Social media giant Facebook has released the white paper for its long-awaited cryptocurrency and blockchain-based financial infrastructure project on Tuesday 18 June 2019.
“…the success of Facebook Libra will likely be determined by the ability to provide a seamless experience that allows payment with the ease offered by more traditional methods, according to blockchain expert Sukhi Jutla, co-founder of MarketOrders.
“Facebook will thrive if it is able to make the usage of their coins seamless, and as easy to use as fast cash,” Jutla told Verdict.
The technological barrier is often cited as one of the main issues holding cryptocurrencies like Bitcoin back from mass adoption — purchasing cryptocurrencies can be a difficult process for those that don’t really understand it. By solving this, Jutla predicts that use of Facebook’s cryptocurrency could snowball.
“The business model is heavily based on network effects which are critical to the adoption of cryptocurrencies,” Jutla said. “If one user starts to use the Facebook coin, there is a greater chance that other users will follow suit.” ”
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Sukhi Jutla gives her opinion on Libra for Verdict Media LTD
