for their volatility, and it seems that Facebook plans to change the rules of the game. Created and backed by the most popular social media network in the world, Libra has the chance to succeed and become a mainstream currency. Facebook has already announced that the project is backed by 20 partners, including some of the biggest banks in the world. Read below to learn more about Libra and its potential to change the world.
Facebook’s Libra cryptocurrency will stay stable
Unlike other digital currencies, Libra will be tied to a strict number of assets, a move which ensures its stability as time passes. This means that investors will be able to spend their money on a reliable currency. As the coin becomes more popular more assets will be bought, increasing the amount of currency that is available.
In light of the recent privacy scandals, it is likely that some people won’t trust Facebook when it comes to sensible transaction data. The company has stated that Libra will be a decentralized coin, and it will use a fair system. Transaction data will be encrypted to keep it safe from privy eyes.
How to use Libra
Libra will require access to the wallet before you can attempt complete any transactions. Users will have the option to download Calibra, a digital wallet which can be used to receive and send Libra across all over the world.
You will be able to use Facebook’s Libra cryptocurrency to purchase goods and services or to send and receive money from anywhere in the world. It seems that Libra has the potential to be quite successful. It remains to be seen if it will enjoy a high adoption rate.
Daniel Kiss is the senior editor for News Lair. Daniel was working as a writer since he finished high-school, first for local papers then he started online, nowadays he likes to write about the latest games and tech innovations.