Libra is a new cryptocurrency, which is projected to be launched
in the year 2020. This is backup by Facebook and has received immense
attention around the globe.
Facebook is the social network giant with a significant number
of users.
Libra is the open-source software with the Apache License.
The official website of Libra is Libra.org.
Libra is still in the developing phase and schedule to lunch
when all the regulatory concerns are solved and met the approval.
Number
of Cryptocurrency
There is a significant number of cryptocurrencies and the number of
cryptocurrency is estimated to be around more than two thousand.
Libra is one of the cryptocurrencies in the developing phase.
Surge
in Cryptocurrency
After the invention of Bitcoin in the year 2008 and its immense
success history new cryptocurrency is constantly being evolved.
The profitability of crypto makes it appealing to various
investors.
Founding
Member
The founding member of Libra include MasterCard, PayPal,
Stripe, Visa, eBay, lyft, Facebook, Women’s World Banking, Mercy Corps, Kiva,
Vodafone Group, Andreesen Horowitz, Spotify, Uber, Lyft and others.
Mastermind
of Libra
The mastermind behind the Facebook cryptocurrency project is
Morgan Beller.
Price
Swing
Unlike other cryptocurrencies like Bitcoin which price is highly
volatile. The price of Facebook Libra is claimed to be stable. This is due to
back up by the basket of currencies.
Energy
Efficient
The transfer of Bitcoin consume immense power that is 1,000
kWh of electricity. Whereas the transfer of the Libra coin is believed to consume less computing
power.
Easy
to Use
The Facebook Libra is claimed to be more user-friendly than
the other digital currency available. As the Mobile App will be used to store,
held, send and bought the currency.
Concern
Facebook has a history of misusing the personal data of the
users. This can cause huge hindrance in the acceptance of crypto-backed by Facebook.
Success
of Libra
The success of Libra depends on the willingness of
individuals and merchants to use it.
With continues growth of new technology, there is a steep
completion to a Libra.
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