As Facebook unveiled their much-awaited cryptocurrency Libra to the world with a mixed response from eminent leaders, it was obvious that they are going directly for the big guns. Amidst widespread backlash and controversy surrounding the genre of cryptocurrency, including President Trump, it might just be time for businesses to sit up and notice its far-reaching impacts on the world economy.
Usage of Blockchain in Facebook’s cryptocurrency Libra
With cryptocurrency Libra seeking to use Blockchain as their primary mode of operation, it has already created quite a stir with talks about Facebook’s attempts to establish a private monetary system beyond the reach of national authorities and market investigators. With concerns like economic decentralization and increased transparency, world leaders can never seem to agree on the pros and cons of this new announcement.
Why Blockchain
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With Blockchain shining into prominence, online transactions are bound to get more secure and efficient in the days to come. With private blockchains like cryptocurrency Libra, managed and controlled by Facebook, the trade pundits are undecided about its public counterpart. In reality, however, there is room for both to coexist and operate in their respective niche.
With markets turning towards decentralizing economic systems from orthodox sources like banks, rating agencies, and multinational corporations, Cryptocurrencies like Libra will go a long way in making an effort to optimize keeping the infrastructure in place with zero disruption to the entire system. With their “permissionless” structures, Blockchain does not adhere to a single authority and uses multiple nodes using the path of least resistance making it one of the most coveted among cryptocurrencies today. It is only imperative that a corporate like Facebook will decide to close in on the best possible solution to drive their biggest offering, i.e. cryptocurrency Libra to date.
With a strong focus on improved security, transparency, and efficiency by embracing a decentralized approach, Libra and Blockchain is going to set new benchmarks in the world economy over its competitors – Ethereum and Bitcoin.