Making transactions easier and faster has been one of the toughest tasks for a long time and to accomplish this ‘Facebook’ popular social media biggie has initiated an idea of launching a new virtual currency known as Libra.
This innovative invention of Facebook is a ray of hope to solve issues like transacting money without depending on third-party. Developers also revealed that it will transfer money instantly without taking much time.
Before going deeper, let’s have a look at some statistics:
* To initiate a transaction one should need a bank account and 31% of the total population don’t even have a bank account. And the remaining people who hold an account are fed up with the heavy transaction charges imposed on them by banking authorities.
* Banks charge approximately 7% whenever someone makes a transaction and for people who make transactions regularly this is a huge problem.
The main idea behind this concept is to provide a platform or medium that brings everyone under the same financial roof. This will enhance the condition of unbanked people.
The Libra Blockchain
Libra is designed using all-new blockchain technology. This is a programmable and decentralized database designed to deliver stable cryptocurrency services across the globe. Libra’s Blockchain has the capability to serve as a medium to transact digital currencies.
The Libra Association
The activities of Libra are controlled and managed by an association called ‘Libra Association’. It is a self-dependant and non-profit association that runs only for the welfare of people. It’s only mission is to enhance the financial conditions of people.
To find more information regarding Libra, go through the following infographic developed by winbtc.net