A Look at Facebook’s Cryptocurrency Roadmap and its 2020 Release
By Tyler Smith – Cryptocurrency Expert
As Bitcoin investment trends show an increase, it is worth noting the momentum and pace of new altcoin projects. One, amongst a long list of many, is Facebook and what they are doing to contribute to the crypto space.
Currently scheduled for June 18th, Facebook is ready to reveal details about its blockchain project and plan to release their white paper, detailing its cryptocurrency Libra. The platform’s Head of Financial Services & Payment Partnerships for Northern Europe stated that the token would be pegged to a selection of market currencies rather than a singular one. This, according to the team, will aim to prevent price volatility. One internal source says Facebook is aiming to launch the cryptocurrency in 2020.
Libra’s debut excites many for its potential capability at unlocking a new phase of commerce and transaction finality for the social network. It might even allow the platform to sidestep credit card transaction fees, and ultimately offer cheaper ways to pay for services such as traditional ecommerce, microtransactions and even tipping of content creators.
What is Libra and how will it be used?
The token Libra will be built to have a stable price, offering those who might buy Tether a similar price stability. The company have spoken with financial institutions about contributing and managing a $1 billion basket of a selection of international fiat currencies to serve as collateral to stabilize the token’s value. The digital token will be transferable with no fees, providing Facebook services and products including WhatsApp and Messenger.
Facebook is planning to develop an independent body to monitor the blockchain. According to sources, they are asking institutional businesses to provide $10 million to operate a node, or network validator to oversee transactions. For Facebook, the ability to better understand retail consumer choices, regarding purchases and brands could ultimately enhance their measurement, tracking and targeting to improve its underlying business model.
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