Facebook has unveiled plans for a new blockchain and Criptocurrency called libra.
According to David Marcus head of Facebook blockchain team, in a statement released stated that the libra's mission is to enabled a simple global currency and financial infrastructure that empowers billions of people.
Because it's time for the internet to have a protocol for money and it's time to try something new for the 1.7 billion people who are still unbanked 30 years after the invention of the web. Said Marcus
The creation of Libra assocciation and the Libra blockchain has Facebook team as major key role working with other 27 founding members from including Uber, Paypal, Visa Inc.
Facebook said it created calibra, a regulated subsidiary to ensure separation between social and financial data.
With three major parts created to work together for more inclusive financial system.
"Libra is built on a scalable and reliable blockchain".
"It is backed by a reserve of assets designed to give it intensive value".
"It is governed by the independent Libra association task
"All over the world, people with less money spend more on financial services, hard earned income is eroded by fees, from remittances and wire cost to overdraft and ATM charges".
These blockchain and Criptocurrency have a number of unique properties that can solve the problem of accessibility and trustworthiness which includes distributed governance that ensures that no single entity controls the network open access financial system.
Facebook assured that the value of Libra, the unit of the currency will remain relatively stable overtime citing that people need to have confidence that they can use Libra.
Libra is a digital currency supported by established government backed currencies and securities with a goal to avoid massive fluctuations in value so it can be used for everyday transactions across Facebook.
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