Home Tech News Facebook Has Announced Its Own Cryptocurrency Called Libra

Facebook Has Announced Its Own Cryptocurrency Called Libra

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Facebook Has Announced Its Own Cryptocurrency Called Libra

Currently, the tech industry is going through some tough period because, from last few years, no major company has come up with a revolutionary product be it like Amazon, Google, Apple, or Facebook. However, all of these companies are trying to diversify their resources, and something like that has happened. The social media giant company Facebook has decided to launch its cryptocurrency named “Libra,” which has shocked many people from the tech industry. According to Facebook, you can send and receive “Libra” for exchange of any goods or services whether it’s offline or any online purchase.

You can trade the required amount of Libra through any third party wallet apps like Facebook’s wallet app “Calibra” for transferring and receiving these Libras. Accordingly, many other big companies have also invested in this revolutionary cryptocurrency, and Facebook is not going to own it entirely since it will have only 10% of control over Libra. Visa, Uber plus Andreessen Horowitz have invested more than $10 million each in this project. The use of cryptocurrency has always been a topic of discussion among tech and business enthusiasm because everyone wants to see a nonregulated payment system. Many banking companies are worried that blockchain technology could be the key to their end if implemented correctly.

Facebook, along with other major companies, are going to promote open source libra blockchain platform so that people would come and enjoy a nondisruptive and safest mode of payment. Since because of blockchain technology facebook will not be able to use the data of your payment for targeting a Facebook Ad. Even though some tech experts are skeptical about it because of Facebook’s primary ownership in Libra. However, launching a cryptocurrency like this will improve Facebook’s value, but only time will tell whether people who are concerned about data privacy issues are going to like it or not.

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Tajammul Pangarkar is a tech blogger, and has contributed to numerous tech magazines. Taj's longstanding experience in the field of mobile technology and industry research is reflected in his insightful news articles as presented on TechnoVally. His interest lies in understanding the tech trends, mobile applications and technical consciousness on these increasingly consumer-oriented industries. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.