Facebook Digital Currency Plan – Libra
Libra is nothing but digital currency; it was also termed as a Facebook coin or Global coin. Libras get their currency by buying cash in the Libra online market or in the local exchange points like a grocery store. Also, they can spend this using Facebook’s own Calibra wallet or using third party wallet apps. This coin is also known as a stable coin. Libra is the collection of all currencies like euro, dollar, and pounds. This Facebook currency Libra could help in lowering the risk of government securities.
By this Libra’s billion of users can make transactions online easily. It is financial infrastructure, says Facebook. This was built by Facebook and the technology used from the other Cryptocurrency and bitcoins. Libra in roman words is the measurement of weight. Lb abbreviation is obtained from Libra, also the pound symbol originated from ornate L in Libra.
Facebook Goal
Facebook wanted 1.7 billions of users in the entire globe to use this currency; this helps those who do not have any assessment of bank accounts. Libra is serviced by many companies together called “Libra Association ”, this Libra association is an independent non-profit organization that has its origin in Switzerland. Facebook doesn’t say how the public will get these currencies during launch, but their ultimate goal is to provide financial support for those who do not have bank accounts.
The usage of this cryptocurrency is simple, first, the user must download a Calibra digital wallet. This wallet will assist the user to send money to any person with the help of a smartphone in hand. Also, they are available in WhatsApp and Messenger applications. It is still not clear that in which country this coin gets launched at first for usage. The good news is whoever has a smartphone can use this facility.
Simple Model of Payment
Money transactions between each person can be done with it, Facebook also wants it’s early investors in this project like Lyft and Uber users to use this currency and thereby they can pay for those services and avail the facility easily. But no concerns expressed interest in it. As all banks and credit card usage will ask for the verification process, the same as here it will be there. In order to prevent fraud processes. There will be live support available always through them the user can communicate and if money gets lost through its use, then Facebook will provide a refund to the user.
In the motto of ad targeting on Facebook; the concern won’t behave. Thus Calibra customers on their financial data and account information won’t be shared. It will be kept highly confidential. Thus it is a simple model of payment globally, financial infrastructure too which helps in the empowerment of billions of persons. Also, people living anywhere can get access to it, this is completely safe and also a very affordable service in finance. Just like how texting messages are easy the same way the money sending should also be, yes through this Libra we can experience it.
