Fairly recently, the Blockchain ecosystem has welcomed the Calibra – Facebook’s subsidiary that focuses on financial aspects. Their goal is a pretty ambitious project of a new type of digital money for billions of people using the services of the social media giant. The new currency’s name is Libra.
The attitude to this project is ambiguous. Market players’ opinions are divided. Some believe that Libra is a kind of a catalyst for the crypto industry development, others are apprehensive for the traditional financial system, others believe that this is not a digital currency at all. This news has definitely raised a stink both among fintech experts and the mainstream media.
Libra Coin Flashback
Facebook is one of those corporations that dominate the US online economy segments.
For a profit-oriented corporation, it is essential to figure out the ways of further growth. And just the project daring to be the global analog of payments fundamentally solves this problem. According to the analysts’ predictions, the Libra e-currency is a huge source of income for social media.
For the first time, Facebook began to show unrivaled interest in the Blockchain industry back in 2018.
Libra project manager David Marcus, who joined Facebook after leaving PayPal, claimed the Internet gave everyone democratic access to global information and free communications, but the money issues nuisance is back at square one.
The motto on the Libra currency official website says: “Reinvent money. Transform the global economy. So people everywhere can live better lives.” So the users are able to exchange their fiat earnings into the digital currencies in order to spin up online transactions. In order to learn how to invest fiat money hassle-free, it will be right as rain to visit official Libra website.
Libra’s Significant Features
It turned out that all owners of smartphones can use it.
Facebook claims that billions of people who do not have bank accounts can use this brand new technology without delays in conducting transactions and with low payment commissions.
Libra is positioned as an attempt to give access to basic financial services to those who are currently deprived of it: according to the white paper, almost half of the adult population of the Earth does not have an active wallet; as for small businesses, they do not have access to credit aid; and migrants spend billions on money transfers.
Fields of application
Libra is designed to conduct money transfers from pole to pole, as well as for the payment of goods and facilities in stores and services that have joined the syndicate. Primarily, it is implemented only in Facebook Messenger and WhatsApp. Soon, Instagram will fall into the line with others to pay for advertising and trade transactions. A delicious cherry on a pie is a share of profit to sellers who will accept payments in Libra cryptocurrency.
Emission of Tokens
Libra is a coin whose value is backed up by an entire basket of active assets. They are national fiat currencies and nationalized paper securities as well.
Theoretically, the mass emission of tokens is unlimited and depends only on the buyers’ activity.
User funds paid for the purchase of coins can be stored in the Libra Network Fund. The company reserves the right to invest this money and spend the earnings on maintaining the system.
An official Calibra wallet is provided for storing funds and making payments, which can be connected with Visa and Mastercard cards. It is intended only for internal coins – when replenishing in another currency, funds will be automatically converted to Libra.
Great news for those who are always on the go – iOS and Android applications are functioning. Get a move on! To explore the wallet, you only have to leave your email address at the official Calibra website.
The network operates on open source code, and third-party developers are able to create new wallets to store the coins.
Libra Coin has its native Libra Blockchain, running on the PoS protocol it relies on LibraBFT -consensus. Thanks to the latter, the network is compliant with other blockchains using BFT.
As for internal tokens, there are two of them:
Libra, per se, is a means of payment within the network;
Libra Investment Token (LIT) is a management token available only to members of the Libra Association.
Libra is expected to be a global currency for making payments all over the globe with minimal fees. Or even without commissions for the laymen – so the main point is its affordability. According to the developers, their chief goal is to rearrange the digital economy by boosting banking services, precisely providing access to fast and cheap transfers to people who have smartphones but still unbanked. Already want to play around with Libra Testnet? Use can easily access Libra Developer portal and to read on carefully all the related documentation, including the extremely useful information on how to buy the coin the better way, how to earn with Libra and make investment opportunistically. Keep reading and you’ll figure out how to reinvent the money and boost its quality your own way!