Libra: Cryptocurrency By Facebook (In 5 Minutes)

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We all know that money transfer is not an easy task, sending texts and pictures can be done in seconds but money transactions are always painful and consumes a 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 are unbanked and even after so many advancements in technology 85% of the transactions still happen in the form of cash. One of the major problem with cash is, it is hard to store and easy to steal.

To sort out all these issues, Facebook has taken a lead 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 designed with the help of blockchain technology, the primary idea of Libra is to empower unbanked people by giving them a chance to be a part of digital currency. To use Libra all you need is a mobile phone with a data connection.

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. 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 and it helps to execute and develop transaction logic, smart contracts, and decentralized finance.

Kindly go through the infographic designed by our creative team to give a detailed information on Libra.

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