Have you ever wondered about an upcoming cryptocurrency by a social media leader? libra is believed to be taking over the virtual transaction market as a fresh currency.
Mr. David Marcus on this project with over 50 fellow engineers. It was supposed to be called as GlobalCoin or Facebook Coin but later in June 2018, a formal announcement of libra was made. It is expected to be in the market form 2020. Some of the founding members of this currency are Facebook, Mastercard, PayPal, Visa and many more.
Initially, Facebook is not planning to have the currency to be traded openly, rather, only the members of the association will have the permission to make the transactions. Facebook will also launch an e-wallet for this currency namely Calibra.
libra is considered different from its competitors like BitCoin and others. Unlike the other cryptocurrencies, it will have an anchor over its fluctuating value. Facebook is planning to do that by assigning an asset which will be contributed by each investor in this project. It will have a proper demand and supply plan. Whenever there is a demand in the market for it, the association will create libra by buying the underlying assets and if the demand falls and people want to sell their possessions, the association will pay them money in return of the cryptocurrency and in turn destroy.
Whatever may be the situation, it is certain that in the near future, cryptocurrency is going to be a lad for the traders.