7 Key Points of Facebook Libra CryptoCurrency : Ultimate Review 2020

7 Key Points of Facebook Libra CryptoCurrency : Ultimate Review

Finally, Facebook has released its official whitepaper for Facebook Labra Cryptocurrency, a simple global currency and financial asset that powers the adoption of global digital cryptocurrency.

Facebook has decided to facilitate the use of digital global currency, which will be based on blockchain technology and can be used by anyone anywhere.

Earlier the crypto episodes were on the dark side and everyone was a bit confused by this new trend of digital currency started by Bitcoin and 1500+ other Alt Coins.

But with the introduction of Facebook Libra cryptocurrency, it has opened the way for other digital currencies in the future, and it seems to be the turning point in the new era of the economy.

                                                                   

Facebook library cryptocurrency
This guide is to highlight every possible aspect of the library, how it works, what really makes it decentralized, which controls the cost of the Libra coin and is being used in detail like every other aspect.

We will discuss all 7 key points where we try to identify the potential growth of Libra Coin in the digital cryptocurrency industry.

I tried to avoid every possible aspect that Facebook has already highlighted in their official statement.

List box
What is Facebook Library Cryptocurrency?
Facebook Labra Cryptocurrency is a blockchain-based digital cryptocurrency that will support Centralized Currency Reserve like the US Dollar.

This means that it will be more like a stable coin teacher, which will be less volatile as opposed to bitcoin. Each Libra coin issued through Facebook will receive the same amount of support as the Central Reserve.

Libra cannot be managed solely through Facebook, but they are planning to create 100 other representatives of companies or non-profit organizations.

This means that not only does Facebook govern Libya Coin but there will be another organization that will rule Libra cryptocurrency.

The idea of   creating a Libra is to create a global currency that everyone can use to buy anything in any corner of the world, and minimize the current cost and time of transaction through current financial systems.

Currently, about 1.7 billion of the world's population is comprised of non-banks, and Libra aims to provide them with a decentralized digital financial system that will be easy to use as banks, without any physical assistance.

The currently introduced blockchain network is trying to shift governance and bring less transparency to their work, but Facebook introduced transparency in governance to boost trust.



How will the state be governed?
Libra will be an independent non-profit organization governed by the Library Association, where Facebook aims to have at least 100 non-profit or independent organizations.

The Libra Association will be headquartered in Geneva, Switzerland.

Where the Libra Association will be responsible for all future development and growth plans for this new global digital currency.

Libra will have their own council for which each member will serve as one vote, so in the future, if they are planning to make a decision, it will require 2/3 approval of their vote.

Currently there are about 30 founding members in Libra and they act as more than 100 inclusion and verifiable cryptocurrencies.

All 100 members will act as the verifiers of the transaction and will be encouraged accordingly.

                                                                         

This includes all businesses, non-profit organizations, multi-purpose organizations and educational institutions.

To become a Founding Member you must be able to meet their basic terms and conditions, as stated in their official statement.

It is not explained anywhere but I have seen in some places that all these founding members will be a member or verification node of Labra Blockchain technology, giving about $ 10 million.

These funds will initially be used to start the rule of diamond coins and Facebook will have the same rights or authority as the Libra Association itself.

The Libra Association will be the sole authority responsible for the creation or burning of a single screen as if there is a buyer other than the new coins it will be a mint and will be sold in exchange for a fiat currency.

In such a case, if any seller wants to sell the association back, then they will burn the coins as there is no money left to return the coin.

I hope you have more idea about how the Libra Association will work now focuses on the blockchain network and how it works.

What is the Labra Blockchain Network?
A new blockchain network will be introduced called Labra Blockchain on which the whole concept of Libra Coin will work.

The Libra blockchain network will use a new programming language called MOVE, which will be much easier and easier to create smart contracts on the Libra blockchain network.

This will ensure that there is no duplication of assets and security and security is the top priority of the Libra blockchain network.

To date, we have heard of stack proofs and proof of work mining procedures for verifying network transactions, but Libra Libra will work on the BFT consensus protocol.

Which ensure that 1/3 of the network's downtime has also been compromised by node validators, and they claim that the current speed will be approximately 1000 to 1000 transactions per second.

By the way, you and I, like the BitCoin Blockchain Network, cannot be a block producer or node-validator because the testers will be the only ones who are members of the Libra Association.

Wherever they make the fully centralized blockchain network managed by a body and they can decide the future of Labra Coin.

The Libra blockchain network code will be an open source code that anyone can use and you can create your own smart contract on the blockchain network using MOVE.

Well, the Libra blockchain network also ensures transparency and will track every transaction in an open blockchain network such as BitCoin to track the integrity of records.

This will be a pseudonym and allow users to have one or more addresses that will ensure that they have no connection to the real world identity.



How will a Labra coin work?
Libra Coin will be a digital asset, which we will use as a global currency, and the Libraries Association will ensure that its value fluctuates.

They plan to back up Libra Coin with standard reserve assets such as government bonds, gold or any lower volatile currency.

