Facebook's Project Libra Is Far Reaching Than Just Blockchain.
Facebook thinks the project — code-named Project Libra — which it has been working on for more than one year, could allow the company’s own digital coin that users could send to each other, as well as use to make online purchases. The Face Coin would therefore have ubiquitous utility.
Facebook has been aggressively pursuing Project Libra, having met with dozens of potential investors, including Visa and MasterCard, as well as payment processor First Data, to raise funding that would underpin the value of the coin.
This method would enable Facebook’s coin to hopefully avoid the price swings that other cryptos, including bitcoin, have faced in recent months.
Facebook’s blockchain plans could connect its product timeline for both Instagram and WhatsApp.
Facebook’s approach to stablecoins is truly an alternative reality of digital payments that could threaten the likes of PayPal, Square, Apple, Stripe, Ethereum, Bitcoin and dozens of other companies.
Facebook is also considering “rewarding” users with fractions of a coin in return for viewing ads, interacting with content or shopping on the platform. Project Libra could thus lead to an alternative version of how crypto interacts with advertising.
As for merchants, Facebook is offering cheaper fees than the typical card processing costs that merchants pay on transactions. It is also working on a system where users could click ads to buy a product and pay with Facebook tokens, and then the retailer would be able to recycle those tokens to pay for more ads.
In the meantime, Facebook is attempting to lure stakeholders to join the project. Project Libra is getting a lot of hype now as the vision for the future of stablecoins becomes clearer.
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Its pretty disgusting that Facebook illegally banned the ads of the Crypto Industry and called us scams and all the while was preparing its own crypto product.
They are the most dangerous monopoly that has ever existed and even their co-founder Chris Hughes says they need to be broken up.
By joining and supporting the Crypto Industry Class Action Lawsuit against them you can fight back!