Over the last few years, cryptocurrencies have been gaining so much popularity. While the most popular cryptocurrency is the Bitcoin, the latest one to join the list of cryptocurrencies is the Facebook Libra cryptocurrency. Although this Facebook Libra coin is scheduled for launch in 2020, global finance and commerce are expected to change significantly. This is because it is expected that people will adopt the new way to pay for things and send money.
But what is Facebook Libra coin? It is a cryptocurrency developed by Facebook. It is anticipated that sending money online will become cheaper and faster. Libra is also expected to improve access to different financial services more so for individuals without bank accounts or those with little access to banking.
This Facebook cryptocurrency will, however, be built on a blockchain platform known as Libra Network. A blockchain is usually made of services known as nodes that allow recording and validation of each transaction on the network. But unlike many cryptocurrency networks where any server could join the chain, this Libra network will only allow certain servers to connect the chain. However, there are expert services who will help develop for Facebook Libra. This will help you access Libra-compatible API with custom nodes, as well as support and guidance.
The Libra Network has also been designed to run faster compared to other cryptocurrencies. This will make Libra practical for daily uses such as purchasing products online. The network utilizes open-source code such that any developer can create a digital wallet and other tools. It is also claimed that eventually, the Libra network will be transitioned to a public blockchain.
The good thing is that Libra is projected to remain stable. It is expected that the value will not be as volatile like that of Bitcoin since it is backed by real currencies. However, its value will not be fixed to a single physical currency.
Facebook intends to launch a subsidiary known as Calibra that will be responsible for developing products and offer financial services using Libra. The first product will be the Calibra Wallet that will allow users to store and send Libra to friends just as they would send text messages. Other companies will also develop other tools and wallets to use Libra.
For privacy reasons, the Calibra subsidiary will remain independent. It will not share financial data and customers’ account information with Facebook except in limited situations like when preventing fraud or for compliance with the law. Get more details about cryptocurrency here: https://www.encyclopedia.com/reference/encyclopedias-almanacs-transcripts-and-maps/cryptocurrency.