We still don’t know for sure who is Satoshi Nakamoto, but the hidden face behind that virtual name did say something that made a lot of sense.
Satoshi Nakamoto is the person who develops peer-to-peer digital cash system which called bitcoin.
At that time, the root problem with conventional currency is all about the trust to make it work. The central bank must be trusted to hold our money and transfer into the electronic currency.
But in 2019, that power which was usually for the central bank could shift to the one company, and you might not be able to trust completely.
Facebook Announce To Launch New Cryptocurrency:
Facebook has finally announced the big plan for its blockchain technology. The company said that it’s in development of cryptocurrency called, Libra launched in next year. Libra is supported blockchain based network.
From Facebook, Libra is a global, digitally native cryptocurrency which is built by the foundation of the blockchain technology. From this cryptocurrency, people will be able to send, received, spend, and secure their money.
The currency is design not to be as contemplative money, like a bitcoin, but it’s a form of digital money. People will be able to use Libra as payment for online and offline services.
In the beginning, the company will use Libra to transfer money between the developing country, which is lack access to a traditional bank. The main goal is to create a genuinely mainstream cryptocurrency.
The facebook is building the Libra, and plan to run the project through the end of the year; eventually, they plan to run the project in the astronomical community.
The company has established the charitable Libra association with 27 other partners to manage Libra and its development.
The community includes venture capital organization, charitable organizations, crypto organization, massive corporate finance, telecommunications, technology service providers, including Coinbase, Mastercard, Visa, eBay, PayPal, Stripe, Spotify, Uber, Lyft, and Vodafone.
If the Libra is a success, it could represent the number one following product for the facebook ever released- for the company and the world.
The Libra will be accessible through Facebook Messenger, WhatsApp, and the Calibra app
Facebook said for Libra digital wallet, in which people can store the cryptocurrency which is accessible by the facebook messenger app, WhatsApp, and an app called caliber, which is downloaded by the Google play store and the apple play store.
The Facebook press release gives an idea about what this will look like.
Why will facebook cryptocurrency become work?
1)Because of Facebook
Facebook has a 2.3 million user around the world; they all had connected and trusted the Libra. There are many potential, so that means that Libra should immediately become likely digital currency.
2)It’s designed to help the unbanked
The Libra will target almost all the millions of people who live in places with less than stable banking systems. It short if the national government can’t provide a stable currency, Facebook will.
3)It has big supporters
Facebook announces the financial partners like Mastercard, Visa, eBay, PayPal, Stripe, Spotify, Uber, Lyft, and Vodafone.
4)In Malice of Facebook
The Facebook privacy of the people not trusted by over the past 18 months. That’s probably why the facebook announce that the Libra will be indirectly overseen by the subsidiary called Calibra, rather than the facebook itself.
There are, of course, significant privacy issues. It’s not a matter of trusting Facebook to keep your information private and secure. It’s a matter of trusting the public company when it comes to currency.
If the Libra works, Facebook could eclipse the corporate world and take over the functions that only governments could previously hope to handle.