How many times have you faced difficulties while transferring from one person to another?

Have you ever questioned why transactions are so slow? Why do I have to pay charges for the transaction?

Then this article will definitely help you to get rid of all your problems regarding transactions.

But before that let us find an answer to the below question…

Where Are We Right Now in the Process of Financial Evolution?

We are living in a world of revolutions, machines, and digitization. We improved ourselves and updated technology as time passed but we still lack in offering basic financial services to everyone and satisfy them with the results.

To eradicate this problem, the face of social media Facebook took an initiative and announced their new venture in the financial field called ‘Libra’. An easier and quicker way to transact money from one end to another end of the world with minimal or no transaction charges. You can be a part of Libra Cryptocurrency and still maintain anonymity while casing out Libra.

What Is Libra Facebook Cryptocurrency?

Libra is a cryptocurrency built on blockchain technology, it is developed to improve millions of people by giving them a platform to be a part of digital currency. And to do this all you need is a mobile and data connection. It is fast, safe, and stable.

Libra is supported by the most popular business entities in the world. To get a hand on this new-age currency, you have to pay through cash in your basic local currency and you will get equivalent amount to your cash in the form of Libra and like various other currencies which we use in our regular lives, we can exchange our Libra to pay bills, grocery stores, movies, etc.

What Is The Libra Association?

Even though the designer of the Libra is a reputed social media giant ‘Facebook’, it doesn’t have the right to control or look after Libra. Libra is controlled and supervised by an association called ‘The Libra Association’. The Libra Association is key responsible for the minting of Libra coins using ‘Byzantine Fault Tolerance Consensus Algorithm’.

‘The Libra Association’ is a group of companies that are founding members of Libra. There are 28 companies busily take part in the association and the new financial strategy in order to reach a total of 100 members who will act as the validators of the Libra currency.

Every institution present in this organization will get their share of the vote to make and finalize decisions regarding Libra and no individual will get higher than 1% of the total vote share.

Do People Trust New Facebook’s Cryptocurrency?

A recent study revealed that nearly 2 out of 10 American adults trust Libra and are willing to invest in the new Facebook’s Cryptocurrency in the future.

But in general, people have different takes when it comes to trust in Facebook-created cryptocurrencies, one can easily trust Libra as it is backed by a reserve with constant liquid assets by combining with several other groups of exchanges and other liquidity providers. These assets stabilize the value of Libra.

The software used for developing Libra is a new programming language called Move it is used to execute and develop decentralized finance, smart contracts, and transaction logic.

Related: The 2019 Survey on Facebook Cryptocurrency

To gain more information on Libra, check the below infographic developed by MrBTC.org

Infographic: What Is Libra? All You Need to Know About Facebook’s New Cryptocurrency