Facebook has just given impetus to the cryptocurrency movement by launching is new cryptocurrency Libra.
Facebook’s vision is to enable you to send money to any place on Earth at nearly zero fees. You can also anonymously buy or cash out the cryptocurrency online or any other local exchange points such as your local grocery store.
Facebook is also working on the Calibra wallet, which will be built into the Facebook mobile app, Messenger, and WhatsApp. The social network, today released a white paper, giving a break down of what Libra is, and how it overcomes the shortcomings that have been bedeviling the blockchain system.
Though Facebook has launched Libra, it is still nonetheless a decentralized currency, and the social media will have no full control over the cryptocurrency. Though it will get to have one vote in the governance of the crypto, just like the other founding members of Libra. Such as Libra Association, Uber, Andreessen Horowitz, and Visa, who have each invested $10 million.
Facebook and the members in the governance of Libra will start promoting the crypto and developer platform ahead of its first half of 2020. They will be drumming up support and trying to win over businesses confidence into accepting Libra as a form of payment. There are also report Libra governance will also be giving consumers discounts and rewards for using the crypto.
The social network giant has also launched a new subsidiary company, Calibra, which will handle all matters Libra and the users’ privacy. Especially when it comes to the blurred line of mixing up Libra payments with Facebook data mining with regards to its ad revenue campaigns.
Facebook through its subsidiary company Calibra and other founding members of the Libra Association will be able to cash in on the crypto through interest on the users’ money held in reserve in order to keep the value to keep Libra value stable.