Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
Libra cryptocurrency from Facebook: Overview, Prospects and Investor’s Guide PART 1
For the past year, the cryptocurrency society has been discussing the future cryptocurrency from Facebook, which will be released next year if the testing is successful. We decided to figure out what Libra is for, and also whether it is worth investing in a token.
In the spring of 2018, Mark Zuckerberg allocated a separate department of blockchain development at Facebook. Mark had the idea to create his own cryptocurrency for instant transactions in Messenger. Facebook messenger payments have been in place since 2015, but the transactions were too long (sometimes until the end of the working week) and expensive. The native cryptocurrency was supposed to speed up transactions and make them cheaper.
In 2019, the Facebook coin was given the name Libra and announced that it would be implemented in all Facebook applications. Also, according to the message, several global companies will cooperate with Libra, incl. Visa, eBay, Uber, etc.
The scope of Libra is worldwide money transfers and payment for services from partners. First of all, they plan to implement cryptocurrency in Facebook Messenger, WhatsApp and Instagram. Sellers are promised bonuses for paying in cryptocurrency.
Libra will be backed by many assets, including dollar and euro. Tokens will be created as a result of the purchase by users, and destroyed when sold. That is, the issue is unlimited and will grow due to the activity of buyers.
Facebook took care of creating a wallet for coins and developed the official Calibra, which provides for the storage of only Libra coins. If you replenish your wallet in another currency, it will be immediately transferred to Libra.
The wallet will only be available as a smartphone app next year, but those who wish can already use the beta version by leaving a request on the Calibra website.
Cryptocurrency from Facebook operates on its own Libra Blockchain. Internal tokens will be of two types: in fact, Libra and Libra Investment Token (LIT) exclusively for partners from the Libra Association.
Read the continuation of the article: Libra Cryptocurrency from Facebook: Overview, Perspectives and Investor Guide (PART 2)
