Libra Won’t be Crypto Currency

Facebook is stuck with attempts in making their own money system called Libra. This Libra first sounded like it would shake up the world if it were released with real Crypto Currency standards. The first standard of a cryptocurrency is that no one controlled it and the “Block Chain” system controls it. The Block Chain system is nothing but collaboration of network of servers keeping the system running. The automatic software will be managing all those servers and make sure no one or an individual server can mess with it. That’s my quick explanation for a Block Chain System and a Cryptocurrency.

However, the US government will not allow facebook to do it legally, so the money system they are thinking about will use the similar transaction procedures like those decentralized block-chain and encryption procedures in doing the transactions, but integrated with human interferences and control. All the complex transactions (mining), and encryption protocols, which are called block-chain by popular terms, are nothing new. All the traditional money transactions among banks use similar protocols in transferring money across other banks.

So, when facebook Libra “cryptocurrency” removes the decentralized aspect out of the money system they want to do, it would be nothing more than regular “traditional” banking system! The encryption protocols, algorithms, and software do not define cryptocurrency. All regular banks have similar systems. Decentralization is what defined the Crypto Currency, which is a modern term!