Meet Libra, Facebook’s new cryptocurrency that spiked controversies among the crypto community and in today’s altcoin news we dive deeper into the technical analysis of the coin.
When talking about privacy, Facebook is considered the little stalker of social media who was accused in the past for luring into people’s lives via their profiles. And while the social media giant has information on many people, the one thing that it lacks is the financial transaction of every person. In that name, meet Libra: the cryptocurrency which will get that side taken care of.
The project is basically a stablecoin by Facebook in order to facilitate real-time cross border payments by creating an open source blockchain which will support the cryptocurrency. Libra is very similar to Tether since it is fully backed by reserved funds. The project was rumored during 2018 and it was finally confirmed today. The idea behind the project is that this stablecoin will be used to pay for services and transfer money and you can read all that in the newly published whitepaper. The whitepaper explains how Facebook aims to launch a cross-border payment service with its current services. The main mission of Libra is:
“Enable a simple global currency and financial infrastructure that empowers billions of people”
According to Facebook, the Libra project is decentralized but on its basis is actually semi-decentralized since it is controlled by a handful of corporations. The founding members of the crypto project include payments with the help of Visa, PayPal, PayU, and Mastercard. Also, technology and marketplaces helped by eBay, Farfetch, Lyft, MercadoPago, Spotify and Uber Technologies. Next, telecommunications with the help of Vodafone group, blockchain with the help of Coinbase, Xapo Holdings Limited and Bison Trails. The new project is also supported by venture capitalists such as Breakthrough Initiatives, Ribbit Capital, Andreessen Horowitz, and Thrive Capital.
As mentioned in the latest cryptocurrency news, the whitepaper says that the ultimate goal is to become permission less blockchain but prior to this Facebook will set up the validators in order to make sure they create a monopolistic position over the network. Any company with a $1 billion valuation can now join the Libra’s affiliation.
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