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Facts About Facebook Cryptocurrency Libra

On June 2019 Facebook declared Libra as their new virtual money tool for future transactions. Libra is a cryptocurrency or blockchain that is used for a digital currency that can be used for buying things in the internet, like bitcoin/Ethereum/ripple, etc.

Facebook digital cryptocurrency Libra is the next technology that can move the world. In facebooks vision, it will become as an easily available global currency that is accessible to the all parts of the world. So libra will be a global currency that can be used for making trade for developing countries  especially those who cannot access banks from remote locations.

Libra is technically supported by a bunch of  hotshots  from the silicon valley.  It is governed by libra association a swiss group which includes 28 members aboard. Facebook subsidiary calibra, payu, vodafone,Master card, Uber, visa, pay pal, spotify are the few one.

Calibra is a new digital wallet from facebook that is going to launch in 2020, which will be installed in messenger,whats app and stand alone apps. The Libra is going through its experimental phases. The official  launch is planned to be in 2022.

According to David Marcus, a previous PayPal official who is driving Project Libra for Facebook, one of the activity’s principle objectives is to contact the 1.7 billion individuals overall who need access to the financial framework.

Libra will become as a global currency for digital transactions in the future, like one world one currency. Is this safe? This is the main concern for the public in terms of digital transactions. The company said it will implement technologies to prevent money laundering and fraud.“We will be using all the same verification and anti-fraud processes that banks and credit cards use, and we’ll have automated systems that will proactively monitor activity to protect and prevent fraudulent behavior,” Facebook said.

It also claims it will have “live support” to help users who lose access to accounts and, if a user loses money through fraud, Facebook has offered refunds.Facebook’s Libra Block chain will be built on open source code that allows the developer and research community to monitor it for design and security flaws, and the company will implement a “bug bounty” program to incentive security experts to point out vulnerabilities in the wait for a global change in 2022 that can change a billion peoples life.

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