Facebook have taken on board more than a dozen companies which include the very famous names of, Visa, Mastercard, PayPal and Uber. They have acquired such companies for their upcoming cryptocurrency. Moreover, these companies are willing to investabout $10 million each in a consortium which will govern the cryptocurrency. In addition to that, the money will carry out the function of storing money and to in turn create the crypto-coin, which will be pegged to a basket of government-issued currencies.
Furthermore a report has surfaced online which shows that the cryptocurrency which has been codenamed as the Facebook’s “Project Libra” and this project is in placeto allow Facebook users to transfer money across all borders and to also make online purchases. Furthermore, it is expected that the currency will operate within the company’s messaging infrastructure, inside this infrastructure lie the top applications known as, WhatsApp, Instagram, and Facebook Messenger.In accordance with previous reports, project Libra was designed to be a stable coin which will gain its value from that of the US dollar (unlike other decentralized crypto), making it immune to the instability that other cryptocurrencies suffer. The blockchain based cryptocurrency would supposedly be “far more centralized” than Bitcoin and the company would tap other firms to help run the system.
However it is worthnoting here that neither Facebook nor any other members of the consortium will be able to run the currency, themselves as some of the investors will work as “nodes” to the system and in additionto that they will also be able to verify payments and keeping records. Moving on, If things go according to the plan and objectives that the company wishes to achieve with the new cryptocurrency, this currency will eventually work like common checkout options, such as PayPal, that people all over the world use. It is also worth mentioning that the project is underway and Facebook have already commenced the recruitment stages for the new cryptocurrency. When the company will launch this new currency is still to be seen, but with Facebook you never know, we might be a week away or a month or even a year, but we will keep you updated.