Social networking giant Facebook released a white paper on their cryptocurrency project Libra on June 18, and announced that Libra would go live in the first half of next year. As of present, the popularity of virtual currencies and blockchains has risen again, and 비트코인 has seen several surges, setting a new high for more than a year. So, what exactly is this new currency released by Facebook? And how is going to be used, can be this currency the new currency in virtual platforms, or used in online money games as dadu online where you can actually make money virtually playing Casino games.
First and foremost, Libra will be a very stable currency. According to the white paper, it will be supported by real asset reserves. This means that for each newly created Libra cryptocurrency, there is a basket of corresponding value in the Libra reserve, such as bank deposits and short-term government bonds in the US or EU. In this way, it builds up people’s trust in the currency’s intrinsic value. Other cryptocurrency pairs, on the other hand, have very low stability and high transaction risk. Because they are not tied to real assets, the value of the currency will be greatly affected by many uncertain factors. The most famous of the digital currencies are undoubtedly Bitcoin, Ethereum, and Ripple. Although these currencies use a blockchain decentralized encryption method to ensure the authenticity and security of the transaction, if you look at the historical values of these currencies, they fluctuated like a roller coaster. These fluctuating virtual coins have very limited use in day to day transactions for good or services.
Libra has a natural advantage when it comes to usage scenarios, as it is supported by massive payment and clearing companies such as PayPal, Visa and Mastercard. In addition, Libra is ready to be integrated into people’s daily transactions involving travel, entertainment and consumer products. With such companies as Lyft, Uber, and Spotify into its own Libra alliance. The formation of this alliance will help Libra to play a role in the daily payment scenario.
The entry of the giants like Facebook indicates that virtual currency has the potential to be something new with a large market. In the past, the concept of virtual currency did not successfully develop into a regulated currency managed by a specialized agency due to the mixed-bag market. The move by Facebook will be a game-changing development. Libra may even replace some unstable currencies of small countries as a widely accepted currency in the future.
As an established fintech company, Fortex has always been at the forefront of the financial markets. For virtual currency products, the Fortex development team has already laid out the corresponding interfaces, and has completed the docking of the Fix interfaces with several virtual currency exchanges. Fortex customers can obtain relevant product information through its system’s stable connection to global exchanges.
The arrival of Libra will bring a series of changes to the existing international financial market, and many rules will be re-enacted. Fortex firmly believes that a regulated and legal market is the future of financial markets. And Fortex will adhere to this concept to bring more stable, efficient, transparent and safe products to customers, to help promote the development of financial markets.
For every product, service and solution, we are committed to using powerful technology and strong financial system to promote the development of the foreign exchange market in a more transparent, efficient and secure way. To this end, we have designed a more stable, transparent and efficient banking quotes integrated system and order execution system in the industry.
Fortex has direct market access (DMA) to the world’s top banks through the leading ECN order matching technology and bank clearing channel. And provide more stable, efficient and transparent quotation and order execution for brokers, money managers, banks and hedge funds around the world. Founded in 1997, Fortex is headquartered in Silicon Valley, USA, with offices in New York, Boston, Hong Kong, Dubai and London. More information about Fortex can be found at https://www.fortex.com.