There are still much more to come
The currency is designed not to be a speculative asset, like Bitcoin, but a form of digital money backed by a reserve of assets. You will one day be able to use Libra as payment for online and offline services, Facebook executives say. At the beginning, the company imagines Libra will be used mainly to transfer money between individuals in developing countries who lack access to traditional banks. Eventually, the goal is to create the first truly mainstream cryptocurrency: a decentralized global form of payment that is as stable as the dollar, can be used to buy almost anything, and can support an entire range of financial products — from banking to loans to credit.
Right now we are in the age of digital abundance where it seems that everything that can be digitized, already has. However it is important to note that note everyone is connected to the Internet yet. Right now barely 50% of the world population is connected to the Internet.
There are still many aspect of societies that have not been touched and affected by Internet revolution. We will see whether this latest push on digital currency by Facebook, a digital behemoth, will be successful. If it does, it will change the lives of many people, good and bad.
- Software Engineering