Facebook recently broke news they would release the white paper for their new cryptocurrency called Libra Coin or just Libra for short.
What will also be unveiled on June 18th is the founding members of the Libra Association which are listed below in the image according to The Block.
Vodafone, Visa, Lyft, Stripe, Ebay, Spotify, Facebook, Calibra, PayPal, Coinbase, PayU, Uber, Mastercard, Andreessen Horowitz, Booking Holdings and more. See the image below for the entire list.
Having the companies and organizations listed above on board looks very promising for Facebook’s new cryptocurrency Libra Coin.
According to The Block, “An insider familiar with the situation said Facebook would charge each member $10 million to manage their own node, which allows members to access and view the network.” There was initially interest in getting Wallstreet on board, but companies like Goldman Sachs and JP Morgan showed a lack of interest. With JP Morgan having their own blockchain Quorum, I could see why they would be hesitant. However, it seems the collaboration could do more good than harm.
It is speculated Facebook is looking to have 100 members in the governing association for Libra.
Here is why I believe the project will not only succeed, but it’s going to win big and create global adoption for cryptocurrency, and possibly become a global currency. Let’s analyze this. Facebook has a global reach of over two billion users all over the planet. They have already set themselves up with their user base to be a bank for the unbanked if they wanted to. For a little over three years, Facebook has had an option which allows users to send payments between each other via the Facebook Messenger app. The app today lets users send money just by linking a debit card. Both the sender and receive have to have a card linked.
In my opinion, plastic debit and credit cards are not only a waste of money for companies to issue to users, but are also a massive amount of extra plastic being produced that doesn’t really need to be. There should and most likely will be biometric options to replace cards, but that is another subject I have discussed in this video titled “Biometric Payments will replace debit and credit cards”.
In conclusion, my thoughts are that Facebook with their global reach and massive user base, in collaboration with the Libra Association, will be able to encourage global adoption and accomplish familiarity of blockchain and cryptocurrency payments to the masses around the world.
Let me know your thoughts below.
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Jason Franklin is a forward thinker, servant leader, technology enthusiast and humanitarian. His mission is to make a positive impact on humanity and the world a better place.
Jason is involved in technology, startups, energy, real estate, science, philosophy, volunteering and outreach.
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