Facebook Finally Reveals Libra
By Luke Flowers – Cryptocurrency Speculator
Social media giant Facebook has finally unveiled its cryptocurrency project named Libra.
This is what Facebook has been working on as it announces its new eponymous blockchain as well as the coin that will run on top of the network. Anyone will soon be able to buy cryptocurrency offered by Facebook and native to this block.
The project is still in its early days, but the potential that it yields has a long-term promise. Libra consists of Calibra, which is a new Facebook subsidiary and the Libra Association, an independent consortium that is backed by the most renowned tech firms in the world. Facebook has invited these firms to help manage the association independently of Facebook for greater trust from potential users.
Dante Disparte, head of Libra Association’s policy and communications, told Coindesk in an exclusive interview:
“Implied in this project is that wherever the Visa or Mastercard logo are accepted, Libra would follow suit”. This suggests users can buy and sell Bitcoin with Libra and be able to use in these stores. Disparte also believes this is a huge step for cryptocurrencies and helping achieve mainstream use of the asset class.
There are over 28 founding members in the Libra Association's group, including MasterCard, Visa, Paypal, Lyft, Uber, Coinbase and others. It’s interesting to see MasterCard and Visa are on the association as this project could be direct competition. This could be a move from the companies to endorse buying crypto for use within commerce.
The company announced on Tuesday that customers are given several options with which they can hold or transfer Libra tokens.
Calibra is responsible for developing financial services and products specifically for the Libra network. These products and services will be governed completely by the independent Libra Association. Calibra initially intends to have a digital wallet to hold the Libra coin that enables users to buy crypto and locally store their tokens. They can also use it to transfer funds to one another.
Thanks to a new standalone app created specifically for Android and iOS users via WhatsApp and Facebook's Messenger services, customers will be able to access the wallet functionality with ease.
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