What is Facebook’s Libra all about?

News of Facebook entering the blockchain universe with the cryptocurrency it co-founded with the Libra association has spread like wildfire. Libra, that’s what they’re calling the coin, is a proposed virtual currency said to run on a permissioned blockchain. It is said to be a means of payment between people across the globe similar to the likes of PayPal and Venmo. 

Purpose

Its vision is to empower the part of the world that does not have bank accounts by enabling peer-to-peer transactions. For the storage of this currency, Facebook has developed Calibra, a wallet app. The wallet is expected to launch in 2020 with its own app and even on platforms such as Whatsapp and Messenger. 

Calibra will allow its users to send, receive, and store Libra securely. The main attribute that makes Libra appeal to the crowd is the lack of transaction fees charged when it is exchanged although there is a sum charged to use the currency. 

Trust 

Trust is a major issue that the coin will face because of Facebook’s tainted history of neglecting user privacy. They would need to work really hard to provide a coin that ensures security and privacy of transactions is upheld.

Is it a cryptocurrency?

It is still under question whether Libra is actually a cryptocurrency or a digital currency. Its structure differs quite a bit from popular cryptocurrencies like Bitcoin and Ether. Libra is said to be more stable when compared to other cryptocurrencies. The future of this coin and where it will go is not yet predictable. 

In this world that’s moving towards blockchain and cryptocurrencies, you could even build your own coins. All you need to do is get in touch with some developers who know the market. After that, building cryptocurrency and Whitelabel Cryptocurrency Wallets wouldn’t be a big task at all. Blockchain App Factory is a leading cryptocurrency development company that provides blockchain-based solutions. Maybe give them a look if you’re interested.