Facebook Libra Cryptocurrency

Facebook, the tech behemoth and prominent name in the realm of social media, has been gradually disclosing details about their upcoming significant endeavor – the Libra Stablecoin.

This has sparked considerable controversy, with individuals labeling the Libra as everything from a rapacious corporate ploy to control cryptocurrencies to the next groundbreaking innovation in the world of blockchains that will ultimately propel cryptocurrencies into the mainstream.

However, what is the Libra exactly, and how did it rapidly captivate the public’s interest? Continue reading to learn more.

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How did the Libra come to be?

Before we delve into the mechanics of this fresh currency, let’s examine the conditions in which it originated.

In 2018, Facebook found itself entangled in a major scandal that rocked the decade and marked one of the most significant privacy breaches in the annals of history. The Cambridge Analytica scandal resulted in the exposure of personal data belonging to more than 50 million users, an incident that had far-reaching implications on elections worldwide.

After experiencing significant declines in market value, Facebook decided to venture into the world of blockchain technology. In 2018, the company unveiled its plans for a dedicated blockchain division. Although details were initially scarce, Facebook eventually introduced the Libra in June 2019. This new cryptocurrency, known as a Stablecoin, aimed to address one of the main drawbacks of traditional cryptocurrencies: their high volatility.

The primary concept behind the Libra project was to reach out to the unbanked population, as stated in the announcements. It has been reported that over 2 billion individuals worldwide do not have access to a bank account, whereas there are more than 5.8 billion internet users globally. In essence, Facebook aimed to utilize technological and communication advancements to establish a global economy that relies on phones and the internet, rather than traditional banking systems.

Moreover, Facebook’s status as the largest social media brand in the world positions them uniquely to capitalize on their 2.38 billion user base and promote the widespread adoption of Libra.

What is Facebook Libra?

At the time of writing this article, we have a wealth of information thanks to Facebook’s submission of the Libra’s white paper. However, there are still many unanswered questions.

According to Facebook, the Libra is a “straightforward global currency and financial infrastructure that empowers billions of individuals.” It is still in the development stages but is expected to be fully launched in 2020.

To cut through the marketing jargon, let’s examine what sets the Libra apart from other cryptocurrencies:

The Libra Association is perhaps the most crucial aspect to consider. An international corporation wielding complete control over a currency would raise concerns for many, which is why the Association serves as Libra’s governing body.

The concept, therefore, is as such: Facebook retained control over the entire project during 2019. Upon the anticipated launch in 2020, a coalition of businesses from the payment, technology, telecommunications, online marketplace, and venture capital sectors, as well as nonprofits, will assume responsibility. The Association will have authority over all aspects of the project, including the currency and its transactions.

Is Libra technically a Blockchain?

When it comes to size and scope, the Libra project is larger than any other project of its kind that we have seen so far. Therefore, the coding for the entire project had to be created from scratch.

While traditional blockchains are built on a series of cryptographically interconnected “blocks,” the Libra operates differently. Their system is described as a “decentralized, programmable database” that organizes transactions using sequences and Merkle Trees.

From the perspective of the end-user, this won’t make much of a difference. For now, all you need to know is that Libra will initially be a permissioned chain. This means that, unlike Bitcoin and Ethereum, not everyone can mine Libra. Initially, only members of the Association will be allowed to join the network.

Permissioned chains offer faster transaction times but are more centralized. Nevertheless, Libra’s ultimate objective is to transition to a permissionless model. This endeavor presents its own unique challenges, and only time will reveal the long-term progress of this plan.

Libra Reserve and Association

We have already mentioned that Libra is a Stablecoin, which means that its value is backed by real assets. So what exactly are these assets?

According to Facebook, the Libra Reserve consists of “a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks.”

In order to understand how these assets help stabilize cryptocurrencies, which are known for their volatility, it is important to understand the concept of “pegs.”

A pegged exchange rate, also known as a fixed exchange rate, is a type of exchange rate regime where the value of a currency is fixed against either another currency, a basket of currencies, or another measure of value, such as gold.”

Therefore, the worth of Libra is intricately linked to the tangible value of assets in the reserve. The stability of Libra’s economy heavily relies on this reserve.

Because it is a permissioned blockchain, only members of the Association have the authority to produce and destroy the Libra currency. Additionally, only authorized resellers can acquire these coins by using fiat assets to fully support their value. It has been reported that Facebook required each association member to invest $10 million initially to cover the value of the first production.

As mentioned earlier, the intention is to gradually decentralize the system over a period of five years following the launch. The ultimate objective is to eventually establish complete independence for Libra and the marketplace that will evolve alongside it, even from the Association itself.

This decision is expected to address any concerns about international corporations possessing excessive influence.

However, the actual trajectory of Libra’s development remains uncertain. Its impact is already evident within the cryptocurrency community, and opinions are divided. Time will tell whether Libra represents the future of financial transactions or simply another overly ambitious project.

If you’re interested in reading more articles about cryptocurrencies, be sure to check out our crypto news page.

While it is still too early to make a definitive price prediction for Libra coin, the general concept is that $1 in Libra coin will be equivalent to $1 in tangible assets. The coin’s value should be set at a level that is comfortable for the 2.5 billion users of the social network.