The most common problem people facing all around the world is to transact money. Someway 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 new financial project called Libra. Libra is a cryptocurrency or digital currency built on Blockchain technology.
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.
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.
Most of the cryptocurrencies don’t have any constant or stable assets to back them. To keep the value of Libra constant without any fluctuations they made a reserve with stable liquid assets.
The programming language used in Libra is Move and it helps to execute and develop transaction logic, smart contracts, and decentralized finance.