Facebook is well known for giving people the power to build community and bring the world closer together. With around 1.62 billion daily active users at the same point, Facebook empowers people around the world to share ideas, offer support, and ultimately make a difference. By promoting economic activities such as introducing fundraising tools and features for building connections and communities, Facebook has never missed a single opportunity to bring the world closer together. In fact, it has acquired many other social platforms like Instagram and WhatsApp and now has stepped into the Crypto World recently(2019) by introducing “Libra”, a global payment system backed by Blockchain.
Libra Payment System: Connecting Global Financial Systems together
Libra is a global blockchain-based cryptocurrency payment technology led by Facebook which was commenced on 18 June 2019. The Libra Association’s mission is to enable a simple global crypto payment system and financial infrastructure that will empower billions of people. Facebook is taking this step to make money truly ‘global’, ‘stable’, and ‘secure’ with the same financial opportunities for everyone, designed for the truly fast-changing digital world.
Libra is built on Blockchain technology, which is a distributed ledger that is completely open to anyone. In simple terms, the technology enables the open, instant, and low-cost movement of money, globally. The Libra payment system will support single-currency stablecoins such as ≋USD, ≋EUR, and ≋GBP. In addition to the single-currency stablecoins, Facebook has introduced a multi-currency coin “≋LBR” or “Liber Coin”.
As Facebook says, “A little change for everyone, can change a lot for the world”. Facebook has introduced Novi (previously known as Calibra), a digital wallet to receive and hold Libra currency from anywhere in the world much faster, stable, and secure. This would add as an extension to Messenger and WhatsApp. The balance in the Novi wallet could be withdrawn in your local currency when and wherever you want. Libra coins will be backed by government securities or reserves of assets and cash equivalent.