Facebook’s ‘Cryptocurrency’: All You Need to Know about Libra

Business How To’s

30 July 2019

Facebook’s ‘Cryptocurrency’: All You Need to Know about Libra

  • Posted by Awfis Editorial

Cryptocurrencies are believed to usher in the next digital wave, and why not? Their potential is undeniable when it comes to easing payment processes and making them much more secure. Add to it the fact that they are decentralized and come with near-zero processing fees, the scope of cryptocurrency is beyond general imagination.

Not someone to fall behind in emulating disruptive trends, Facebook announced its own cryptocurrency, Libra, on June 18, 2019, and is planning to publicly launch it in 2020. Read on to know more about Libra.

How stable is Libra?

Libra is a cryptocurrency that is intended to be sent instantly, and with almost no fees, anywhere in the world. It is built on the same principles as Bitcoin, but unlike Bitcoin, whose stability is followed by a huge question mark, Libra aims to have a stable value backed by trusted international currencies, such as the Dollar, Euro, and Yen. Libra will be pegged to a group of low-volatility assets, including fiat currencies, bank deposits, and government securities, which makes it extremely stable.

Is Libra a pure cryptocurrency?

This is a pretty contentious question that started making the rounds soon after Libra was announced. Let us make it clear for you. Compared to the Rupee or Dollar, Libra is definitely a cryptocurrency, since there’s no central bank that controls its minting.

However, compared to bitcoin, Libra isn’t as pure. While bitcoin is a permissionless system, meaning anyone can participate, Libra is a permissioned system, which means only a trusted few entities can keep track of its ledger (that is, mine the coin). But then, Libra will allow you to buy and transfer money under a pseudonym, which again makes it a cryptocurrency.

According to Nicholas Weaver, a researcher at the International Computer Science Institute, Libra is indeed a cryptocurrency and the permissioned model only means it needs less computing power.

How exactly does Libra work?

Basically, you cash in a local currency to get Libra, spend it like you would spend rupees without huge transaction fees or your real name attached, and cash it out whenever you want. Every time you buy Libra, your money is deposited in a bank account where it sits untouched. This is to ensure that every Dollar’s worth of Libra is backed by a Dollar in the bank, so it can generate interest that can be used to pay back the cryptocurrency’s initial investors.

What is the Libra Association?

In an attempt to spur Libra’s adoption and make it more stable, Facebook recruited the founding members of the Libra Association, a not-for-profit that will oversee the development of the cryptocurrency. The association will also monitor the reserve of real-world assets that gives Libra its value so as to avoid any untoward incidents that might nudge the cryptocurrency to crash.

For now, there are 28 founding members of the Libra Association, including giants like Visa, Uber, and MasterCard, which have invested at least $10 million each into the project’s operations. Facebook hopes to reach 100 founding members before the official Libra launch.

How will Libra be governed?

The Libra Association will be responsible for recruiting more founding members. Facebook claims that every member of the association will only get up to one vote or 1% of the total vote (whichever is larger) in the Libra Association Council. This is to provide a level of decentralization that will protect against Facebook or any other player attempting to hijack Libra for their own gains.

Plus, the association will also be responsible for protecting your privacy by never mingling your Libra payments with your Facebook data. Your real identity will not be revealed at any point, so Libra can’t be used for ad targeting.

Conclusion

Despite all the controversy that’s been going around the announcement of Libra, Facebook got one thing right for sure. Traditional money isn’t really accessible to everyone; you’d need a bank account at least. Facebook hopes to create a global currency that can be accessed by anyone with a simple internet connection, sans the concerns of theft, misuse, and heavy transaction fees. If Libra successfully gains universal traction, the world will become a much smaller place than all the News Feed Likes combined.

