What is Facebook’s Libra Coin

What is Facebook’s Libra Coin :

Hello friends, in this post you will get information about Facebook Libra Coin like what is Facebook Libra Coin, what is Facebook Libra Coin and other information related to it.

If seen, a lot of Cryptocurrency came in the market for a long time, mainly in the year 2009, Bitcoin got a lot of fame and there was a competition among the people to buy it.

After this, the arrival of new cryptocurrencies continued continuously, almost every year a new digital currency started coming and till now there are about 1600 types of cryptocurrencies in the market, but if we talk about their validity, then all of them are recognized from any reputable institution. Or rather, none of them have a legitimate owner.

But if we talk about Lib Ra Coin, then Libra Coin is being launched by Facebook, which has been announced by Facebook in June 2019, and for this the whitepaper has been taken out by Facebook. If everything goes well, then by the middle of 2020, Libra Coin will come in the market, so let’s understand what is Facebook Libra Coin and some more important information related to it.

What is Facebook Libra Coin

Before understanding about Facebook Libra Coin, you need to have a little knowledge of Cryptocurrencies as Cryptocurrency is a Digital Currency, which is designed according to Internet based transactions.

Cryptography technology is used to make its online transactions secure, and after that all the information about the transaction is saved in the Digital Ledger i.e. Blockchain.

Now talk about Libra Coin, it will also be a digital currency and Cryptography or Libra Blockchain Technology will be used in it, which will be an open source software so that it can be used all over the world.

There will be a digital wallet for the transaction of Libra Coin, which has been named Calibra Wallet, and Libra Association has been formed to manage Libra, in which well-known companies of the world will join together to promote Libra. The work of the Libra Association will be to strengthen Libra Coin in collaboration with partner companies such as accelerating transactions and enhancing its security.

What is Facebook's Libra Coin
What is Facebook’s Libra Coin

How to use Libra Coin

To take Libra, first you have to deposit money in Calibra Wallet, after that, according to your deposited money, Coins will come in Calibra Wallet, now you will be able to use them as per your need like to make any online purchases as well as send them to any Transfer can also be done to other’s Calibra Wallet.

Users who use WhatsApp and Facebook Messenger will be able to use Calibra Digital Wallet directly. That is, you assume that it will be used like a Paytm and Phonepe App, the main thing that makes it different is its use. Upcoming Libra Blockchain Technology

Features of Facebook Libra

  • Its Transaction Charges will be very low i.e. more Transaction Charges levied by banks can be avoided.
  • Libra Coin will be a stable coin compared to Bitcoin, that is, their prices will not change so much that the user’s trust will remain.
  • A reserve has been created for the support of Libra Coin so that it can be compensated for any loss, which will increase the trust of the people.
  • Its transaction speed will be much faster than Bitcoin, about 1000 Transaction Per Second.
  • Libra can become a source of Transaction for people not associated with banks.

how safe is libra

As far as its security is concerned, according to Facebook Libra Blockchain is being used in it, and all types of Anti Fraud Verifying Technology, Auto Detective Fraudulent Monitor used in other institutions like banks etc. also used to secure Libra. In order to prevent any fraudulent activity when detected.

The facility of 24×7 Live Support will also be given for Libra Coin, through which the problems faced by the users can be overcome. Open source software will be used for Libra Blockchain so that developers and research community can monitor it and bug-bounty programs will also be organized in between so that the shortcomings can be overcome in it.

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