The white paper, published by the Facebook Diem association (formerly the Libra Association), is a very detailed text, but it is quite difficult to see clearly in the technical jargon around Hero’s subject, i.e. the crypto flow of the Libra.
Cryptocognition is not necessarily the simplest term many people understand, but with the launch of the Balance coin next January as a simple global payment system, you should at least have a clear understanding of what cryptocognition is, how it is used, and some of the more specific things you should know.
What are Facebook ladders?
The Scale is a cryptographic currency created to be used as a type of currency for digital transactions by the organization. The Libra is not intended to replace any fiat money (yet), but does intend to work with them by reducing the service fees that have to be charged when using money orders, ATM fees and services such as PayPal and Western Union.
It requires certain elements of the premise of the crypto-current, such as. B. the use of block block technology, but the way in which Satoshi Nakamoto is to be implemented is not fully decentralized.
It is therefore better to call the scale a kind of digital currency. The three horizontal waves chosen to represent the coin can identify it.
When will Facebook introduce the scale?
The launch of the weighted crypto card is planned for January 2021, after a number of mistakes and failures. It will be available in the United States and in some Latin American countries. At this stage, when the currency is put into circulation, it should be sponsored by the US dollar.
How does the ladder work?
The purpose of the Balance is to enable people who do not have a bank account or who are not part of the banking system to carry out monetary transactions in the digital economy. Unlike cryptocurrents such as Bitcoin, weights are sold as a stable currency, which means that there is a reserve that has a stable short maturity, low credit risk and high liquidity of assets to keep the value stable. This means that you do not invest in the balance sheet in the hope of making a profit, and that the currency in balance is for transactional use only.
The balance sheet currency will be available in Librausd (USD), Librausd (EUR), Libragbp (GBP) and Librasgd depending on the currency of the country where the currency is used (SGD). The weighing network (LBR) and the value of the component itself are determined by these stable components. In the form of many stable coins, the scale will allow individuals to easily carry out local digital transactions. All they need is a digital wallet and a government-issued ID card to use the scale.
How is the payslip arranged?
The Diem association has recruited former politicians and officials such as Christy Clark and Steve Bunnell for its organization and works with regulators and financial authorities in countries where it plans to launch the Libra currency to ensure the legitimacy of the encryption.
These measures are intended to create good intentions for Facebook with the Libra currency and to ensure that it is not used to commit financial crimes or promote corporate profits. The association Diem has also assured that without the approval of the Swiss financial regulator FINMA and the major approvals of certain U.S. states such as New York, the Scales currency will not be released.
Unlike Bitcoin, which works with a permissive chain of custody system where anyone can keep a record and act as a validator, the Diem Association balance allows only those who are authorized to validate a currency transaction.
If we look at the current membership of the association, there are 27 validation holders, but this number will increase as more members join the association.
The association has provided technical information on the development of the locking system of the balance sheet here.
We cannot be sure that the scales of the block chain will shift to an unsolved framework in the future, and given the enormous attention it receives, this possibility would be very difficult, if not impossible.
What is Novi (formerly Calibra)?
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Novi is the new cryptocompetitive portfolio of Facebook and its subsidiary. It is used for transactions on the coins of the balance sheet.
Wallet promises things like no secret fees for cross-border transactions with maximum transparency.
It can also be used to convert a fiduciary currency such as the Balance into a cryptographic currency and vice versa. Novi will be available as a stand-alone application, but also through WhatsApp and Messenger, according to Facebook. The use of this portfolio for transactions would require some form of government audit.
This degree of autocracy that Facebook has on the balance of cryptocracy has its own problems, some of which we will mention in the next paragraph. In response to these concerns, Facebook decided to democratize the process by creating an organ of representative companies/organizations, now called the Diem Association (formerly Libra), to lead the Libra project. Facebook does everything in its power to assert the club’s autonomy from itself.
The organization is based in Geneva, Switzerland, and currently has 27 members (as some members left in the past year), and Facebook plans to reach the 100-member mark soon. These members are responsible for taking important decisions concerning their scale, control and management. Each member may vote on crypto courses and no action can be taken without the approval of the association.
Controversial history of the balance sheet
The journey of this crypto crown has not been easy. Regulators are very concerned about the interaction between the cryptographic currency of the balance sheet and the value of their country’s national currencies and their country’s fiscal policy, and for good reason.
This cryptocard has the potential to disrupt exchange rates, destabilize stock markets and even cause economic disruption around the world, based on the assumption that the Libra currency will attract millions of users (which is quite possible given the 2.5 billion Facebook users alone).
In addition to all the above, another major concern of the Libra is the manipulation of various types of financial crimes for which cryptocrime has acquired a notorious reputation.
Facebook itself is another big explanation why this cryptocompetitive repression is so scary. When used in transactions involving different goods and services, it cannot be denied that a cryptographic currency such as the Balance of Payments currency brings benefits to companies.
Despite the many guarantees that Facebook will not misuse the data, the great involvement of Facebook has unfortunately also created a privacy issue. In fact, the privacy problems were so serious that members such as PayPal, Visa, eBay, Mercado Pago, Mastercard, Stripe and Vodafone withdrew from the Diem association last year.
The wonderful impact of the Libra project on the planet, after much fame, controversy and ruthless corporate ambitions, the confusion and speculation that still surrounds it, cannot be ignored. Whether or not this coin changes our view on money, it will certainly bring a new perspective on money.
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