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Facebook confirms the news on their very own cryptocurrency, Libra.

Facebook confirms the news on their very own cryptocurrency, Libra.

June 24, 2019 12:36 pm,

Libra is the very own cryptocurrency of Facebook. We have been hearing a lot of rumors regarding the Facebook Launching a CryptoCurrency and have since been eagerly waiting for the social media giant to spill out the news. It has been officially announced by the firm that they have brought into action their very own cryptocurrency. Facebook has released the white paper regarding the same and is looking forward to launching the cryptocurrency by mid-2020. It is going to bring about huge changes in the ways we buy and sell things. Apart from that, Facebook is also looking forward to launching Calibra, which is their own cryptocurrency wallet which also deals with their other crypto dealings.

Libra Coin – Facebooks Own CryptoCurrency

The main aim or vision of Facebook behind launching Libra is that they wanted to create a simple and easy global currency that enables the people across the globe to do the monetary transactions with much less hassle. Since they are an already well established social media giant, the value and trust the people have upon the brand name is also very high. The main highlight of Libra is that there is absolutely no transaction fee involved with it. Again, it’s not autonomously owned and operated by Facebook. They are but only one among the many others who equally have a say in the functions of the entity, like Visa, Andreessen Horowitz, and Uber.

Why a cryptocurrency?

Since it is a commonly known fact that cryptocurrency is kind of a risky business with problems of security hovering around its head, what makes Facebook dive into it? The main reason that Facebook says that motivated them to bring about the concept is to reach out to those 1.7 billion people who do not have a bank account of their own. There are going to be a lot of issues that Facebook will have to face, most of which are going to be security related. But the team is indeed determined to face all the allegations and backlashes of the future.

How does Libra work?

Since the cryptocurrency has not been officially launched yet, more details regarding how the coin works and how it will be available to the common public, are not clear yet. One thing is for sure, that you have to download the Calibra app, which is a digital wallet as explained before. This will be linked with social media apps like WhatsApp, Messenger and of course, Facebook. Like any other cryptocurrency, users can send these from one person to the other. Again, Facebook aims to allow the users to use it for day to day transactions, much like the fiat currency. The organization will monitor over every transaction that takes place over the Calibra app and also using the Libra cryptocurrency.