Things that you should know about Facebook’s Libra
Nov 20, 2019 07:33
Libra is the new cryptocurrency launched by one of the famous social networking site-Facebook. Libra has taken the trading market by storm and is considered to be giving a tough competition to another most renowned Digital currency and that is Bitcoin.
Libra has garnered so much attention also because it is the product of Facebook and apart from that it is supported by various giant firms. People are investing in Libra and are excepting to become rich soon.
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Well, in this article let me tell you about the things that you must know about the Libra method. Let’s go!
•The Libra unit represents Libra cryptocurrency!
The three wave lines represent the Libra cryptocurrency, just like the dollar sign is represented by $ sign. The main of Facebook to create Libra method was to provide financial facilities to all those who do not have banking facility. You will be shocked to know that it is estimated that about still about 1.7 Million people in the world do not have a bank account.
Libra is still to come in the market, but already there is so much chaos around it. Facebook has formally announced that it’s first set of official currency will be launched in 2020.
•Libra is backed by powerful currencies
So yes, there is a rare chance that the Libra currency will be affected by the economy or will be unstable and volatile as it is backed by currency bucket, which is meant to minimize the risk of instability. Libra is backed by powerful currencies like the U.S. dollar, UK pound, euro, Swiss franc and Japanese yen.
•Libra has got a full asset backing!
You can understand what a full backing by powerful currencies mean. The day, from which the Libra goes live, it will get full asset backing. Now, you must be thinking that full asset backing means? So, basically it is the same as the traditional paper currency, it is backed by the government and a bank, same way Libra is backed by powerful currencies.
So, you must be thinking by now that because one of the greatest social networking site Facebook has launched Libra, so it must be controlling it as well. But no sir, that is not the case! Libra cryptocurrency is being controlled by Libra Administration instead!
Let me tell you what Libra Administration is! Actually Libra administration is a non-profit organization group located in Geneva, Switzerland. The members of this organization are very powerful companies like MasterCard, PayPal, visa, eBay and Uber among many others.
•The starting value of Libra is assumed to be around a dollar or a pound
Though it is not quite confirmed but it is being said that the value of the Libra initially will be around a dollar or a pound. You can buy Libra with whatever currency you have with the help of a third party wallet app Calibra and even through a grocery or convenience store.
The best part is that when Libra’s wallet app Calibra at no condition will share the personal information about the client.
•The name of the Libra Blockchain would be called Libra Network
The Blockchain system for Libra will be called Libra Network that will keep the track of all the transactions of the Libra cryptocurrency. The Blockchain for Libra is made with a series of serves called “nodes” that checks each and every transaction made in the network.
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