The Crypto Gent dicusses cryptocurrency news facebook libra and news from around the Cryptocurrency World. But don’t worry, this is an exciting, funny, witty and entertaining joke-filled run down of the news. You are sure to entertained by the master of sarcasm, put downs and down right ridiculous and absurd humour. Subscribe for daily videos from Crypto Twitter’s favourite content creator.
This week he takes a look at Cryptocurrency News Facebook Libra and the price of Bitcoin.
What is Libra?
Facebook says Libra is a ‘global currency and financial infrastructure’ – a digital asset built by Facebook and powered by a new Facebook-created version of blockchain, the encrypted technology used by bitcoin and other cryptocurrencies. The name Libra comes from the basic Roman measurement of weight. The abbreviation lb for pound is derived from Libra, and the £ symbol originally comes from an ornate L in Libra.Why is Facebook launching a cryptocurrency?
Facebook claims it wants to reach the 1.7 billion people around the world who do not have access to a bank account.Who is in charge of Libra?
Facebook is likely to run into regulatory hurdles and antitrust concerns. The currency will be serviced by a collective of companies called the ‘Libra Association’. It functions as what is known as a ‘stablecoin’, pegged to existing assets like the dollar or euro, in the aim of making it less subject to the volatility that many cryptocurrencies experience.
The Libra Association is described by Facebook as an independent, not-for-profit organisation based in Switzerland. Within the Libra Association will be a governing body called the Libra Association Council, comprised of a representative of each member of the association, which will vote on policy and operating decisions.
Facebook claims that although it created the Libra Association and the Libra Blockchain, once the currency is launched in 2020 the company will withdraw from a leadership role and all members of the association will have equal votes in governance of Libra. The companies who contributed a minimum of $10m(£8m) to be listed as founding members of the Libra Association include tech companies such as PayPal, Ebay, Spotify, Uber and Lyft, as well as financial and venture capital firms such as Andreessen Horowitz, Thrive Capital, Visa and Mastercard. How and when can I use it?
When the cryptocurrency launches, users can download Calibra, a digital wallet, that will allow them to send it to anyone with a smartphone. It will be available in Messenger, WhatsApp, and as a standalone app.
It is not clear which countries the coin will launch in first, though Facebook said ‘almost anybody’ in the world with a smartphone will be able to download the app.
Taken from The Guardian.
About The Crypto Gent
The Crypto Gent is Stewart Gent, a 31-year-old elementary school teacher from London, England. Desperate to get involved in the cryptocurrency game, Stewart has utilised his infantile presentation style to comedic effect – deliberately or not? Who knows. Here he presents his unique Cryptocurrency News segment; a brief look at the headlines from around the Crypto World.
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