Facebook’s libra will take over the world – here is why

Jul 24, 2019

Over the past two months, when you have browsed a blockchain website, libra definitely has jumped up before your eyes. It often comes with the logo of Facebook and the profile of Mark Zuckerberg with his ordinary but famous t-shirt.

In fact, I love the name. Libra. It sounds very just and wise. It is much better than the name global coin, although being a global coin is libra’s ambition.

Libra has invited you to join

The other day, some friends of mine asked me what I thought about libra. They know little about blockchain or cryptocurrencies but wanted to get quick answers from me, a veteran in the blockchain industry.

My answer was quite simple. Libra will create a financial world with libra as the main means of payment. You do not need international banks or cards to finish a cross-national payment. You can do real-time payments with libra.

It aims to build a financial infrastructure in the world. Libra has invited you to join. Will you refuse?

Aspects we cannot avoid

However, when we discuss Libra, there are some points we cannot avoid.

Firstly, it is not really decentralized. In fact, it is a stablecoin essentially. Its value is anchored with the dollar, euro, and other fiat currencies. It is quite different from other cryptocurrencies, such as bitcoin or ethereum. And it is not like other stablecoins, such as tether (USDT). These stablecoins are only anchored with dollars.

Secondly, libra aims to own more than 100 nodes. These nodes are well known in the world. In fact, these nodes are the think tank and consortium of libra. These nodes now include Visa, Uber and other famous enterprises and organizations. These nodes can also negotiate with regulatory departments. They are very crucial to the development of libra.

Thirdly, Facebook now has more than 2.7 billion users all over the world. It is the most popular social platform. Internet giants often combat in the field of social communication, and it is quite natural for Facebook to issue a cryptocurrency on the basis of the company’s top number of users. So it is natural to imagine that libra is created to win.

Will become part of people’s daily life

In the future, with the popularity of libra, more and more people will know cryptocurrencies and will be able to use them. It means that cryptocurrencies will no longer be a toy for hackers or investors. Libra will become part of people’s daily life because of its use in daily payment, game, and social communication.

Okay, this is libra’s promising future. Do not ask me whether to buy libra or not. I cannot judge the price or value of it. Its price will be finally decided by governments, regulators and business giants. But the birth of libra is a milestone of the history of blockchain and cryptocurrencies and it has the same rank as the birth of bitcoin.

“The birth of libra is a milestone of the history of blockchain and cryptocurrencies”

Bitcoin meant the coming of cryptocurrencies and the application of blockchain. Libra means the same thing – but on a much larger scale.

This is a new generation of blockchain history. You can buy some libra to show that you are not only a witness of the historical moment but also a proud participant.

We are anticipating the birth of libra. It will make more people know cryptocurrencies and blockchain. The development of blockchain has more chances because of libra too.

It is indeed the age of glory and dreams.

Justina Zheng,
Overseas marketing director at Ulord and crypto enthusiast

Read more from Justina Zheng: 5G is good – combined with blockchain it is revolutionary

Read more from Justina Zheng: Crypto ban does not suppress rapid growth of blockchain in China

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