Facebook is a force to reckon with in the world of technology, and there is no doubt about that. The social media giant credited these claims when it launched its own payment system based on cryptocurrency on June 18th. In a few months’ time, the Facebook community with over 2 billion users will have Facebook’s currency. Just like that, and Facebook is now on the verge of changing the global payment system.
The success of huge companies like Netflix, alphabet, apple and amazon is largely because their managers have brought together functional platforms that have their customers happy. But the task is not easy, so to say. Rivals have always wanted to outclass pioneers. Most of them haven’t. Remember Google’s attempt to outshine Facebook with google+? Or amazon’s fork on Google’s android operating system?
The Granddad Of Social Media
When it comes to social media, Facebook is the grandfather. It has many things that rival platforms cannot acquire and that’s all your friends and family. At 2 billion users, which by the way is a quarter of world’s population, Facebook stays pretty way ahead of other companies. About half of the world population has access to the internet and half of these people have a Facebook account
According to a research by app Annie, Its software application dominates both iOS and android platforms, comfortably sitting pretty in the first six spots. Facebook operating system one of the most important businesses in the world today.
Huawei recently got blacklisted and lost access to hardware vendors in the US. Huawei managers, however, claimed they could make do with a forked version of android on their smartphones. But when Facebook announced that Facebook apps could no longer be preinstalled on Huawei, the company stopped production immediately
This kind of power doesn’t come easy. Mark Zuckerberg, Facebook’s founder and CEO is on top of things. A recent story on the wire claims that Facebook has digested at least 62 smaller software competitors since 2007. They then move ahead and shut operation.
Libra launches officially on the first half of 2020. A payment system for Facebook businesses creates a digital system that compliments business in the connected world. With only a few swaps, members can buy products and services and transfer funds across borders effortlessly. It makes Facebook a living ecosystem
Project Has Been Long Coming
The launch of the Libra project has been long coming. In fact when Zuckerberg hired David Markus in 2014, he was speaking of launching a WeChat-like platform. You see WeChat is a social media business with a million of people engaging in business daily. Users can pay rent, hail taxis, transfer money and buy food. Zuckerberg wanted something similar. What he didn’t know, was that cryptocurrencies were the missing link
Libra’s backbone is a distributed ledger technology and will be backed on government’s currency. Acquiring the cryptocurrency will require holders to reveal some form of identification.
The architects of Libra went out of their way to make sure the currency is stable. The stable coin’s management will also be independent of Facebook. A Swiss nonprofit organization called Libra association is set to govern the project.