Libra Cryptocurrency – Facebook’s New Digital Currency
Facebook’s libra cryptocurrency is going to change global commerce and finance since it will help a lot of people send money as payment for products that they bought online.
Facebook announced the new cryptocurrency in June and expected it to be launched early the following year.
A lot of people don’t know what libra is, if you are one of them, then it is best to read on.
You should know that Facebook’s libra cryptocurrency was developed by Facebook itself. Facebook assures the people that libra will make sending pay online a lot easier and quicker plus, it will be a lot more affordable compared to using other digital currencies. People with little to no access to banking these days will love Facebook’s libra cryptocurrency because it’s going to improve their access to financial services.
If you want to know how libra will improve your access to financial services, make sure to read on.
Facebook’s libra cryptocurrency will be using a blockchain platform which they call the libra network; this is where all of the payments will go through.
The libra network will use different servers to verify and record every purchase that will be made on its blockchain. The libra network is different from other blockchains because it has a “permission” phase where only specific servers are allowed to connect to the chain or system; the network will only be allowing certain servers to connect to its server.
Facebook is claiming that their network is going to be a lot faster than the other cryptocurrency networks, making libra cryptocurrency a practical system to use for buying products online.
The libra network is designed using an open-source code, this means the users will have an easy time making digital wallets and other tools on the libra network that will allow them to send money online in a faster pace. Facebook is going to transition into a public blockchain in the future, but they have yet to release the date when it will happen.
Will Facebook be managing the libra cryptocurrency?
It’s true that Facebook developed the idea to create libra, but they will not be the company that will handle the digital currency. The libra association is going to be the one that will oversee libra’s launch and manage the digital currency as well. Everyone needs a non-profit organization to manage this new digital currency and luckily, the libra association is indeed a non-profit.
You might want to wait on Facebook’s libra cryptocurrency if you want a faster and simpler way of sending money online for online purchases. It will change the way you view online purchases, for sure.