The highly anticipated announcement involving Facebook’s cryptocurrency took place earlier today with the company stating that it intends to launch the token in 2020. Facebook also offered more insight into the project, which it had kept a secret for the most part of its development.
Last month Mark Zuckerberg stated that Facebook’s cryptocurrency would aim to make sending money as easy as sending a photo, digital, immediate, secure, and free.
Today, project Libra was revealed to the world. Also, the company announced the creation of the Libra Association, which will act as an independent organization that will be tasked with managing the virtual currency. The announcement also involved the launch of Calibra, a unit of the company where applications related to the cryptocurrency will be built.
Currently, Facebook has over 2.4 billion users around the globe, an audience that could spur a more significant mainstream adoption of virtual currencies than the rest can muster. Interestingly, the announcement comes at a time when Facebook has faced heavy scrutiny over its influence and its mishandling of user data.
Also, the announcement saw Facebook launch a test version of its blockchain, the tech on which coins like Bitcoin are based on. Facebook’s blockchain is an open source software that will allow developers to experiment with building applications on the platform while in the process submitting feedback on the code.
According to David Marcus, who runs Calibra, “Libra’s mission is to be a simple, global currency and financial infrastructure that empowers billions of people.”
One of the main goals of Facebook’s Libra project will be to help over 1.7 billion people around the world who don’t have bank accounts gain access to a stable currency and financial services.
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