What Will the Big Problem of Libra, Facebook’s Cryptocurrency Be?
Mark Zuckerberg is an ambitious person. After all the changes that the smart creator of Facebook has made in the world of communication and social networks, he is now looking to make changes in global financial systems.
Mark Zuckerberg is an ambitious person. After all the changes that the smart creator of Facebook has made in the world of communication and social networks, he is now looking to make changes in global financial systems. The competitors of Zuckerberg like Apple and Google have so far made some changes in the world of payment systems and have tried to improve the credit cards networks regarding their interaction with users and furthering processes, but the story of Facebook is completely different and it wants to create a serious change.
Facebook Attracts Partners and Companions
Facebook knows very well that in order to succeed, it needs some partners and companions to be alongside it as supporters in the field of cryptocurrencies with respect to investment, branding and giving legitimacy to its activities. This is why Facebook collaborates with large companies like VISA, Master Card, and PayPal. Uber and other important and reputable companies are also in the list of companions and partners of Facebook in this endeavor. But are these measures enough? What should Facebook do with the huge amount of propaganda that states and opponents launch? What should Facebook do about the regulation and large and small laws in the world of payment?
What Is the Real Concern about Libra?
As it was mentioned, facing the possible regulation and restrictions in the path of Libra, or Facebook’s stablecoin will make this path a little bumpy for the new project t of Facebook. Possible regulations and restrictions and hindrances caused by states like China and even U.S. regulators have all caused the partners and companions that Facebook has gathered for itself to act cautiously and do no engage in introducing and raising awareness about the mentioned project as it is expected. Each one of these partners have invested about $10 million in the project Libra, but it seems that the fear of its future makes them to be quiet and not be interested in raising awareness so much.
Will Facebook Succeed?
Facebook is attempting to implement a combination of old methods for payment and also Blockchain in its new project. In this project, a group of computers that are distributed across the internet are supposed to use the shared ledger of Libra for different transactions. In fact, to make transactions with the Libra stablecoin, that transaction needs to be encrypted and be sent and submitted to one of the nodes or users in the network. In this way, transactions can be traded across the shared ledger.
How Will the Future Continue?
No certain comment can be stated about the path of Facebook’s Libra in the future. What is clear is the need for a sort of consensus and collaboration between states, companies, scientists, and investors to facilitate the evolution of cryptocurrencies and Blockchain. The only way we can be certain about the growth and maturation of the world of cryptocurrencies in which there are no news about hindrances on their path is if states and companies like Facebook get along really well and the interfering energies in the path of cryptocurrencies forward are removed. Only in this way we can expect growth and development from cryptocurrencies. Should we be optimistic about Facebook’s Libra or not? What do you think?