Cryptocurrency has been around for quite a few years at this point. You are probably more than familiar with “Bitcoin”, or any number of other varieties of digital currency. “What’s the big deal?” – you may ask. There’s a reason why so many are hopping on the Libra train. Here are some tidbits on what makes the Facebook co-founded cryptocurrency so unique.
What is Libra?
Libra is a form of digital currency that uses blockchain technology. “Libra Blockchain” to be exact. This variation of software is intended to reach a global audience, and is expected to be a currency accepted worldwide. A big part of making this vision possible is granting the software the label “open source”. Collaboration is key, and developers are able work with one another and make changes around the globe on Libra’s GitHub repository. Libra will allow updates and maintenance through this network of people who are passionate about blockchain. There are also quite a few big-name companies backing Libra–Visa, Mastercard, eBay, and Coinbase to name a few. This type of support and traction from these companies can be seen as a huge indicator of technologies to come.
Libra has all of the right tools and innovations to advance the way we think about currency and the economy. It is up to us as end users to adapt to the ever changing digital world in order to bring stability and modernization to the mainstream market. We have seen much success with money transfer services in our current state with PayPal or Venmo (who are also backing Libra) for example. However, these services are restricted to the user’s locale and have other limitations as well. Having a global economy/currency will allow us to better manage our finances and reduce the worry of having to exchange our dollars depending on our regions. If we are able to depart from our current mindset of a localized economy, we will be able to become a catalyst to big changes to further shape our future.