We all know that money transfer is not an easy task. Further, sending texts and pictures can be done in seconds. But, money transactions are always painful and consumes lot of time. Also, the charges banks impose is unbearable for normal people. If we focus on the statistics, 31% of the world’s population falls under unbanked population. And, even after so many advancements in technology, 85% of the transactions still happen in the form of cash. One of the major problems with cash is, it is hard to store and easy to steal. To sort out all these problems, Facebook has taken an initiative and designed new age currency called Libra. Libra is a cryptocurrency built on Blockchain technology. It makes transferring money painless, quicker and at a cheaper cost. Libra also offers user anonymity, you can make transactions by being anonymous.
As said earlier, Libra is developed on blockchain technology. The main motive of Libra is to emancipate millions of people by providing them an opportunity to be a part of digital currency. To use Libra, all you need is a mobile with a data connection.
Facebook and Libra Cryptocurrency
Libra is maintained and controlled by its association called The Libra Association. Libra Association mints the coins using the Byzantine Fault Tolerance consensus algorithm. This association is a compilation of companies that are founding members of Libra. Further, there are 28 companies at present in this association and the aim is to reach a total of 100 members who will be as the validators of the Libra currency.
The programming language used in Libra is Move. It helps to execute and develop transaction logic, smart contracts, and decentralized finance.
To make you understand the concept of Libra, the team at Mrbtc.org has developed an informative infographic . Kindly go through the below infographic and share your thoughts.