Facebook announces the launching of Libra, its own cryptocurrency

Facebook just revealed details about Libra, the company’s cryptocurrency that will allow users to make purchases or make transfers with fees close to zero. According to cybersecurity experts, Libra may be purchased or withdrawn online or at specific exchange points.

The company today launched Libra’s white paper, in addition to announcing its testing network to solve some existing issues in its blockchain technology; Libra’s public launch is expected to arrive during the first half of 2020.

According to cybersecurity experts, Facebook also announced the launch of a subsidiary company, called Calibra, which will manage the transactions, carried out with the cryptocurrency, and will take care of the confidentiality of the information users of this means of payment.

David Marcus, Facebook’s blockchain president, stated during Libra’s presentation, “If with this technology business activities increase, business, no matter their size, will want to place more and more ads on our platform, something good for business”.

Facebook will not fully control Libra, but will be managed by a board of other companies that have invested at least $10M USD each for project development; this group, called the Libra Association, is one of the most relevant features of the cryptocurrency.

The Libra Association (LA) functions as a non-profit organization that monitors the development of the Libra token, reserves, and blockchain rules. Participating LA companies include Mastercard, Uber, Visa, PayPal, Spotify, Vodafone, among others.

According to the cybersecurity experts of the International Cyber Security Institute (IICS), each LA member, including Facebook, will only get one vote or 1% of the total vote on the LA council, which will provide a high level of decentralization that protects members against Facebook or any threat actor who might try to take full control of the Libra blockchain. 

Facebook has already revolutionized the way people interact over the Internet, now aiming to consolidate the widespread use of a stable and perfectly secure and controlled cryptocurrency, just wait to see if it will succeed.

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