The 8 keys that you have to know about Libra, the cryptocurrency of Facebook





The 8 keys that you have to know about Libra, the cryptocurrency of Facebook
Facebook announced last week Libra and Calibra, their projects to enter the financial world. This is what you have to know about the new business of Mark Zuckerberg. The arrival of a cryptocurrency by Facebook was something that had been waiting for, however, it was not until last week when, after months of rumors, the firm officially presented Libra and Calibra, two projects that work hand in hand to achieve Take personal transactions between users of your services to a new level. In fact, it constitutes one of the strongest bets of the Californian technology, which can become a before and after if they achieve their initial objectives. At the moment, Libra and Calibra have not been released to the market; only the project and the characteristics of it have been delineated. These include various data that help contextualize the intentions of Facebook and put into perspective the next movements of the company, which will become real from next year. Libra will be controlled by a group of companies. For the creation of the cryptocurrency itself, Facebook has wanted to have important companies and partners of international renown that allow not only obtain the necessary funds to take the first steps of its foundation - it is expected to get around 1,000 million dollars from about 100 investors-, but also identify the project as a solid creation with strong support. Some of the companies that are initially in the body are Uber, Lyft, Spotify, PayPal, MasterCard and Visa. All of them are grouped under what has been called the Libra Association, which will be in charge of controlling the currency and carry out all actions and movements that have to do with its development, use and future. This association has its headquarters in Geneva (Switzerland), justifying the decision "because this country has a history of neutrality and global openness to blockchain technology, and the association aspires to be an international and neutral institution." It is based on Blockchain. Although there have been many who have claimed that Libra is not cryptocurrency because it is not fully decentralized and that the role of users differs from other projects seen so far, the initial document published by the firm makes it clear: Libra is certainly a cryptocurrency and, as such, inherits several of the attractive properties of these new digital currencies: the ability to send money quickly, the security of cryptography and the freedom to easily transfer funds beyond borders. The currency is based on the blockchain of Libra, which "was created from scratch to prioritize its scalability, security, storage efficiency and processing rate, and adaptability to the future." This network will be controlled by companies that are part of the Libra Association, who will manage the transaction validation nodes and will also effectively manage the currency. The network is described as a blockchain network "with permission", since only the designated ones can execute the tasks described, but in the future they aspire to change to a "without permits". It will be stable. One of the factors that have helped to put the cryptocurrencies on the public radar has been their high volatility and the vision of them as an investment option with high profitability. Libra, however, is intended to be a currency that can be used for daily transactions and that keeps a stable value over time, ensuring minimum variations in the value of the same.
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