Libra: For a while now, there’s been a lurking fear of cryptocurrencies and anything related to them because of the little knowledge most people have about what is going on & the disruption that’s involved.
There have also been raising concerns over the future of cryptocurrencies and significant adoption simultaneously by big companies that have started accepting various forms of crypto payments. This has dragged on and on.
Meanwhile, a few weeks ago, social media giant Facebook, Inc announced Libra, a decentralized cryptocurrency that will allow users of Facebook and WhatsApp to easily send each other money and make online purchases and suddenly, the world is now listening and instantly interested in cryptocurrencies and whatnot.
The birth of Libra doesn’t come off as a surprise to many tech enthusiasts that have quite followed the agile steps of Facebook’s founder Mark Zuckerberg as he continues to grow his tech empire. If there is a dream Mr. Zuckerberg has always had, it is going into financial payments & tapping on the billions of users of his platforms(Facebook & Whatsapp) to enable them to send, receive cash and pay for goods and services.
His intentions have been evidenced through his open talks on FinTech, Crypto & Blockchain, the launch of Messenger’s feature in 2015 that would enable users to send and receive money via the platform although it later failed and his significant visits to Nigeria & Kenya to see the rapid progress of mobile money payments in Africa.
However, for a topic that has been relentlessly swept under the carpet even with its significant disruption in the financial sector, why is Libra such a force to reckon with in the world of cryptocurrencies and why is it such a big deal.
What makes Libra stand out?
Whereas we’ve seen a number of Cryptocurrencies such as Bitcoin, Bitcoin Cash, Gemini USD, Paxos, and Circle’s US Dollar Coin showing a strong possibility in building a decentralized peer to peer to digital cash and a payment network that’s secure, and that anyone can use, Facebook’s Libra is seeking to be a gamechanger and has already made the headlines for both the good and bad reasons.
For starters, not much is known about Libra Currency pending an official launch in 2020 when it’s expected to go live. However, there have been significant features that have been announced by Facebook and reported by the media. On close observations, here is what is see