The most common problem people facing all around the world is to transact money. Some way or another we all have experienced this unpleasant feeling while transacting money for its slow phase and unnecessary charges that banks impose on us.
If we throw a glance at the statistics, the percentage of unbanked people is about 31% of the world’s total population and 85% of the transactions that take place globally is still in the form of cash. Cash is hard to store and easy to steal.
To eradicate all these problems Facebook has taken an initiative and announced it’s a new financial project called Libra. Libra is a cryptocurrency or digital currency built on Blockchain technology. With Libra, transferring money from one person to another person happens within seconds at minimal or no transaction charges. One more advantage of using Libra is anonymity, a person who is involved in a transaction can remain anonymous.
Libra is developed on blockchain technology, the main motive of Libra is to emancipate millions of people by providing them an opportunity to be a part of digital currency. To use Libra all you need is a mobile with a data connection.
People have so many doubts regarding cryptocurrencies because of the negativity marked on them and up to some extent they are true, to be distinctive from other cryptocurrencies Libra is backed by a reserve with stable liquid assets by working with other groups of liquidity providers and exchanges. These assets help in stabilizing the value of Libra and avoid fluctuations.
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.