Thursday, January 23, 2020

Facebook Libra Coin Whitepaper Released, Here’s a Breakdown

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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.

After a long wait, Facebook finally released details about it’s proposed cryptocurrency; Facebook Libra coin.

There is a lot of hype around the project, you’ll think it’s been released already. But on the contrary, what was released was a whitepaper by the Facebook team. The document detailed information about the Facebook Libra coin, the underlying technology, its reserve, its governing body, and when the project is expected to be launched.

Why the hype, FUD, FOMO, about Libra?

A lot of analysts have voiced their opinions about the impending cryptocurrency. Some in favour, while some against.

It’s believed that when released, facebook Libra coin will be the most powerful cryptocurrency.

This belief is born out of Facebook users data. As of March 2019, Facebook is said to have about 2.4 billion monthly active users. On average, 1.56 billion people log onto Facebook daily.

However, with Bitcoin, the estimated amount of active wallets stands at 32 million. As reported by the Bitcoin Market Journal, a fair estimation of Bitcoin users stands at 25 million globally.

Another school of thought believes Libra will give more power to the current top-ranked cryptocurrency, bitcoin (bitcoin).

Changpeng Zhao, popularly referred to as CZ made a clear point, stating that the Facebook Libra coin stands against the purpose of cryptocurrency which is to bring anonymity to its user.

“Facebook Libra coin don’t need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML!” CZ says in a tweet.

Facebook Libra coin, What To Expect

According to the released whitepaper, the cryptocurrency is expected to be launched in the first half of 2020.

Presently, the Facebook team has rolled out the Libra coin’s official wallet – the Calibra.

Also, the Libra’s initial testnet has been rolled out for developers to experiment and build upon.

The project’s governing body referred to as ‘founding members’ will see to the Libra project becoming a reality.

As revealed, some of these founding members include top financial organisations, technology, and blockchain firms. These are MasterCard, Visa, PayPal, eBay, Uber, Coinbase, Xapo, among others.

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