12 November 2024

Facebook Libra: Spend 5 Minutes with Me, I’ll Share the Real Story

By Ronald Smith

Facebook Libra: Spend 5 Minutes with Me, I'll Share the Real Story

It’s been a whole month since Facebook made the big announcement about their plans to release a cryptocurrency called Libra next year, and ever since then, lots of people, including Mark Cuban and President Trump, have been chiming in with their thoughts.

Things have calmed down a bit now, and we’re eager to see what happens with this project in the coming months.

Will this cryptocurrency become a huge success or will it flop like a donkey? Only time will tell.

9 Important Facts About Facebook Libra

There’s still so much we don’t know about Libra and how it’s going to work. But for now, let me give you 9 solid facts about Facebook’s Libra.

1. The mission of Libra is to create a simple global currency that everyone can use.

Libra has a pretty simple goal: to create a currency that anyone in the world can use.

Did you know that around 1.7 billion adults out there don’t have access to a financial system or bank? It’s a big problem, right? Well, guess what? Libra thinks they have the solution – a brand new, stable cryptocurrency!

2. So here’s the deal: Libra runs on a fancy new blockchain and was created using this cool programming language called Move.

The folks at Libra have designed their blockchain to meet three important requirements:

  • First, it needs to be super secure, like a digital fortress.
  • Second, it has to be flexible and ready for all the awesome innovations and rules that might come up in the future.
  • And last but definitely not least, it needs to be able to handle billions of accounts without slowing down or getting all laggy. Think of it like a super speedy highway with lots of lanes.

If you want to dig into all the nitty-gritty details about the Libra Blockchain, you can check out this fancy technical paper.

3. Now, here’s something interesting – Facebook won’t have control over this cryptocurrency.

They’re aiming to bring together a hundred different companies to make decisions about how Libra should be run. It’s all about teamwork and sharing the power, isn’t that cool?

You won’t believe it, but Facebook won’t have any special powers when it comes to the cryptocurrency. They’ll just be one of many companies involved with Libra.

Check out this awesome lineup of companies currently supporting Libra:

  • Uber
  • Spotify
  • PayPal
  • Mastercard
  • Visa
  • eBay
  • Lyft
  • Visa
  • Stripe
  • Xapo
  • Anchorage
  • Thrive Capital
  • Ribbit Capital
  • Vodafone
  • Mercy Corps
  • Women’s World Banking
  • Kiva
  • Booking Holdings
  • Farfetch
  • Andreessen Horowitz
  • Mercado Pago
  • coinbase
  • Breakthrough Initiatives
  • Creative Destruction Lab
  • Union Square Ventures
  • Bison Trails
  • Iliad

The Libra Association is the boss of Libra. It’s like the ruler of this fancy currency.

But here’s the thing: The Libra Association is its own boss too. It’s an independent group of smart people who don’t make any money out of it. They’re based in Geneva, Switzerland. Very fancy indeed.

5. Guess what? You can use Libra on Facebook!

No surprises here, my friend. Facebook wants you to use Libra to buy stuff. It’s like having money in your pocket, but on your computer. Cool, right?

And here’s another cool thing: Facebook is even coming up with a special wallet just for Libra. It’s called Calibra. It’s like your fancy wallet, but on your computer too. How convenient!

6. Here’s the thing: Libra might not even happen.

Ever since Facebook announced this big project, a lot of important people who make rules for money have not been happy. They’re worried about it, you know?

And here’s another thing: The rules about digital money are still being made. And not a lot of people are using cryptocurrency yet. It’s taking a while for people to catch on.

So with all these problems, who knows if this project will even work out? It might just stay a big dream and never become real. Hard to say.

7. David Marcus is leading the way for Libra at Facebook.

I’ve known David Marcus since he joined Facebook in 2014. He used to be in charge of messaging products, but now he’s taken on a new role as the head of Calibra, which is Facebook’s Libra wallet.

Before he worked at Facebook, he was the president of Paypal and even started his own mobile payments company called Zong. eBay liked it so much that they bought it for a whopping $240 million!

8. Keep up with the latest about Libra on their social media.

If you want to stay in the loop with all things Libra, make sure to follow their social media channels. That way, you’ll be the first to hear about any new updates regarding the cryptocurrency.

  • Twitter: @Libra_
  • Instagram: @Libra
  • Facebook: @LibraAssociation

9. President Trump recently expressed his concerns about Libra.

Oh boy, did you hear what President Trump had to say about Libra and cryptocurrency? He jumped on Twitter on July 11 and let loose with his worries. He said:

I’m not a fan of Bitcoin or other Cryptocurrencies. See, they’re not real money, and their value goes up and down like crazy for no good reason. Those unregulated Crypto Assets can even help bad guys do illegal stuff, like selling drugs and other bad things. And don’t even get me started on Facebook’s ‘virtual currency,’ Libra. It won’t be worth much and you can’t depend on it. If Facebook and other companies want to act like banks, they need to follow the rules just like all the other banks, here in the USA and around the world. We’ve got one currency that’s the real deal in the USA, and it’s tough, reliable, and rock-solid. It’s the United States Dollar, and it’s the boss everywhere. It always has been, and always will be.

Republished by permission. Original here.