Over the last few weeks, vague news articles and rumors have been spreading throughout the Crypto community that the social giant Facebook was working on a top-secret project related to the release of their own Coin, Global Coin. It now appears that this project is more advanced than most assumed initially according to a recently released TechCrunch article, so what do we know about Facebook’s Global Coin so far?
Codenamed project Libra internally, it has now surfaced that Facebook will likely release the details behind the project on or around the 18th of June 2019, according to sources who confirm that multiple investors have been informed about the project. There will be a “whitepaper” release explaining the details of the upcoming project. The named touted for public release is Libra Coin.
According to Laura Mccracken, the companies head of Financial Services and Payment Partnerships in Northern Europe the Libra coin will be pegged to a basket of currencies rather than a single currency such as the dollar, this appears to promote stability. It is hardly surprising that they are targeting stable coin features. Meanwhile, the Crypto community is debating how this can be achieved and whether there will be any similarities between this new coin and the already existing Stablecoins such as USDC and UDST.
Facebook’s Global coin will attract zero fees when transacting, this will also be rolled out onto Facebook’s other social media assets such as Whatsapp and Messenger, thus allowing users to send payments seamlessly to each other in apps. It is also rumored that Facebook is looking at rolling out physical points of sale where users and onramp and offramp between normal fiat and their digital token.
There are unconfirmed reports that the Social media giant will let other companies or entities take part in the governance of the network via the operation of a validating node, the cost to join this exclusive club will be around USD 10 million and will also aid Facebook in avoiding accusations of welding too much power over the Global Coin.
The team who is heading up the “blockchain” department at Facebook and are behind this new Libra coin are no strangers to global payment systems and come with a wealth of experience on how the international cross border settlements take place. David Marcus, the head is a former Paypal President and has also served as VP of messenger for Facebook.
Facebook has put some of its brightest engineers on the team, the entire Crypto community is intrigued by what they may come up with, although most will likely agree, Bitcoin will likely never be replaced as a censorship-resistant, global store of wealth.
What do you think about Facebook’s Libra coin? Drop us a Tweet on Twitter or a post on Facebook and lets us know.
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