Written By: Yashika Sabharwal
The study about technology and motive behind the new digital money
Facebook today released a lengthy white paper (Authoritative Report), along with a Facebook post from Mark Zuckerberg and another from Vice President of blockchain David Marcus, they announcing their ambitious crypto initiative hope is coming. Simple, FACEBOOK is launching crypto-currency next year, which will allow people around the globe to move money from their smartphone into a digital “wallet”.
This currency is known as Libra, which the social network by them says that it has “no special role” in governing and will manage equally with a group of big companies.
Facebook has finally revealed the details of its cryptocurrency – Libra, which will be used for buying things or sending money to people with nearly zero fees. Now you can pseudonymously buy or cash out your Libra transactions online or at local exchange market points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger and its own app system, it is to be declared that it will be publically launch in the first half of 2020. Let’s see what it is:-
- So far, Facebook has enlisted to a number of 28 firms, including Spotify and Uber, which had to invest a minimum of £8million to become a founding member of the Libra Association.
- Libra Association is supported by a reserve of the world’s best assets and the world’s most trusted central banks, who gave the cryptocurrency “general cautious support”, according to David Marcus, vice chairman of Facebook who started exploring blockchain at Facebook a year ago.
- “Libra” holds the full potential to provide billions of people around the globe with access to a more inclusive, more open financial ecosystem,” he explained.
- Users will be now, able to send money easily to each other, at low to no cost, as the social network said.
- However, it intends to open the Calibra Wallet up for the addition to its services, so that people can pay bills, buy goods by scanning a code or accessing public transport with ease.
How does Libra work – according to FB?
From now onwards you will know the basics of Libra. The cash in a local currency, the Libra get, spend them like dollars without big transaction fees or delay with your real name attached, cash them out whenever you want to do. Facebook has also released more than 100 pages of authoritative documentation on Libra and Calibra, and we’ve pulled out the most important facts from it to you in easy steps. Let’s dive into them.
The 28 firm’s soon-to-be founding members of the Facebook association and their industries, previously reported starting emerging with Libra Association, that work like:-
- Payments Method: MasterCard, PayPal, PayU, Stripe, Visa Card
- Technology and marketplaces spending’s Booking Holdings, eBay, Spotify AB, Farfetch, Facebook/Calibra, Uber Technologies Lyft, Mercado Pago, etc.
- Telecommunications payments: Vodafone Group and Iliad
- Block-chain: Anchorage, Coinbase, Inc., Bison Trails and Xapo Holdings Limited
- The Venture Capital: Breakthrough Initiatives, Andreessen Horowitz, Thrive Capital, Union Square Ventures, Ribbit Capital,
- Nonprofit and multilateral organizations and academic institutions: Mercy Corps, Creative Destruction Lab, Kiva, and Women’s World Banking