It is no news that Facebook has the entire race of humans under its complete control. It is the era of social media dominance where all our moves are kept under careful tabs. We live on our screens more than we live elsewhere. But that is the age we thrive in, and the one name that led to social media gaining control over almost every aspect of our lives is Facebook. By now, we know that whichever dimension Facebook forays into, it creates significant changes in the domain. The aim of the article is to provide an insight into how Facebook is all set to change the face of the blockchain technology with its latest project-Libra.

The Newest Cryptocurrency On The Block:

Libra is Facebook’s very own cryptocurrency which is all set to be launched with the turn of the year. Now, the term cryptocurrency might send shockwaves down your spine when you hear its name. But, Libra endeavours to change this very stigma that is still related to cryptocurrency. Though the popularity of cryptocurrency has skyrocketed over the past few decades, yet there are apprehensions clouding the judgments of several individuals. And this is precisely where Libra steps into the picture. Therefore, for the ones who are still uninitiated with the concept of Libra, here is some information that you could wrap your heads around.

What Does Libra Aim To Do?

Keeping in tandem with the rubrics of the blockchain network and the basics of how cryptocurrencies function, Libra too, happens to be a decentralized digital coin, but with more utilities. Speaking of utilities, it is important that we discuss what Libra promises to deliver in exact specifications. The very first thing that one must keep in their mind is that Libra promises to make dealing in cryptocurrencies a normal and regular affair. All this while, cryptocurrencies were only used by investors who dealt in massive figures. However, Libra aims to change that and make cryptocurrency a household name. Facebook’s own cryptocurrency attempts to make Libra more like a platform where people from all walks of life can come together and engage in financial exchanges. You could think of it more like one of those digital payment apps through which payments become incredibly easy.

An Ambitious No-Bank Account Approach-

One of the most distinguishing features of this latest cryptocurrency is that it aims at providing people with no bank accounts to come together to shop from various E-commerce sites and also involve themselves in online trading. This might seem like a far-fetched idea given how ludicrous it sounds, but Facebook is all set to make it happen. And in an attempt to materialize this, Facebook is endeavoring to bring to the fore a subsidiary organization known as Calibra. Now, you might be wondering about the security issues that are potent to sabotage your personal life. However, fret not. Facebook has taken careful and mindful steps to ensure the complete privacy of their valuable clients. Facebook vouches to never blend in your personal information on its social media platform with the information you provide in its subsidiary organization Calibra. However, Calibra is not the only payment gateway that can be trusted completely. Fortunately, there are a few more, like Flexipay that ensures the safety and security of your cryptos.

In A Nutshell:

It is only a wait of a few more days until we understand how well Facebook’s plan of implementing the highly ambitious project of Libra pans out. Libra might sound appealing and promise unexplored and unimaginable prospects in the vein of cryptocurrency and the blockchain technology. But it shall require a few trial runs before one can put their unflinching faith in the project.