Libra, a simple global currency launched by the renowned social media biggie to enhance the level of financial infrastructure and to empower the people who don’t have bank accounts all around the world.
The main reason behind designing Libra was to develop a currency that has the potential to bring everyone under the same financial roof and also to emancipate millions of unbanked people. Transactions with Libra are way too faster than compared to normal transaction methods.
- According to statistics, 31% of the world’s population don’t even have a bank account, the leftover people who have bank accounts transaction charges are high. Approximately, it costs up to 7% to send money globally.
- 85% of the world’s transactions still take place in the form of cash, it becomes difficult to store cash but it can be moved easily. US retail businesses face $40 billion losses annually due to the theft of cash.
- It improves people’s earning potential by 20% and reduces extreme poverty by 22%.
The Libra Blockchain is a decentralized, programmable database designed to support a more constant cryptocurrency that will have the capability to serve as an organized channel of transfers for billions of people all around the globe.
Libra is a self-made and non-dependant association, it is a non-profit organization and never craves for profits. The one only mission of Libra is to empower unbanked people across the globe by providing them a universal currency and financial infrastructure.
Blockchain helps in preventing this type of attacks using LibraBFT, an adaptation of HotStuff Byzantine Fault Tolerant agreement protocol.