The steps follow very quickly on the side of facebook about the creation of his new crypto-currency. We wondered what it was a few weeks ago for what was still an industrial secret (read the article here). Today we know that this project is called Libra.

 

The Libra project put online its white paper on June 18, 2019

After consulting the white paper, here are the main lines to remember.

Consult the white paper of the Libra project here


This project would be governed by a non-profit association with a board of directors whose facebook would be as important as the other members of the board, Visa, Mastercard, PayPal, Uber, Lyft, Spotify or Iliad in France (Free) and NGOs . Libra powered by Facebook announces wanting to help 1.7 billion people without access to banking services including 1 billion with smartphone highlights white paper, in our day where web connections and access to information have never been available, which will be a solution to access a new means of payment.

Images France 24

 

The white paper claims to want to create a low volatility currency based on several currencies and not just one like some stable coin (USDT, PAX ..), and announces wanting to fight against money laundering (the prohibited activities are also many with FIAT currencies on crypto, on crypto they would represent only 1%)

Very good, but note also that the currency of libra, so facebook will be based on assets of financial value and the board of directors will oversee the creation of new currencies and the destruction of others. Although the currency is intended for a "single use" with the "move" system it reminds the features of a financial institution or even a central bank. The currency of Libra should not be spared by the next major financial crisis that threatens to fall at any time. If the currencies on which Libra will deviate, the neo crypto Libra will fall together. Logic.

What we like however in Libra is that its blockchain would be designed to be fast, scalable, open source and allow other projects to work on its coding. Can we imagine smart contract services integrating naturally with the services that will be paid in Libra. For example insurance and taxi proposals for booking flights. Everything will become more intuitive and comfortable without doubt. Review the article on what is the blockchain here.

 

But will you get to convince and in what way? To prefer to operate under the cap of an institution which announces already that it will bend to the institutions of the states is for me apart from the first vision which was born bitcoin after the crisis of 2008. A crypto must remain independent, decentralized and totally transparent on the number of tokens in circulation.

This raises many questions, on the actual use of the data that will be made, would there be a real distinction of social and economic as the Libra announcement.

Will this increase the weight of GAFA in the world economy, certainly?

Economy french Minister Bruno le Maire has already reacted by warning that Libra should not become a sovereign currency. "If it is a sovereign currency, it can not be the case! A private company can not and must not create a currency that would compete with the currencies of the States" (Traduction from lacircum)

The economy minister is also worried about being able to impose VAT on trade that will take place in Libra

Concerned, Libra would pave the way for a single global currency, which would leave power to those who run it. Everyone has to choose to use Libra only or use it as much as other crypto-currencies, or not at all. For our part PUNDIX presented previously on the site remains statically above Libra, for its independence, transparency and true decentralization.

Let us understand, that we, user give power through our consumption choices, be responsible in our daily uses.

Libra finally announces the launch of this currency for the first half of 2020, which will propel several million people overnight in the world of blockchain and cryptocurrency, a good omen for crypto enthusiasts?

 

React to this question on our forum link here.

 

Ledger Nano X - The secure hardware wallet

 

Support us with a donation

BTC

XRP

LTC

 

 

lacircum.com property of LADD Ltd Dublin IRELAND
Gardons le contact (FRANCE)