Cryptocurrency has been the flavor of the season ever since it’s the origin, so how world’s most famous social media network Facebook’s cryptocurrency “Libra” could have gone unnoticed? Ever since Facebook announced the launch of Libra, it has managed to grab a lot of eyeballs and garnered a lot of media attention.
According to Facebook, their main objective of launching this cryptocurrency is to make online payments easier. According to Facebook, not all people around the world have a bank account. Libra will make the life of such people easier. However, not many things are clear about Libra, which I am sure you will be dying to know.
Through this article, let me clear the air around Libra and list down some of the not so known things about this cryptocurrency.
Libra is a unit of Libra cryptocurrency
Just like the US dollars are represented by $ sign, in the same way, Libra cryptocurrency is represented by three wavy lines. The major motto of Facebook’s cryptocurrency is to make banking services available to all the people around the world. As of now, 1.7 billion people around the world do not hold a bank account. Libra will make life easier for people who are deprived of banking services.
Libra has huge support and is backed by fiat currencies
You should not be amazed to know this. Libra is a big project and thus it has got immense support from various currencies around the world. U.S. dollar, UK pound, euro, Swiss franc, and Japanese yen are the currencies backing Libra. Libra was created to be more stable, unlike other cryptocurrencies. So, the value of Libra may vary a bit but it will not go aggregate. The value of the reserve of Libra is estimated to be $1 Billion.
The value of Libra will be similar to euro or pound
The value of Libra for starting will be close to that of a Libra or euro, as decided by the Libra association. You will be able to buy Libra cryptocurrency using fiat currency through Facebook’s own Calibra wallet, any third party wallet or even a grocery store.
Apart from that, you will be able to spend the Libra cryptocurrency by paying to various merchants and online services.
You can easily standalone, the Calibra wallet app through Facebook’s Messenger and WhatsApp. Not just that, you will be able to send Libra cryptocurrency through it just like messages. Facebook guarantees that it will not share any account information of the sender, apart from in very rare circumstances. So, you will enjoy your privacy according to Facebook.
Click this link to know more about Libra.
Say Hello to Libra Network!
Yes, Libra will have its own set of separate Blockchain called Libra Network that will keep a record of all the transactions made. The Libra Network is made of a series of serves called “Nodes”. It keeps a record and validates every transaction made on the network.
Only certain serves are allowed to connect to the Libra network, as it is a Permissioned Network. The major benefit of having only limited network is that it allows Libra network Blockchain to run faster. It makes Libra more practical and useful for everyday use.
It is said that Libra will be able to make 1000 transactions per second, whereas Bitcoin does 7 transactions per second and Ethereum does 15. The traditional visa does 3000 transactions per second.
These are some of the facts I am sure you had not known about Libra.
I hope you enjoyed reading this article. What do you think of Facebook’s Libra? Don’t hesitate to share your thoughts with us.