Facebook has been working its way into the cryptocurrency business for a while now, and it is finally unveiling its crypto network which includes more financial firms
Having a cryptocurrency of your own is a thing, and having a network that transacts with it is a different ball game entirely, and in this case, it is actually what matters most. So far, Bitcoin has remained the most sorted after because it is been used by the vast number of organizations, and while it stands unshaken still, several other currencies of its kind are still in the business of struggle, with Etherum been the closest to making more advancement in the race, although quite a distance away from meeting up with Bitcoin.
That been said, a new Facebook-driven coin known as ‘Calibra’ is on its way and it may likely be the game changer, but there is but a few information about its operation, so we can not assume if it is the kind that will catch up with Bitcoin and its likes in a matter of a few years.
Like I said earlier, for the cryptocurrency to work effectively, a transaction chain must be created, and these see to bringing third-party firms on board, and that is what the ‘Libra Circle’ means in a nutshell. The social networking company said it plans to launch Libra in an effort to create a new payment system, and while this is the company’s biggest step into the emerging realms of digital currency and blockchain technology it plans to carry several other firms alongside.
While the Libra circle now has new members, some of the latest to participate include, Mastercard, PayPal, Visa, PayU, Uber, among several others.
Facebook said that it wants the currency to be available starting the first half of next year and that it believes many of the 2 billion people who are already on the company’s services will one day regularly use the new currency to buy things or send money internationally