Can Libra’s announcement open a new world for the cryptocurrency innovation?
Since, in June of this year, Facebook officially announced the launch of the project to create its “cryptocurrency” called Libra, the so-called mainstream attitude towards these innovative technologies have suddenly changed.
Facebook’s announcement seems to have definitively cleared the concept of private money, whether they are citizens or companies.
After these three months of the announcement let’s see what has really changed.
A new horizon for the world of cryptocurrency
In other words, a real new world opened up in June, the technological innovation brought by cryptocurrencies, so much so that in the coming years we will most likely see many innovations that were practically impossible until a few months ago.
The digital currencies of central banks in reality, like Libra, are not cryptocurrencies in the strict sense, but they use the technology that underlies them, or in any case a very similar version. This shows that, despite the obvious financial differences, the technology that has been developed for cryptocurrencies is indeed innovative, so much so that it can also benefit the traditional monetary system.
In fact, it guarantees much faster and cheaper transactions, without even having to have a bank account.
Although Libra is not really a real cryptocurrency, a digital currency anchored to traditional fiat coins (ie legal tender currencies such as the euro and the dollar).
Cryptocurrencies can compete with banks for their lack of transparency?
Security and simplicity are the maximum refinements that coins can use to make them attractive and useful for all users.
Many investors have problems with banks: for commissions, intermediaries, security, fraud and lack of transparency. These factors could be a strong point for cryptocurrencies to attract more investors.
Referring to the ParamountDax platform, for security, the platform uses these measures to fight fraud:
Risk management on our trading engine is handled with the utmost care. ParamounDax being one of the few crypto exchanges licensed under its launch date, under license services. Our ParamountDax KYC (Know Your Customer) protocol, I know that you benefit from enhanced security ensured by:
- MultiSig wallets and Smart Contract
- Cold wallet storage
- Expire pass
- SSL Encryption
- IP change verification
- Fraud detection.
Safety first and foremost for every type of investment, for ParamountDax all funds will be storage in Cold Wallet.
Only a year ago traditional finance seemed to be clearly lined up against cryptocurrencies, while now, after the mighty leap forward of Facebook, everything seems to have suddenly changed.
Good luck! And see you soon!
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