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Libra, an upcoming project of the Social media giant Facebook. Libra aims to let people buy things or to send money to other customers with almost zero fees. You will be able to pseudonymously able to purchase or cash out the Libra online or even at grocery stores, and you will be able to spend it via third-party wallet apps or through the Facebook’s Calibra wallet that is going to create and build on the Facebook’s owned applications- WhatsApp, Messenger, and its own app. The world’s most popular Social media Giant with 1billion active followers on a daily basis, Facebook is considered as the best platform for communication across the world. Founded by Mark Zuckerberg, who is a CEO of Facebook and also, one of the youngest billionaires in the world.
Libra to be launched by 2020
- Facebook also revealed the details about Libra through the white paper making it easy to explain Libra and its testnet to work out of the kinks of its blockchain system before its first public launch. If reports are to believed, the Libra will be launched in the first half of 2020.
- It was made clear at the beginning itself that Facebook is not going to take full charge on Libra, rather be the single voter in its governance , just like the other founding members of this upcoming project- Libra Association that includes Visa, Uber, and Andreessen Horowitz that have invested around $10 million each into the project’s operations.
- The Libra Association is going to be complete support and promote the open-sourced Libra Blockchain and developer platform has its own programming language along with signing up businesses to accept Libra for making payments and even provide big discounts or rewards for customers.
Facebook – the face behind Libra
- Facebook is also planning to launch its own subsidiary company called as Calibra that will be managing its own crypto dealings and protect users privacy by not letting Libra payment get mixed with the Facebook data so that it can’t be used for the purpose of ad targeting. And, your identity won’t be linked with your visible transaction. Though the partners of Libra Association will be going to get profit on the money users cash in and that would be held reserved so that Libra’s value be stable and doesn’t create any mishappening in the near future.
- Facebook’s brave bid to make a global digital currency that helps in promoting financial inclusion that helps in making privacy and help in building decentralization. Facebook is coming up with its own strategy by not dominating the Libra’s future or taking out massive cash instantly, and rather playing the long-game by pulling payments into its online domain.
Vision of Libra
- David Marcus, the Facebook’s VP of blockchain, gave the brief idea about the mission and vision of this project and also, about the tie-in with its revenue source at the time of briefing at San Francisco’s historic Mint Building. he said that if more commercial activities take place, then it would help more small businesses to sell on and off-platform and they will be going to buy more ads on the platform and that would help in adding and creating boon to our ads business.
- Each founding member of Libra Association have to pay minimum of $10 million to be a part of this venture and become a validator node operator to gain one vote in the Libra Association council and considered for sharing investments of the dividends from the interest which has been earned and kept on the Libra reserve through which users will be able to pay fiat currency to receive Libra.
- The founding members of the Libra Association would include investors from various sectors, one is from payments – MasterCard, PayPal, PayU, Stripe, and Visa and other in Technology and marketplaces- facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc, and many more.In the crypto world, Facebook as seen both the merits and demerits- threat and a big opportunity at the same time.