Libra, which will be available in 2020, will facilitate users' online financial transactions on the social network.
We have shared with you all the known details about Facebook's new crypto currency Libra in the past few weeks. Today, Mark Zuckerberg introduced Libra, Facebook's new cryptocurrency, with a post he shared. Libra, which will be available in 2020, will facilitate users' online financial transactions on the social network.
If you're wondering how Libra will benefit you as an end user, let's examine this new cryptocurrency together.
What is Libra?
First of all, let's say that Libra is defined by the company as a global currency and a financial infrastructure. Positioned as a digital asset by Facebook, Libra is also defined as a blockchain infrastructure produced by Facebook.
Why did Facebook create a cryptocurrency? How do legal processes work in this regard?
Facebook says it wants to reach 1.7 billion people who do not have bank accounts globally.
With this step, it is possible for the company to encounter obstacles within the scope of legal regulations and to face concerns of legislators about monopolization. If you remember, many lawmakers wanted to divide Facebook into parts in order to prevent Facebook from monopolizing, but before Libra was launched, no decree or law came into being. Despite this, it was said that the US Senate was asked to clarify the privacy concerns by writing to Mark Zuckerberg in May before Facebook's step in the financial arena.
Who is leading the Libra project?
Facebook's new crypto currency Libra will be managed by a corporate collective named "Libra Association". As we have already reported, Facebook aims a stable price policy for cryptocurrency, just like the dollar and euro. In this way, Libra will not be affected by price fluctuations in the clearing or payment process.
Libra Association is defined by Facebook as an independent and non-profit organization based in Switzerland. The organization has two functions, the first of which is to verify transactions on the Libra blockchain and to allocate funds for social responsibility projects by managing the reserve to which Libra is connected.
Companies that contribute a minimum of $ 10 million to the project are positioned as founding members of the Libra Association. These founding members include technology companies such as PayPal, Ebay, Spotify, Uber and Lyft, and investment and finance companies such as Andreessen Horowitz, Thrive Capital, Visa and Mastercard.
How is Libra Used? What is Calibra?
When the crypto currency will be available, users will be able to download Calibra, a digital wallet, and send the crypto money to anyone they want via their smartphones. You can use Calibra as a stand-alone application, or you can use it in Messenger and WhatsApp.
For now, it is not clear in which countries Calibra can be used. However, Facebook states that all people with a smartphone can download the application.
What can i get with Libra?
Facebook has produced Libra's digital wallet, Calibra, for users to send money to each other.
However, apart from these money transfers, Facebook plans to use Libra for payments to different vendors. For example, early stage investors of the project may receive payments with Libra in their applications of Uber and Lyft.
Is it safe to use Libra? Will crypto data be sold to advertising companies?
As Facebook's reputation for user data declines, users' privacy concerns are also increasing. The company states that it will use technologies that will prevent money laundering and fraud in this project.
Stating that it will benefit from the anti-fraud processes used by credit cards and banks, Facebook states that it will use automation systems that monitor account movements and proactively prevent fraudulent actions.
In addition, it should be noted that live support will be offered to users who lose access to their accounts. If you lose money due to fraud, Facebook will compensate you for it.
In addition, the company states that it will keep your financial data on account movements separate from your user ad profiles. It should be noted that, as in many crypto networks, users can use one or more accounts without associating them with their real identity. The company states that Calibra users' account information and financial data will not be used to improve ad targeting on Facebok.
Source of news: https://webrazzi.com/