It is very hard to hear the facts 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.
What Will Libra Do For The World ?
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 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.
Libra is a decentralized cryptocurrency developed on blockchain technology, itassures the safety and allows access to everyone no matter who you are or where you are from.
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 Libracoin 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.
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.
To provide you with more information on Libra, one of our friends from Mrbtc.org has developed an infographic. Click here on Libra for infographic, we are excited to know your views on our work.
See Info-graphic On Libra Below