Libra: Cryptocurrency By Facebook

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Libra: Cryptocurrency By Facebook

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Facebook is most popular social networking site, where people love to spend most of their time on it. On an average scale there are 1.19 billion users for the site. And that’s more than enough to make Libra, the new virtual coin developed by American association where Facebook is the co-founder for it.

Libra makes money to explore all over the world, no matter, where the person is, and to whom he is sending.

It simply makes transactions comfortable, quick and easy to access.

Libra, a new global cryptocurrency is built on opensource blockchain which has high storage capacity and makes transactions highly secure, and works for safeguarding funds and financial data.

Libra is designed as stable digital cryptocurrency which is redeemable in currency, commodities, or fiat money. It will also let users, transfer money between Facebook and Whatsapp platforms.

There are many payment platforms such as Stripe and Paypal, who are already the members of Libra association. But, Libra will function at a faster pace in a safety mode. As it performs transactions on blockchain, no other stablecoin can compete with Libra.

When we talk about Libra’s programming language. Its Move a new programming language for Libra blockchain.

Move is written in Rust language as it is a only language which focuses on safety while maintaining high performance.

The Libra ecosystem comprises of three different type of entities. They are Clients, Validators and Developers.

Libra’s first transactions are guided by Libra CLI client. Its a software which has a potential to interact with Libra Blockchain.Validator Nodes will decide which transactions should run on Libra blockchain and stores all the transactions in its memory.In the terms of Libra ecosystem, Developers are, all the people who work for Libra right from its birth.

To get detailed information on Libra, please check the following infographic developed by Karthik at Mrbtc.org. Also, please let us know your thoughts on it.

Source: Mrbtc


Featured Image via theblockcrypto

Updated 03:49 PM UTC+8, 20 Aug 2019
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