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Facebook officially announces its Libra cryptocurrency – here’s what you need to know

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Facebook libra cryptocurrency
Image: Facebook

Word on the street was that Facebook was working on its own blockchain and cryptocurrency and now it’s official.

The company released the white paper associated with the digital currency today with details on how the currency will work. Like most things blockchain, the buzzwords are pretty typical: global availability, privacy, and innovative uses of smart contracts.

A public launch of the service is planned in the first half of 2020.

More about Facebook’s Libra cryptocurrency

As with most things crypto and blockchain, things can be a bit confusing – especially for those who are not familiar with decentralized banking and currency. Then, when you add in the ominous term “Facebook”, people are quick (and rightfully so) to be skeptical of anything involving money and a company that has a problem keeping data private.

Libra, and the new company Calibra, are completely separate from Facebook and your data from the social site will not be tied to the currency in any way.

In addition to Facebook, other companies will share control of Libra. These include Uber, VISA, and Andreessen Horowitz, all of which have invested at least $10 million into the project.

More about Libra and what it means for you:

  • Your personal details will not be tied to the service
  • Transactions are public (one of the appeals of blockchain tech)
  • You can use the currency on WhatsApp and Messenger through FB’s Calibra wallet
  • Fees will be low, which could be great for those that send or receive money internationally
  • Almost 2 billion people lack a bank account worldwide, crypto/blockchain can help with that

There’s a lot of information to take in here, so if you want to read a full report on Libra, Calibra, and the uses of blockchain, make sure to check out TechCrunch’s full report on the upcoming cryptocurrency here.

What do you think? Interested in Facebook’s cryptocurrency or are you hesitant? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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Former KnowTechie editor.

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