7 Types Of Colleagues Found In Every Successful Organization

Business How To’s

25 August 2021

7 Types Of Colleagues Found In Every Successful Organization

  • Posted by awfis

A dynamic enterprise usually thrives on a cocktail full of spunky personalities. Each brings in their unique talents and habits that fit like perfect pieces in a puzzle. From the sassy boss to the clingy colleague, here’s some types that you are bound to bump into…

7_types_of_colleagues_found_in_every_successful_organization
1. The compulsive foodie(s)

Instead of clients, this one’s got all the city’s restaurants on speed dial. From Domino’s to the latest hotspot in town, their peckish appetite will ensure that there’s plenty food circulating all around office. Whether, you’ve got random board meetings or your team’s working at odd hours – you’ll never be hungry ever.

2. The witty assassin

This one will ‘slay’ you more lethally than Beyonce or Eminem ever will.  Come hell or sunshine, he or she’s got the perfect comeback for every painful person and situation. Known for having their fair share of haters, they’re also true entertainers. But, it’ll do you good to remember that it’s a war of words that’s not worth playing….

3. The jack-of-all trades

From sweet talking to https://www.https://www.awfis.com/inspiration/wp-content/uploads/2016/06/shutterstock_3835072871.jpg.com/inspiration/wp-content/uploads/2016/03/Awfis-is-your-new-Office1.jpg to executing any kind of project – you name it & it is done.  This breed seldom takes no for an answer.  Whatever is touched turns to gold and they will leave you wondering how it got done. If you need a helping hand, an insightful shrink, or someone to walk your dog, rest assured you can depend on this pro multi-tasker with your eyes shut!

4. The road runner

This famous few will be on their toes, always on the phone, pretending to be busier than the Kardashians.  Your’re more likely to see them at the office door as a permanent fixture. All the worlds’ people know this person and this social butterfly is likely to know everyone. Constantly on the move, you’ll need this PR pro to take your business to places.

5. The tech geek

You’ll always find this genius, behind a bunch of wires, computers and applications. Broke a light bulb, had a short-circuit or you found your desktop suddenly crashed… Fret not. Dexter’s got the perfect fix. Quiet and demure, he probably takes pride in being faster than a normal computer. But, if you’re a know-it-all, then you might not like this mister…

6. The swear champion

This person believes in pure tough love. Yeah, ouch! When the pressure builds up and clients turn demanding, then be sure to hear a spew of gushing swears. Whether it’s loud and clear or below the belt, this one is feared and they sure know how to get work done. Tip: They are usually in positions of power and you’d rather never cross the line with them

7. The constant complainer

This one’s a problem magnet. Even on the brightest day where there’s plenty of reason to rejoice, this type loves telecasting their worries. This includes the coffee machine, that might have broken down or the weather that suddenly turned rotten – there’s always something to say. However, their minute observation constantly keeps you in check and hey! Be assured that you’ll get plenty feedback for the tiniest things on agenda.

But whether you like it or not… take each of these types with a pinch of salt, because they make for the big brains and even bigger learning curves…

Things Every Entrepreneur Can Learn From Pursuit of Happyness

Business How To’s

25 August 2021

Things Every Entrepreneur Can Learn From Pursuit of Happyness

  • Posted by awfis

Pursuit of Happyness is an iconic movie which was released in 2006. It has been 10  years since it released, but never fails to inspire the viewer. It fills the person with a determination to fight for their dreams irrespective of the hindrances that come along.

Based on a true story of Chris Gardner, a man who loses everything , but manages to get everything because of his perseverance. They show how Chris and his son battle a period of homelessness selling medical bone density scanners while being enrolled in an internship as a stock broker.

pursuit_of_happyness poster

Here are the important things that every entrepreneur can take from the movie:

1. Be ready for extreme hardships:

We’ve seen in the movie that Chris Gardner goes through numerous hardships. Whether it comes to selling his bone density scanners or taking up an internship while managing to take care of his son and provide for him. He doesn’t lose his determination even when everything seems bleak. It’s important not to give up and go on and try to overcome the problems that we come across, daily.

