What happened to the Libra crypto?

What is Libra?

the Pound is the cryptocurrency project of Facebook (new Meta name). In 2019, the group of mark zuckerberg had plans to develop a cryptocurrency steady (stable currency) in order to offer a world financial structure easy to use for billions of people.

The Libra Foundation It was founded with contributions from $10 million per participating company The number of companies that were part of the foundation was 28 at first. The goal was to achieve 100 participatory companies.

pound has been renamed in late 2020 : Facebook cryptocurrency has been rebranded diem.

The Diem project (ex Libra): a stable crypto

The request for money transfers as well as courier payments is growing. In fact, in developing countries, it may be hard for many people to open an account at a traditional bank or to make purchases online. It is an original way of giving access to the bank to those who are excluded of the financial system.

The purpose of this cryptography was only no speculation but have a currency exchange based on the technology of block chain for example to buy/sell services, products,…

At its launch, Diem was a stablecoin. It had a dollar value. If you bought $20,000 worth of Diem or Bitcoin (for example), your Diem crypto was still worth $20,000.

this offered any guarantee about the value of this asset for its users.

The exchange of Diem between users had to be done immediately and through a peer-to-peer application (P2P).

Facebook wanted to offer a Purse which would have given the possibility of exchanging So appropriate crypto day. The app was called Calibrate.

The end of the project

Target (Facebook) failed to convince regulators. The project was however ambitious and it seemed useful with a large strike force (several large groups that invested in the project).

The project intended to send and receive quickly money. Quickly that meant very quickly, knowing the equivalent of the speed of sending a message on the Internet. But central banks, politicians and regulators quickly opposite to the project (almost from the beginning).

However, the organization managed to embark Visa, MasterCard and PayPal in the project. In addition, the payment technology was quickly implemented and also used Bitcoin.

Despite everything, Meta has decided reconcentrator about the projects that bring in the most money (for example, projects metaverse) and with the greatest potential without having to “fight” against the banks. Meta leaves the project!

At the beginning of 2022, the Libra association (Diem), owner of the project started in 2019, sells the assets and intellectual property rights. Is a bank (silvergate) who redeem the assets to improve its technical structure of its stablecoin. Technical development to be continue. So the project is not really dead, but it is really different the initial project.

A similar project to discover

Pound in its original form (Facebook Project with a group of several dozen large companies) no longer exists. I suggest you discover AKT.IO. The objective of this project is simple and impressive, it is alter system structure banking traditional. This is the case of society. automatawhich has the ambitious but very promising idea of ​​creating an innovative banking platform called akt.io.

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