Libra Coin #101 – A New Digital Currency Developed by Facebook (INFOGRAPHIC)

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Karthik 

How many times did you felt that why transferring money is so difficult? Why is it so slow? Why do I have to bear so many charges for the transaction?

Then this article might help you to get rid of all your worries regarding transactions.

But before that let us answer ourselves to the question, where are we right now in the process of evolution? We are living in a world of machines, revolution and digitization. We made ourselves and technology better as time passes but we still lack in providing banking to everyone and satisfy them with the results.

To demolish this problem the face of social media Facebook has taken a step and launched a new cryptocurrency called Libra. An easier and quicker way to transfer money from one end to another end of the world with less 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 empower 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, secure, and stable.

Libra is backed by the most popular business entities in the world. To acquire 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.

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.

Every entity present in this organization will get their share of the vote to make and finalize decisions regarding Libra and no individual will get higher than 1% of the total vote share.

People have different take when it comes to trust in cryptocurrencies, one can easily trust Libra as it is backed by a reserve consists of constant liquid assets by combining with several other groups of exchanges and other liquidity providers. These assets stabilize the value of Libra.

The language used in Libra is a new programming language and it is called Move it is used to execute and develop decentralized finance, smart contracts, and transaction logic.

Checkout the following infographic on Libra: Cryptocurrency By Facebook (In 5 Minutes) developed by karthik at Mrbtc.org, please let us know the feedback.