What is Libra? Facebook's cryptocurrency | cryptocurrency facebook
WhatisLibra?OnJune18,2019,FacebookannouncedLibra.Itisavirtualcurrency,orcryptocurrency,thoughsomepeopledon’tagreewiththatdefinition.Wellgetintowhylater.InFacebook’svision,itshouldbecomeaglobalcurrencyforbillionsofpeople,especiallythoseindevelopingcountrieswhohavenoaccesstobanksorfinancialservices.Inotherwords,Digitalmoneywhichyoucantransfertootherpeopleorsimplyusetobuystuff.FacebookCEOMarkZuckerbergisnotdoingthisalone–abunchofSiliconValleyhotshotsarealsoon-boardwiththeplan.Librawillbegoverne...
What is Libra?On June 18, 2019, Facebook announced Libra. It is a virtual currency, or cryptocurrency, though some people don’t agree with that definition. Well get into why later.
In Facebook’s vision, it should become a global currency for billions of people, especially those in developing countries who have no access to banks or financial services. In other words, Digital money which you can transfer to other people or simply use to buy stuff.
Facebook CEO Mark Zuckerberg is not doing this alone – a bunch of Silicon Valley hotshots are also on-board with the plan.
Libra will be governed by the Libra Association, a Swiss group including 28 members – among which Facebook subsidiary Calibra, Uber, PayPal, Mastercard, Visa, Spotify, and many other household names in technology and finance.
How will Libra work?Libra’s white paper – a sort of technical manifesto – says that it will run on a "blockchain". Again, that is a controversial definition in some quarters...