Libra: The new digital currency by Facebook
After a lot of anticipation, Facebook has announced the details of its cryptocurrency – Libra. The announcement was made by Facebook by releasing a 29-page whitepaper giving out all the details, including the protocol that has been designed to evolve it into a new global currency. Libra would let users buy products, and send money to other users with nearly zero fees. To use Libra, users would need to pseudonymously buy or cash out their Libra online or at local exchange points, such as grocery stores and they can then spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet. This Calibra wallet would be built into WhatsApp, Messenger and would also have its own standalone app. The public launch of Libra is slated for the first half of 2020.
One of the most popular features of any blockchain is its decentralized structure and the absence of any single controlling entity. In line with this, Facebook will also not fully control Libra, and would get just a single vote for Libra’s governance, same as the other founding members of Libra, which includes names like Visa, Uber, and Andreessen Horowitz – who have invested at least $10 million each into the Libra project. The aim is to promote the open-sourced Libra blockchain and developer platform with its own Move programming language, and also have enterprises sign up to accept payments via Libra and give its customers exclusive discounts and rewards.
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