Hello crypto lovers, Did you hear the big news? Having dominated the social media over a decade, Facebook now has decided to pave its way into the Cryptocurrency market with a new Blockchain platform – Libra, A Multi Million Dollar project that would create a Global Cryptocurrency. It has been over 10 years since the first Bitcoin was created. Let’s deep dive into the details.
Libra, a global currency and financial infrastructure designed to empower billions, was just announced by Facebook. Users will soon be able to use Libra to transact on Messenger, WhatsApp, and Facebook.com.
Libra is fully backed by the “Libra Reverse”, a collection of low-volatility assets denominated in USD, GBP, EUR and JPY.
The not-for-profit “Libra Association” was created to manage assets and oversee future developments.
Funding participants of the association includes; Uber, eBay, Visa, Mastercard, Paypal, and Spotify.
31% of the global population is completely unbanked, with no access to a bank account or mobile money.
$3.7 trillion could be added to the economies of developing countries by 2025 through increased access to digital financial services.
$16 billion a year could be saved by slashing remittance fees by just 5%!
A typical bank-to-bank transfer across borders takes three to five business days to complete.
With cryptocurrencies, this can be INSTANT.
Libra seek to make it simple for everybody to send and get cash simple enough by utilizing our applications to in a flash offer messages and photographs.
To empower this, Facebook is likewise propelling a free auxiliary called Calibra that will construct benefits that lets you send, spend and spare Libra – beginning with an advanced wallet that will be accessible in WhatsApp and Messenger and as an independent application one year from now.
How It Differs From Other Blockchains
Right now, we have bitcoin, ethereum, eos, hyperledger and other blockchain technology with different consensus algorithms. But some of these platforms has transactions scalability problem or some have fully anonymous behaviour as per their consensus algorithms. Lets see,
How it differs?
- Like bitcoin, there’s no genuine personality on the Blockchain.
- Like Hyperledger, it’s permissioned (at any rate to begin).
- Like ethereum, it makes money programmable.
- Likewise like ethereum, it considers proof of stake is the future, yet it is additionally not prepared at this point.
- Like Binance’s coin, it completes a great deal of consuming.
- Like coda, clients don’t have to clutch the entire exchange history.
- Like EOS, it hasn’t worked everything out yet.
Stay tuned with us for creating first transaction on Libra by next blog.Thanks.