It’s expected that Facebook’s cryptocurrency if launched, would definitely have a big impact on the world’s financial system and services. And it’s about to happen. We’re just months away from witnessing a fintech revolution by world’s largest social network.
Facebook’s Cryptocurrency “Libra” Is All Set Reach Public in 2020
Facebook, as anticipated, has just unveiled their own cryptocurrency and the company behind it. Through its newsroom, the company revealed the ideology behind launching its own cryptocurrency and its mechanism.
A separately run subsidiary of Facebook, which deals with the company’s blockchain and stuff. Calibra’s motives for serving the unbanked through its own cryptocurrency – Libra is about to happen in 2020. A lot of details including the reason for starting, it’s vision, mission and objectives, etc are detailed in its whitepaper and on its website.
Website link – https://www.libra.org
Starting as “Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn.” The website describes Libra in simple words as “Libra will be accessible to anyone with an entry-level smartphone and data connectivity.”
What makes this coin significant is that Libra shall be a reserve currency!
Which means a stablecoin. A stablecoin in cryptoverse is the cryptocurrency which has its value pegged to any Fiat currency. Thus, having less volatility and more promising as its backed up the coin (fiat).
It’s expected that bringing Facebook’s Libra would enable millions of people to use cryptocurrencies instantly and drive up other major coins in the ecosystem due to mass adoption. After all, Facebook’s having a userbase of more than 2.5billion.
It’s been reported that some major companies like AT&T, Uber, PayPal, etc have invested about $10M each for Libra foundation already. We all are so eager to watch what disruptions this crypto could bring.