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Libra Coin
June 18th: Facebook Is Announcing Its Own Cryptocurrency
The New York Times confirmed that Facebook will soon be launching a new cryptocurrency. The white paper release date for that cryptocurrency is set for June 18th, 2019. Facebook has 2 billion active users across all of its properties as of March 2019, by population size this would rank as one of the largest countries in the world.
Facebook’s new cryptocurrency is called Libra, after the Roman unit of measurement used to mint coins. For blockchain investors, this is yuge news. Talk about widespread adoption: Facebook’s reach is so vast that Libra may become a new global currency overnight, on par with the dollar and the euro.
Here’s what we know.
It’s a stablecoin. Libra is a stablecoin pegged to the value of several different currencies. This means its price won’t fluctuate, like bitcoin — but it won’t be tied exclusively to the dollar, either.
It’s a very big, very secret team. Over 50 engineers are working on the project, which is highly confidential, requiring special keycard access to enter the building.
They want to trade it on exchanges. The Facebook team has had discussions with digital exchanges on listing Libra. This implies it’s not tied exclusively to Facebook, but rather as a real currency that can be bought, sold, and traded.
The estimated launch is 2020. In discussions with exchanges, Facebook has indicated they plan to launch in the first half of 2020.
It will be at least partially decentralized. By partnering with exchanges, Facebook is signaling that it will not be tightly centralized. And by using blockchain, Facebook is signaling this is not an “in-game currency,” accessible only to Facebook users.
Etherum
Ethereum has become a popular cryptocurrency alternative to Bitcoin over the last year. However, unlike Bitcoin and rival currency Litecoin, Ethereum has been adopted by many companies and startups as a way to transact (and more).Ethereum has become a popular cryptocurrency alternative to Bitcoin over the last year. However, unlike Bitcoin and rival currency Litecoin, Ethereum has been adopted by many companies and startups as a way to transact (and more).
Given the popularity of Ethereum, many people are curious about what it actually is, how it's different than Bitcoin, and how to invest in it. It's also important to note the risks of investing, and the potential to mine it and create your own wealth of Ether.
Ethereum is basically software that is decentralized and allows developers and programmers to run the code of any application. Wait, what? I thought Ethereum was money... well it has a monetary aspect.
How Ethereum Is Different From Bitcoin
As we mentioned above, Bitcoin was designed to be a currency. It uses the same underlying technology principles, but uses them to facilitate monetary transactions.
Ethereum, on the other hand, was designed to facilitate software processing using a token system called Ether. That Ether has become more valuable as a result of people becoming interested in the technology. That Ether is what people want to invest in.
However, there are a lot of apps being developed on Ethereum, and even some major financial companies are getting involved in the space. It could be interesting to see what develops from this over the next few years.
Finally, Ethereum is much cheaper than Bitcoin.
Final Thoughts
Investing in Ethereum is risky, but it could potentially be lucrative. Unlike Bitcoin or Litecoin, companies are really using Ethereum as a building block - something more akin to diamonds than gold. As an investor, this is a potential win.
Furthermore, there can be splits (i.e. hard forks) on Ethereum like we recently saw with Bitcoin and Bitcoin Cash. This can be a good thing or bad thing. People who've invested in Bitcoin Cash are happy about the split because they made great money for no effort.
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