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Crypto news: Cryptocurrency Libra from Facebook – review and Outlook

The world’s largest social network Facebook has initiated the development of a new cryptocurrency Libra. In recent months, news about it appears in many media and user interest in the project gradually increases. How not to go overboard and capitalize on the Libre when it appears on the market? What are the advantages and prospect of Libra cryptocurrencies before Bitcoin and how to use them for personal benefit ordinary users?

Криптовалюта Libra от Facebook – обзор и перспективыPhoto: GETTY IMAGES

The contents

Briefly about the project

Representatives of the company initially avoided Facebook reviews on a new ambitious project. Even at the hearings in the us Senate authorities have failed to learn a particular purpose and principles of the project. Moreover, the representatives of Central banks and governmental bodies from different countries began to trumpet the risks of the project long before its release or even announcement.

The community interest has heated up even more thanks to the major event that occurred in June 2019: the developers of cryptocurrency Libra has published a White Paper with a plan for further development.

What is cryptocurrency Libra?

Officially, the White Book was published on June 18, and it became clear that the project will have its unique blockchain. Libra is a stable coin (like USDT), that is, its price will not be as volatile as many other cryptocurrencies.

Криптовалюта Libra от Facebook – обзор и перспективыSource

To maintain stable prices will be used by the project Libra Reserve, which is based on assets, Bank deposits and securities from the world’s major Central banks.

Many make the mistake of assuming the coin Libra child alone Facebook. In fact, the project was initiated by a nonprofit organization called The Libra Association, registered in Switzerland. It includes nearly three dozen major companies, including Facebook, Visa, Uber, PayPal, Vodafone, MasterCard, eBay, Coinbase and many others. Still be willing to join it.

With Facebook project associate, as the company has played a major role in the establishment of the Association and the blockchain for the future project. All major decisions for the development of the cryptocurrency belong to the group, but at the end of 2019 Facebook it will take the place of leader in the further development of the project.

Zuckerberg also owns the company Calibra developing original for future crypto tokens. After starting Libres, to be held in 2020, Facebook will receive the same privileges and financial opportunities as any other member of the Association of founders of the project.

The advantages of Libra before bitcoin and Althingi

According to the developers of the project, the Libra will surpass many of the existing cryptocurrencies, including the giant in the face of Bitcoin. The main advantages will be the following features:

  • The project will receive an easy-to-use and intuitive mobile app. Transaction complexity will be comparable with sending text messages or photos.
  • Users will be able to trade with a minimum Commission.
  • The implementation of direct integration of cryptocurrencies in all products Facebook, among them WhatsApp, Messenger and many others.
  • The higher the transaction rate.
  • Libra will allow you to carry out any monetary transactions either online and offline.
  • All financial transactions will be completely confidential and secure.
  • Developers guarantee to return funds to the user if found to be fact any fraud.
  • Planned hour technical support, and assistance, users will be able to through Messenger and WhatsApp.

Where, when and how to buy Libra?

Each user will soon have the opportunity to buy Libra for the national currency. The project is unique, as each currency unit will be created when buying it and disposed of the sale. A unique approach will maintain the stability of token Fiat money held in the reserve system.

Group of companies The Libra Association will have the right to dispose of financial assets from the backing store: to invest in new projects or to spend the interest earned on maintenance of the established network. Also from the reserve will be paid to debt investors.

Криптовалюта Libra от Facebook – обзор и перспективыSource

Official wallet Calibra

The project has recently appeared on the RoadMap, according to which a full release of the original crypto will be held in 2020. Now users can leave their email addresses on the official website of the project, which sent letters of invitation to early test public purse.

The developers promise that the crypto will be available on Android and iOS platforms, and it will be very convenient. The site also has the official promotional video, which clearly shows the interface of the future purse for promising coins Libra.

As Libra will affect the cryptocurrency market?

Soon after the announcement of the new project intelligence portal Binance Research has published a large and detailed review, which clarified many of the details of the project. Each user will be able to quickly understand what Libra and how it can affect the cryptocurrency market in the short and long term. The key aspects that have a direct impact are considered:

  • Cryptocurrency is created on the basis of the Libra block, the Libra Network, which was developed by experts of the Swiss Foundation and the Association, headed Facebook.
  • Digital coin has security in the form of financial assets provided by the operators of nod. This so-called reserve of Libra. In 2020, when there will be the launch of the network, the coin will have support assets denominated in multiple Fiats: dollar, Euro, British pound, Japanese yen.
  • The network operates on principles of Proof-of-Stake system two tokens. The infrastructure will rely on the BFT consensus algorithm and have the support of smart contracts after the transition to the open blockchain.
  • In the next year and a half Libra build in the ecosystem of Facebook (with Messenger and WhatsApp) using crypto Calibra. To accelerate the dissemination of the digital asset among the 2.4 billion users, resulting in a faster bitcoin will be adopted at the global level.
  • In the medium and long term, the initiative will greatly affect the global and local markets, the global financial system and cryptonote in General.

Medium-term prospects for Libra

Facebook has a real chance to gain a foothold in the cryptocurrency market, performing providers opensorce tools for digital applications, Internet resources and e-Commerce.

The volume of supply of cryptocurrency Libra can be increased with the expansion of the availability of the new coins for ordinary users and large investors.

The long-term prospects of the coin

Analysts in many research agencies working in the field of cryptocurrency predicts good prospects in the long term:

  • Modernization of the payments system. In the digital world can form a new kind of intermediaries, which will replace the position of banks in the market.
  • New proposals on the financial services market. Will have the unique providers developing innovative applications dApps on the platform of Libra, which will be available to users from different countries.
  • Financial freedom and reduced control over transactions. Central banks will not be able to resist the outflow of capital, and they will be harder to implement restrictive monetary policy.
  • Will start the de-dollarization. In the case of global adoption of scriptactive Libra can be a new unit for settlement transactions for all trading areas. This will reduce the dependence on the main Fiat currency, which is used in the quotations of goods and services.

This year Libra will be battle-tested in the test mode, which will set the future path for development and globalization.

What the experts say about Libra?

Interest in the new project is very large, and the media it is actively heated. Many experts Express their opinions about Libra. Larry Cermak of The Block notes that the coin is devoid of decentralization and resistance to censorship, which is peculiar to the coins. He referred to explicit cons, and there are no guarantees in the technological sophistication of the new means of payment. Ryan Todd, another analyst from The Block assumes that the crypto Calibra won’t be available in all jurisdictions, and this has a negative impact on the project.

Bart Smith, head of digital currency trading platforms Susquehanna, I am confident that the launch and development of Libres will have a positive impact on bitcoin.

Joe Kernen with CNBC wittily said that the launch of Libra once again highlight the benefits of Bitcoin, which is not in the project from Facebook. He said that bitcoin is a currency for the people, and Libra – for corporations.

Криптовалюта Libra от Facebook – обзор и перспективыSource

Alex Krieger, known cryptocurrency economist, is more optimistic. He believes that the launch of Libra will raise the share price of Facebook will benefit many users of the social network.

Alex Kruger, a world renowned financial analyst, believes that bitcoin and Libra are generally not competitors to each other. BTC is not stablein, and it is resistant to censorship, in contrast to the Libra. While Bitcoin Cash to compete with a new coin from Facebook certainly will not.

In General, cryptanalysts have a positive attitude to create a new project. Many believe that this has a positive impact on the entire financial system with digital assets.

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