Hellow everyone!!!

Nowadays, technologies are evolving and almost daily transactions can be done through internet. Blockchain Technology was a trend and used in many transaction for the reason of faster and for convenient of their costumer or clients. Today, one company who plan to have their own cryptocurrency was Facebook who known to be one of the biggest Social Media company in the world for having almost 1.7 Billion of users worldwide. The cryptocurrency that Facebook announced was called “LIBRA” that will planned to roll out for use by the year 2020 that allows their users all over the world to make financial transactions online and this platform that Facebook will going to use is a technology that threatens to change the banking transactions that we have right now.

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Why Facebook launching a new cryptocurrency?

For knowing to be one of the biggest Social Media Company the reason why Facebook will going to launch a new cryptocurrency is that they want to reach their users around the world who don’t have access on the bank and want to transact online.

What is LIBRA?

According to Facebook, Libra is global currency and financial infrastructure that designed to work as a medium of exchange that uses strong cryptography to secure financial transactions. It is built by Facebook and other Facebook-created version of blockchain, the technology that bitcoin and other cryptocurrency uses. Libra is supposed to be a low-volatility currency that will let its users buy things or send money to people with very low fees. The name Libra was come from the basic Roman measurement of weight the £ symbol originally comes from an ornate L in Libra.

Who invested in this project?

There are companies who invested on this new cryptocurrency of Facebook that contributed a minimum of $10m(£8m) to be listed as founding members of the Libra Association. Libra Association was the name of the company who’s in charge of the Libra cryptocurrency who is a nonprofit organization which gives the token real-world value and oversees the governance of the blockchain technology that powers it. Here are some of the companies who are listed as founding members:

There are also financial and venture capital firms such as:

• Andreessen Horowitz
• Thrive Capital
• Visa and Mastercard.

How can we get Libra and how to used?

Facebook doesn’t confirm any details on how to get Libra but there are some idea or speculation on how to get Libra like a traditional way of giving free coin/token in almost all cryptocurrency through what we called “airdrop”, handing out small amounts of currency for free in an effort to kickstart the ecosystem. When the cryptocurrency will be launch, users can download Calibra, a digital wallet that will allow user to send it to anyone as long as they have a smartphone and other gadget to use. This digital wallet Calibra will be available in some commonly used messaging app like Messenger, WhatsApp and into a standalone mobile app in different operating systems. As per Facebook planned, it will also allow to facilitate the use of Libra platform in various vendors for day-to-day transactions like buying and selling of products online.

Thank You and God Bless!!!