Facebook is the latest major company to step into the world of cryptocurrency, and its first foray into these volatile waters has made major ripples, attracting attention from governments and blockchain enthusiasts alike.
The company’s cryptocurrency is named Libra, and the blockchain on which its runs is named the Libra Blockchain.
Libra has several potential applications, including the integration of payments into instant messaging platforms which could facilitate cross-border transactions without interference from government.
If it remains a centralised system, Facebook could have power over its own currency based in the ether of the Internet and subsequently unburdened by geography, with the added benefit a billion-strong user base already using its integrated platforms.
For this reason, Libra has attracted a lot of attention from government regulators, while many Bitcoin enthusiasts have criticised the centralised nature of the digital currency.