Libra: Cryptocurrency By Facebook

Libra: Cryptocurrency By Facebook

Libra: Cryptocurrency By Facebook

The main motive behind launching Libra was to introduce a currency which has the capability to bring everyone under the same roof and to empower millions of unbanked people.</

  • 31% of the total population don’t even have a bank account, the remaining people who have access costs are high. it nearly costs 7% to send money globally.
  • 85% of the world transactions take happens in the form of cash, it becomes difficult to store cash but it can be moved easily. US retail businesses face $40 billion in losses annually due to the theft of cash.
  • For poor and unbanked costs are even higher, they pay $4 higher fees a month for cash access.
  • At this point making digital financial services accessible to everyone can have a big impact.

The Libra Blockchain is a decentralized, programmable database delineated to back a more stable cryptocurrency that will have the potential to serve as a well-organized channel of exchange for billions of people all around the world.
To ratify the Libra protocol, the Libra core is implemented anticipating global integration to improve this new ecosystem.
Libra is an independent association, it is a non-profit organization going forward with a mission to emancipate billions of people across the globe by providing them a global currency and financial infrastructure.
The validator nodes in the Libra network helps in building the association. Primarily, these are international corporations, social impact partners, and academic institutions. In due course, the association will give access to any institution that controls validatory nodes and has enough stakes in Libra.
The role of the association is to synchronize the validator nodes, attempts to evolve and secure the network and to promote their combined insight of financial inclusion. Otherwise, a spiteful actor might claim he was paid when he didn’t even send funds. This is called “double spending attack”.
Blockchain helps in preventing these type of attacks using LibraBFT, an adaptation of HotStuff Byzantine Fault Tolerant agreement protocol. Decades of research went into building LibraBFT, the research was mainly on the behaviour of the computer when they work together despite few computers have faults in their functioning.
The ability to tolerate the faults and disruptive behaviour in minority of number is referred to as Byzantine.
To find more information about Libra, please go through the following infographic developed by Karthik at Mrbtc.org. Don’t forget to share your valuable thoughts on our infographic.

Cryptocurrency by Facebook

Posted by Sophie M.

Sophie M.

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