Review on Libra by Gabriel Medina
Facebook stablecoin
As you know, cryptocurrencies have aroused the interest of governments, institutions and organizations worldwide. No one thinks of being left out of the technological revolution that is transforming the financial system. Facebook has not been left behind, it presented its Libra project in mid-2019, an ecosystem that houses several stable cryptocurrencies to connect millions of people.
First we must understand that Libra is not a cryptocurrency, but an ecosystem and blockchain where multiple stablecoins will coexist. This is Facebook's bet to enter the crypto world. Unfortunately, it has received a wave of criticism and media importance. However, we must remember the importance of facebook worldwide which has attracted many important looks to the world of digital currencies, which is very positive for the Libra currency.
Libra will be composed of three modules that will work together to create what would be an exclusive financial system:
Libra looks like a solid stable cryptocurrency ecosystem, it will hit the market with an unprecedented list of key alliances in the cryptocurrency industry such as:
This could be positive for the general market, which would bring a great flow of money and can help in the exposure of the previously named markets.
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In my opinion, it is one of the best Facebook projects so far and could make most people adapt to the world of cryptocurrencies. This is very positive, even for people who are not banked. Hopefully it can be understood and the goal set is achieved despite the wave of criticism it has received lately.
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Pros
- It is a huge boost for all cryptocurrencies.
- Helps to better understand cryptocurrencies.
- Libra will be very easy to acquire and will be available on all its platforms such as Facebook, WhatsApp and Instagram. This will lead to mass outreach and be positive for adoption.
- A list of important trusted members.
- Main objective in offering a financial solution for people who are not banked.
Cons
- Libra is not a cryptocurrency.
- There could be information security breaches.
