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Facebook finally unveils its cryptocurrency. What we know about Libra so far.
Facebook was careful to say that Libra is not maintained internally and is instead serviced by a non-profit collective of companies.
- Facebook has just announced its new cryptocurrency, Libra.
- Early investors include many of the world's leading companies, implying they will accept Libra as payment
- The announcement was met with a mixed response, but only time will tell how Libra will be received
In a much-anticipated announcement on Tuesday, Facebook introduced the world to its new cryptocurrency Libra which is slated for launch in 2020 and will allow the popular social media giant's 2.4 billion members (and anyone with a smartphone) to quickly and inexpensively send money to each other and transact with businesses that have a presence on the Libra blockchain.
Facebook's goal for the new stablecoin—which will be pegged to a basket of fiat currencies like the US Dollar and Euro—is to provide an accessible financial system to the world's 1.7 billion unbanked inhabitants. As both a "cryptocurrency and a global financial infrastructure," Facebook was careful to say that Libra is not maintained internally and is instead serviced by a non-profit collective of companies participating in the ecosystem.
Facebook opts for a centralized yet shared model
The UI of the Calibra Wallet.
Members of this collective, based in Switzerland and known as the Libra Association, must pay at least $10 million to join. They will then be responsible for validating Libra transactions, administering the fund which backs its value, and voting on how to allocate the association's capital towards socially conscious initiatives. Founding members so far include ride-sharing companies Uber and Lyft, as well as eBay, Spotify, PayPal, Visa, and Mastercard.
Their early investment implies that these businesses will accept Libra as payment once the cryptocurrency launches alongside its Calibra wallet, which was also part of Facebook's announcement. Participation by these companies suggests how users might obtain and eventually use Libra. While Facebook is capable of hosting air drops to spread the word and vision, Visa and Mastercard's collaboration with Libra indicates that the stable coin may be directly purchasable via credit card.
Will Libra be welcomed by the crypto community?
Facebook's announcement has already whipped up a storm in the space with many leaders in the crypto community voicing their opinions.
Justin Sun, the founder of Tron who recently paid $4.75 million to have lunch with Warren Buffet, thinks this will be a great thing for the space saying, "Facebook and Libra. I feel a huge FOMO and bull run for crypto is on its way."
However Jeremy Dahan, CEO of diamDEXX, a stablecoin backed by diamonds, is giving a more balanced view, stating:
"We're still waiting for more information, but this roll out will be met with mixed feelings from the crypto community at large. On the one hand, Facebook has billions of users who can, in a single day trigger a wider acceptance of cryptocurrencies. On the other, a project such as this by such a massive, centralized company is a far cry from the ideals upon which the crypto community is based. Privacy concerns come to the forefront for a stablecoin being offered by a company such as Facebook, who have had many issues in this area in the past."
Will Libra liberate or limit world finance?
Using Libra for payments will be easy, as it will be integrated directly with the Facebook Messenger application as well as WhatsApp, and probably with other Facebook properties as well (such as Instagram). However, it's not yet clear which countries will gain access to Libra first, especially with a regulatory backdrop for cryptocurrency that varies drastically between sovereign borders. Just hours after its announcement, US lawmakers were already asking Facebook to halt the rollout of Libra until they could hold hearings on the subject.
It's yet unclear whether Facebook will have the lobbying power to launch Libra according to its optimistic timeline, especially when many lawmakers are already seeking to limit the social media leader's reach. What is clear, however, is that Facebook is waving the checkered flag for blockchain and cryptocurrency's race to the mainstream consciousness.
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A recent study on monkeys found that stimulating a certain part of the forebrain wakes monkeys from anesthesia.
- Scientists electrically stimulated the brains of macaque monkeys in an effort to determine which areas are responsible for driving consciousness.
- The monkeys were anesthetized, and the goal was to see whether activating certain parts of the brain would wake up the animals.
- The forebrain's central lateral thalamus seems to be one of the "minimum mechanisms" necessary for consciousness.
Pixabay<p>When the team electrically stimulated a part of the brain called the central lateral thalamus, located in the forebrain, the monkeys woke up: they opened their eyes, blinked, reached out, made facial expressions and showed altered vital signs. </p><p>"We found that when we stimulated this tiny little brain area, we could wake the animals up and reinstate all the neural activity that you'd normally see in the cortex during wakefulness," Saalmann told Cell Press. "They acted just as they would if they were awake. When we switched off the stimulation, the animals went straight back to being unconscious."</p><p>This area of the brain may function as an "engine for consciousness," Redinbaugh told Inverse. Although past studies have shown that electrical stimulation can arouse the brains of humans and animals, the new findings are unique because they reveal which specific neural interactions appear to be minimally necessary for consciousness.</p><p>"Science doesn't often leave opportunity for exhilaration, but that's what that moment was like for those of us who were in the room," Redinbaugh told <a href="https://www.inverse.com/science/first-squid-mri-study-brain-complexity-similar-dogs" target="_blank"><em>Inverse</em></a><em>.</em></p>
Future applications<p>The team said the findings could have many applications down the road, but more research is needed.</p><p>"The overriding motivation of this research is to help people with disorders of consciousness to live better lives," Redinbaugh told Cell Press. "We have to start by understanding the minimum mechanism that is necessary or sufficient for consciousness, so that the correct part of the brain can be targeted clinically."</p><p>"It's possible we may be able to use these kinds of deep-brain stimulating electrodes to bring people out of comas. Our findings may also be useful for developing new ways to monitor patients under clinical anesthesia, to make sure they are safely unconscious."</p>
The coronavirus pandemic has brought out the perception of selfishness among many.
- Selfish behavior has been analyzed by philosophers and psychologists for centuries.
- New research shows people may be wired for altruistic behavior and get more benefits from it.
- Crisis times tend to increase self-centered acts.
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