MEXICO CITY, MEXICO / ACCESSWIRE / August 25, 2019 / Created in a Harvard dorm room as a tool for college students to connect, Facebook has long left its humble beginnings behind, operating today as one of the world’s most valuable and influential companies. Given the tremendous importance that both individuals and businesses attach to their social media presence, the platform that started it all has become more of an institution than a regular corporation. Its every move is keenly observed, including by politicians and regulators, while every announcement Facebook makes invariably rattles or pleases segments of the market. Now the social media giant may achieve something others have so far failed at: bringing cryptocurrency into the mainstream. In June this year, the company officially declared its ambition to “enable a simple global currency and financial infrastructure that empowers billions of people.” The pillar of Facebook’s plan is Libra, a cryptocurrency underpinned by an open-source, initially permissioned blockchain designed to differentiate itself from existing digital coins by offering stability. Prominent forex broker Pablo Soria de Lachica takes a look at some of the features of the asset, whose launch is expected by the middle of 2020.
While the project has dominated headlines because of its connection with the social media platform, it is not, strictly speaking, “Facebook’s cryptocurrency.” The entity in charge is a non-profit called the Libra Association, where the company is represented by Calibra – a new subsidiary that will handle the digital wallet operations. Among the founding members of the governing organization are Mastercard, Visa, PayPal, eBay, Lyft, Spotify, Uber, Vodafone, Coinbase, Andreessen Horowitz, Kiva, and Women’s World Banking. Aside from steering the development of Libra, the association will have the crucial task of maintaining the basket of real-world assets that back the cryptocurrency. This means that Facebook has opted for a stablecoin structure, which will make Libra a dependable means of exchange since its value will not be prone to meaningful fluctuations, Pablo Soria de Lachica points out.
The white paper published by Facebook says, “Our hope is to create more access to better, cheaper, and open financial services – no matter who you are, where you live, what you do, or how much you have.” Using Libra will be quite straightforward, Pablo Soria de Lachica comments, explaining that people will first need to download the Calibra or an approved third-party digital wallet, then submit the required personal information and pass the verification process. Once the account is cleared and a bank account linked, they can purchase Libra and spend the cryptocurrency however they desire. While transactions will not be free, their cost will be negligible compared to the fees typically charged for digital payments and online purchases. Mark Zuckerberg, co-founder and CEO of Facebook, summarized the vision behind this ambitious project in the following way, “We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos […] All of this is built on blockchain technology. It’s decentralized – meaning it’s run by many different organizations instead of just one, making the system fairer overall. It’s available to anyone with an internet connection and has low fees and costs. And it’s secured by cryptography which helps keep your money safe.”
Pablo Soria de Lachica graduated from Universidad Tecnologico de Mexico (UNITEC) with an MBA, going on to specialize in international trading and ultimately become one of the most prominent forex experts globally. His extensive experience allows him to maximize profits for his clients by combining professional guidance and educational projects. He is currently collaborating with Kartoshka – a company bringing the latest technologies in sales, telemarketing, and customer support.
Pablo Soria de Lachica – Foreign Exchange Specialist: http://PabloSoriaDeLachicaNews.com
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SOURCE: Pablo Soria de Lachica
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