What Happened to Libra, Facebook's Crypto Currency?

We are with you with our news that we have discussed what is happening to Libra, the cryptocurrency that Facebook has produced with great expectations and claims.

The use of cryptocurrencies is increasing day by day. The world's most powerful media company, Facebook, was included in this market some time ago with its own currency, Libra. It even set up a community to settle on the top of the cryptocurrency market and to establish a new technology-driven economic system.

With Libra , the dictionary meaning of which is "scales", Facebook wanted to use the returns of blockchain technology. He even worked on solutions that could replace banks in this area. So what happened to Libra? We take a close look at Libra, one of the most unsuccessful projects in Facebook history.

What is Libra?

In a world where all transactions can be carried out in electronic media, paper and coins do not go beyond being symbolic tools. After Bitcoin ran from success to success, cryptocurrencies began to make a name in the money markets. However, Libra found itself at the mouth of the ball with the release of Bitcoin with some issues on some platforms .

Facebook defines the new cryptocurrency Libra as a “global value and financial infrastructure” and states that it has a blockchain structure. Thanks to this structure, it is similar to the cryptocurrencies currently available.

Facebook initiative combining economy and technology: Libra Association

This move of Facebook , which has begun to lose its popularity in social media , can be seen as a step taken to recover itself. Libra is not an entirely Facebook cryptocurrency. It took the support of the association named Libra Association . Libra Association is located in Switzerland and is defined as an independent and non-profit organization. This association undertakes the task of verifying Libra 's transactions on the blockchain and managing the reserve to which it is connected. Its founding members include world giant companies such as PayPal, Ebay, Spotify, Uber and Lyft, Andreessen Horowitz, Thrive Capital, Visa and Mastercard .

Is Libra really safe?

Facebook says it wants to reach 1.7 billion users with no bank accounts. Although it states that it uses systems that track account movements and prevent fraud-oriented actions, and that it will prevent your money lost due to fraud, it seems that users have not yet been able to get rid of their concerns about privacy and security due to past privacy issues .

Libra's digital wallet Calibra:

Digital wallets are required to store digital coins . For this, Libra will bring Calibra , a digital wallet, with it. You will be able to transfer money to anyone you want by installing Calibra , a digital wallet application developed by Facebook, on your iOS and Android device or by using the web page . Facebook states that you can also use the application to optimize with Messenger and Whatsapp . The release of the application, which has not yet been announced in which countries, has been postponed to an uncertain date for now.

Recent developments on the Libra front

As a result of all this, let's look at Libra 's course today. According to the news reflected in the press; It is stated that Facebook has changed in Libra project due to political pressures and harsh regulations. Facebook repositioned Libra , a blockchain-based cryptocurrency , to back up government-backed currencies such as the dollar and the euro. Instead , along with Libra Token , it will create several more digital tokens, supported by different currencies such as the dollar and euro .

It is stated that the release of Calibra , which enables users to store crypto money and make purchases , was postponed to October due to this change in plans . After the wallet's release, it was announced that it will support many cryptocurrencies, including Libra . In the coming days, we will see together what happened to Libra's cryptocurrency, which emerged with great expectations of Facebook , and what policy the company will follow in the future as it passes through a difficult period.