After several years of effort, a renowned social media giant Facebook has finally taken an initiative to launch a global digital currency called Libra using blockchain technology.
Facebook has announced that Libra will make wonders in the field of digital transactions and all these transactions cost nearly zero or very minimal.
Libra can be used to pay digitally for goods and services and also to transfer funds. There are so many countries that have not opted for cryptocurrencies, but with the kind of features Libra offers it will definitely become a global currency.
Libra has the capability to bring the whole world under a single roof to make payments and conduct cash transactions online. It can create 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 value of Libra is stable as it is backed by a reserve. Every single Libra coin is backed by a collection of stable liquid assets and cope up with a group of exchanges and other liquidity providers.
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 that makes transactions simple and secure.