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Facebook Libra – A New Global Currency

“Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people

Problem Statement

The advent of the internet and mobile broadband has enabled billions of individuals globally to have access the world’s knowledge and data, high-fidelity communications, and a wide scope of low-cost. Cooperating, innovation organizations and financial institutions have additionally discovered solutions to help increase economic empowerment around the world. In spite of this advancement, huge swaths of the total populace have still left behind 1.7 billion grown-ups universally that stay outside of the financial system with no access to a traditional bank, despite the fact that one billion have a cell phone and nearly half a billion have internet access.

An Introduction to Libra

The world truly needs a reliable digital currency and infrastructure that together can deliver on the promise of “the internet of money”.

This is the ideal opportunity to make a new kind of digital currency based on the foundation of blockchain technology. The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people. Libra is comprised of three sections that will lead to make an increasingly comprehensive financial system:

1. It is based on a secure, adaptable, and reliable blockchain.

2. It is backed by a reserve of assets intended to give it characteristic worth.

3. It is governed by the independent Libra Association tasked with evolving the ecosystem.

The Libra cryptocurrency is based on the “Libra Blockchain”. The Libra Blockchain is an open source, designed so that anyone can build on it, and billions of individuals can rely upon it for their financial needs.

Libra the New Cryptocurrency

Facebook Libra

The co-founder and chief executive officer of Facebook, Mark Zuckerberg, in  his 2018 New Year post on Facebook, talked about his ambition to develop counter-trends in the form of encryption and cryptocurrency that will facilitate its transition from a centralized system to a decentralizing force. 

The energetic willingness in the declaration of Libra Coin, a Facebook-based digital money that is probably going to be revealed in 2020, be that as it may, overwhelmed everybody particularly as it is probably going to have a centralized system, to begin with. Libra is required to be the new steady worldwide cash or stable global currency that will permit 2.38 billion of Facebook clients or users to shop and move cash abroad while paying irrelevant exchange charges.

Libra is for Everyone

Verifying your financial assets on your mobile device should be simple and instinctive. Moving cash around globally should be easy, cost-effective and secure for sending a text message or sharing a photograph, no matter where you live, what you do, or how much you earn. New product innovations and additional advancement to the environment will empower the bringing of boundaries down and encourage frictionless installments for more individuals.

  • Open Source: Fostering an open-source community to spur the development of a robust ecosystem of financial products and services that allow people to use Libra in their everyday lives, around the world
  • Scalable: Growing the network by adding more validator nodes and coordinating the technical roadmap among the validator nodes
  • Stable: Securing and managing the Libra Reserve to preserve the stable value of Libra
  • Fast: Libra transactions are quick and easy, no matter where you are sending, or spending your money

The Libra Currency and Reserve

We believe that the world needs a global, digitally native currency that brings together the attributes of the world’s best currencies: stability, low inflation and wide global acceptance. The Libra currency is intended to help with these global needs. Libra is intended to be a stable digital cryptocurrency that will be completely upheld by a reserve of real assets.

What’s Next for Libra?

While Libra has a tremendous potential to connect the global market inside the Facebook’s social media platform, it is probably going to keep running into different headwinds in the form of government regulators and privacy support group. The Libra white paper paints a rosy picture, but the suggestions both positive and negative will only be known after the release of the coin in 2020.

  • Over the coming months, the association will work with the community to accumulate input on the Libra Blockchain model and carry it to a production-ready state. Specifically, this work will concentrate on guaranteeing the security, performance and versatility of the protocol and its implementation
  • Together with the community, the association will look into the technological challenges on the way to a permission less ecosystem system so we can meet the objective to start the progress within five years of the launch
  • The association will work to establish a geographically distributed and regulated group of global institutional custodians for the reserve

Consequently, only time will tell whether Facebook’s cryptocurrency plan would proceed or the Libra would bite the dust in its earliest stages.

Conclusion

  • A stable currency is based on a secure and stable open-source block chain, supported by a reserve of real assets, and governed by an independent association.
  • Libra is intended to bring down boundaries and improve access to financial services.
  • There will be a dedicated Libra protocol for this cryptocurrency.
  • All transactions will be private and secure with Libra currency.
  • The currency will permit consistent payments anywhere without any user fee.
  • The Libra currency will be available to anybody with an entry-level cell phone and information availability.
  • It will likewise be sponsored by a reserve so as to keep the worth stable.
  • The global cryptocurrency will be made accessible  all around the world.
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