Facebook and the 🌟 Star rewards. Is it the beginning of libra

[romero121]

Facebook after hard regulatory pressure stopped libra to be the blockchain based cryptocurrency. Now it is partnering with the non profiting libra association. Lately it is to support government backed currencies like USD and EURO on launch. Initially Facebook planned for the dedicated wallet for libra as calibra. Now this has moved with the plan of adding more currencies to the wallet other than libra. In such a way the widening of the project goes on and on with the launch expected this October.

By this time I saw about the stars reward on Facebook. Have anyone come across it or tried using it. I found this to be the start of the new platform which later gets transformation as a payment system that operates on the Facebook owned applications. Also each star is provided with specific value. If we prefer to reward or encourage one's ability/content we can reward them with the stars. More the stars used more will be the earning of the respective person.

If I'm not wrong, later the system can be used on money transfer, purchase of goods on facebook. I find this to be the base for the virtual currency development process, such system has got the ability to create a new payment system. I've added images of the page through which we need to buy the stars and use it.

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[Wexnident]

I'm pretty sure they just want to compete with youtube/twitch in as a streaming platform and they wanted to spice up the way people could donate to their content creators or something. It's similar to how fiat currencies are pegged to stable coins, but outside of that? I doubt there's much relation to it. Haven't really tried sending stars though but I did a short look up and sending 95 stars is at $2, and 1 star = 0.01, so streamers get around 1$ for that.

[mk4]

Yea, I really don't think it has something to do with Libra. It's pretty much just Facebook's version of Twitch's Bits. I assume this system is just implemented to prevent donation chargebacks(because PayPal).

https://www.twitch.tv/bits

[bonjouros]

I also notice about the stars but I am not yet sure if it is related to libra or to their upcoming cryptocurrencies to launch.

But I am very interested if there is a relation between them as I am looking forward for their future cryptocurrency to launch if they will become successful to it or there will be no further hurdles that they are going to face like what happened to libra project.

[ecnalubma]

I believe its part of their tipping system used by audience to reward streamers. Facebook is a diversified social media platform, they are becoming more complex these days but I haven’t seen any clue that they’re starting integrating libra in the platform or maybe changes are just barely unnoticeable.

[optimisticcm]

This is the feature that many platforms have already implemented, some call it points, some call it coins, some call it rewards and now facebook is coming up.with stars.
It is good system and it will not only increase the engagement but publishers and content creators will also benefit at the same time.

[jacafbiz]

I think you jump into conclusion early about the idea, the way it is structure is to give creators something in return for their content, this is what helped Youtube to scale greatly, if this s successful then expect some content provider to move their content to Facebook because recently Youtube has been hostile to their users

[Asuspawer09]

Facebooks stars are already implemented in Facebook so viewers could donate to content creators using stars, I think libra is going to be different from stars doesn't really have a value in other platforms.

Libra is a cryptocurrency and I think it is going to be great if implemented in Facebook having its own currency so that everyone is just going to use one currency when it comes to the Facebook platform, sending libra coins to the content creators is a good thing also content creator is going to use or convert libra easily instead of using card or Paypal.

[tippytoes]

I think you jump into conclusion early about the idea, the way it is structure is to give creators something in return for their content, this is what helped Youtube to scale greatly, if this s successful then expect some content provider to move their content to Facebook because recently Youtube has been hostile to their users

This will be good news for real content creators. They have other platform other than YT to showcase what they've got and they will be earning also. Another venue to generate income and considering that it is the biggest social network today, this will be a great playground for these creators. But I don't think this is related with Libra.

[7788bitcoin]

If I'm not wrong, later the system can be used on money transfer, purchase of goods on facebook. I find this to be the base for the virtual currency development process, such system has got the ability to create a new payment system. I've added images of the page through which we need to buy the stars and use it.

The regulatory struggle always force them to change their plans and i would be surprised if they will ever get a regulatory license in starting their dream project of running a blockchain based currency and they were already seeking for a payment license from Switzerland and i am not sure about the status and i assume they never got the license yet as they applied this year and the pandemic might have changed their plans yet again.

Whatever may be the situation, it is going to be a great struggle for them to come up with something anything related to cryptocurrency.

[jossiel]

It's a reward and that star system doesn't really mean anything to Libra but yes, it could be the beginning of it. But just like any company or enterprise, they have their own rewards system and this is just another profiting venue for Facebook.

Imagine you send 1,000 stars and that has sort of value in cash while only $10 stars go to the streamer? they have a cut with it so, still, it's a business.

[marilynmanson21]

I am pretty sure this is not beginning of Libra or something, this is just the way of Facebook following other platform that have a tipping feature, like the same as Youtube and Twitch. The way of tipping also similar with Brave Browser do, basically tipping the streamer or content creator with their own currency.

[Kemarit]

It looks like they have to redo everything because of the back lash they got from their Libra development.

So it looks like they are redeeming themselves,, but I don't think this is the beginning of Libra though, the project is already dead and no matter what kind of spin they are going to do like this so called Star rewards, regulatory bodies around the world are going to watch their every move and the moment they smell that this is Libra all over again, the same thing will happen.

Well this Star rewards is good as it gets though, it they or others can make decent money why not, but this is shouldn't be considered as a reboot of Libra, IMHO.