Libra CryptoCurrency:- Everything to know

Libra CryptoCurrency:- Everything to know

Facebook announced it’s own cryptocurrency, Is it real? You must be wondering What is this? How to use this? How this will be beneficial for you? Don’t worry!!! Here, we are giving you a brief overview of Facebook’s new CryptocurrencyLibra.

On Tuesday 18th June, Mark announced the launch of a digital cryptocurrency of its own. He said, Due to increasing calls for regulations and antitrust measures, He took this initiative of launching the Libra.

Let’s start the game of knowing the Libra:-

What is Libra?

According to Facebook, Libra is a ‘Global currency and a financial infrastructure”. You can simply say it is just a digital asset powered by Facebook and the new Facebook-created version of Blockchain, This is just the same encrypted technology used by Bitcoin and all other cryptocurrencies.

Why Facebook Launching Libra?

According to Mark, Facebook is trying to reach all the 1.7 billion people over the world who don’t have access to a bank account.

Who is in charge of Libra?

Till now it is known that the currency will be serviced by a collective of companies known as the “Libra Association”. It works same alike “Stablecoin”, associated with the existing assets like Dollar and Euro. This makes it less volatile as compared to other cryptocurrencies.

According to Facebook, the Libra will focus only on two things First it will focus on validating the transactions on the Libra Blockchain and secondly it will manage the reverse Libra is tied to and allocate funds to the social cause.

Mark claims that although the Libra is created and handled by Libra association and the Libra Blockchain, But once the cryptocurrency is launched in the next year the company will be withdrawn from all the leadership role and all the members of the Libra association will be given equal rights of the Libra.

He also listed some of the companies who contributed a minimum of $10/Euro 8 to be listed as the founding members of Libra like PayPal, eBay, Spotify, and others as well as financial firms like Thrive Capital and Mastercard and thanked them.

How to use Libra?

After the launch of Libra, the user can download Calibra ( One of the digital wallet). This will allow them to send the cryptocurrency via any smartphone. This will be available in Messenger, Whatsapp, and the standalone app.

Mark also said it is not yet cleared that which country will be first launching the Libra. But almost anybody will be able to download the app.

What the user can buy using this?

With the help of the Libra digital wallet – Calibra, the user can send and receive money from each other. Apart from this, Facebook wants to use Libra for various day-to-day transactions.

As Uber and Lyft are the initial investors for this project, They are confirming that the users will be able to pay via Libra in their app.

Is Libra safe?

After the announcement of Libra, Many people questioned about the security concerns of this. But Facebook confirmed that this will be focusing on money laundering and frauding.

Facebook’s Libra Blockchain will be built on an open source code that allows the developer and the research community to view and monitor it for design and security flaws. The organization also confirmed that the company will be implementing a “Bug Bounty” Program.

Will Facebook sell the crypto data to other ad companies?

The organization claims that they will be keeping the financial data on Libra separate from user ad profiles.

This is it, This was everything about Libra. Let’s wait until next year and see how Libra will perform. As Facebook this year just tried to reinvent everyone’s money. Next year we will see how Libra association pulls it off.

 

Also Read:-Announcement from Facebook F8 Developer Conference