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So finally Facebook has its own currency, Libra Cryptocurrency

The details of the much-hyped cryptocurrency Libra has been revealed which can let you buy things or send money to people with literally zero fees. The cryptocurrency will launch next year which is along with the underlying block-chain based network that will support it.

The cryptocurrency is not said to be as a Bitcoin which is a speculative asset but it is said to be a type of digital currency which is said to be backed by many assets. Libra will be used as a mode of payment for online and offline services. The main aim of this criterion is to make the first mainstream cryptocurrency which is a mode of payment that is global and is decentralized and is also maintained as a dollar which can be used to buy anything. It can also support an entire range of financial products which is from banking to loans to credit.

Libra will not be fully controlled by Facebook since there will be just a single vote in the governance like the other founding members of the Libra Association which includes Uber, Visa, and Andreessen Horowitz where they have invested $ 10 million each in the operation of the project. There will be open-sourced Libra blockchain promoted by the association and it will also include the developer platform which includes its own Move programming languages including sign up businesses which accept Libra for payment and will also give customers rewards or discounts.

Unlike the Bitcoin mining process, generating Libra is relatively greener since it does not consume a lot of power. If Libra will succeed, it can represent one of the most consequential products that Facebook will ever release which is both for the company and the world. This can be a compelling alternative to the present banking system which will be for people who are living in the developing nations. This can also make the account users inextricable from Facebook.

Facebook is also launching a subsidiary company which is called as Calibra that can handle the crypto dealings and can also protect the users’ privacy by never combining Libra payments with the Facebook data which can’t be used for ad targeting.

Your main identity will not be combined with the transactions which are visible to the public. The Facebook and Calibra and the members who have founded the Libra Association will gain interest, with the money where the users will cash it in which is held at the reserve so that value of Libra is stable.

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Written by Sanjana Murali

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