Facebook’s Libra Coin
What is Libra Coin?
Libra will be created only when users buy
coins with real money. Libra is first
and foremost, a cryptocurrency created to let
people access and participate in the Libra Network. Users shall be able to
exchange fiat currency into these digital currencies and use them in online
transactions.
Libra is built on an open-source blockchain
called the Libra Blockchain featuring its own proof-of-stake protocol. The
Libra mission is to reinvent money and transform the global economy so people
everywhere can live better lives.
Things you Need to know about Libra
The Libra Association is made up of
reputable partner companies such as MasterCard, Visa, PayPal, Uber, and many
others. These companies shall work together to ensure payment processes are
faster, more accurate, and safer than existing financial technology by using
Blockchain Technology.
Libra is fully backed by a reserve of
real assets. A basket of bank deposits and short-term government securities
will be held in the Libra Reserve for every Libra that is created, building
trust in its intrinsic value. The Libra Reserve will be administered with the
objective of preserving the value of Libra over time.
Facebook
announces Libra Cryptocurrency
Facebook expects that consumers will
be able to begin making actual purchases with Libra, although the number of
purchases will be limited at first. The announcement is seen as a boon for
other cryptocurrencies.
Libra shall be instantly exposed to
30% of the world’s population, if successful. That alone is a massive plus
point for the mass adoption for the digital asset.
Facebook has reportedly been
developing Libra for more than a year, and few details about the project have
been available to the public. One thing that is known is that Libra will be
pegged to a basket of government-issued currencies in an effort to preemptively
counter the extreme volatility which has plagued other digital coins.
Facebook teams played a key role in
the creation of the Libra Association and the Libra Blockchain, working with
the other Founding Members. While final decision-making authority rests with
the association, Facebook is expected to maintain a leadership role through
2019.
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