Social networks are a common way of communicating, extending business and personal networking contacts. If we consider that their development began at the beginning of this century, we can conclude that they have experienced a real boom in a relatively short time.
Furthermore, millennials, children born in this century, probably can’t imagine life without social media.
Commercialization of social networks came shortly after their creation. Today many use them to promote numerous products, companies and organizations. As a means of advertising and product promotion, the networks have been notably proven and have largely replaced classic advertising in once dominant magazines and newspapers.
However, social media lacks one component to be complete – a payment system. For now, payments of goods and services are made using the standard currencies behind which the state stands. Payment methods are, of course, electronic and are used by companies such as PayPal, Due, Stripe and many others.
Cryptocurrency has encouraged social media owners to think about the possible application of payments within the network. After detailed analyses and negotiations between different companies, it seems that the time has come to introduce the first cryptocurrency of a social network – Facebook cryptocurrency – Libra.
To point out, Facebook currently has just over 2.3 billion users. The introduction of the Facebook cryptocurrency called Libra was supported by several companies that found their interest in it. Among the companies that took part in this venture are: Visa, Mastercard, Uber, PayPal, Booking.com and others, each of which will invest $ 10 million in the project.
7 Things You Need To Know About Facebook Libra
1. More stable cryptocurrency
A blockchain platform called the Libra Blockchain, which is designed to be “safe, scalable and reliable”, supports this cryptocurrency.
2. A non-profit organization is in charge of Facebook Libra
No members will control more than 1% of the blockchain network.
3. Plans to go into the system without permission
Facebook Libra starts a special blockchain and only founders will have access to the network. But there are plans for Libra to go into a system within which no one will be able to independently change network rules. The idea is to operate Libra as a “real public service” which will ultimately not seek permissions.
4. Pseudo-anonymous transactions
Like a public cryptocurrency, Libra will be pseudo-anonymous. As a result, the transaction value, time, and public blockchain addresses are only available to members of the network. Meanwhile, the personal data of people using blockchain will not be stored.
5. Libra reserves
Reserves that support Libra consist of a collection of “more stable” resources such as bank deposits and government security in the currencies of stable central banks such as USD, GBP, EUR and JPY. We tried to see if AUD was on this list – if anyone has any information on this please let us know! In addition, Libra has no ties to one currency and has no fixed value in any real currency.
Developers who make Libra Blockchain will have the responsibility to respect the laws and regulations of the areas they work for. However, there will be no regulations on the Libra blockchain itself.
Facebook Libra cryptocurrency and its blockchain network will launch next year.
New technologies bring new ideas and a new way of thinking. Financial markets are dynamically changing and the only thing that is certain the change itself. Cryptocurrencies continue to change our lives and what they will bring us, we will soon find out.
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Social media is a big part of running a small business and appearing in the search results. Social media drives traffic to your website where you can collect a database of prospective clients, send newsletters and provide more information regarding your business. Posting individually to social media channels such as Facebook, LinkedIn, Twitter and Instagram (to name a few) is time-consuming and this can be automated via your website.
The first thing to remember, owning a website and knowing how to use it are two different things. Often we meet people who have had a website made and want to make changes (as a website is a living entity) and have no idea how.
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