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Libra, the new cryptocurrency by Facebook

Libra is probably one of the most ambitious projects of the Facebook community. After months of the leak of the Facebook’s cryptocurrency, Libra it started facing criticisms as the politicians expressed concerns regarding it. The social network is not acting so supportive of this project. With the view to manage the technical aspects and to make sure that everything is up to date, this project got started. But, it could not be so successful in winning the hearts of people in the real world because of its value. Facebook claimed that a new wallet called Calibra would also come into existence.

The people concerned about social network sites, especially Facebook, are looking for the way to satisfy the project. David Marcus posted on the FAQ of Facebook, assuming it to be a ledger that keeps the transactions on Facebook. Although it is the cryptocurrency of Facebook, it won’t have any exclusive responsibility for the network.

With the motto “Empower billions of people,” Facebook co-funded the Libra association. From this, it is clear that Facebook might have bigger plans for Libra, which is not into public exposure yet. Facebook will have no control over the new cryptocurrency.

Is Libra Different to other cryptocurrencies?

The existence of Libra is completely digital, unlike other cryptocurrencies like Bitcoin. There will no be physical existence like the note of the coin. But, the records are to be in a file called ledger, which is named blockchain, which can be used to confirm the transfer. The founding members of the cryptocurrency will fully manage this blockchain at the initial stage. In the later future, it will be open as a system for everyone. Also, it will have its value and will have bank deposits along with government securities. There will be no cash transactions, and whoever wants cash out of it will be thrown out of it.

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