Libra: Cryptocurrency By Facebook (In 5 Minutes)

Libra: Cryptocurrency By Facebook (In 5 Minutes)
Image by Gerd Altmann from Pixabay

Facebook Libra Coin

To make money transfer painless like sending messages and images, renowned social media giant Facebook came up with a proposal of making money universal, safe and constant by shaping a platform where people all around the world will have access to equal financial opportunities laid a path for the invention of Libra.

Libra mission

The motive and vision hidden behind designing Libra was to foster a currency that has the capability to bring people together under the same financial roof and improve the living of unbanked people.

 31% of the world’s population don’t have a bank account, the leftover people who have access banking system are worrying because of the heavy transaction charges. Approximately the charges are up to 7% to transfer money globally.

 People who are poor and unbanked charges even more higher, they pay $4 extra charges a month for cash access.

 Here, bringing digital financial services closer and easily accessible to everyone will have a huge impact.

 Additionally, it generates $3.7 trillion for the development of the economy and creates 95 million job opportunities.

 It improves people’s earning potential by 20% and reduces extreme poverty by 22%.

Libra reserve

Most of the cryptocurrencies present in the market don’t even have any constant assets to support them. Hearing to all these speculations and investments as a first use case, people bought these coins in huge numbers hoping that their value might increase at the time of resale.

The Libra Blockchain

The Libra Blockchain is a programmable and decentralized database developed to support a more constant cryptocurrency that will have the potential to serve as a well-organized channel of exchange for billions of people all around the world.

The Libra protocol scheme of the Libra Blockchain and concentrates on developing a
financial infrastructure that encourages innovation, nether hurdles to entry, and
improves access to financial services.

The Libra Association

Libra is a self-reliant association, this organization does not work for profits and runs with a mission to improve the lives of billions of people across the globe by providing them a global currency and financial infrastructure.

Libra Blockchain

It is an allocated system that supervises both ownership of Libra and the transfer of Libra. All the beneficiaries of Libra should recognize the consistent view of the system.

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

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