Innovations

Facebook’s Libra – new crypto to release in 2020. What we know currently: release info, links, and discussion. Let me first say that I am not an expert in finances, economics, crypto, or anything pertaining to that realm. What spurred me to make a quick post about Facebook’s new digital currency, Libra, was purely out of a desire to get a conversation going here on Scorum. I’ll give a quick overview of what it is, provide a few links for those looking to learn more, and then hopefully get the conversation going in the comments. Let's dive in. What is Libra Libra is a new digital currency created by a subsidiary of Facebook. It will be used on the Facebook platform, FB Messenger, and What’s App among other platforms. Their aim, according to them, is to provide financial services to anyone, even those people who do not have banking accounts with traditional financial institutions. Along with being able to use Libra on the FB platform, there will be a standalone wallet app that users can use separately. Facebook is not sole owner of Libra. There are 28 other companies that own stake in the new coin and will create what they call the “Libra Family." They include companies like Mastercard, Uber, Lyft, Ebay, Coinbase, Paypal, PayU and Visa just to name a few. Key Differences Libra Family | Source These are the main talking points that stood out to me. I’ll give them to you in bullet point form.Will run on Facebook’s own private blockchainWon’t be tied to your social media accountTo remove volatility, it will be backed by traditional finical reservesA separate company, Calibra, was created to handle transactions28 other companies own parts of LibraWill launch in 2020 Further Reading Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020 Hard to Read Facebook’s Libra Fortune What consumers need to know about Libra, Facebook’s new cryptocurrency Daily Crunch: Facebook unveils Libra cryptocurrency My Thoughts Two main thoughts overwhelmed me when I saw this announcement today. The first being that this will probably be VERY popular. With the companies backing this, Libra will likely be the Crypto coin that breaks into mainstream everyday life. The second thought is: I don’t want anything to do with this. I’m not a fan of Facebook. I like spending so much time on Scorum because it’s not FB. Their record on privacy, ethics, morality, etc is so horrendous. I have no desire to let them dig their way into my financial business. But alas, my stubbornness will likely only end up costing me. Anyways, I'm really interested in hearing some of you crypto-wizards take on this new announcement. You like? Hate? Good, bad, what's your thoughts? _______________________________________________________________________________________