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Libra: Cryptocurrency By Facebook (In 5 Minutes)

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This ariticle is contributed by our community partner. Do let us know if you have found it useful.

After several years of discussions and research, Facebook officially announced its dream project LIBRA, a global digital currency called developed using blockchain technology.

As mentioned above Libra is formed by American association conglomerate Facebook. It has a set of objectives to back Libra with 28 partner organizations across the globe.

Generally, Cryptocurrencies are used to pay digitally for goods and services and also to transfer funds. So far, many countries haven’t approached for digital payment system.

Libra has the ability to bring the whole world together in making payments and in processing online cash transactions. It can generate revenue opportunities in the trading sector also.

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 has succeeded in bringing all the central bankers, financial regulators and investors together in building a digital planet.

The Libra blockchain is an opensource technology, which completely gains control over the transactions occurs in it. Thus, it secures our money from third parties.

The blockchain technology is not controlled by any banks or financial institutions it is a decentralized process which makes transactions simple and secure.

To get detailed information on Libra, the following infographic and this ariticle is contributed by Karthik at Mrbtc.org.

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