Transacting money has become one of the most common problems faced by everyone. We all have been through this trouble at least once and we all hate slack transactions and the transaction fees imposed by banks are intolerable.
Keeping this aside, one more salient fact to make a note is 31% of the world’s population don’t even have a bank account as they are not in a state to bear the transaction fees or unmindful about the process.
To sort out all these issues Facebook came up with an initiative to offer a simple Global currency and basic financial infrastructure to billions of people all around the world and launched a new cryptocurrency called LIBRA.
Libra is a decentralized cryptocurrency and Blockchain technology is its mainstay. This new age currency is designed to revamp and revolutionize the global economy. The main objective behind launching Libra in financial sector is to manumit people from banking charges and slack transactions by handing them access to a platform where they can experience smoother and quicker transactions at very less fees.
The Libra blockchain assists in protecting from the attacks of outsiders and acts as a consigned and safe means of platform to exchange Libra. To confirm the Libra protocol, the Libra core is carried out with a purpose of global integration to prosper this new ecosystem and it accepts a set of models called Validators.
To look after all the happenings about Libra they formed an association and named it as the Libra Association. This association is a non-profit organization and works to give better financial infrastructure to people all over the world.
This association is formed by the validator nodes and it includes international corporations, social impact partners, and academic entities. In the long run, it will include any organization that runs a validator node and possess enough stakes in Libra.
To run this efficiently without any flaws, there should be a perfectly written and executed programming language. Libra used a new programming language called Move.
To find more information regarding Libra, go through the following infographic from Mrbtc.org We will be glad to know your views on it.