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 Facebook’s libra cryptocurrency is all about since it hasn’t been launched yet.
Facebook was just a social media company, but now, it’s making its very own digital currency. The social media company mentioned that sending money online is going to be more affordable and faster with their new digital currency; this is something people need right now. It’s expected to improve access to financial services, especially for those who have no banks or for the people that have little to no access to banking these days.
How will libra go about these processes?
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 says that their network will be faster and easier to use unlike the other cryptocurrency networks; this makes Facebook’s libra cryptocurrency one of the most practical systems in the virtual world to use when it comes to purchasing products online.
You are going to love Facebook’s libra cryptocurrency since its whole system is built with an open-source code; this means that it’s going to be a lot easier to make digital wallets and other tools that will help speed up the money-sending process online. Facebook mentioned that they will be transitioning into a public blockchain but they have yet to release any information about when it will happen.
Will Facebook be managing the libra cryptocurrency?
Although it was Facebook’s idea to develop libra, the social media company will not be the one to manage 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. This association is going to be a non-profit organization; this is something that you want to be in.
If you want your online transactions to happen faster and simpler to manage, and you might want to wait on Facebook’s libra cryptocurrency next year. It is going to change your life, for sure.