Libra Coin and the potential to change the cryptocurrency ecosystem

by TrendBitcoin , June 23, 2019

Facebook Inc. the largest social media company in the world released a 12-page White Paper where it describes its Libra Coin Project which focuses on solving and bringing financial availability to users worldwide.

How will it work? Well is not gonna work like bitcoin or ethereum, Libra Coin will be backed by the existing financial system and each coined will be backed by traditional money in the bank to support its price.

Facebook is aware that people don’t want to mix their financial data with other personal data, like the information they post to their Facebook profile. So Facebook created a new subsidiary, Calibra, that will build and maintain the company’s digital wallets and work on the Libra Coin cryptocurrency. Facebook’s blockchain boss, David Marcus, says Calibra will store this financial data on separate servers, and won’t share it with Facebook.

Libra Coin will also be designed as a blockchain platform where new coins will be able to get developed from there.

One important thing that we note is that while Libra might or might not work in terms of mass adoption, it can give an idea to the masses on how cryptocurrencies operate , the same way when Facebook started to become popular and slowly people started flocking to it to the point that at this point in time , there is no one on earth that does not have or had at some point a Facebook account, it could well work as the gateway for the average person to start adopting cryptocurrencies with Libra Coin.