Libra: Cryptocurrency by Facebook

It is a ground-shaking fact that 31% of the global population is still unbanked and According to research by the World Bank, 66% of sub-Saharan Africans are listed as “unbanked”. This causes the increase of cash transactions levying heavy transaction rates on common people.

                                                   

To curb this problem the need for developing a global currency became compulsory  and it is successfully initiated by one of the all-time greatest social media giant Facebook and they named it as Libra.

Libra can be very useful in terms of increasing the percentage of digital transactions as it is a global cryptocurrency and easily accessible to the people just with a smartphone in their hand.

In African countries, 8 out of every 10 transactions take place in the form of cash even in this era of digitization and advancements in technology. As there is a constant growth in the usage of mobile devices adding Libra in their smartphones is not a tough task.

Unlike other cryptocurrencies, Libra is backed by a reserve made a reserve by a consistent and stable set of assets.

Money comes in to reserve through two sources, capitalists in the separate investment Token and the second source is the consumers of Libra.

The association will give incentives in Libra coin to Founding Members to fortify the backing by merchants, designers, and users. From an individual placement, funds will be raised for coins and allocated to capitalists.

To control and look after the proceeding of Libra they have formed an association and it is The Libra Association. The duties of the association are to coincide with the validator nodes, try to evolve and safeguard the network and to promote their compiled perception of financial inclusion.

The Move is a new programming language used in the designing of Libra.

Move language elucidates the mechanism of blockchains, such as the currency and validator membership.

To find more information about Libra, please go through the following infographic developed by Karthik at Mrbtc.org. Don’t forget to share your valuable thoughts on our infographic.