Libra is the name for cryptocurrency by Facebook | Gizmopixels Explains

Gizmo Pixels

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gizmopixels

2 min readJun 22, 2019

Facebook has introduced its own currency Facebook Libra which might be available at the early 2020s.

Also Read: Calibra: Facebook’s Libra cryptocurrency wallet | All you need to know

Facebook Libra is the Currency said to be a currency that “works for everyone”.

Before we jump into the Facebook Libra, Let’s know what cryptocurrency is.

What is Cryptocurrency?

Cryptocurrency is a virtual currency controlled and managed on a computer system instead of physical banking.

There is no involvement of physical money in Cryptocurrency.

Everything is digital and there are no traces of where the transaction has passed from.

It uses a very secure form of cryptography to verify transactions.

“It doesn’t have a coin or physical banknote in our pockets like the national currencies we’re more familiar with,” said Dr Garrick Hileman, head of research at crypto company Blockchain.

“A cryptocurrency is based on a blockchain which is a distributed database. It’s a ledger or you can think of it even as a spreadsheet that basically keeps track of who owns what that runs on in some cases thousands of computers,” Hileman explained.

What is Calibra?

Libra is a stable global cryptocurrency built on a secure network.

At the time of launch, you will be able to transfer the money using Calibra on different platforms like Facebook Messenger and Whatsapp.

Although, It is a step by the company to make a currency that is acceptable worldwide and easy to transfer.

The currency is said to be changing the way you do transactions.

In future, every small and large business will be using it to make transaction really easy and seamless.

Features:

Blockchain Technology

Libra is built on a secure, scalable, and reliable blockchain.

Stable Value

Libra is backed by a reserve of assets that help keep its value stable.

Independent Governance

The independent Libra Association governs Libra, tasked with evolving the ecosystem.

What to Expect?

Able to scale to billions of accounts, which requires high transaction throughput, low latency, and an efficient, high-capacity storage system.
Highly secure, to ensure the safety of funds and financial data.
Flexible, so it can power the Libra ecosystem’s governance as well as future innovation in financial services.