Initially, Facebook intends to use Libra primarily to transfer funds between individuals who are unable to access traditional banks in developing countries. In the end, create the first truly mainstream cryptocurrency: a decentralized global payment form that is as stable as the US dollar, can be used to buy almost anything, and can support all financial products - from banks to loans to a more comprehensive currency Vision.
Facebook is building Libra's architecture and plans to run the project by the end of the year, but eventually it plans to hand it over to a larger community. The company formed a non-profit Libra association with 27 other partners to oversee its healthy operation and development. The partnership includes venture capital firms, non-profit organizations, encryption technology companies and large corporate finance, telecommunications and technology service providers including Coinbase, Mastercard, Visa, eBay, PayPal, Stripe, Spotify, Uber, Lyft and Vodafone. These organizations will also contribute to the so-called Libra's monetary margin, and Libra will ensure that each currency unit has intrinsic value support, rather than the simple scarcity of bitcoin.
If Libra succeeds, it could become one of the most important products released by Facebook – whether it is the company or the world, it can provide a compelling alternative to the existing banking system, especially for developing countries. people.