Writer of ISF Dgital
After years of planning, evaluating options and signing agreements with influential companies from the finance industry, Facebook is ready to move on to the final stage before the launch of Libra. Following steps similar to those taken for Ethereum or Bitcoin, Facebook developers used blockchain technology to turn Libra from a concept coin to an actual cryptocurrency that promises to solve problems related to the transactions of funds truly.
Facebook wants to see Libra offer more than its crypto competitors. Libra is to become a payment service instead of being just another crypto coin. This will be made possible through Novi: the e-wallet that will process the exchanges of Libra funds. Novi, which was formerly known as Calibra, has recently been rebranded and undergone coding adjustments that will increase its functionality and safety of use.
Using Libra to Pay for Anything Online
The launch of Libra will not mean that Facebook has discovered a new continent in terms of online payment services, but its release can really make a difference. The new cryptocurrency is designed for speed and effectiveness. Imagine reading a Starburst slot game review and then instantly being able to make a deposit using Libra and starting to play, or imagine having a family member stuck at an airport in a country far from home and easily sending them funds to take care of all the necessary arrangements.
Unlike other cryptocurrencies, Libra will come with a lot fewer limitations and transaction risks. There are, of course, things that need to be improved and things that have not worked out as expected. This is probably the reason why Facebook decided to shake things up, by appointing a new CEO to its Libra branch of business. Having the communication and marketing covered by Facebook, the new team of executives will have the ability to focus on safety issues, transaction functionality and business partnerships.
Things that Make Libra Different than other Cryptocurrencies
Despite the fact that all cryptocurrencies are characterized as the new form of money, Libra is expected to be the one that will really live up to the characterization. Mass adoption is probably a given, considering the potential of having it being used by the billions of members, using one or more Facebook-owned media services. From a technological perspective, being able to make payments as easily as sharing your thoughts via Facebook posts is something that both individuals, as well as businesses, will want to buy-in to.
Value-wise, Libra offers something completely different to what we know about cryptocurrencies. Libra owners will not have to worry that their coins will lose value uncontrollably and that they will go from being worth as much as a car to being worth as much as a pack of chewing gum. The expectation is that Facebook’s cryptocurrency will have a stable value, free from extreme volatility, uncertainties and dark web activities. This, of course, is bad news for online traders who need cryptocurrencies to be volatile, for them to be able to make a profit through the opening and closing crypto positions through trading platforms.
Finally, the launch of Libra is also expected to have an effect on traditional payment methods. Being able to easily transfer money from one account to another for a fee much smaller than that necessary for a bank transfer is something that will definitely upset the bankers. Still, it will satisfy every single consumer out there. In other words, Libra is expected to do the job for which Ripple was created back in 2012.