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Facebook is taking a major step by entering the blockchain-based cryptocurrency called Libra. This virtual currency will be backed by centralised blockchain technology. It aims to set up a more efficient mode of payment, with lower fees and flexible access to funds.
In 2019, Facebook announced its cryptocurrency Libra. It is speculated that in future Libra can turn out to be a very powerful currency as 28 major companies are likely to back it initially. Facebook alone consist of 2.13 billion users. Libra’s future seems successful, and it aims to evolve the crypto market though its distinctive features.
Libra is a much-hyped currency, as its approach is slightly different from conventional cryptocurrencies. Its blockchain technology is centralised. The bitcoin blockchain can be run on nodes, but Libra’s nodes will be only operated by the servers of Libra association.
It allows anyone to open the virtual wallet. Crypto’s financial model is evolving and promising to provide better service than traditional financial institutions. Libra can attract users by reduced cost and increased transparency in the financial system.
Libra claims to be a stable currency (backed by low-volatility assets), and its stability can lead it in the crypto-market.
Libra is designed to handle thousands of transactions per second, as compared to the Bitcoin blockchain that can process only seven transactions per second. Each member of the Libra association has invested $ 10 million for its governance and ability to operate a validator node.
Libra still has to meet high financial standards set by various countries and lawmakers before its lunch.