The thinking behind this is, “once a new technology is introduced, we want it to go somewhere”. The inevitability thesis is an idea stating that once a technology is introduced into a culture, what follows is the inevitable development of that technology.Libra’s inevitability thesis is a critical assumption based on facts, on the direction of the Facebook coin.
Zuckerberg’s long sought in-house currency for Facebook is now beaming into reality. Facebook released its whitepaper on June 18th explaining the basics of Libra. It’s a new virtual coin and payment infrastructure. Its mission: “a simple global currency and infrastructure that empowers billions of people.” As laid down in the whitepaper. Its value will be pegged to a basket of major currencies; one Libra will be equal to one buck. The laws of technology align themselves really well with the ideas behind the Facebook Libra.
They say technology is neither good nor bad
In particular, Blockchain technology, and every other innovation that has come with it, has started to interact with the society in ways that we understand. The Libra has quite a number of uses in the economy. It’s a tool that we will use in many different circumstances in future.
Invention is the mother of necessity
Kranzberg wrote that “every technical innovation seems to require additional technical advances in order to make it fully effective.”
Specifically, Facebook has already developed a wallet application called Calibra. Calibra will run inside messenger and Whatsapp, allowing access to almost a billion people. It will also run as a separate app as well. All these advancements are to make sure the Facebook coin realizes its full potential.
Technology comes in packages, big and small
Blockchain technology requires peer-to-peer network, cryptographic algorithms, consensus mechanism, distributed mechanisms and other incentive schemes in order to work perfectly. Otherwise, the whole system fails. Libra has combined all these elements seamlessly making it to work perfectly as the engineers hoped.
Although technology might be a prime element in many public issues, nontechnical factors take precedence in technology-policy decisions
As we ushered in the digital information age, the struggle for money to evolve and smooth the new kind of economic traffic, has been a battle mostly between powerful corporations and the government. An average person is merely a pawn expected to comply with the developments made.
The Libra association is made up of huge corporations bearing in mind that Facebook is a leading digital corporation. Facebook users will use the currency seamlessly at no cost. Nevertheless, the media giant has faced several lawsuits on breach of privacy and mining of personal information to personalize adverts. Facebook has the power and the reach; and now it wants ease financial access of its users.
All history is relevant, but the history of technology is the most relevant
The history of money is very relevant to all of us. What Libra is doing is combing both history and technology to create a borderless currency.
Technology is a very human activity – and so is the history of technology
The creative minds behind the development of the facebook coin are human beings. It will be a centralized form of digital currency that will be under the regulation of human beings. Henceforth, this will help reduce illegal activities such as money laundry, tax evasion alongside others.
Technology should help preserve good morals and ethics. This factor is the biggest win in the adoption of this technology.
Stopping the facebook coin is close to impossible. Bitcoin opened way for other cryptocurrencies and there is no stopping. Others will come, many will be successful. The foundations laid down for the development of the Libra is too strong to break. We move on.