Few hours ago, Facebook, the world’s largest social media, released the Whitepaper of its new cryptocurrency, Libra. This forthcoming cryptographic project is expected to have a great impact on the cryptoverse with the vastly discussed utilities it promises. However, a crypto maximalist has recently played down the hype by claiming that Alipay had achieved what Libra is targeting many years ago.
Facebook’s underway coin, Libra, is already widely known before its formal launch. Its emergence and what it would bring to the cryptocurrency space has become a widespread topic on all the popular social media, especially Facebook and Twitter.
The threat and the benefit of its emergence have been consistently weighed on balance, but none seemed to have gotten it accurately, as this has visually divided the thought and the decision of many crypto pundits.
Facebook’s coin, Libra, has quite initiated phobia in the hearts of some able cryptocurrency investors, especially Bitcoin suitors. They envisage the possibility of the coin overthrowing Bitcoin in the market, which they think could hurt the value of BTC, and their investment foresight.
However, CEO of mining pool ViaBTC, YANG Haibo tried to bring up a considerable clarity about Libra. On Chinese social platform, he said the digital asset is only coming to improve cryptocurrency ecosystem in terms of popularity.
Haibo posited that much should not be expected from Facebook’s Libra, saying it’s an asset with low volatility and it has no investment value.
Adding to what Haibo had said, Libra is coming as a stablecoin like Tether (USDT). The coin should be better referred to as decentralised online bank, which would greatly benefit its over 2 billion monthly active users.
Dovey Wan Believes Facebook’s Libra Is Coming with Nothing
Dovey Wan, a supposed Chinese descent and cryptocurrency maximalist recently claimed that Facebook’s Libra is coming with nothing new.
Wan sentimentally claimed that Alipay, the third-party mobile and online payment platform founded by Alibaba Group, has achieved the same goal Libra is targeting many years ago. She also added that Alipay rendered the service without incurring any token
She said “for those who use Alipay, it has achieved exactly what Libra is trying to do years ago. WITHOUT any token- its backend is world’s biggest money market fund and front end is world’s biggest payment processors, natively integrated millions of merchants”.
Binance CEO Points to Notable Qualities of Libra
Binance CEO, Changpeng Zhao, pointed to the security Facebook’s Coin is coming with, in order to clear the air about the potential security issue people think could mar the big crypto project.
CZ pointed that Libra doesn’t need KYC. He claimed that the data of over 2 billion users of Facebook is intact, starting from their names, phone numbers, close relations, distant relations, friends, past/present locations and others.
He concluded that Facebook knows each user beyond their imaginations. This clarification has to do with the impossibility of Libra encouraging money laundering once it goes live.
In conclusion, Facebook eventually released Libra’s Whitepaper, and also launched Calibra site some hours ago. The site will be the coin’s custodial wallet that will be enabling storage and usage of the cryptocurrency.
This is an indication that the digital currency is within a step to go live. So the crypto sphere should receive it with open hand once it’s formally launched, as it purpose seems not to challenge or overthrow any coin, but to widen their popularity and enhance global adoption of cryptocurrency.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.