Facebook announced its own cryptocurrency Libra (5 pics + 2 videos)

The world's largest social network FacebookThe Libra cryptocurrency project appeared, the first information about which appeared in May 2019. Based on the blockchain technology, the Libra Blockchain payment platform will be integrated into Messenger and WhatsApp applications, and later will be presented as separate applications for iOS and Android.

The first product of the project will be cryptocurrencyFacebook Calibra's wallet, which is being developed by the blockchain division of Facebook under the leadership of ex-president of PayPal and vice-president of Facebook Messenger David Marcus.

To ensure the safety of the newly createdcryptocurrencies and preservation of the main attribute of cryptocurrencies - decentralization of the blockchain network on which it is created; management of digital tokens will be conducted by a specially created Libra Association, registered in Switzerland, currently numbering 29 high-tech and financial enterprises such Visa, Mastercard, PayPal, Uber, eBay .

Libra cryptocurrency is declared stableToken tied to a basket of national currencies. A stabilization fund is planned to be created through contributions from members of the Libra Association, the size of which is $ 10 million from each participant. It is planned to create a fund of $ 1 billion and attract 100 participants.

The Libra blockchain seems to be open source under the Apache 2.0 license, which will allow third-party developers to use the technology to create their own applications.

In addition to Facebook’s own financial profitthe goal is to provide financial services to people on Earth who are not covered by banking services. Currently, it is about 1.7 billion people who do not have access to modern financial services. It is the cryptocurrency Libra will open access to these services for all who simply have a smartphone. Making financial transactions will become as easy as sending SMS messages.

Libra cryptocurrency will be used fortransfer funds between users of instant messengers. Currently, there are no data on other functions of the wallet, however, Facebook states that the service will simplify and increase the efficiency and speed of payments in all spheres of human activity.

In addition, the dignity of the new project will besecurity and confidentiality of transactions. The use of blockchain technology reduces fraud risks. Also, representatives of Facebook said that in case of theft, user funds will be compensated.

Currently the Libra project is oninitial stage. The company plans to launch a full-fledged work in the first half of 2020. The main problem of the widespread adoption of cryptocurrency from Facebook will be the lack of global regulations, which forces the company to work actively with financial regulators.

Source: fb.com, theverge.com