Bitcoin killer: Facebook officially unveiled its Libra cryptocurrency

Unlike speculative bitcoin, the new currency will be provided with real assets. According to the company, Libra can be used to pay online and offline.

Facebook said that the cryptocurrency of a company called Libra will be launched next year along with a network based on the blockchain, writes The Verge. Information about the upcoming launch of cryptocurrency published by the head of the company, Mark Zuckerberg.

The ultimate goal of Facebook is to create the first truly “mainstream” cryptocurrency: a global decentralized form of payment that is not inferior to the dollar in terms of stability, can be used to buy goods and services and supports the entire range of financial products, including bank loans.

Although Facebook is developing Libra and plans to launch this project on its own before the end of the year, the company ultimately intends to transfer it to the management of a larger community. The company formed the non-profit organization Libra Association together with 27 partners to monitor Libra and its development.

The Libra Association includes venture capital firms, non-profit organizations and major providers of financial, telecommunications and technology services, including Mastercard, Visa, eBay, PayPal, Spotify and Uber.
These organizations will also contribute to the special fund Libra Reserve, an asset pool that will ensure that each unit of Libra currency is supported by something tangible. The creators hope that by the time Libra starts, hundreds of companies will join the association.

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