Any discussion on cryptocurrency is not quite complete without a mention of the American giant, Facebook’s cryptocurrency, Libra.
Libra, the new global cryptocurrency by Facebook has been in headlines ever since its announcement last year. It is a digital currency that runs on the blockchain system. However, unlike traditional cryptocurrency its worth is not derived by people but by basket of deposits (short term government securities) making it a stablecoin.
It’s control is supposed to lie with the Libra Association, a group of corporations including the likes of Vodafone, Uber and Visa, each of them having invested 10 million+ in the idea. Facebook is working on Calibra, a digital wallet app to enable payments, inbuilt in Whatsapp and Facebook Messenger.
The currency will be accessible to anyone with a smartphone data connectivity and the transactions are slated to be simpler than Bitcoin ones.
Write to us at [email protected] for feedback, suggestions and queries.