Libra is a prestigious project of well-known social media biggie Facebook to change the status of unbanked by providing them a currency that can be used globally and easily accessible across the world.
The main reason behind introducing Libra is to offer a global currency that has the capacity to bring everyone under the same roof and to empower millions of unbanked people.
Libra is developed using Blockchain technology, it helps in preventing attacks using LibraBFT, an adaptation of HotStuff Byzantine Fault Tolerant agreement protocol. Decades of research went into building LibraBFT, the research was mainly on the behavior of the computer when they work together despite few computers have faults in their functioning.
The Libra Blockchain is a decentralized, programmable database delineated to back a more stable cryptocurrency that will have the potential to serve as a well-organized channel of exchange for billions of people all around the world.
There is a Libra protocol to contrivance the Libra Blockchain and focuses to build a financial infrastructure that encourages innovation, nether hurdles to entry, and improves access to financial services.
Most of the cryptocurrencies don’t have any constant or stable assets to back them. To keep the value of Libra constant without any fluctuations they made a reserve with stable liquid assets.
The purchase of Libra for fiat and transfer of fiat to reserve should be equal to generate a new Libra. This results in the growth of reserve according to the user’s demand to increase Libra. The only way to create more Libra is by purchasing more Libra for fiat and growing the reserve.
To ratify the Libra protocol, the Libra core is implemented anticipating global integration to improve this new ecosystem.
Libra is an independent association, it is a non-profit organization going forward with a mission to emancipate billions of people across the globe by providing them a global currency and financial infrastructure.
All the validator nodes present in the Libra network form an association. Primarily, these are international corporations, social impact partners, and academic institutions. In due course, the association will incorporate any institution that operates validatory nodes and possesses enough stakes in Libra.
The ability to tolerate the faults and disruptive behavior in a minority of numbers is referred to as Byzantine.
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.