The 7 things we know about Facebook’s Cryptocoin, Libra

The pace is quickening for the Libra launch, the Facebook-supported crypto currency due to be launched next year, yet most of the world knows nothing about it – here’s what we know.

01: Facebook won’t own it

Despite what you may have heard, Facebook is only one of 100 companies who are founding partners. They include Visa, Stripe, Vodafone and Uber.

02: Calibra will be the app to manage it

All cryptocurrencies need a digital wallet to store the ‘data’ of your transactions. Calibra describes itself as, “a new global currency on a new global network.“. Sounds fancy.

03: PayPal have bailed on it

PayPal established itself as one of the early partners in the Libra organisation, but on October 4th they withdrew their support (according to Wired) over concerns of money laundering.

04: The US Government isn’t keen on it

The BBC reported that some members of congress “don’t think [they] should launch Libra at all.” It’s thought that head of the Bank of England, Mark Carney, isn’t a fan either.

05: You can pay for stuff in WhatsApp & FB Messenger apps with it

Supposedly sending money via the apps will be easy as tapping a button. There is some concern over privacy here though.

06: Zuck may or may not track your spending with it

Libra data should not form part of the data advertisers can use to target you with adverts.

However, despite Mark Zuckerberg’s assurances, a committee of experts still claim Facebook, “…have failed to specifically address the information handling practices that will be in place to secure and protect personal information“.

07: It won’t be as volatile as Bitcoin

The currency is tied to a basket of government-backed currencies and other assets, to avoid the volatile swings often seen in cryptocurrencies like bitcoin.” said CNBC back in July.

Another key difference is that Libra transactions will be ‘managed’ by a panel of trusted parties, which means it’s not truly ‘distributed and ownerless‘ like Bitcoin.

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