Recently Facebook has announced its new international project ‘LIBRA’ a global cryptocurrency. The main motive behind introducing Libra is very clear, to create a global cryptocurrency that is accepted all over the world.
There are 1.7 billion unbanked people in the world who don’t even have a bank account or access to any financial system. Facebook strongly believes that Libra has the capacity to be a solution to this issue.
Even though Libra is launched and developed by the renowned social media biggie, it does not control or holds any power over after . Libra is supervised and regulated by its association called The Libra Association. Libra Association is responsible for the minting of coins using Byzantine Fault Tolerance consensus algorithm
The Libra association is a group of companies that are founding members of Libra. There are 28 companies which busily take part in the association and the strategy is to reach a total of 100 members who will act as the validators of the Libra currency.
Libra is backed by the most popular business organizations in the world. To get a hand on this new-age currency, you have to pay through cash in your basic local currency and you will get equivalent amount to your cash in the form of Libra and like various other currencies which we use in our regular lives, we can exchange our Libra to pay bills, grocery stores, movies, etc.
The software used for developing Libra is a new programming language called Move it is used to execute and develop decentralized finance, smart contracts, and transaction logic.