Facebook Released a new Cryptocurrency Called Libra - What Is It And What's Its Different From Bitcoin
Facebook has revealed cryptocurrency, Libra, that helps you to buy things or send money to other people with nearly zero fees. you can buy or get your cash out from your Libra online or at some local exchange points,you can spend their money through a third party wallet app or Facebook Calibra wallet that is going to be built into WhatsApp, Messenger and Facebook's other own app.
Yesterday Facebook explained Libra and its blockchain system before it's public launch in the first half of 2020. Facebook declared that it will not fully control Libra, it will take decisions by votes with other founding members of the Libra Association,like Visa, Uber and Andreessen Horowitz, those who have invested more than $10 million each in the project.
Facebook hopes to reach 100 founding members before the official launch of Libra and it opened it to anyone that meets their requirements even for Facebook's direct competitors like Google and Twitter. The Libra Association is based in Geneva, Switzerland this This place was chosen neutral reasons, and the country's strong support for financial innovation like blockchain technology.
In addition businesses who accept Libra for payment gives customers discounts or rewards.
Facebook has announced a new digital wallet also with Libra called Calibra, which will be operated by the company as a separate subsidiary providing the users a way to store and spend The Libra cryptocurrency.
Calibra willl not be available for months...
This picture explains the app design :
The Libra currency is represented by a 3 wavy horizontal lines unicode character ≋ .
The value of one Libra is meant to stay stable, so it’s an excellent medium for exchanging, because the merchants can be sure they won’t be paid one Libra today that is worth less tomorrow.
Move Programming language
The Libra Blockchain is open source and licensed with an Apache 2.0 license; that means any developer can build apps that work with it by using the Move programming language.The Move language isn’t fully ready now. It was created to make it easier to write the blockchain code and it was called Move because its primary function is to move Libra coins between accounts.
The transaction code is like: LibraAccount.pay_from_sender(recipient_address, amount) procedure.
The difference between bitcoin and Libra
Bitcoin and Libra are vastly different the most notable difference between them is Bitcoin’s decentralization... no one controls Bitcoin unlike Libra that is controlled by Facebook and the Libra Association which have a tremendous amount of control over the Libra.They both have different types of blockchains Libra ill run on a permissioned blockchain; which means miners must ask for approval before starting their mining. Bitcoin’s blockchain is permissionless; miners can simply mine for it.
And unlike Bitcoin which is illegal in many countries, Libra is totally legal to use.
In Conclusion
Libra is the new Facebook's cryptocurrency, you can cash it out in your local currency whenever you want, you can spend Libra like dollars with no big transaction fees and without attaching your real name.
