Everything you need to know about Facebook’s cryptocurrency “Libra”

By Shaheryar Ehsan on
June 19, 2019
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Facebook in coordination with a number of other companies, has announced its own cryptocurrency called “Libra” which will be available for use next year. Under subsidiary Calibra, Facebook will setup a digital wallet for the currency which will allow buying and selling of Libra as well as making it recognized at top retailers throughout the world.

The question going on everyone’s mind right now would be what is the distinguishing factor between Libra and other cryptocurrencies. Let’s explore some of its features:

1. Facebook doesn’t have the primary share in Libra

Some people may be thinking that Libra is entirely governed by Facebook but it is actually a separate entity having stakes of a great number of other top tech and banking companies such as Uber, PayPal, Spotify, Mastercard, Vodafone, Visa, Stripe and many others. To become a founding member of the cryptocurrency, each organization has paid around $10 million to become decision-makers in the governing organization.

So rest easy those who might be concerned about privacy issues thinking Facebook is the primary owner. Libra is a separate organization with a diverse board of directors governing it.

2. Libra’s worth will remain stable

The main standout point about Libra is that Facebook and the consortium members intend to make its worth stable. The members will earn on interest based on the reserve money in pounds, dollars, etc. which will be used to keep its worth stable so there is a chance we won’t expect fluctuations similar to Bitcoin or other cryptocurrencies.

3. What is Calibra?

Calibra will be the subsidiary and also the main app which will act as a digital wallet for transactions using Libra. Calibra will allow users to conduct transactions i.e. send or receive money through Facebook and WhatsApp. In time, users will be able to borrow money and pay bills using the Calibra app as well.

4. When can you get Libra?

Libra has been developed by Facebook and the association intends to make it available for the public at large in the first half of 2020. There is a whitepaper available for reading right now for those interested in getting to know about Libra in detail.

5. What is “Move”?

Move is a programming language based on Libra, an executable byte-code language used to develop applications on the cryptocurrency and implement smart contracts. The key feature about Move according to Facebook is custom resource types with semantics inspired by linear logic. Facebook is currently working on Move and it will most likely be available in 2020 along with Libra. You can read a whitepaper on it here.

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