Facebook along with its partners on Tuesday introduced a digital coin called Libra, which will be managed by a governing body and also is backed by stable financial assets, is expected to debut in the first half 2020.
It’s a hugely ambitious undertaking, basically Facebook’s take on which an international fiscal blockchain might be. On a technical level, Libra is broadly like bitcoin and Ethereum: it has the same anonymity properties, and the exact same support for smart contracts and independent apps. In theory, it is everything good about cryptocurrency, just larger and quicker.
Facebook said it wants to release more services for people and businesses, including the ability to quickly pay bills, buy a cup of coffee with the scan using a code and use it to ride public transit with no need for cash or a physical overhaul.
While Libra plays decentralization, it is still basically a Facebook project. Facebook employees designed the blockchain and recruited the spouses that will handle it. Libra wallets will be embedded in Facebook programs like Messenger and WhatsApp, so Facebook products are going to be the primary way people experience it. Using Libra means trusting Facebook, which is a tough choice in 2019. And where cryptocurrency initially said decentralizing power, Libra means further entrenching among the most productive firms on Earth. If the project succeeds, then it could signify the end of the era of cryptocurrency.
David Marcus that directs Facebook’s cryptocurrency efforts said Libra could be more popular among individuals who don’t have access to financial services on the first days. Approximately 1.7 billion adults worldwide still do not have access to your bank account, according to data in the World Bank.