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Facebook Plans to Launch its Cryptocurrency Libra- in 2020

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Facebook Plans to Launch its Cryptocurrency Libra- in 2020

>eBay and many more, this popular and one of the oldest social media networks have finally made noticeable progress in its area of building blockchain network by the official announcement of the launch of Libra.

Although it is termed as a cryptocurrency, according to Facebook’s vision on this project, Libra will soon become a new form digital money, that can be used in both online and offline transactions in near future.

The target users of Libra on an initial stage will be the people from developing countries, who lack access to traditional banking.

It is predicted that very soon, Libra will attain the same stability as a dollar today and will be used as a complete mainstream cryptocurrency, wholly decentralized and global form of transaction—from banking to taking loans on credit.

They are here to ensure that every unit of Libra Reserve will have an entity of intrinsic to value to be backed, unlike the scarcity issue of Bitcoin.

Apart from running and governing the functionalities of Libra, the Libra Association is also responsible for keeping track of the underlying blockchain as well as the overall evolution of the ecosystem.

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