If you are well-versed to the concept of cryptocurrencies, then it is highly probable that you might have heard about the launch of the Libra Cryptocurrency by Facebook.
Facebook recently announced the official launch of its self-curated cryptocurrency, Libra Coin, which has sown the seeds of astonishment amongst the Cryptocurrency Dealers and purchasers.
What is Libra Coin, How To Buy It?
The people are so astonished because never has such happened that a Cryptocurrency has been launched by any social media platform.
On the contrary, this announcement has ensued a pandemonium in the whole crypto-world. This soon-to-be-launched Virtual Currency has become the talk of the town everywhere.
On one hand, are the experts relentlessly arguing about the pros and the cons of this soon-to-be-launched currency, and on the other hand, are some ace entrepreneurs hell-bent on withdrawing maximum monetary benefits from this virtual currency.
As this currency is set to be launched worldwide, it has already procured its name as the “Global Coin”.
As it is the hot topic of discussion nowadays, we at www.techwala.info decided to enlighten our visitors on the Facebook Libra coin, so that even they could learn something new. Let’s start without wasting even a single moment.
What is Cryptocurrency?
A cryptocurrency is essentially a virtual or a digital form of currency that is used worldwide as a medium of exchange.
The medium of exchange between the persons is totally internet-based. The financial transactions are made world-wide with the help of cryptography (a technique used to secure currencies with the help of a secret code).
This scientifically advanced technique of cryptography enables the users to conduct financial transactions without worrying about the misuse of financial details, leaking of the critical details and hacking of the bank accounts.
Also, only a specified no. Of units of a particular cryptocurrency can be created using this technique.
This cash system operates digitally without using a central entity. This phenomenon is called peer-to-peer sharing. It also prevents double-spending.
The first-ever cryptocurrency to come into existence was Bitcoin, which was launched in the year 2009 on the 3rd of January.
What is Facebook Libra Coin Cryptocurrency?
Let us understand the definition of the Libra cryptocurrency first. Libra coin is essentially a digital global currency that has been proposed by the American social media company Facebook.
This currency uses blockchain technology for making payments using encryption techniques and controlling the creation of monetary units. This cryptocurrency has the caliber to empower almost a million people.
The following are the five salient features of the Libra coin
- It has been programmed under a safe, secure and reliable blockchain.
- It is known to be the most stable coin to date which has been backed by a reserve of assets.
- A separate association known as the Libra association governs the transactions taking place.
- It uses the LibraBFT consensus mechanism.
- “MOVE” programming language has been encoded to make this cryptocurrency more secure.
What is a Libra block-chain?
A Libra block-chain is a database that is totally decentralized and is programmable and serves as a low-volatility cryptocurrency which can act as a medium of exchange between a large no.
Of people throughout the world. Facebook felt the need to code the chain from scratch so that they could fulfill certain requirements. Those requirements are as follows.
- This block-chain must possess the caliber of scaling billions of bank accounts. The pre-requisites to achieve this are high transaction throughput, low latency and an efficient, high capacity storage system.
- It must be highly secured in order to keep the funds and financial data safe and confidential.
- It must be flexible, so that it may be able to run Libra’s ecosystem governance and bring about some innovations in the financial services in the future.
Who are the founders and the partners of the Libra coin?
Let us throw some light upon the founders of this crypto-currency and the members associated with it.
Founders and Partners of Libra Coin
|Horowitz||Xapo||Creative destruction Lab|
|Anchorage||Bison Trails||Kiva||Mercy corps|
|Booking Holidays Inc.||Breakthrough Initiatives||Women’s World banking||Andreessen|
|Facebook’s Cali-bra||Coinbase Inc.||Visa||Vodafone group|
|Ebay Inc.||Farfetch Ltd.||Union Square ventures||Uber|
|Iliad SA’S free||Lyft Inc.||Stripe Inc.||Thrive capital|
|Mastercard||MercadoLibre Inc’s Mercado Pago||Ribbit Capital||Spotify technology SA|
|Paypal||Naspers ltd’s PayU|
Mobile-friendly- The cryptocurrency would be programmed and curated in such a way which would enable its users to operate it on their own smartphones, conveniently. Salient features of the Libra Crypto-coin:
- Stability- You must have noticed that the values of the crypto-currencies are not stable at all and keep fluctuating every now and then. But this cryptocurrency is bound to have a stable value and the market fluctuation would not affect its value at all.
- Trustworthy- As Facebook and other companies are associated with this crypto-currency, it would be the most trustworthy crypto-currency ever launched in the market.
- Rapid operations- The payments and the other modes of transactions would take place at a much faster rate on this crypto-currency. This feature will be a much time-saving affair for its users.
- Meant for everyone- This currency is being launched at a global level. Hence, it would not remain confined to just one particular nation. It would be under operations on a World-Wide level.
- Safe & secure- This crypto-currency has been programmed on a totally separate and a different block-chain, keeping in view the financial security of its users. Hence, it would be the safest crypto-currency in existence.
What is the programming language of the Libra coin?
The Libra coin has been programmed under the latest brand-new programming language known as ‘MOVE’. Such a programming language has been chosen in order to implement ‘Customer Transaction Logic’ and ‘Smart Contracts’ in Libra block-chain.
Benefits of the Libra coin
Let us concentrate on the benefits of the Libra coin.
- Easy money transfer- Transactions and money transfer would take place at quite a rapid rate through this crypto-currency app. Also, the transaction charges are quite nominal in comparison to the other banks.
- Online payments- Online payments of any form can be executed using this digital currency. Be it the payment of dues, online shopping or Net-banking.
- Involvement of a block-chain- Since this currency is associated with a block-chain, it can handle and complete multiple transactions at the same time. On top of that, it is quite safe and secure due to the usage of Libra block-chain.
- Safety and stability- As Facebook and other prominent companies are associated with this crypto-currency, the authenticity and stability of this currency are assured to its users. Also, it vows to keep the financial details of its users confidential.
How is Facebook Libra Coin stronger than Bitcoin?
The primary reason behind the Libra coin’s strength is its linkage with Facebook and twenty-eight other major leading companies apart from Facebook. Those twenty-eight companies include Mastercard, Paypal, Visa, Uber, etc.
Comparison Between Libra coin vs Bitcoin
|Centralization||Totally de-centralized. Not controlled even by a single entity||Controlled by Facebook and Libra association|
|Value||Its value does not depend upon any single government.||It depends on all the stable assets and other national currencies.|
|Money supply||It is deflationary because its numbering is confined to 21 million all over the world.||It depends upon the demand and the supply of the users.|
|Block-chain type||Has proper permits from block-chain, hence users can start mining at their own will.||Miners need to seek permission before starting the ng Operation.|
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