Before we start the actual talk about facebook’s Libra, if you think that Libra is just about financial services, you’re missing at least half of the picture. Couple of days ago, Facebook announced its cryptocurrency coin, Libra, A lot of people knew that this was coming a long time ago; that Facebook was working on a cryptocurrency project, but now we have our first glance on what it is.
Facebook says that this coin is going to come out in the first half of 2020. So, we could see it in about a year from now.
This might be a silly question, as Libra is an internet currency. But actually the Libra association is going to be located in Geneva, Switzerland. Facebook wants you take advantage of Switzerland general neutrality and regulations. Facebook also wants the entire world to have access to Libra. So, in terms of who will have access to it, the idea of Libra is that you can have access to it anywhere around the world as long as you’re hooked to the internet.
When you hear about cryptocurrency, you probably think first about bitcoin, as it was the frontier cryptocurrency. But Facebook’s Libra cryptocurrency is trying really hard not to be bitcoin. If you know about bitcoin, you surely know about the wild fluctuation of prices. At one point, it is the most valuable asset in the market, and the next day it’s crashing and burning, and that’s the problem with Bitcoin, as it’s primarily based on what people think it's worth. So, Facebook is trying really hard not to have this volatility, They want a stable cryptocurrency. They want something that people will always know its value.
Libra has another definition of success, as mentioned in its documentation, success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee.
This almost makes it the anti-bitcoin, success is not in the value of the currency going sky-high, it’s in the value of currency being stable.
Libra could kill bitcoin, as Libra is kicking off with legitimacy on its side, it’s the cryptocurrency invented by Facebook which has billions of users around the world, as soon as Libra launches, it gives it an instant legitimacy. Not only that, but Libra is already associated with a lot of legitimate companies and investors, which will make Libra more attractive to investors and regular users across the world.
Actually, Libra is not going to kill Bitcoin. I know I just said the opposite, but one of the most attractive features about Bitcoin is that it is completely decentralised platform where nobody has control over what’s going on. Then, there will always be a market for those people who are interested in that aspect of cryptocurrency.
What about mining cost? One of the criticisms of the Bitcoin is how expensive it is in terms of electricity to create a bitcoin and how it’s unsustainable to actually run a currency that can support billions of people through these types of algorithm. The key here is that they are not doing what’s called a proof of work. This is a proof of stack where you have the association itself that is going to be approving things. You don’t need computational power as you have these sentinels, you already know who to trust. And the whole point of “Proof of Work” is finding out who to trust, while “Proof of Stack” is we already know who to trust without going crazy computational concerns to get that trust, we just say, if you guys could agree that this is right, that means IT IS RIGHT.
That's another reason that Libra won’t kill Bitcoin, as some people may not trust this new association, and so, they will always have this option of Bitcoin to get away from Libra.
If you read through the Libra documentation about how could we get Libra coin, they said authorized resellers are going to have the authority to get you Libra who will be able to exchange your dollars for Libra. There’s no list of them yet but we can make sure that Facebook is one of them.
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