{"id":1860,"date":"2019-06-24T19:51:28","date_gmt":"2019-06-24T14:21:28","guid":{"rendered":"https:\/\/blockchainappfactory.com\/blog\/?p=1860"},"modified":"2019-06-26T17:41:11","modified_gmt":"2019-06-26T12:11:11","slug":"libra-facebooks-cardinal-global-currency","status":"publish","type":"post","link":"https:\/\/www.blockchainappfactory.com\/blog\/libra-facebooks-cardinal-global-currency\/","title":{"rendered":"Libra, Facebook\u2019s Cardinal \u2018Global Currency\u2019"},"content":{"rendered":"

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First things first! What does Libra mean in this context? Libra the upcoming \u201cGlobal Currency\u201d from Facebook, etymologically means a unit of weight, equivalent to 12 ounces (0.34 kg). It was the forerunner of the pound. But, is that what they mean here? Most definitely, not. <\/span><\/p>\n

The wordplay here is with the syllable \u2018Lib\u2019 which means \u2018Freedom\u2019, a subtle indication of Facebook\u2019s impending solution towards making a global currency that gives financial freedom to billions of people. By becoming a bank to them in the most minimalistic way possible, Libra is set to reach about 1.7 billion people(You can use the wallet, transfer funds in Messenger and Whatsapp, yes that easy!)<\/span><\/p>\n

According to Libra\u2019s Whitepaper, the currency\u2019s mission is defined as follows, Libra\u2019s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.<\/span><\/p>\n

Word on Privacy by the Man himself<\/span><\/strong><\/span><\/h2>\n

Facebook CEO Mark Zuckerberg threw light on the philosophy behind the whole data-leak and privacy concerns hovering around the currency. This is one important aspect Facebook Inc. is taking care of right from the beginning. He said, \u201cIt\u2019s decentralized \u2014 meaning it\u2019s run by many different organizations instead of just one, making the system fairer overall. It\u2019s available to anyone with an internet connection and has low fees and costs. And it\u2019s secured by cryptography which helps keep your money safe. This is an important part of our vision for a privacy-focused social platform \u2014 where you can interact in all the ways you\u2019d want privately, from messaging to secure payments.\u201d<\/span><\/p>\n

Note: However, it is important to know that the transaction will be protected by Pseudonyms and not through Anonymity. This is one aspect that Facebook needs to be worried about.<\/span><\/p>\n

So, what kind of currency will Libra be?<\/span><\/strong><\/span><\/h2>\n

Libra\u2019s value is meant to stay stable, so it acts as a fair medium of exchange, as merchants can be confident they won\u2019t be paid a Libra today that\u2019s worth less tomorrow. It is to be a stable coin right to the core. Libra\u2019s value is tied to a basket of bank deposits and short-term government securities for a slew of historically stable international currencies, including the dollar, pound, euro, Swiss franc, and yen.<\/span><\/p>\n

Libra Association is still figuring out the exact start value for the Libra, but it\u2019s meant to be somewhere close to the value of a dollar, euro or pound so it\u2019s easy to conceptualize. That way, a gallon of milk in the U.S. might cost $3 or in future money equivalent to 3 Libra, similar but not exactly the same as with dollars.<\/span><\/p>\n

Partners – The initial Libra Associates<\/span><\/strong><\/span><\/h2>\n

Facebook has been looking out for partners to fill the 100 planned nodes on the Libra\u2019s blockchain. As of now, there are 28 partners from different segments;<\/span><\/p>\n