Facebook’s libra cryptocurrency is going to change global commerce and finance since it will help a lot of people send money as payment for products that they bought online.
It was announced by Facebook that the digital currency would be up and running early next year.
A lot of people don’t know what libra is, if you are one of them, then it is best to read on.
Facebook was just a social media company, but now, it’s making its very own digital currency. The social media site says that libra will make sending money online a lot faster, and it will also be more affordable compared to using other cryptocurrencies. People with little to no access to banking these days will love Facebook’s libra cryptocurrency because it’s going to improve their access to financial services.
If you want to know how libra will improve your access to financial services, make sure to read on.
Facebook’s libra cryptocurrency will be using a blockchain platform which they call the libra network; this is where all of the payments will go through.
A blockchain is made of several different servers that will validate and record all the transactions that are made on its network. The libra network is different from other blockchains because it has a “permission” phase where only specific servers are allowed to connect to the chain or system; the network will only be allowing certain servers to connect to its server.
Facebook says that their network will be faster and easier to use unlike the other cryptocurrency networks; this makes Facebook’s libra cryptocurrency one of the most practical systems in the virtual world to use when it comes to purchasing products online.
The libra network is designed using an open-source code, this means the users will have an easy time making digital wallets and other tools on the libra network that will allow them to send money online in a faster pace. Facebook mentioned that they will be transitioning into a public blockchain but they have yet to release any information about when it will happen.
Is Facebook going to manage the digital currency?
Although it was Facebook’s idea to develop libra, the social media company will not be the one to manage the digital currency. It’s going to be the libra association that will handle overseeing and even the launching of the digital currency. The beauty of it all is that the organization is a non-profit one; this is what everyone needs right now.
If you want your online transactions to happen faster and simpler to manage, and you might want to wait on Facebook’s libra cryptocurrency next year. It will change the way you view online purchases, for sure.