Facebook Libra Coin – All the Facts

Facebook Libra Coin – All the Facts

Facebook Libra History

Facebook told the media at the beginning of 2020 that its long-awaited cryptocurrency (Libra Coin) will be released in the first half of the year.

The cryptocurrency will continuously be supported with low-volatility financial assets to provide stability.

The Social media company further revealed details while releasing Libra’s whitepaper, stating plans for a less unstable digital currency, smart contracts forum, and a new localized blockchain.

Libra Coin was created to be versatile, it could allow users to purchase items from grocery stores in their environment or send money to anyone at almost zero cost.

Holders of Libra Coin can also spend it through interoperative third-party wallet software or Facebook’s Calibra wallet that will be incorporated into Whatsapp, Facebook Messenger, Instagram, and other apps owned by Facebook.

The misconception many have is that Libra is fully controlled by Facebook, but governance for the “Libra Association Project” also plays management roles on the cryptocurrency.

CEX.IOmostTrusted2

The project has other founding members such as Andreessen Horowitz, Visa, and Uber, with each of them investing not less than $10 million into its operation to become a validator node and garner trust among users.

Every one of its members has a single vote in its dictate to monitor the stock of high-value assets, creation of token and administrative directives of the Libra Blockchain.

Facebook was weary the public would distrust the project, and therefore employed the founding members of the association to initiate the creation of the token and the stock of real-value assets.

SEE ALSO: How to Use Reddcoin for Easy Payments

The Libra Association is made up of twenty-eight (28) founding members hitherto listed:

Libra Association Founders

Tech and Marketplaces

Companies such as Fartech, Booking Holdings, eBay, Calibra, Mercado Pago, Lyft, Inc, Uber Technologies, and Spotify AB are members of this category.

Blockchain

Founding members of this category include Xapo Holdings Limited, Inc, Bison Trails, Anchorage, and Coinbase.

Payments

The members are Mastercard, PayPal, PayU, Visa, and Stripe.

Telecommunications

They have Iliad and Vodafone Group here.

NGOs and Multilateral Companies and Academic Organizations

Mercy Korps, Women’s World Banking, Kiva, and Creative Destruction Lab.

Venture Capital

Andreessen Horowitz, Thrive Capital, Ribbit Capital, Breakthrough Initiatives, and Union Square Ventures.

Libra Association Membership Requirements

To become a member of the Libra Association, you must meet the following requirements:

1. You should have a 1/2 rack of hosting space

2. An Internet connection speed of 100Mbps or beyond

3. You should be able to connect with 20 million people each year or be known as a key industry leader by groups like S & P or Interbrand Global.

4. Must hold at least $500 billion as customer balance and reach 2 of 3 thresholds of a billion-dollar market valuation. 

Asides from being a stable digital currency, Facebook is making efforts to launch a partner company, Calibra that will control dealings of the cryptocurrency and safeguard users’ privacy by not incorporating Libra payments into Facebook’s data to avoid ad targeting.

Facebook also wants to prevent unnecessary scrutiny from enforcement agencies.

Calibra and others in the Libra Association will get interest on the funds’ clients deposit and hold in reserve to keep Libra stable.

Libra is both a threat and an opportunity as it promises to affect the way items will be bought and sold by eliminating charges deducted during credit card transactions, while fiat currencies cost about 7% when it is sent.

Facebook, therefore, aims to make Libra the progression of PayPal.

Facebook Libra Coin – All the Facts

The cryptocurrency will be designed in such a way that it will be easier to set up, very efficient with fewer fees, long-running with localization, and accessible to those who don’t have traditional bank accounts.

Facebook in the Libra documentation, quoting the flexibility of the Coin  stated:

“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee”.

Most people today get stuck regularly when paying rent through insurance checks, while payment services collect an average of 7% while sending funds abroad, charging $50 billion annually from users.

The Facebook currency with offices based in Geneva, Switzerland requires members of the Libra Association to meet twice a year.

Switzerland was chosen because of its coherent support for financial advancements including the blockchain.

SEE ALSO: Investing in Litecoin and How it works

Get Trading Insights Delivered to Your Inbox

Please follow and like us:
RSS
Follow by Email
Twitter
Visit Us
Follow Me

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 33,152.59
ethereum
Ethereum (ETH) $ 1,010.02
tether
Tether (USDT) $ 1.00
litecoin
Litecoin (LTC) $ 164.48
xrp
XRP (XRP) $ 0.231789
polkadot-new
Polkadot (DOT) $ 10.49
bitcoin-cash
Bitcoin Cash (BCH) $ 429.92
cardano
Cardano (ADA) $ 0.221884
binance-coin
Binance Coin (BNB) $ 41.28
chainlink
Chainlink (LINK) $ 14.48
usd-coin
USD Coin (USDC) $ 0.999829
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 33,316.65
bitcoin-sv
Bitcoin SV (BSV) $ 180.89
stellar
Stellar (XLM) $ 0.143406
eos
EOS (EOS) $ 3.00
monero
Monero (XMR) $ 141.13
theta
THETA (THETA) $ 2.22
tron
TRON (TRX) $ 0.030871
nem
NEM (XEM) $ 0.208463
vechain
VeChain (VET) $ 0.026588
tezos
Tezos (XTZ) $ 2.24
uniswap
Uniswap (UNI) $ 5.95
celsius
Celsius (CEL) $ 6.48
crypto-com-coin
Crypto.com Coin (CRO) $ 0.067944
dogecoin
Dogecoin (DOGE) $ 0.011083
unus-sed-leo
UNUS SED LEO (LEO) $ 1.35
cosmos
Cosmos (ATOM) $ 6.17
multi-collateral-dai
Dai (DAI) $ 1.00
aave
Aave (AAVE) $ 101.93
neo
Neo (NEO) $ 16.86
binance-usd
Binance USD (BUSD) $ 1.00
synthetix-network-token
Synthetix (SNX) $ 9.97
filecoin
Filecoin (FIL) $ 22.86
huobi-token
Huobi Token (HT) $ 5.04
revain
Revain (REV) $ 0.011654
dash
Dash (DASH) $ 92.83
iota
IOTA (MIOTA) $ 0.320017
ethereum-classic
Ethereum Classic (ETC) $ 6.93
zilliqa
Zilliqa (ZIL) $ 0.072754
yearn-finance
yearn.finance (YFI) $ 26,157.82
sushiswap
SushiSwap (SUSHI) $ 3.90
compound
Compound (COMP) $ 156.42
maker
Maker (MKR) $ 693.16
ftx-token
FTX Token (FTT) $ 7.00
zcash
Zcash (ZEC) $ 60.81
waves
Waves (WAVES) $ 6.02
decred
Decred (DCR) $ 48.26
kusama
Kusama (KSM) $ 70.68
algorand
Algorand (ALGO) $ 0.452804
uma
UMA (UMA) $ 8.76