Facebook and 27 other partner companies formally announced this morning they plan to launch a digital currency called Libra in the first half of 2020. And if they pull it off, Libra could become the standard digital currency around the world.
Facebook describes Libra as being “powered by blockchain,” though it’s not clear why the currency is going to use blockchain technology at all. Unlike cryptocurrencies like Bitcoin, Libra will be backed by a reserve of real assets, it can’t be mined, there’s no cap on the number of Libra that can be produced, and it won’t be decentralized at launch.
Other companies that are involve:
The 27 companies that are involved include major financial institutions as well as some of the largest venture capital firms in Silicon Valley. Even tech companies like eBay and Uber are getting in on the act, according to Facebook’s website:
What you should expect?
You should expect a huge success of this global currency and get ready to participate fully. If you miss others, don't miss Libra.
https://youtu.be/4zw-jpVFKMY
Facebook describes Libra as being “powered by blockchain,” though it’s not clear why the currency is going to use blockchain technology at all. Unlike cryptocurrencies like Bitcoin, Libra will be backed by a reserve of real assets, it can’t be mined, there’s no cap on the number of Libra that can be produced, and it won’t be decentralized at launch.
Other companies that are involve:
The 27 companies that are involved include major financial institutions as well as some of the largest venture capital firms in Silicon Valley. Even tech companies like eBay and Uber are getting in on the act, according to Facebook’s website:
- Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
- Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc.
- Telecommunications: Iliad, Vodafone Group
- Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
- Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
- Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World BankinLibra.
What you should expect?
You should expect a huge success of this global currency and get ready to participate fully. If you miss others, don't miss Libra.
https://youtu.be/4zw-jpVFKMY