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Libra: Cryptocurrency By Facebook (In 5 Minutes)

It’s been a while since Facebook announced its project Libra, a global cryptocurrency. The motive behind launching Libra is vivid, to create a universal cryptocurrency that is accepted across the globe. There are 1.7 billion people across the world who don’t even have a bank account or access to any financial system. Facebook believes that Libra has the potential to be a solution to this issue.

Libra runs on decentralized blockchain technology which is designed to meet three significant requirements and they are:

  • It should be adaptable and flexible to cope up with the future innovations and regulating requirements.
  • It is impossible to manipulate or hack the Libra blockchain as it is highly secured.
  • It should have the ability to maintain billions of accounts.

Even though Libra is launched by the reputed social media giant, it does not control or look after Libra. Libra is controlled and regulated by its association called The Libra Association. 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 backed by the most popular business organizations 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.

The folks at Mrbtc.org have developed an interesting infographic about the various Libra facts. You can also click on Libra to find the infographic on their website, we are excited to know your views.

Source: Mr. BTC

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