2. Aim for the stars

Always aim high! Believe in yourself and everything can be conquerable. Chris Gardner took a chance and went for an option of interning as a stockbroker where only one person at the end would be given a job! He took a chance when the odds were against him and proved that all you need is an opportunity to achieve things when you set your heart at it.

3. Put In all the effort

When you want to achieve something make sure you give your best shot. A half hearted attempted is a good as not giving it a try. Chris Gardner has many close calls, where anyone else would have given up. He even fixes a bone density scanner at the homeless shelter to make the ends meet.  He has proved that if one wants anything eagerly in life, they should work as if their life depends on it.

4. Never let anyone’s judgement cloud your decision

Do not forget to believe in yourself, even if everyone gives up on you. Your decisions should be made on the basis of your logic and intuition rather than someone else’s judgement. Chris does not give up on the internship even when his wife leaves him. Instead he gets even more determined to succeed. Listen to your heart and no one else’s opinion. Immerse yourself in your dream idea!

5. Never show signs of weakness

Always show your strengths. The moment you do that, everything will fall into place. Fear is the toxin, hope and belief is the antidote. Chris always greeted everyone on a positive note and did not even flinch when he has to shell out his last 5$ to pay for executives cab fare. Quick thinking and how you transform your weaknesses into strengths is what matters eventually.

Chris Gardner’s remarkable achievements show that no matter how many obstacles you face, the rules for success are the same for everyone. If you follow the rules, no matter how difficult it gets, you will reap the reward of your own “Pursuit of Happyness.”

5 Effective Strategies to Market Your Freelance Career

Business How To’s

25 August 2021

5 Effective Strategies to Market Your Freelance Career

  • Posted by awfis

What’s better than doing the job that you love and getting paid for it? That’s the life of a freelancer. You get the best of both the worlds where you get to mix passion and profession together. Freelancing is no magic, you can either be an individual with your own website or a part of a team who has been taking up projects from various clients for over a period of time.

Freelancer

If you are a freelancer and are wondering about the next steps to make it successful, here are some strategies that we think will help you make it a long term career.

  1. Create a checklist of your deliverables:

The first step to promote your freelance career is to list down your skill set in the order of strength. It can be writing, graphic designing, creating video content or anything else that you think is your forte. Once you have this list ready, your reality will be in front of your eyes. The strengths can eventually result into a niche market of your own, via freelancing.

  1. Make sure your content reaches your target audience:

In today’s world identifying your potential client, plays key while marketing for the freelancer. In order to ensure this, make sure that your content is shared on all the social media platforms. For example, if you have created a video make sure you maximize it on YouTube, Facebook, Twitter and other relevant social media platforms. With this you can increase the visibility of your content and influence them with your content.

  1. Do not forget to focus on e-mail marketing:

E-mails are the best way to reach the correct target audience. The click through rate might be less compared to other social media platforms but around 90% of the audience using e-mails check it daily. People sign up for various sites knowing that they would be receiving mails from that particular website. It is the easiest way to cover a large network area. If you are a little shy or lack the opportunity to connect with the right market, cold emailing will be the best way to reach out to your target.

  1. Maintain your website traffic and Inquiry section efficiently:

The easiest way for people to contact you is through the inquiry section on your website. Do respond to inquiries as soon as you can as this will uplift the credibility of your brand. Along with that make sure Search Engine Optimisation and Search Engine Marketing for your page/website is up to mark. As they say, optimizing the page is better than being lost somewhere amidst millions of similar searches.

  1. Get referrals from your clients:

Referrals provide authenticity to your work. Word of mouth is better than any other form of marketing. Use it as an advantage and get credibility for your work. Effective relationships are built over a period of time. They not only enable you to reach out to your potential clients, but also motivate you to perform better. Do not hesitate to get testimonials from clients you’ve delivered great service to!

Using these strategies will prove beneficial for kick-starting your freelancing career. If you are ready and confident about your freelancing skills, it’s time to implement these strategies in reality!