If you also already know about Cryptocurrency, then you may have. Have you heard about Facebook Libra Cryptocurrency? Because recently, when Facebook announced 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 earning a lot of money. Since it will be launched all over the world, it has also got the name Global Coin.
When many people requested to tell us something about this Libra Cyptocurrency, then we thought that why should you also share some such information about this new Facebook Libra Coin to 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 securely. At the same time, apart from this, the number of units of a particular cryptocurrency can be controlled only in the 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 etc.
What is Facebook Libra cryptocurrency?
Let us know the defiwhat nation of Libra Cryptocurrency is. 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’s a secure, Built-in scalable, and reliable blockchain.
- It is a stable coin that is backed by a reserve of assets.
- Wherein it is governed by the independent Libra Association.
- It uses the LibraBFT consensus mechanism.
- Intelligent contract coding has been done in this by “ Move ” programming language.
What is Libra Blockchain?
This Libra blockchain is not a blockchain, even if we look at it traditionally. The Facebook team decided to code their chain from scratch (initially) to fulfil 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 one 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 and 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 to 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 to be easily used on your smartphone, which will be very easy for everyone.
2. Will be relatively stable: While often you can see that cryptocurrencies are not very durable, Libra is designed so 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 many other companies associated with Facebook, it will be pretty trustable compared to the rest.
4. Will be Fast: Transactions on Libra will be straightforward and fast. Here you can transfer or pay anywhere in the transaction. There will be a lot of speed in the completion of transactions in all the places.
5. It is for all: Since Libra is a global cryptocurrency, it will not 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 will be the same in all places.
6. Security is perfect: These are much more secure currencies 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 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, you can quickly transfer money using its app. Your transaction charges are also significantly less if we compare them with banks.
2. Will be of low commission: In a physical transaction 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 meagre commission during any money transfer. With this, we will get rid of unnecessary commission.
3. All types of online payment can be done: In today’s time where online transactions are 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 online payment, you can use them in all places.
4. Use of Blockchain: Since it is linked to a blockchain, it can process many transactions simultaneously. At the same time, due to Libra being a Blockchain, it will be very safe and secure.
5. Will be entirely Secure and Stable: Since LibraThere is many other companies associated with Facebook to provide backup. At the same time, there is a lot of protection from the libra blockchain. Therefore this currency will be very secure and stable. At the same time, bitcoin is not that stable.
How Is Facebook Libra Cryptocurrency Stronger Than Bitcoin?
By the way, both Libra and Bitcoin are cryptocurrencies. 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. At the same time, Bitcoin is a fully decentralised currency.
If I talk about these companies, they include Vodafone, MasterCard, Pay Pal, eBay, Visa, Shopify, Caliber, and Uber. 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.
|Centralisation||Bitcoin is fully decentralised. 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 the 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 permission blockchain miners have to take license before starting mining.|
What did you learn today
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