All you Need to Know about Facebook and Libra

Facebook Cryptocurrency Libra
Facebook Cryptocurrency Libra – Shutterstock

It was last December when Facebook’s plans for a digital currency network surfaced. The social media giant said it plans to help launch a digital currency in 2020 that caters about a dozen countries which publicly announced lately the Cryptocurrency in said was the Libra coin, making it as one of their most aggressive moves yet to push beyond digital advertising. Founder of Facebook, CEO Mark Zuckerberg, is assumed to present details of an ambitious project for his company to make a new global cryptocurrency Libra. The company is expected to outline plans in more detail this summer and has already spoken to Bank of England governor Mark Carney. They want to start testing its cryptocurrency Libra, which has been referred to internally as GlobalCoin, probably by the end of this year.

Cryptocurrency – Libra

The crypto-currency is called Libra. It is from a new nonprofit group based in Geneva; the Libra Association will oversee the currency. Libra’s vision is to be a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. Thus, people will be able to send, receive, spend, and secure their money, enabling a more comprehensive global financial system.

Their mission is to make Libra famous and effortless to use as possible to create money that people can use with assertiveness and convenience in their everyday lives. A reserve of real assets fully supports it.

One of the most significant advantages of this is that Facebook focuses on the millions of people in the world who cannot get a bank account. Libra, on the other hand, will allow people to send and receive payments anywhere in the world with the smallest amount of fees. The funding will be done online via the heap of Facebook-owned apps.

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Libra Uses Blockchain Technology

A network of validator nodes runs the Libra Blockchain. The evolution of the blockchain is supervised by the Founding Members of the Libra Association, and each member will be accountable for running a validator node. As the network grows and becomes more self-sustaining, the Libra Association will work to transition a permissionless mode of operation gradually.

A lot of people says that Libra is very similar to Bitcoin crypto-currency. Although both have significant difference like; Libra will be a more substantial currency and will circumvent the constant fluctuations in value the way Bitcoin has encountered. Libra will be supported by numerous currencies, like the dollar, euro, and yen. A list of more currency on the box below.

Currency Code Currency Name Support for Cents
SGD Singapore dollar Yes
RON Romanian new leu Yes
EUR Euro Yes
TRY Turkish lira Yes
SEK Swedish krona Yes
ZAR South African rand Yes
HKD Hong Kong dollar Yes
CHF Swiss franc Yes
NIO Nicaraguan córdoba Yes
JPY Japanese yen No
ISK Icelandic króna No
TWD New Taiwan dollar No
NZD New Zealand dollar Yes
CZK Czech koruna Yes
AUD Australian dollar Yes
THB Thai baht Yes
BOB Boliviano Yes
BRL Brazilian real Yes
MXN Mexican peso Yes
USD United States dollar Yes
ILS Israeli new shekel Yes
HNL Honduran lempira Yes
MOP Macanese pataca Yes
COP Colombian peso No
UYU Uruguayan peso Yes
CRC Costa Rican colon No
DKK Danish krone Yes
QAR Qatari riyal Yes
PYG Paraguayan guaraní No
CAD Canadian dollar Yes
INR Indian rupee Yes
KRW South Korean won No
GTQ Guatemalan quetzal Yes
AED United Arab Emirates dirham Yes
VEF Venezuelan bolívar fuerte Yes
SAR Saudi riyal Yes
NOK Norwegian krone Yes
CNY Chinese yuan Yes
ARS Argentine peso Yes
PLN Polish złoty Yes
GBP Pound sterling Yes
PEN Peruvian nuevo sol Yes
PHP Philippine peso Yes
VND Vietnamese dong No
RUB Russian rouble Yes
HUF Hungarian forint No
MYR Malaysian ringgit Yes
CLP Chilean peso No
IDR Indonesian rupiah No
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The Challenge

It is an excellent platform again by Mark Zuckerberg, but may we never forget that until now that many big Facebook announcements never really take off. For example, two years ago, Facebook promised us that they would focus on delivering to us about the “augmented reality” idea in which phones and other devices project digital images into real-world surroundings. Such an AR application is still invisible today.  How about the online shopping chatbots that Zuckerberg announced a year earlier, saying they would transform e-commerce in its Messenger app.

Many believed that Zuckerberg wants to create a US version WeChat that originated in China. It combines social networking, messaging, and payments in a single app. Hopefully, this will be realized to avoid more broken promises.

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