Things to know about Facebook's new cryptocurrency – Libra

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Things To Know About Facebooks New
Cryptocurrency Libra

• Facebook cryptocurrency libra

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Introduction

• Recently Facebook has outlined the objectives of
  its new cryptocurrency called Libra. Facebook has
  been developing this cryptocurrency for more than
  a year. Libra is designed to allow payment
  processing around the internet globally. It will
  incorporate 1.7 billion people all around the
  world who doesnt have a bank account.

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Libra

• Rumours have been circulating about Libra for
  over a year, whether Libra is developed or
  managed by Facebook. Finally, we came to know
  Libra is a cryptocurrency managed by Libra
  Association. It lets the users exchange flat
  currency for Libra for online transactions. To
  reach wider people, Libra does not need users to
  have a bank account. They simply need to convert
  money for Libra.

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Cont..

• Libra Association is just guiding hand for
  fledgling cryptocurrency. It is just made up of
  partner companies. The most important payment
  partners are Visa, MasterCard, and PayPal.
  Together the above partners have to ensure the
  payment processing is Fast, Accurate and reliable.

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Working of libra

• There are certainly few components that make
  Libra, the main ones are Libra Association and
  Libra reserve.Libra Association is responsible
  for running validator nodes, server clusters,
  process transactions. Association is responsible
  for add or removes Libra from circulation. At the
  start of Libra association, it will run 100 of
  nodes. The circulation of Libra will increase as
  more partners join.

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Cont..

• Libra is centralized and computed only by Libra
  validator nodes. To validate the nodes, Libra
  uses a system known as Byzantine fault tolerance.
  In this system, each node finds a way to reach
  consensus even when the node cant agree at all
  of its states.

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Cont..

• The other major positive about Libra is that many
  decentralized crypto currencies like Bitcoin,
  suffer from the volatile valuation. It will prove
  lucrative for high-risk investment. To seek this
  risk, Facebook has decided to create a more
  stable cryptocurrency to encourage more online
  consumer transaction.

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