Facebook has shown the details of the cryptocurrency Libra and you can buy the things or send the money to people without paying any fee. The company has revealed the white paper, which indicates Libra and its working before public release in 2020. All You Know About Facebook New Cryptocurrency Libra.
How Libra Works
When the cryptocurrency launches you will buy or cash out Libra online or at local exchange point like the grocery stores. Now you can spend this currency with use of third party wallet apps or Calibra wallet on Facebook as it will be built into Facebook Messenger and WhatsApp.
What You can Buy with Libra?
Besides the transactions on app itself, Facebook wants to provide the facility about use of Libra at different vendors to carry out the day to day transactions. Uber and Lyft are the early investors in this project and it is expected that the users will be pay to pay the services on apps with use of Libra.
The number of companies uses this currency and they are called ‘Libra Association’. The function of these companies is known as ‘stablecoin’, which is pegged to current assets like euro or dollar and the main purpose of the currency is to make it less subject to volatility that various cryptocurrencies experience.
The Libra association is independent and it is non-profit organization and it hails from Switzerland. It works in two fields like validate transactions on Libra blockchain and also manage the reserve Libra to tie and allocate the funds to the social causes.
Is Libra Safe
Facebook is releasing the subsidiary company called Calibra and it controls its crypto dealings and it also protests the privacy of the users and do not let them to mingle Libra payments with Facebook data and it cannot be used for ad targeting.
It also claims that it will get ‘Live support’ so that it can help the users, who lose access to the accounts and if the users loses money through fraud, facebook facilitates them by offering the refunds. The Libra blockchain of Libra will be built on the open source code and it will allow the developers and the research community to monitor it for design and security flaws. The company will also implement the bug bounty program to incentivize the security experts in order to point out vulnerabilities in platform.