After some months of waiting and expectation, Facebook finally made the announcement of its new currency: Libra.
Libra and Calibra, the financial systems with which Facebook plans to allow users to carry out transactions around the world, will launch on the first half of 2020.
How it started?
Libra and Calibra started with the idea of giving users the possibility of having a more stable and accessible cryptocurrency.
Based on the old Roman measurement system, and with the premise of freedom and justice, Facebook formed the so-called “Libra Association”.
With the association of companies such as Uber, Spotify, Visa, and MasterCard the financing of the coin has begun.
This association has its backing in Switzerland, a country known worldwide for its openness to cryptocurrency.
Today, after announcing the decision of the company, the detractors did not wait for criticism, quite substantiated.
What about privacy?
It’s no secret that Facebook has had problems with data handling in the past, will things change with Libra?
The promise of the managers is that none of the personal finance data will be shared with Zuckerberg’s Giant.
However, as such currency is not fully decentralized, it can not be considered a cryptocurrency
Then why is it announced as such?
This is because people will have the freedom to send money to any part of the world with the security of cryptography.
Calibra to the rescue
People will not need a special app to make Libra and Calibra transactions, this is one of the biggest advantages of the currency: billions of people will have access to it.
Through Messenger or WhatsApp, we can use the financial service, giving Libra input much more exposure than other cryptocurrencies.
Once this system begins to gain confidence among users, Calibra will offer financial services such as loans, deposits and even investments.
It can not be mined
Unlike the other existing cryptocurrencies, Libra cannot be obtained through the users’ computational processes.
We have already mentioned that Asociación Libra will support the currency by making its value less volatile than other virtual currencies, since bank deposits and government securities will serve as economic backup.
Calibra will be issued through an exchange of real money, fiat money, which, having its bases in tangible government deposits, acquires a less relative value.
Sources
www.hipertextual.com
www.facebook.com