What Is Facebook Libra Coin And CryptoCurrency

If you also know about Cryptocurrency in the advance then you may have heard about Facebook ’s Libra Cryptocurrency. Because recently, when Facebook announced about 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 a way 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 Cryptocurrency, then we thought that why should you also share some information about this new Facebook Libra Coin so that you can also know this news 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 the 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 the infrastructure that has the potential to empower billions of people.”

The basic five essential components or features of Libra currency is:

·      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 the “ Move ” programming language.

What is Libra Blockchain?

This Libra blockchain is not actually a blockchain even if you see it traditionally. 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 linked to Facebook’s currency.

Andreessen                           Horowitz

Anchorage                             Bison Trails

Booking Holdings Inc.         Breakthrough Initiatives

Facebook’s Calibra              Coinbase Inc.

EBay Inc.                               Farfetch Lid.

Iliad SA’s Free                       Lyft Inc.

Mastercard                           “MercadoLibre Inc.’sPayment Marketplace”

PayPal                                    Naspers Ltd.’s PayU

Ribbit Capital                        Spotify Technology SA

Stripe Inc.                              Thrive Capital

Union Square Ventures      Uber

Visa                                        Vodafone Group

Xapo                                       Creative Destruction Lab

Kiva                                         Mercy Corps

Women’s World Banking   Facebook

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 other.

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 cryptocurrency, 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 functional programming language approach.

Which company has announced the launch of a digital currency called Libra?

Facebook company has announced the launch of a 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 the app, while your transaction charges are also very low if we compare it to banks.

2.  Low The commission 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 can 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 free protection. Therefore, this currency will be very secure and stable. While bitcoin is not as stable.

How is Facebook Libra Cryptocurrency stronger than Bitcoin?

The main reason for this, I think, is that the Libra has the support of Facebook, while also, it is with 28 other companies. Bitcoin is a completely decentralized currency.

If I talk about these companies, then all these big companies like Vodafone, MasterCard, PayPal, 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?

Let us now know about the difference between libra and Bitcoin.

	Bitcoin	Libra
Centralization	Bitcoin is fully Decentralized. Not a single entity controls it	Facebook and libra Association has a lot of control over its assets 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	Blockchain is allowed so miners can start mining whenever they want.	In recent times, these are permission 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.

If you have any doubts about this article or you want that there should be some improvement in it, then for this you can write down comments.

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