Questions Technology

Do you trust Facebook's ambitious Libra token?


Alpa Dutt

Tagline Not available

Facebook just reinvented cryptocurrency, and it’s called libra. Libra is not precisely like bitcoin though it uses blockchain technology. Libra is like cash that lives inside your phone. You will be able to buy libra through libra wallets apps on your phone. You can cash in your local currency like dollars and get nearly the same number of libra coins, but first, you have to verify your identity with a photo ID, you’ll then be able to spend your libra on online shopping, etc.

Since it’s almost free to move libra from one account to another digitally, you won’t have to pay high credit card processing fees that can add nearly four percent to your total. Facebook is even building its libra app called Calibra that will live inside of WhatsApp, Facebook messenger, and it’s own standalone app, and the downside to this is that your payment will be public.

Libra is not just controlled by Facebook. Instead, libra is run by the 28-member libra association that it hopes will grow to a hundred members by the time it launches in the first half of 2020. Financial companies like Visa, MasterCard merchants, and apps like eBay venture capital funds and are members. The significant risk of libra is that anyone will be able to develop apps for it, and the downside to this is that instead of some app maker snatching your info, they could steal your digital currency. And this makes it hard to trust them with your money. So to answer your question, I personally cannot trust facebook’s libra cryptocurrency.

Airtract emma brown -

But doesn't a handful of companies controlling Libra itself is against the prime objective of peer-peer technologies? I mean, blockchain was certainly designed to provide freedom from cartelization and control in the first place.

Vote1 Date:31-01-2020

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