There was a sudden rise in popularity of cryptocurrencies especially bitcoin when its price went through the roof! I have heard that Facebook is also starting a cryptocurrency, is this true or just a hoax? When will it launch? Is it different from other cryptocurrencies like Bitcoin?
Yes. You heard correct. Facebook has been talking about its blockchain plans for some time now, and finally, it seems like it is ready. Facebook recently announced its cryptocurrency Libra. Facebook also announced that it would launch Libra in 2020 along with the underlying blockchain network that will support it.
It is worth noting, however that Libra will be different from cryptocurrencies such as bitcoin in the fact that Libra will not be speculative; instead, it is backed by reserves. Facebook has announced its partnership with several partners such as Mastercard, Visa, Uber, eBay, Paypal, and so on.
