In an effort called Facebook will change the way we convert money, which beat Libra called cryptocurrency called it “global global money dominated by technology blockchain” and will be launched in 2020.
The goal is for Libra to be the first digital currency of the debut. This currency will be available to users of Messenger and WhatsApp around the world and will allow users to send money to “cheap at no cost,” writes a new whitewash from Facebook. This is different from the current payment system via Facebook Messenger because the consumer will change currency securely in real time and not processed through the banking system.
Their design is for the currency
substitute for money as well as debit and credit cards. They tell you want to make a more efficient payment system that works directly and directly from the application. Even though this looks like Venmo or PayPal, Libra is different in some ways.
Libra is built on top of the original block and is supported by some reserve currency intended to reduce the selling price. According to Facebook, the idea for Libra is more widely used as a digital money than the traditional cryptocurrency model. With 1.7 billion people around the world outside of the financial system, the goal is to make transactions and offer faster deals.
“Success means that people who work overseas have a quick and easy way to send money to their families back home, and college students can easily get the rent because.
One of the largest Facebook accounts for Libra is the ability to use currency for migrants, non-bankers in the country, and those who have no access to travel funds to the country. Libra can help people save money safely and easily without the need for a bank.
They also announced that they started a nonprofit base called Calibra
Switzerland who would control the currency. This will make Libra have the same functionality as financial institutions, such as bank account management, credit and credit administration, and connect to the Calibra ATM brand that will be converted into local.
Facebooks informs, will not keep control of control, but will control control with organizations, such as venture capital firm, credit card company, and other technology giants. Facebook has supported projects from 27 organizations, including Uber, Uber, Visa, Spotify, Vodafone, Mastercard, and the World Bank Nonprofit Women.
Each partner agrees to invest at least $ 10 million on the project.
From operations like traditional distribution that includes data sets, Libra uses a single data structure that records all transactions and states over time. David Marcus, co-creator of Libra, notes that it will be three components: block blocks, currency-backed reserves (digital purses will be controlled in countries within each country) and new programming languages are called Move.
However, you will be able to buy money based on standard global currencies, such as US dollars, but, it is more stable and easy to exchange between countries. This means that the kingdom will step in with the rules around this new digital currency for a long time.
Experts say that Facebook is not happy with transactions, but there are other ways to make the most out of the currency, even with promise not to sell ads according to the target in Libra. The largest ever coming from Facebook is well-known for privacy and scandals data and what will apply to Libra.