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On the 18th of June 2019 the social network Facebook announced the first branded cryptocurrency project — Libra. It is a “reliable digital currency and global financial infrastructure” based on blockchain technology that will allow billions of users to make financial transactions around the world. Libra Project might become a very strong blow to the centralized finance industry. Purchases and shopping process, micropayments, money and crypto transfers, all of this will go out of control of banks.

• Will Facebook be able to make its crypt as simple as a one-dollar bill?
• It is also known, that during the construction of the project system it was used a new programming language — Move.
• So far, the payment method is available to Facebook itself and 27 corporate partners of the project.

The entire huge audience of Mark Zuckerberg’s social network — 1.7 billion users — will be able to make instant and almost free money transfers from their smartphones without a Bank account outside the control of financial regulators. However, the research shows that the main Facebook’s audience is aging steadily and steadily. 55% of users are over 35 years old and this figure is growing. Will Facebook be able to make its crypt as simple as a one-dollar bill?

Libra Opportunities and Predictions

In the first half of 2020 (during this period, it is planned to launch the mainnet project), users will receive a wallet for working with cryptocurrency, which will be called Calibra. Facebook promises that Calibra will be released as a standalone app for iOS and Android, as well as integrated into the company’s existing platforms, including WhatsApp and Messenger. It is known that the use of the application will require the identification of the user with an identity document. Moreover, the UK has already expressed concern about Facebook’s transition to the financial sector.

Facebook does not plan to earn on cryptocurrency — the payment system has no commission, and the company will pay users for operations with cryptocurrency. Finally, immediately after the launch, it became known that in order to purchase a coin, you need to register and specify your passport data there. The society was furious as it is definitely not the way of the decentralization and anonymity.

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So far, the payment method is available to Facebook itself and 27 corporate partners of the project. Among them are Visa, Mastercard, Uber, Spotify and other well-known companies. It is also known, that during the construction of the project system it was used a new programming language — Move. With its help, smart contracts will be created in the Libra blockchain. Regulators in countries where there are no clear rules for working with cryptocurrencies can stand on the way of launching Libra. In may 2019, the USA Senate Banking Committee wrote an open letter to Facebook, demanding to disclose the details of the project.

Senators are interested in how the company will process users’ personal data. In addition to Libra, a security token called Libra Investment Token will be launched. It will be used to Finance incentive programs and cover transaction costs. Libra Investment Token will be available only to accredited investors and will allow its holders to earn a percentage of cryptocurrency reserves. Initially, there was the information from the BBC that there were discussions about the name GlobalCoin, however, later the TechCrunch Agency announced that the coin will be called Libra. Additional prove might be the fact that Facebook has registered in Switzerland a financial and technical company called LibraNetworks.

FAQ about Libra Blockchain

Currently, the social network is involved in a new investigation related to the analytical firm called Cambridge Analytica and data hacking of 50 million Facebook users. The working Зачем нужна криптовалюта version of the Facebook blockchain is planned to be launched in 2020. This information has also been confirmed for several times by a variety of sources, including Facebook itself.