What is Libra coin? Things to know about Facebook’s upcoming coin Libra.

Recently Facebook made headlines when they announced their plans about Calibra. It is a new subsidiary of Facebook that focuses on financial services. Their goal will revolve around utilization of a new digital currency, powered by blockchain, called Libra. Calibra will first introduce a digital wallet and is expect to release in 2020. This announcement has received mixed reactions from both crypto and mainstream media.

Despite the split opinions, there seems to be a general agreement that Facebook can very well pave the way to the global adoption of blockchain technology. The reason behind general agreement is that it has more than 30% of entire world’s population or say 2.38 billion people as its users.

What is Libra?

Libra is a cryptocurrency created to let people access and participate in Libra Network. Users shall be able to exchange currency into these digital currencies and use them in online transactions.

Libra digital coin is essentially a stable coin as it is government-issued currencies such as USD, EUR, SGD, etc. Many decentralized cryptocurrencies such as Bitcoin or Ethereum, are unstable in its valuation. Facebook aims to create a more stable cryptocurrency to encourage it as a means of ordinary online consumer transactions.

This Libra Association is make up of reputed partner companies such as MasterCard, Visa, PayPal, Uber, and many others. These companies will work together to make sure that payment processes are faster, more accurate, and safer than present financial technology by using Blockchain Technology.

The rise of stable coins:

Stablecoins are cryptocurrencies with values dated to assets such as dollars or gold. Stablecoins are a stable, scalable and secure means for transactions, aims to work as traditional currency. Many Stablecoins are date at a 1:1 ratio with certain currencies, such as the US dollar, which can trad on exchanges. Hence, Stablecoins are not that price volatile like other cryptocurrencies.

Facebook is latest brand to announce its plans on stablecoins.

JPM Coin by JP Morgan & Chase

Cointelegraph reported on 14th February that JPMorgan Chase introducing their cryptocurrency called JPM Coin. Just like Bitcoin, JPM Coin speeds up transactions between JPMorgan customers.

Goldman Sach

CEO of Goldman Sachs Group Inc. Made headline saying that he is “absolutely’’ looking at digital currencies and are conducting extensive research on this.

IBM

IBM is currently working on a Stronghold USD and shall begin experimenting with various ways for financial institutions to achieve a more reliable and safer transaction processing throughout the world.

Tether

In the world of Cryptocurrencies, Tether is most widely accepted stablecoin. Despite many controversies, this stablecoin can be found in most exchanges as a substitute for US dollar.

What is next for Libra?

Although question here is about global “Blockchain” adoption, then yes, Facebook is a reputed brand that is widely known in the world. Success of Libra can become helpful to blockchain technology adoption in general population.

Conclusion:

Although Libra is a cryptocurrency it would be safe because firstly it is stablecoin then secondly it has reputed partners and even launched by Facebook which is a reputed company all over the world.


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