Facebook last week officially released Calibra, a
digital wallet that helps to store Facebook’s own digital currency Libra. Libra
is Facebook’s big bet on the future. Libra is powered by blockchain technology.
Blockchain is a decentralized network of computers that is most secure. Blockchain
is based on cryptographic technology which encrypts information and protects
from hackers. Libra will be low-volatility the cryptocurrency that according to Facebook will create an infrastructure to
provide improved access to financial services across the globe.
Even though Libra is similar to Bitcoin and
Ethereum the key advantage Libra has is Libra’s value will be stable and don’t
fluctuate like Bitcoin’s value. Other key difference is Facebook’s digital crypto the currency will be backed by PayPal, Visa, Mastercard, Coinbase, Vodafone, Uber,
Spotify etc.
Lawmakers and tech critiques from all
around the world have expressed their concerns on Facebook's latest move. While
Libra's launch has been met with political skepticism in Europe, in the US
Senate, lawmakers have scheduled a hearing next month to question Facebook over
Libra. Beyond the political circle, tech insiders to have shared some drastic
opinions on Facebook's latest move.
Facebook has a very poor history of
protecting the privacy of users. Cambridge Analytica was an example. Later a
bug in Facebook exposed 14 million profiles to hackers. So the problem is if Facebook
can't even protect our privacy how can we trust with our money?
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