Facebook Cryptocurrency: All You Need To Know About Libra

Why Facebook Has Its Own Cryptocurrency

Facebook Corporation with companies from the Libra Association, based on its Facebook and Instagram social networks, and WhatsApp and Messenger messengers, is planning to launch cryptocurrency transactions that will allow to transfer money with the help of social networks and the Internet quickly, easily and with no commissions. Moreover, banking organizations won’t take part in direct transactions.

Companies Integration in the Libra Association

The project is supported by the non-profit Libra Association organization. At the moment, the association includes 27 companies from different industries, including MasterCard, Visa payment systems, which repeatedly and negatively expressed the essence of cryptocurrencies, claiming that they’d never cooperate with crypto projects, PayPal, PayU, and Stripe.

Libra Cryptocurrency And LIT Token

From a technical point of view, the Libra Association is going to maintain and control the network, including managing support operations, creating and burning coins.

Libra’s Own Blockchain

The Libra cryptocurrency will operate on the basis of the homonymous native blockchain on the Proof-of-Stake mechanism. According to the project developers, the nodes of this network, are geographically distributed over different parts of the world and correspond to rather high technical requirements.



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