Details about the new cryptocurrency 'LIBRA'

On Tuesday, Facebook introduced the cryptocurrency which is called Libra.

According to the company, the cryptocurrency mission will be to create a simpler global financial infrastructure and that people should be able to send money with the same ease as sending a picture.

Facebook founder Mark Zuckerberg, at the moment of the presentation, said that anyone who has access to the Internet will have access to this digital currency at a minimal cost.

This cryptocurrency is expected to create 95 million jobs with an added value of $ 3.7 trillion. Also, another impact will be the reduction of extreme poverty by 22 percent and increase of 20 percent.

But this new technology has begun to be criticized and demanded its review by authorities around the world.

Libra is "a world currency and financial infrastructure". So, in other words, it is a digital device built by the company and empowered by the Blockchain Facebook version with encryption technology used by Bitcoin and other cryptocurrencies.

The Libra name comes from the base unit of weight in ancient Rome. The abbreviation of the "pound" measuring unit in "lb" where comes from the Libra and the "£" symbol is a L variation in Libra.

Facebook says it wants to enable 1.7 billion worldwide users who do not have access to a bank account to conduct online transactions. Most likely, the company will face numerous hurdles by authorities, especially at a time when they are calling for the disintegration of the social network.

Shortly after speculations on the new financial expansion of Facebook, US and European lawmakers seek additional explanations from Mark Zuckerberg for this project.

The cryptocurrency will be managed by a group of companies called the Libra Association. It functions as a stable currency, the value of which is based on existing assets such as the US dollar or the euro, so that its value is not subject to large fluctuations.

This Facebook association is described as an independent and non-profit organization, which has its headquarters in Switzerland. To confirm transactions in the Blockchain of Libra and to manage its reserve, are the two main purposes of the Libra Association.

Within the association will be a governing body called the Council, consisting of representatives of each of the members of the association who will vote on any leading policy or operational decisions.

Facebook claims that despite creating Libra when the currency is released in 2020, the company will withdraw from the leadership role and all members of the association will have equal voting power.

Companies that have contributed at least $ 10 million will be listed as the founding members of Libra Association and are companies such as PayPal, Ebay, Spotify, Uber, Lyft, Andreessen Horowitz, Thrive Capital, Visa, Mastercard.