Facebook, the undisputed king of social networks has published his white paper on the new cryptocurrency. The official name of the digital currency will be Libra and as anticipated this will be one stablecoin which will be anchored at the price of different goods in order to guarantee its intrinsic value.
Facebook has ensured that the software that will be used for the blockchain (learn all about blockchains) of Libra it will be made completely open source, so as to start an open ecosystem and where it will be possible to interoperate between the various financial services.
The cryptocurrency will work on Instagram, WhatsApp and Facebook
The new Facebook cryptocurrency will be managed by Libra Association, the consortium will take care of fully supervising the development of the entire ecosystem. The currency allows you to be able to complete payments on Instagram, WhatsApp and Facebook platforms, so as to allow the currency to reach billions of people around the world.
The adoption of cryptocurrencies is an important step for Facebook
Industry experts and analysts have stated that this development step is very important both for Facebook as a company and for the adoption of cryptocurrency.
Secondo Spencer Bogart the partner of the investment company of the Blockchain Capital commented that: Facebook's commitment in the sector has strong potential, over time the cryptocurrency could even become the most important external catalyst for the adoption of Bitcoin and other cryptocurrencies.
Also last week, the Wall Street Journal revealed that Facebook has entered into agreements with several major companies that will join the Libra Association. Among the prominent names there are: Mastercard, Visa, Uber and Paypal.