Facebook Launching New CryptoCurrency in 2020

Libra cryptocurrency by Facebook
Libra Cryptocurrency by Facebook

\ is the most used social media networking. It is now putting its steps in other tech industries too. Now, Facebook is aiming to launch its own cryptocurrency called Libra. Libra may come in the market by 2020. Thinking of making Facebook an e-commerce site where users can buy and sell products online, this can be a step forward.

A simple global currency and financial infrastructure that empowers billions of people.

In an announcement, Facebook executives said that they are thinking of making Libra a strong digital currency that is backed by a reserve of assets. They will be launching it at a global level and aiming to target people even in small countries to help them making international payment in an easy and efficient way.

Libra | A New Global Currency

The Libra current is trying to get on the floor with a huge base. For this, Facebook is making a nonProfit Libra Organisation that will run libra. It has 27 partners including capital firms, non-profit organizations, crypto firms, and financial, telecommunications, and technology service providers, like Paypal, Spotify, Uber, Visa, MasterCard, and Vodaphone.

Facebook’s next aim is in making currency by itself. Following Apple’s trend to make their own money exchange system (Apple credit card). Libra is an open-source cryptocurrency and you can see how it works, technology behind it by going through its code. It is based on a new programming language Move. And is available for testing by developers and working on it.

Facebook’s new Crypto Libra

– What they say about Libra

Libra claims that they will be revolutionizing the way people do their payments. On the website, they have mentioned that how will they revolutionize their payments.

Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn.

As claimed at Libra website.

Some Revolutionising Features

Mobile, “Libra will be accessible to anyone with an entry-level smartphone and data connectivity.
Everyone with smartphone and internet can access it if it would be true this will revolutionize who payments are done.

Stable, “Libra is backed by a reserve made to keep its value stable.
Facebook claims that the asset reserve behind Libra will make it stable. But how can a currency be stable when it comes to the global market, this will be a thing to watch.

Fast, “Libra transactions are quick and easy, no matter where you are sending, or spending, your money.”
Claiming to be a faster and reliable technology Libra, is aiming area with internet availability to transfer funds anywhere…

For the World, “Libra is a global cryptocurrency that will be available around the world.”
It might be launched as a global currency as many huge companies are getting involved it might become one as it is thought to be.

Scalable, “Libra will foster an ecosystem of products and services made to help people use Libra in their everyday lives.
Backed by many big brands and asset reserves it might be scaled into one of the biggest cryptocurrency in the world.

Secure, “Libra is a cryptocurrency, built on a blockchain designed with security in mind.”
Yes, it based on blockchain that why it’s secure but in terms of security Facebook can never be trusted.

These features of Libra make it special and it seems to have the potential to become one of the revolutionizing cryptocurrencies of all time. Share your views of Libra and share with friends about this amazing technology.

Leave a Reply

Your email address will not be published.