Sign of the zodiac Libra
One of the most appealing aspects of the rise of cryptocurrency is its promise of a decentralized system of finance where consumers and merchants can set the rates of exchange themselves and cut out the banks and other middle men so critical to modern trade.
Centralized Banking System v Decentralized Crypto Currency System.
Of course, one of the biggest middle men is the government itself and now the challenge that cryptocurrency presents to the authority of fiat currency is getting its biggest battle yet as Facebook announces its own crypto project called Libra.
And the social media platform has a lot of major companies, like MasterCard, Visa, eBay, Vodaphone, PayPal, Uber, Spotify, Lyft, Rubit Capital, Mercy Corps, signing on board to support the cryptocoin which could be the next big thing in blockchain as well as a possible currency for space exploration and tourism.
Will Libra become the space digital currency? Only time will tell but we will explore some of the more interesting aspects of this potential space and earth digital currency.
Facebook’s debut of its own cryptocurrency caught a lot of analysts by surprise and the crypto world no less so. But that surprise wasn’t an unpleasant one as many see Facebook’s entre into the financial segment as proof positive that blockchain-based currencies are here to stay.
This is primarily because of Facebook’s massive user base of some 2 and half billion as well as its suite of apps that have a huge impact on the way firms sell and market their wares to consumers.
Controlling all of this through a crypto currency that they own makes perfect sense. Looking beyond just what’s going on right here and now, could Facebook’s new cryptocurrency become Space Currency Libra, the crypto that finally frees us from terrestrial fiat currency and enables firms, tourists, and countries to conduct transactions in space?
That’s not as far fetched as it might seem - especially given how much space tourism and international cooperation in space exploration is expected to increase in the coming years.
Facebook’s own white paper on the cryptocurrency states the following;
“Securing your financial assets on your mobile device should be simple and intuitive. Moving money around globally should be as easy and cost-effective as — and even more safe and secure than — sending a text message or sharing a photo, no matter where you live, what you do, or how much you earn.
New product innovation and additional entrants to the ecosystem will enable the lowering of barriers to access and cost of capital for everyone and facilitate frictionless payments for more people.”
The three pillars of this new cryptocurrency are that it is backed by a reserve, involves a governing association of companies, and is predicated on reliable blockchain technology.
The more immediate aim for Facebook is to bring financial services and access to global markets to the end user through a secure, mobile system of currency and payments.
Beyond that, Facebook is hoping to build out a vast, interconnected transaction network that completely removes the need for a central fiat currency and returns power to the consumer in many ways.
Whether or not Libra will become the space digital currency of choice remains to be seen, but there is no doubt that it is the future.