Facebook Unveiling Its Crypto currency – What We Know So Far

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Facebook Unveiling Its Crypto currency – What We Know So Far

Even now, it feels strange to combine the words Facebook and crypto currency in the same sentence, but that’s exactly what we’re going to do. Facebook is developing its own crypto currency, tentatively called GlobalCoin, as part of its secretive Project Libra.

After months of quietly poaching top talent from the blockchain industry amidst a shadowy hiring spree, Facebook is finally ready to share the details of its project on June 18th – just a few short days away. However, sources have already repeatedly leaked bits and pieces of information, allowing us to conjure up a faint picture of what the project is, how it will operate, and why Facebook is betting that blockchain will help it to world domination.

June 18th – Facebook’s Big Reveal

On June 18th, Facebook is slated to reveal a whitepaper that covers the basics of its GlobalCoin cryptocurrency – if they do indeed decide to go with that name. The secrecy around the project has been so impenetrable that, despite information coming from dozens of seemingly reliable sources, getting a steady grasp on even broad details has been tough.

Despite Facebook’s embargo on information about its project, several reports made by the New York Times and the BBC have shed light on juicy details.

What’s In a Name?

Libra, or GlobalCoin? That’s the question. Recently, Facebook registered a Swiss company called Libra Networks, leading some speculators to believe that the coin will be called Libra, despite the BBC’s report that Facebook had already chosen GlobalCoin as its crypto’s moniker.

If Facebook hopes the token will become a de facto global currency, the choice of name will be decisively important.

The Token Is a Stable Coin

Facebook is pegging the value of its token to a basket of fiat currencies, rather than going with a single currency backing as stablecoins like Tether, True USD, and Paxos Standard do. Keeping a peg to a small index of global currencies should, in theory, protect the token’s value from local fluctuations – although a global downturn like the one seen in 2008 might challenge that notion.

Facebook’s Famous Friends

Facebook has always dealt with accusations of centralization and monopolization. Owing to that, they have a big incentive to provide some decentralization to the network. That’s why they’re reportedly selling nodes for $10 million apiece. The chance to have a governance buy-in has brought big names like Visa, PayPal, and Uber to the table as potential node operators.

In any case, on June 18th, we’ll know much more about the Facebook stablecoin and the future of cryptocurrency.

How Will Facebook’s Currency Be Used?

Essentially, Facebook’s cryptocurrency will be used as an incumbent form of payment within Facebook’s global messaging system. Think of WeChat – the Chinese messaging platform which also doubles as a payment network.

Users can send money back and forth to each other using linked wallets, or they can buy goods, products and services, metro tickets – the list goes on. Oh, and did we mention all payments and money transfers will be conducted with zero fees? Yeah, that’s a game-changer.

Facebook is hoping to turn its over 2 billion monthly users into a powerful financial network that can rival Visa, Mastercard, PayPal – and even fiat currencies like USD, EUR, and CNY.

Facebook Unveiling Its Crypto currency – What We Know So Far
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