Tech giant; Facebook Inc. has given details of its new cyptocurrency called Libra which the tech giant says will help the users buy things and send money without being charged any fee.
This is a move by the social media company to leverage on the blockchain technology which experts have said allows for a more secure way of dealing with transactions.
According to a tech news website, Tech Crunch, the coin will allow users to buy things anonymously through facebook’s owned wallet called Calibra wallet or any third-party wallet app.
Here are 9 very important facts you should probably know about the Facebook’s new digital coin:
1. Facebook recruits 28 founding members for the coin with $10 million membership fee The tech giant recruits 28 people into the Libra Association to help it with managing the coin, where the core task is to ensure the transparency of the coin use. The members also paid $10 million before they joined.
2. Calibra wallet will launch together with the coin Calibra wallet will serve as the coin port, where users who are not so comfortable with third-party wallet, can store the digital coin, while your identity will be anonymous and protected from public.
3. The technology is built on an open source platform What this means is the alt coins, otherwise known as alternatives coins can be built on the Libra blockchain network.
4. The Libra coin eliminate transaction fees on the facebook app: With the new digital money, users of the coin would not have to worry about any transactional fee. This may been what separate Libra blockchain technology from others like it as Ethereum and Bitcoin blockchain still requires some fees to move their coins from one place to another.
5. Facebook will not be in full control of coin It was gathered that the tech giant though owns the coin will not fully control the Libra coin and will only het a single vote over the coin governance.
6. The name Libra has a Roman origin The name of the coin comes from the Roman world that describes a unit of weight measure. It is also a play on the French word ‘Lib’ which means free. Facebook may be trying to stir a sense of financial freedom with the naming off the coin.
7. Libra coin comes with great privacy Just like any other blockchain projects, the Libra currency will offer its users privacy. That way, details of users won’t be used by the Facebook compa
8. Libra Association will earn interest on your coin To keep the coin stable, the Libra Association will earn on every coin kept in its reserve. This move to ensure the stability of the digital money could be seen as a very good money as cryptocurrencies have been known to be highly unpredictable and so unstable.
9. The Libra blockchain can process 1,000 transactions per second The Libra promises a very fast transaction time as it can handle 1,000 transaction every second. What this means for users is that there will not be any downtime on the platform.