Libra Coin – A New Digital Currency Developed by FACEBOOK

It is very hard to believe the fact that there are still some people who don’t have access to basic financial infrastructure and 31% of the population don’t even have a bank account and 85% of transactions take place in the form of cash even at this era where digitization and advancements in technology completely took over.

The idea of developing a currency which gives access to millions of people and emancipates the whole world has hit by considering all these circumstances and at last it happened.

One of the most popular and reputable social media giant FACEBOOK has taken a step to develop the financial state by introducing Libra.

Libra is a decentralized cryptocurrency developed on blockchain technology, it assures the safety and allows access to everyone no matter who you are or where you are from.

Libra is for every individual, you may be in one part of the world and you want to send money to another corner, with Libra it can be done within seconds and there is no reason to panic about transaction fees because the transaction fees minimal.

A reserve is made for Libra which stops it from going into speculation theories and to keep the worth of Libra constant.

There is a great change in the value of various other cryptocurrencies, but in the case of Libra it is contrary, even a common man will guess what will be the value of Libra coin in the coming days.

Reserve is backed by a set of constant liquid assets, it functions with a competitive group of transacting platforms, which increases the confidence of users that they can sell their Libra any time they want at a better value.

The designer of Libra is Facebook but that does not give the right to regulate and authorize the operations of Libra. They have formed an association called The Libra Association. The members of the association are framed by the validator nodes of the network, any entity that regulates a validator node and claims investment can become a founding member.

As Libra is developed on Blockchain technology it defends attacks on Libra with the help of LibraBFT (Byzantine fault tolerance) and it is deployed in a way to control both ownership and exchange of Libra.

The programming language used in Libra is MOVE and it implements custom transactions and smart contracts.

By looking at all the features and its guidelines one can surely say that Libra will definitely revolutionize the digital currency market and it will assist millions of people to experience the digital currency.

Karthik from MrBTC.org developed an interesting infographic on Libra: Cryptocurrency By Facebook (In 5 Minutes), checkout the infographic and let us know your thoughts on it.