LIBRA CRYPTOCURRENCY FROM FACEBOOK. DECENTRALIZATION? HOW TO EARN MONEY? WHERE IS WHITEPAPER?
Cryptocurrency is interesting to everyone now. As a confirmation of this, one of the recent news is that the Dubai real estate department plans to switch to blockchain. Apple has presented a set of cryptographic tools for application developers, but the direction is right, we meet CryptoKit.
Sonny Singh, commercial director of BitPay’s cryptocurrency payment service, is confident that large business will raise the cryptocurrency even higher. In an interview with Bloomberg, he said that business interests are now fuelled by the cryptocurrency market, and everyone has finally seen a real scenario for the cryptocurrency.
A lot of attention is now paid to the TON project by Pavel Durov, and today we decided to talk about Mark Zuckerberg and the cryptocurrency from Facebook.
– who’s working on the project;
– when the Libra whitepaper is published;
– Libra or GlobalCoin;
– Decentralization of the coin;
- prospects for the development of Facebook’s cryptocurrency.
Who is working on the Facebook cryptocurrency project?
Over 100 developers are working on Mark Zuckerberg’s cryptocurrency. The number of programmers became known from the analysis of profiles in the professional social network Linked In, and from there and another news: Facebook continues to recruit employees. He needs 30 more people to take care of the business part. David Markus leads the process of giving birth to the Facebook token, he was lured from CoinBase, and before that he was president of PayPal. Perhaps it is with his submission that soon Facebook employees will start receiving part of their salaries in crypto.
When will whitepaper be published?
Looks like whitepaper will be published in the next couple of weeks. Several sources report that all the major news will follow until the end of June. There is even clearer information, if the sources of TechCrunch do not lie, the white paper of the project will be published on June 18.
What’s in the whitepaper? Let us first remember what we already know. It will definitely be stablecoin, tied to a basket of fiat currencies. Instagram and What’sApp will participate in the new coin economy. The working version of Facebook blockchain will start working in 2020, this information has also been confirmed many times by various sources, including Facebook itself.
How can you buy a token?
Tokens can be purchased in a variety of ways, including through mobile apps, and the option of physical gateways is also being considered, apparently ATMs. By the way, what is the name of the coin? Earlier, the BBC reported that we are talking about the name of GlobalCoin, but later the agency corrected in TechCrunch, according to their information, the coin will be called Libra. In support of this, Reuters reported about the opening of the financial and technical company LibraNetworks by Facebook in Switzerland.
To secure the coin, Facebook will have to buy the equivalent of $1 billion in different currencies. This will be the token security. Similar to Tether, but more transparent.
What about decentralization?
Facebook expects to follow the example of some of the popular cryptocurrencies that you know very well. There is talk of blocks being closed with 100 nodes of validators. Outsiders of such nodes may well become anybody else, but there is only one nuance: you will have to make a modest steak in the amount of $10 million.
It doesn’t matter if it’s Libra or GlobalCoin, all the other details you and I will be reading them whitepaper, hopefully next week.
Will Facebook and Libra be okay? We think so. Zuckerberg will hit the central finance industry hard again. Shopping, micro-payments, transfers, all of this will go out of control of the banks. And it can only be hindered by the demographic crisis that Facebook is slowly moving towards as a social network. Studies by an analytical company show that Facebook’s audience is constantly and confidently aging. 55% of users are over 35 years old and this figure is growing. Are there many crypto-enthusiasts among them? Will Facebook be able to make its crypt as simple as a one-dollar bill? We will find out very soon.