There has been so much news about the cryptocurrency developed by Facebook, over the past few years of its development. however, the coin is finally here, and it looks like a pretty big deal. Over the years that the news surfaced, I erroneously thought it would be in the league of other coins we have seen over time. However, now I know better, other coins might just be in trouble.
A Big Welcome to Libra – The ease you want!
Facebook launched the Libra coin, which is designed to make the purchase of things or the transfer of “money” to people at next to no cost. Don’t worry, the organization behind Libra is a non-profit organization, they don’t really ‘need’ your money. The cool thing about this coin is that you get to transfer money to people, easily, without having to pay extra charges.
There is just so much value to be delivered by this coin, and we would be taking a quick tour of them now. The Libra coin would be hosted on a wallet called the “Calibra Wallet”. This wallet is unlike other cryptocurrency wallets out there. The Calibra wallet can be integrated into your WhatsApp, Messenger and it’s own app. What this means is that, with your WhatsApp supporting the Calibra app, you would be able to send funds to people, right from your Whatsapp. Just as you send messages, there would only be a few clicks more for you to send money to anyone you wish.
Purchasing just became easy, and I’m totally in for that. There is so much to enjoy from this development. All you need to tap into the Libra Cryptocurrency system internet connection (irrespective of the strength) and a mobile device that can support WhatsApp. That’s all.
By 2020, when the Cryptocoin launches fully, there is going to be a total disruption of how things are bought and how transactions are made. You don’t have to pay a chunk of charges just from transferring to a friend that uses a bank different from yours. You don’t have to pay for debit card maintenance, you don’t have to pay for receiving an alert, it’s all free. You only get to pay a ridiculously low amount of charge when you make an actual transaction.
The ease of using this system is what marvels me. Imagine sending someone some money, just like sending a picture on WhatsApp. That’s amazing right. And I’m pretty sure that with the likes of Mastercard, Visa, and other financial institutions being part of the Libra Association (The organization behind the coin), you can easily withdraw funds into your account.
This is the future, and it’s high time we evolved in how we do business, this could be the change in the mode of transactions we have been waiting.
It is secure
You don’t need to worry about security on this platform, cos you are secured. To perfectly ensure the service of this system, Facebook established Calibra as a sub-company and dedicated a team of experts to ensure that the system remains secure. Right from the start, this system is decentralized and every user would remain anonymous. hence, you don’t have to worry about your identity being exposed.
You want to know more details? read on
In simpler terms, Libra is the evolution of Paypal, It’s going to be way easier to operate than Paypal or any of the other Cryptos. The instability being experienced by the various cryptocurrencies we have is what Facebook is out to tackle. Libra is scaled to handle day to day transactions, and with 7 million advertisers and about 90 million small businesses backing the system, I think the aim is achievable.
To build this system, some big founding member companies came together, donating a minimum of $10 million. The founding members include the likes of Uber, Visa and Andreessen Horowitz. These companies and other companies form the Libra Association, and with the existence of this Association, the control of the LIbra Currency is not to Facebook. Facebook would totally control the currency, Facebook has the idea and they are championing the cause, however, the control is to the Libra Association, of which Facebook only has one vote, just as other founding members.
This Cryptosystem is designed with the privacy of the users at heart, hence, the express decentralization (meaning, there is no controlling body). Though Libra association is a not-for-profit organization, the Facebook and the founding members would earn interest on money transacted on the platform. They made the investment, and they sure would reap zillions in years.
How it works?
This is pretty simple. All you have to do is have your Libra coins on your wallet, spend them just as you would have spent your dollar and withdraw them whenever you wish. Even if it is naira, I want to believe the system would be valued with respect to the various currencies of various currencies, just as other crypto wallets like Paxful does.
The Major Players
As adapted from Techcrunch, these are the major players in the Libra Association, though most of them are not founding members.
- * Payments: Mastercard, PayPal, PayU (Naspers’ Fintech arm), Stripe, Visa
- * Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Inc.
- * Telecommunications: Iliad, Vodafone Group
- * Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
- * Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
- * Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking