Facebook CEO, Mark Zuckerberg has finally announced the company’s cryptocurrency, called Libra, after being rumoured as Globalcoin. According to a status update by Zuckerberg on the world’s most visited social media platform, he revealed Facebook had to collaborate with 27 organizations for this to be a reality.
The currency is open-source just like every other cryptocurrency & based on the Blockchain technology. The goal is to create a simple global financial infrastructure that empowers billions of people around the world.
Although it has been announced, it will launch officially in 2020. Mark also stated the advantages of using mobile money, saying you don’t have to carry cash around. Also with Libra, there will be no extra fees for transfers.
More than one billion people in the world who owns a mobile phone don’t have a bank account, that’s where Libra comes in. The cryptocurrency will be stored in a digital wallet called Calibra, it will also be Integrated in WhatsApp as well. Libra is decentralized & built on the Blockchain network, you can learn more by clicking on the Source & Via links below.