Bitcoin is as volatile as ever, but all indicators point to a slow, but reliable price increase. Facebook is one of the companies taking drastic measures to make sure it profits from the next bull run. Next week, the Libra Association will be revealed and the Testnet launched.
Project Libra, more recently known as GlobalCoin has already been in the making for over a year. The Libra Association will be based in Geneva, Switzerland, and will oversee the project.
According to the available information, the Libra Blockchain will be open-sourced under an Apache 2.0 license. Stability and security seem to be a key issue for Facebook’s project, that’s why the Libra Reserve will provide solid fiat reserves. This will provide GlobalCoin with more stability, lower volatility and most importantly: global acceptance and usage.
It’s interesting to note, that Facebook argued that GlobalCoin will be very helpful to many people who can’t access the financial system. Many experts have argued that due to Facebook’s incredibly large userbase, GlobalCoin’s exposure can be a double-edged sword.
The Libra Association will not make people forget about Facebook’s questionable policies
Facebook has also received a lot of backlash due to the company’s “ban if we don’t agree” policy. A serious lack of transparency when it comes to censorship and shadow banning should wave a few red flags for people.
There shouldn’t be a doubt in anyone’s mind that like all mega corporations, Facebook is after profit. The Libra Association and the involved partners can talk a lot about helping those in need, but the simple reality is that profit is the name of the game.
This is why a lot of companies are beginning to see the possibilities and want a piece of the pie. According to the Wall Street Journal, Uber, PayPal, MasterCard and Visa have already agreed to back GlobalCoin with $10 million each.
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