Finally, Facebook has come forward with the details that surround its cryptocurrency Libra Coin. This crypto currency type will allow the user to send money or buy things without the payment of any type of fees. The user will also be able to cash or buy out their Libra at various local exchange points like shopping malls or online. They will also have the luxury of spending it with the use of third party wallet apps or the Calibra wallet built in Facebook and Whatsapp. Facebook recently released a thorough white paper that provided an explanation about Libra and how the user can work out its various kinks before its public launch in 2020s first half.
Surprisingly, Facebook will not have complete control over Libra. Instead, it will just get one vote for its governance just like various other members in the Libra association, which includes Uber, Visa, Andreessen Horowitz, and others. Each of them has invested around ten million dollars for the operation of the project. The association will also help to promote the Libra developer platform and blockchain. It will also help to sign businesses to convince them to accept Libra payments and also offer customers rewards or discounts. If you are interested, XTR gate blog discusses about some similar topics.
The Launch of a Subsidiary
Facebook also plans to launch a subsidiary company known as Calibra. Calibra is responsible for protecting user privacy and taking care of their crypto related dealings. This will help users to avoid targeting which can often get too tedious for users. It also means that users do not have to worry about getting tied to transactions that are publicly visible.
Surprisingly enough, the social networking platform’s bid for creating a worldwide digital company offers way more decentralization and privacy than what so many people expected. Instead of just trying to get all hands on the currency’s future and squeezing a lot of cash from it quickly, Facebook plans to play the long game and pull payment inside its own domain online.
The Vice president of Facebook’s blockchain, David Marcus told that the motive of the company and its tie in with various revenue sources in a briefing held in the well-known Mint building in San Francisco.
Would Libra Be a Good Crypto currency
It is too early to tell whether it will be good or not but the general consensus is that you should not get your hopes up too high. Facebook plans to keep Libra’s prices somewhat on the stable side. The Libra foundation will get all the gains made from the assets. This means that they are only there for supporting Libra’s prices.
So, it would be fair to say that Libra is not an ideal currency to invest it. However, it does have potential to be an ideal place for some speculators where they could park their money. It could also provide safe haven to people who live in countries that have sub-par currencies. There is a reason why a lot of countries are concerned with Libra; they are worried that it could eventually end up overpowering their currency. More on this on XTR gate trading blog.
