What is Facebook Libra Coin : If you also know about Crypocurrency in advance then you may have heard about Facebook ‘s Libra Cryptocurrency . Because recently, when Facebook announced their cryptocurrency Libra Coin, this news was astonishing to everyone.
This is probably because never before had any major company created any cryptocurrency. At the same time, the announcement of this new cryptocurrency by Facebook created a stir in the entire crypto world. All around, only this new virtual currency is being talked about.
While the people of cryptocurrency are arguing 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.
When a lot of people requested to tell us something about this Libra Cyptocurrency, then we thought that why should you also share some information about this new Facebook Libra Coin so that you can also know this new About currency Then let’s start without delay.
What is CryptoCurrency ?
Cryptocurrency is a type of digital or virtual currency that is specifically designed as a medium of exchange. It uses cryptography technology to verify transactions securely, while in addition to control the creation of number of units of a particular cryptocurrency.
In this way, these cryptocurrencies are 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’s know what the definition of Libra Cryptocurrency is – according to White Paper, “Libra is a simple global currency and financial infrastructure that has the potential to empower 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 that is backed by a reserve of assets.
- It is governed by the independent Libra Association .
- It uses the LibraBFT consensus mechanism.
- Smart contract coding has been done through “ Move ” programming language .
What is Libra Blockchain ?
This Libra blockchain is not actually a blockchain even if you see it in the traditional way. The Facebook team decided that they would code their chain from scratch (so that they could meet some requirements). Let us know about those needs: –
1. It should have the ability to scale 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 founding members and partners who are connected to Facebook’s currency currency.
|Booking Holdings Inc.||Breakthrough Initiatives|
|Facebook’s Calibra||Coinbase Inc.|
|EBay Inc.||Farfetch Ltd.|
|Iliad SA’s Free||Lyft Inc.|
|Mastercard||MercadoLibre Inc.’s Payment Market|
|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 found that Facebook has charged about $ 10 Million from each member so that they can manage a node on the Libra ecosystem.
Features of Libra CryptoCoin
Let’s 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 Stable : While often you can see that cryptocurrency is not very stable, but Libra has been designed in such a way that it will try to keep its value as much as possible, so that the effect of Market Fluctuation Will not
3. Will be quite trustable: Since there are many other companies associated with Facebook as well, it will be quite trustable compared to the others.
4. Fast : Transactions on the Libra will be much easier and faster. Here, whether you transfer or pay anywhere in the transaction. Transactions will be very fast in all places.
5. It is for everyone : 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 world. At the same time, the best thing is that its value will remain the same in all places.
6. Security quite good : They are much more secure currency than other Cryptocurrency. This is because Libra is a cryptocurrency that is built on a blockchain with security in mind.
What is the programming language of Move: Libra?
” Move ” is a new programming language designed to implement custom transaction logic and “smart contracts” in Libra Blockchain .
The most important priority of Move is that, it provides smart contracts with a high degree of security. While doing so, Move uses the f unctional programming languages approach.
Which company has announced the launch of a digital currency called Libra ?
Facebook company has announced the launch of digital currency called Libra.
Benefits of Libra Coin
Let us now consider the advantages of Libra Coin.
1. Money transfer will be easy : Although Libra cryptocurrency is a virtual currency, so you can use it to transfer money very fast using its app, while your transaction charges are also very low if we compare it to banks. .
2. Low Commision will be : In a physical transaction that we do in banks, we have to pay a commission of around 5% to 7% or more. At the same time, in libra cryptocurrency, we have to give very little commission during any kind of money transfer. This will rid us of unnecessary commission.
3. All types of online payment can be done : 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, whether you are 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 capability to process many transactions simultaneously. At the same time, because of the blockchain of the libra, 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, libra blockchain is getting fee protection. Therefore, this currency will be very secure and stable. While bitcoin is not as stable.
How is Facebook Libra Cryptocurrency stronger than Bitcoin ?
By the way, both Libra and Bitcoin are cryptocurrecy. But if seen, Libra is stronger than Bitcoin.
The main reason for this, I think, is that the Libra has the support of Facebook, while in addition, it is also with 28 other companies. Bitcoin is a completely decentralized currency .
If I talk about these companies, then all these big big companies like Vodafone, MasterCard, Pay Pal, eBay, Visa, Shopify, Calibre, and Uber are included. This gives an unhealthy investor before making a mutual investment in it.
What is the difference between Libra and Bitcoin ?
Now let ‘s know about the difference between Libra and Bitcoin .
|Centralization||Bitcoin is fully Decentralized. Not a single single entity controls it||Facebook and Libra Association have 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 no more than that||It is controlled by the Libra Association while it depends on the demand and supply.|
|BlockChain Type||There is blockchain permission so miners can start mining whenever they want.||In recent times, these are permissioned blockchain miners have to take permission before starting mining.|
What did you learn today
I hope you have liked this article about my Facebook Libra cryptocurrency. It has always been my endeavor to provide complete information about Libra Coin to the readers, so that they do not have to search in other sites or the 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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