Libra: Cryptocurrency By Facebook (In 5 Minutes)
Transferring money from one person to another person is not an easy task. Sluggish and high transaction charges has always been a cause of worry for the users.
To eradicate all these problems, the face of social media Facebook took an initiative and announced their new venture in the financial field called Libra. An easier and quicker way to transact money from one end to another end of the world with minimal or no transaction charges. You can be a part of Libra and still maintain anonymity while casing out Libra.
Libra is a cryptocurrency built on blockchain technology, it is developed to improve millions of people by giving them a platform to be a part of digital currency. And to do this all you need is a mobile and data connection. It is fast, safe, and stable.
Even though the designer of the Libra is a reputed social media giant, it does not have the right to control or look after Libra. Libra is controlled and supervised by its association called The Libra Association. Libra Association is responsible for the minting of coins using Byzantine Fault Tolerance consensus algorithm.
The Libra association is a group of companies that are founding members of Libra. There are 28 companies which busily take part in the association and the strategy is to reach a total of 100 members who will act as the validators of the Libra currency.
Libra is supported by the most popular business entities in the world. To get a hand on this new-age currency, you have to pay through cash in your basic local currency and you will get equivalent amount to your cash in the form of Libra and like various other currencies which we use in our regular lives, we can exchange our Libra to pay bills, grocery stores, movies, etc.
The software used for developing Libra is a new programming language called Move it is used to execute and develop decentralized finance, smart contracts, and transaction logic.
People have different takes when it comes to trust in cryptocurrencies, one can easily trust Libra as it is backed by a reserve with constant liquid assets by combining with several other groups of exchanges and other liquidity providers. These assets stabilize the value of Libra.