Libra Coin – A New Digital Currency Developed by FACEBOOK

Sending money around the world should be as cheap and as easy as sending a text message. It should not what you do, where you live, or how much your income is.

Libra
is cryptocurrency developed and designed by the renowned social media giant Facebook with a mission to emancipate millions of people by offering them basic financial infrastructure.

Libra can be accessed by anyone with a smartphone and data connection. Transactions with Libra is quick and easy, it doesn’t where you are transferring, or where you are spending your money.

Libra will encourage an ecosystem of products and services made to assist everyone uses Libra in their day-to-day lives.

Most of the cryptocurrencies present in the market (e.g., Bitcoin and Ether) have no stable assets to support them. Therefore, speculations and stakes have been initial use cases, as with a capability for substantial admiration people in large numbers have grabbed these coins hoping to sell them for profits later.

Considering previous scenarios the long term value of these cryptocurrencies and success of their networks alter, so do their prices, giving at times huge changes in value.

To get people attention, Libra is developed to be a currency where any consumer will know that the value of a Libra at present will be close to its value in the future. Just as users in Europe know how many Euros it requires them to buy a coffee today will be equivalent to the number of Euros it will take them in future, Libra users can be sure about the value of their Libra coins today will be constant in future too.

To look after the proceedings of The Libra an organization is formed and it is The Libra Association it is an independent, not-for-profit organization with a vision to emancipate billions of people by providing them a simple global currency and financial infrastructure.

The association is formed by the validator nodes of the Libra network. primarily, these are international companies, social impact partners (SIPs), and academic entities— the Libra Association’s Founding Members. Finally, the association will comprise any institution that controls a validator node and has sufficient investments in Libra.

To make sure that Libra is truly open and always functions in a way its users want it to be, their motto is to make Libra network permissionless. The task is that most of us do not believe that there is a proven method that can give the stability, scale, and security required to back billions of people and transactions across the globe through a permission less network.

Checkout the following infographic developed by Karthik from MrBTC.org on Libra: Cryptocurrency by Facebook (In 5 Minutes), lets us know the feedback on it.