If you also already know about Cryptocurrency then you may have heard about Libra Cryptocurrency of Facebook. Because recently when Facebook announced about their cryptocurrency Libra Coin, then this news surprised everyone.
This is probably because no big company had ever made any cryptocurrency before. At the same time, the announcement of this new cryptocurrency of Facebook caused a panic in the entire crypto world. Only this new virtual currency is being talked about all around.
While cryptocurrency experts are debating about this new Facebook Libra Currency , some entrepreneurs are thinking of ways to earn a lot of money from it. Since it is going to be launched all over the world, it has also got the name of Global Coin.
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When many people requested us to tell something about this Libra Cyptocurrency, then we thought that why should you also share some such information about this new Facebook Libra Coin so that you can also know about this new Regarding currency. Then without delay let’s start.
What is CryptoCurrency?
Cryptocurrency is a type of digital or virtual currency which is specially designed as a medium of exchange. It uses cryptography technology so that transactions can be verified in a secure way, while apart from this, the number of units of a particular cryptocurrency can be controlled only in formation.
In this way, these cryptocurrencies have such limited entries in a database that no one can change, unless some specific conditions are met.
For example Bitcoin, Ripple, Ethereum and so on.
What is Facebook Libra cryptocurrency
Let us know what is the definition of Libra Cryptocurrency – According to the White Paper, “Libra is a simple global currency and financial infrastructure that has the potential to empower nearly billions of people.”
The basic five essential components or features of Libra currency are:
- It is built in a secure, scalable, and reliable blockchain .
- It is a stable coin which is backed by a reserve of assets.
- Wherein it is governed by the independent Libra Association .
- It uses LibraBFT consensus mechanism.
- Smart contract coding has been done in this by “ Move ” programming language .
What is Libra Blockchain?
This Libra blockchain is not actually a blockchain , even if we look at it in a traditional way. The Facebook team decided that they would code their chain from scratch (initially), so that they could fulfill some of the requirements. Let us know about those requirements:-
1. It should have the ability to scale up to billions of accounts. At the same time, it requires high transaction throughput, low latency, and an efficient, high-capacity storage system .
2. It should be highly secure, so that funds and financial data can be kept safe.
3. It should be flexible, so that it can run the entire Libra ecosystem’s governance , as well as bring future innovation in financial services.
Who are the founding members and partners of Facebook Libra Coin?
Let us know the names of all those founding members and partners who are associated with the Libra currency of Facebook.
|Booking Holdings Inc.||Breakthrough Initiatives|
|Facebook’s Calibra||Coinbase Inc.|
|EBay Inc.||Farfetch Ltd.|
|Iliad SA’s Free||Lyft Inc.|
|Mastercard||MercadoLibre Inc.’s Mercado Pago|
|PayPal||Naspers Ltd.’s PayU|
|Ribbit Capital||Spotify Technology SA|
|Stripe Inc.||Thrive Capital|
|Union Square Ventures||Uber|
|Xapo||Creative Destruction Lab|
|Women’s World Banking|
According to the report, it has been learned that Facebook has charged about $10 million from each member so that they can manage a node on the Libra ecosystem.
Features of Libra Crypto Coin
Let us know about the features of Libra Currency.
1. Will be Mobile Friendly : Libra cryptocurrency will be made in such a way that you will be able to use it easily on your smartphone, which will be very easy for everyone.
2. Will be quite stable: While often you can see that cryptocurrencies are not very stable, but Libra is designed in such a way that it will try to keep its value as stable as possible so that the effect of Market Fluctuation on it Will not.
3. Will be quite Trustable : Since there are many other companies associated with Facebook as well, so it will be quite trustable as compared to the rest.
4. Will be Fast : Transactions on Libra will be very easy and fast. Here you can transfer or pay anywhere in the transaction. There will be a lot of speed in the completion of the transaction in all the places.
5. It is for all : Since Libra is a global crypto currency, it is not going to be limited to any one country, but it will be used in all the views of the whole world. At the same time, the best thing is that its value is going to be the same in all places.
6. Security very good : These are much more secure currency than other Cryptocurrency. This is because Libra is a cryptocurrency built on a blockchain with security in mind.
Move: What is the programming language of Libra?
“ Move ” is a new programming language used to implement custom transaction logic and “smart contracts” in the Libra Blockchain .
The most important priority of Move is that, it offers smart contracts that too with a high degree of security. Whereas to do this, Move uses the functional programming languages approach.
Which company has announced the launch of a digital currency called Libra?
The Facebook company has announced the launch of a digital currency called Libra.
Benefits of Libra Coin
Let us now look at the advantages of Libra Coin.
1. Transfer of money will be easy : Although Libra cryptocurrency is a virtual currency, so you can transfer money very fast using its app, while your transaction charges are also very less in this if we compare it with banks. .
2. Will be of low commission : In a physical transaction that we do in banks, we have to pay a commission of about 5% to 7% or more. At the same time, but in Libra cryptocurrency, we have to pay a very low commission during any type of our money transfer. With this we will get rid of unnecessary commission.
3. All types of online payments can be made: In today’s time, we use online transactions the most. In such a situation, if you use the Libra app, then you can easily make any payment online with it, whether you have to do shopping or any kind of online payment, you can use them in all places.
4. Use of Blockchain : Since it is connected to a blockchain, it has the ability to process many transactions simultaneously. At the same time, due to Libra being a Blockchain, it will be very safe and secure.
5. Will be quite Secure and Stable: Since many other companies are associated with Facebook to provide backup to Libra. At the same time, there is a lot of protection from the libra blockchain. Therefore this currency will be very secure and stable. Whereas bitcoin is not that stable.
How Facebook Libra Cryptocurrency Is Stronger Than Bitcoin?
By the way, both Libra and Bitcoin are cryptocurrency. But if seen, Libra is stronger than Bitcoin.
The main reason I think for this is that Libra has the support of Facebook, while 28 more companies are also with it. Whereas Bitcoin is a fully decentralized currency .
If I talk about these companies, then all the big giants like Vodafone, MasterCard, Pay Pal, eBay, Visa, Shopify, Caliber, and Uber, are included. This gives a malaise to the investor before investing mutually in it.
What is the difference between Libra and Bitcoin?
Let us now know about the difference between Libra and Bitcoin .
|Centralization||Bitcoin is fully decentralized. Not a single entity controls it||The Facebook and Libra association has a lot of control over its asset and usage.|
|Value||The price of bitcoin does not depend on any single government. As physical currency is||But it depends on all other national currencies and stable assets.|
|Money Supply||Bitcoin is deflationary because only 21 million bitcoins can be in the whole world, not more than that||It is controlled by the Libra Association , while it depends on the demand and supply.|
|BlockChain Type||Blockchain permission is there, so miners can start mining whenever they want.||In present times these are permissioned blockchain miners have to take permission before starting mining.|
I hope you must have liked my article What is Facebook Libra Cryptocurrency ( What is Facebook Libra ). It has always been my endeavor to provide complete information about Libra Coin to the readers, so that they do not have to search other sites or internet in the context of that article. This will also save their time and they will also get all the information in one place.
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