Facebook Libra coin is one of the most exciting cryptocurrency project the mission of creating a simple global currency and financial infrastructure. In this article will describe the basics of its uses, functions, and features. Let’s get dive in,
What is Libra coin
Libra is a digital global cryptocurrency which enables access to the money globally with a simple, secure and scalable way using blockchain technology. Facebook Libra coin is stable cryptocurrency back by a reserve of assets that help keep its value stable value. Libra is governed by the independent Libra association, the task with evolving the Libra ecosystem.
The Libra Blockchain is a decentralized, open-source programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world.
The Libra blockchain transactions validated and maintained by the Validator nodes around the world where initial validator nodes will be run by the Association’s founding members such as Facebook subsidiary Calibra, Mastercard, PayPal, Stripe, Visa, Uber, Coinbase, eBay, etc.
Libra association is an independent nonprofit organization with the mission of governing and maintaining Libra association members, Libra reserve and the Libra blockchain together. Association members will become the validator node of the Libra blockchain owning the sufficient amount of Libra coin. Initially, 100 members will become the founding member’s Libra association.
Facebook plays a major role in creating the Libra association and Libra blockchain wherein 2019 they will carry the Libra’s leadership role. Once the Libra launch same role will apply the Facebook subsidiary Calibra like other founding members of the Libra association.
What is Libra reserve
Mainly Facebook Libra reserve is used to maintain the stability of the Facebook Libra coin intrinsic value overtime where the value of Facebook Libra coin backed by the reserve. Facebook Libra reserve created by the basket of fiat money where money will come from the Libra association’s members and Libra coin users.
Libra association will payout to an incentive of its member’s with the Facebook Libra coin to help of mass adoption of the Facebook Libra.
Also, User’s fiat payment will go to the Facebook reserve where Facebook Libra coin will trade on trusted, liquidated exchanges.
When Libra will launch?
Nowadays Libra test net is live for the developers and its community to test Libra blockchain. Libra blockchain main net will available in early 2020 according to the Libra association website but there are few regulation issues with the US SEC such as user’s privacy concern etc.
How to invest in Libra coin
In other cryptocurrencies, you can buy the coin and sell higher price to get profit but you can’t buy Libra lower price and sell higher price because of the Libra coin is stable and Libra coin price will around the US or EUR currency price.
There is a way to invest in the Libra project being a member of the Libra association and maintaining the validator node in case you need to 10$ million.
How to buy and store Facebook Libra coin.
Still, there are no ways to buy the Facebook Libra coin but in future trusted and reliable liquidated exchanges will available to the buying Libra coin.
Your purchased Libra coin will store in the Calibra wallet while other members developing their wallet also, you will use Calibra to exchange between Libra coin and Fiat money.
Libra coin main purpose is being the “Money of the internet” where It can use as a payment method, processing cross border payment, spend money online for buy and sell goods and services, etc.
Once the Libra launch, the Libra coin will be available in Facebook Messenger and WhatsApp integrating the Calibra wallet for send and receive the Facebook Libra coin.
Conclusion – Facebook Libra coin
Libra is an exciting cryptocurrency project using blockchain technology and It will fulfill the needs of digital currency of the Internet other than granddaddy Bitcoin or Ethereum or Ripple. In this article describe basic of the Facebook Libra coin, Libra blockchain, Libra reserve, etc.