An introduction to Facebook’s Libra Cryptocurrency

Facebook’s Sudden Plan of Launching Libra:

Being a renowned social platform, Facebook is always set to extend its business to more spheres. The globe of digital currency is no exception. So, on July 15, 2019, Facebook planned to arrange a meeting with the US congressional committee to chalk out and discuss its aims and intentions regarding the digital currency named Libra.

Launching a digital currency is not a matter of joke. It convinced the US congressional team to include the Libra executives and some renowned crypto experts for better guidance before carrying the plan forward. After gathering enough information about Libra’s missions and goals, the conclusion was drawn that Facebook Libra might be a severe threat to the international and global financial setup.

But what are the Blockchain and Crypto enthusiasts there for? After the final hearing, they just denied to give up entirely on the failure of the launch of Facebook Libra. Thus, Libra is here to reside and so let us study a bit more about the soon to be launched cryptocurrency.

All About Facebook Libra:

The first question that strikes all of us is, “Since when Facebook decided to connect with digital currency?” or “Why suddenly Facebook was addicted to a crypto market?”

So the story takes us to the year 2018 when our favorite social media platform Facebook was getting done with the Cambridge Analytica Scandal, and suddenly it was struck with the planning of Libra currency. Gradually, after a more promising discussion, it was decided that the director of Facebook Messenger, David Marcus, would look after the Blockchain of Libra. Libra currency has big plans of including five significant features:

  • Scalable, secure, reliable than other blockchains.
  • Stablecoin for improved volatility
  • Governed by Libra Association
  • Smart contract coding through “Move” language.
  • Usage of LibraBFT mechanism.

Intentions behind the Libra Development:

The decision to purchase a cryptocurrency globe was not a casual one. Facebook hatched a plan to make it possible to transfer money on Whatsapp. Thus, to ensure that the currency was not similarly volatile like our traditional cryptocurrencies, Facebook was determined to make Libra a stable coin. Stablecoins are a sort of cryptocurrency designed to minimize the volatility of the price of the cash.

Final Launch:

In June 2019, after the sought of $1 billion in VC funding for Libra’s proper development, Facebook was all set to announce its launch after realizing its initial whitepaper. The final day can be anytime during 2020 as the basic code has already been released.