Transacting money has become one of the most common problems faced by everyone. We all have been through this problem at least once and we all hate slow transactions and the charges imposed by banks are unbearable. Keeping this aside, one more important point to make a note is 31% of the world’s population don’t even have a bank account as they are not in a position to afford the charges or unaware of the process.
Considering all these factors Facebook the most popular social media giant has taken the responsibility to provide 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 developed on Blockchain technology with a vision to revamp and revolutionize the global economy. The main ambition behind launching Libra is to emancipate millions of people by giving them access to the world of smoother and quicker transactions with very minimal charges. With a smartphone and data connection, you can transfer Libra to any corner of the world by sitting at your home, everything is done and the only thing you have to do is to tap your finger.
There are so many misinterpretations on cryptocurrencies, to be different from other cryptocurrencies the Libra association built a reserve with stable liquid assets to back Libra by joining with other groups of exchanges and other liquidity providers. These assets help in keeping the value Libra constant without any fluctuations in the value of Libra.
The Libra blockchain helps in defending the attacks from outsiders and acts as a trusted and secured means of exchange for Libra. To verify the Libra protocol, the Libra core is executed hoping global integration to develop this new ecosystem and it allows 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. it is a secure bytecode language for Libra Blockchain. One of the most prominent features of Move is to elucidate custom resource types with semantics influenced by linear logic.
To know more about Libra, you can check our infographic developed by our friend Karthik from Mrbtc.org.