What is Libra Coin?
Libra after announcement breaks all record in trending chart, as being developed by social media giant Facebook. Libra expected to start its working in beginning of 2021, as per their roadmap. Recently, there are lots of controversy was rounding around Libra. however, Facebook after putting great effort they aim to create digital currency that will be used worldwide. we know blockchain has been one the most growing technology in this decade and it is adopted by many tech giant companies. So, ultimately integration of Facebook with Blockchain can also add security, privacy to their all product that include Instagram, WhatsApp.
Libra vision simply unveiled in published whitepaper, as they wanted to build payment and financial system for billions of people. Libra was not highly promoted at initial days as it considers as innovation that will be integrated with Facebook product. after publish whitepaper, project was working to get approval from different government, central bank, official, stakeholder in order to get accepted in regulatory structure. We know crypto already reduced fees of transaction and improve transaction speed without loss of security and privacy. Facebook at the end wanted to add new currency in blockchain market that can offer more better feature.
As of writing article, main network still under construction and also some of legal procedure expected finish before 2020. So, 2021 will be the year where Libra will debut in blockchain market. Libra will be based on their own blockchain network i.e. Libra blockchain. however, blockchain will be open source so different project can implemented on it.
Libra Coin Price Prediction
As mentioned in whitepaper Libra will be single currency stablecoin. It means Libra value will be pegged fiat currency i.e. $1 USD i.e. it will remain stable in price. as Facebook initial plan will be to create available fiat currency based stablecoin e.g. Libra USD equal to USD. once network full established then Libra i.e. LBR Coin will be having its own stablecoin value. This will help different business and people who having single currencies can get access of libra based stablecoin. In the network general use of LBR is complete cross border payment with business or peoples. To complete transaction network will provide integration with central bank digital currency i.e. CBDC.
So, people who are searching for that will be expected price for Libra for investing purpose, they should understand Libra will act as simply USDT coin. However, in market there are already well established stablecoins available like Tether i.e. USDT, BUSD, DAI. LBR will be newest entrant and if they manage to get more LBR holder then Libra might enter into top 100 crypto project list. however, Facebook with Libra project not yet announces staking, liquidity provider or other stablecoin based feature. If somehow, they able to provide what they promise with wallet security then it can solve many mainstream problems. Creation of new libra coin will be depended on its demand or distributed supply proportional to total supply. Libra currency will be backed by Facebook Reserve basket that include 50% of USD, 18% of euro, 14% of yen, 11% of pound and 7% of Singapore dollar.
|Based on||Libra Blockchain (Stablecoin)|
The era of digitalization we need internet of money with reliability and interoperability payment system. Blockchain already change whole financial infrastructure by offering super-fast, open and low-cost payment. Libra definitely gained huge response once it launches, as companies like Amazon, Paypal already interest for integration. So, as mark Zuckerberg said sending money will be simple as sending photo. Libra is still waiting for approval of Swiss financial market supervisory Authority. After getting all legal approval libra will launch their main network and finally user can trade, exchange their token with LBR. Libra vision is simple to become biggest digital currency of world with highest market volume. but Libra beating Bitcoin is impossible, as bitcoin is first ever blockchain based project.
Libra Blockchain easily scale billion of account with millions of transactions can handle by network on daily basis. Libra will protect all transaction data along with that it will offer fund security with various asset backing program. network will be flexible that means it can be participate with future innovations.