But the price may vary slightly but will be less volatile than current cryptocurrencies like Bitcoin, Ethereum, Litecoin.

You can convert Libra coins to any current currency or central currency such as US Dollars, Euro, GBP or any local currency based on this current exchange rate.

You need a wallet like a cryptocurrency wallet to transfer money from one place to another and hold your digital assets.

So they have introduced a new wallet called Calibra Wallet. This wallet will be easy to connect with applications such as WhatsApp and Facebook Messenger.

Calibra Wallet Facebook Libra Cryptocurrency
This means that as before you were sending emojis or GIFs to friends, you can now send money via WhatsApp and Facebook Messenger in just a few seconds.

                                                                 

This wallet will be verified as you authenticate your bank account, so you will be asked to provide any official identification proof when making the purse.

Your assets with Calibra will be private and secure, which ensures that none of your funds will be stolen and each of your transactions will be private to you only.

Calabra is a subsidiary of Facebook, but they ensure that your financial data will not be shared with Facebook, except in exceptional cases.

Calebra may charge a few transaction fees but it will be less than the current wired or bank transfer and it will be very quick to process in seconds.

How is Facebook making money?
Well, no service in the world is free, and even running this service will require people's money or support.

The Libra Association is responsible for introducing new products to the Libra Blockchain network and around Libra Coin.

In order to receive the services for these products, the user has to pay a Libra association such as Calabra Wallet, which will normally incur a transaction fee for processing any transaction on the network.

Each Libra coin issued in the market will be exchanged for the central currency and the money will be invested in government bonds, gold or many other assets that will generate interest for the Libra Association.

There are other indirect ways for Facebook to adopt Facebook as an active user payment gateway, which will be like mobile banking for everyone.

Calabra is a subsidiary of Facebook Inc. and will be responsible for the process and integration of Libra Coin payments with the Facebook platform.

The future growth of the lab or cryptocurrency?
Facebook currently has about 2. 2.38 billion active users worldwide, according to data collected by Stata.

Facebook is also managing other applications like Facebook Messenger, WhatsApp, Instagram and possibly more in the future.

Since the introduction of BitCoin, blockchain technology currently has around 35 million active wallets worldwide.

                                                                       

Active users blockchain
Image credit to Statista
Which means that introducing a cryptocurrency through Facebook will ensure access to at least 2.38 billion active Facebook users or information about cryptocurrency.

Currently, about 1. 1.7 billion people make up 1/3 of the total population, living without the traditional financial system.

Of its 1.7 billion, at least 1 billion are mobile phone users, and 50% of them are using the Internet.

This introduction to Labra Cryptocurrency for Mobile Banking, which is free of any need for financial institutions and easy to use with mobile devices, will transform the entire ecosystem.

Well, this introduction of Libra Coin can cause problems with existing banking systems as it is lowering transaction costs and will definitely attract every customer towards execution.

To me, the future of Libra Coin is looking bright and with the adoption of Libra, it is evident that the entire cryptocurrency and blockchain technology will be new.

Labra and Ripple, stellar pros and cons
Nevertheless, the Libra coin was to be introduced in Q2 of 2020, which is now being abused by other financial institutions.

The only concern I can see at the moment is that the Labra is not fully decentralized and will be managed or supervised by the Libra Association, a central authority of 100 members.

The mint or burning of the supply will have the effect of the Libra Association and I do not think there will be any movement in the price of the coin because it is like a stable coin.



From my point of view, it is simply a currency currency fiat currency where you will use digital currency instead of paper or plastic currency.

As a crypto investor, there is no point in investing unless you want Libra to spend on buying coins if it is accepted at that level.

On the other hand, it is going to be a huge step for 1.7 billion non-banked people to have a platform where they can exchange good currency for common currency.

Libra can also benefit everyone by setting a global currency that can be used in exchange for any currency.

You can buy goods, rent a car, shop and pay for one of your restaurant bills, with just a simple click and no transaction fee.

The introduction of Libra Coin and its strong companion vision to create Lib as a global currency for resolving the border payment system can make the transaction a speedy ripple and stellar network.

The Ripple Network and Stellar Blockchain vision are the same as Labra's and are currently in the early stages of adopting them.

If Facebook's recent success with viewers and people-to-people has been largely successful, Russell and Stellar will likely lose out on attracting the attention of everyone.

Ripple and Stellar are true crypto currencies, but their prices are as stable as other crypto currencies.

Ripley is governed by the Ripley Lab, but a non-profit organization is governed by Stellar, so we have to wait for the future to decide which race to go with.

My view on Facebook
This is clearly a huge move by Facebook Inc., a globally renowned social media company.

Facebook users around the world will be introduced to digital digital cryptocurrency currency, which has a blockchain purse of just 35 million active users.

This Lira Coin blockchain can introduce or embark on more and more people in the industry and may change the era of banking or financial institutions.

Most importantly, reaching 1.7 billion non-denominated people will now have some digital assets to deal with in exchange for goods.

Well, let me know in the comments what you think of Labra Coin and blockchain technology to a great extent.