Libra – Cryptocurrency By Facebook (In 5 Minutes)

With the advancements in technology, our day-to-day life has changed in several ways. The world has become very small as people have various platforms to interact with others via sending texts, pictures, documents, etc.

To make money transactions easier and quicker than before as sending texts and pictures, well-known social media biggie Facebook stepped up with a proposal of making money universal, safe and constant by shaping a platform where people all around the world will have access to similar financial possibilities paved a road for the invention of Libra.

Libra mission

The motive and vision hidden behind designing Libra was to foster a currency that has the capability to bring people together under the same financial roof and improve the living of unbanked people.

  • 31% of the world’s population don’t have a bank account, the leftover people who have access to the banking system are worried because of the heavy transaction charges. Approximately the charges are up to 7% to transfer money globally.
  • People who are poor and unbanked charges even more higher, they pay $4 extra charges a month for cash access.
  • Here, bringing digital financial services closer and easily accessible to everyone will have a huge impact.
  • Additionally, it generates $3.7 trillion for the development of the economy and creates 95 million job opportunities.
  • It enhances people’s earning capability by 20% and lessens utmost poverty by 22%.

Libra reserve

Most of the cryptocurrencies in the market don’t have any constant assets to support them. Hearing to all these theories and huge investments made as a first use case, people invested in these coins anticipating that their price might escalate at the time of resale.

To hold everyone’s attention, Libra is designed to be a currency where common people will also understand the value of Libra today and what it’s going to be in the future.

The Libra Association

Libra is a self-reliant association, this organization does not work for profits and runs with a mission to improve the lives of billions of people across the globe by providing them a global currency and financial infrastructure.

The duty of the Libra association is to bring together all the validator nodes present in the network and try to emerge and safeguard the network and to encourage their collective ideology of financial inclusion.

Check out this infographic to find more information regarding Libra.

Libra: Cryptocurrency By Facebook (In 5 Minutes). Libra is a cryptocurrency built on blockchain technology, with which one can send, spend, and secure their money. It allows a more comprehensive global financial system. Libra is a simple global currency and financial infrastructure that empowers billions of people. Libra works to evolve and scale the network and reserves. It supports financial inclusions worldwide. It collaborates with global communities and policymakers to help the Libra Mission. Why Libra? Of 7 billion people 1.7 billion are unbanked. That's 31% of the global population. 69% banked. 31% unbanked. For those who do have access costs are high. On average, it costs 7% to send money internationally. The world still runs on cash. 85% of global transactions use cash. Cash can be hard to move around, and easy to steal. US retail businesses lose about $40 billion annually due to the theft of cash. 85% of global transactions use cash. 85% Cash Transactions. 15% Digital Transactions. And costs are higher for the poor On average, the unbanked pay $4 higher fees per month for cash access. Access to digital financial services can have a BIG impact. Add $3.7 trillion to developing economies. And create 95 million new jobs. No matter who you are, where you live and what you do. Libra is built to make money work for everyone. Because when everyone has access to the services they need, we all thrive. It improves people's income earning potential by 20%, reduce extreme poverty by 22%. Libra for everyone. Transferring money to every corner of the world should be as easy and as cheap as sending a text message. It doesn't matter how much you earn or what you do. To access Libra all you need is a smartphone and data connectivity. A reserve is made for Libra as a backup to ensure its stability. Transactions through Libra are quick and easy, no matter where you are spending or sending your money. Libra is a global cryptocurrency that will be available around the world. Libra is a cryptocurrency build on blockchain technology keeping security in mind. Libra will promote an ecosystem of products and services made to help people use Libra in their day-to-day lives. For every Libra created, a basket of assets and currency is held in the Libra Reserve. This helps in building trust in its inherent value. A network of validator nodes operate the Libra Blockchain. The progress of the blockchain is controlled by founding members of the Libra Association. Libra association has its headquarters in Geneva, Switzerland, it is an independent, nonprofit membership organization. The Move is a safe and flexible programming language for Libra Blockchain. It is an executable bytecode language used to implement transactions and contracts. Libra is a cryptocurrency built on blockchain technology keeping security in mind. The Libra association is not involved in processing transactions and does not store any personal data of Libra users. The Libra association contemplates to work it with policymakers as the ecosystem is progressed and operationalized, as the statutes adapt to innovations and other changes. LibraBFT is built on HotStuff, a protocol that leverages decades of scientific advances in Byzantine fault tolerance (BFT) and achieves the strong scalability and security properties required by internet settings. Members of the Libra Association are validator nodes that operate the Libra Blockchain. This initial group of organizations will work together to finalize the Libra Association charter and will become the association Founding Members upon its completion. The main motto of Libra is to enable a simple cryptocurrency and a financial foundation that entitles billions of people.
Libra: Cryptocurrency By Facebook (In 5 Minutes) Infographic | Presented by: WinBTC.net
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