The well-known name in social media Facebook took an initiative and announced their new project in the financial sector called Libra.
Libra is a cryptocurrency developed on blockchain technology, it is built to improve millions of people by giving them a platform to be a part of the world of digital transactions. And to do this all you need is a mobile and data connection. It is fast, safe, and stable.
There is a Libra protocol to maneuver the Libra Blockchain and focuses to build a financial infrastructure that fosters innovation, nether hurdles to entry, and improves access to financial services.
To ratify the Libra protocol, the Libra core is implemented anticipating global integration to improve this new ecosystem.
To gain everyone’s attention, Libra is developed to be a currency even common people will know the value of Libra today and how much it’s going to be in the future.
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.
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.
The validator nodes in the Libra network helps in building the association. Primarily, these are international corporations, social impact partners, and academic institutions. In due course, the association will give access to any institution that controls validatory nodes and has enough stakes in Libra.
The role of the association is to synchronize the validator nodes, attempts to evolve and secure the network and to promote their combined insight of financial inclusion.
The ability to tolerate the faults and disruptive behavior in minority of number is referred to as Byzantine.
Infographic Source https://mrbtc.org/libra