After years of effort, Facebook officially announced its big bet project, to build a global digital currency called Libra using blockchain technology. A well-known fact, Libra is formed by American association conglomerate Facebook.
Facebook has a set of objectives to support Libra with 28 partner organizations all over the world. Facebook has proudly said that Libra will work wonders in digital transactions with nearly zero transaction fees.
Generally, Cryptocurrencies are used to pay digitally for goods and services and also to transfer funds. So far, many countries haven’t approached for digital payment system. Libra, virtual coin, has the potential to bring the whole world together in making payments and conduct cash transactions online. It can create revenue opportunities in the trading sector also.
Libra has succeeded in bringing all the central bankers, financial regulators, and investors together in building a digital planet. The Libra blockchain is an opensource technology, which completely gains control over the transactions occurs in it. Thus, it secures our money from third parties.
The blockchain technology is not controlled by any banks or financial institutions it is a decentralized process which makes transactions simple and secure.
To get detailed information on Libra, please check the following infographic developed by Karthik at Mrbtc.org. Also, please let us know your thoughts on it.