What is Libra? Libra’s mission is to provide a simple global currency and financial infrastructure that powers billions of people.
Libra is the new centralnon block chain. It includes plans for a low-volatility crypto currency and a smart contract platform that aims to create a new opportunity for innovation of responsible financial services together.
The emergence of the internet and mobile devices has strengthened billions of people around the world to access the world’s knowledge and information, high-quality communication, and a much lower-cost, more affordable range of services. These services are accessible using a $40 smartphone from almost anywhere in the world.Libra Coin
What is Libra?
What Libra Says;
Libra has enabled economic empowerment by enabling more people to access the financial ecosystem. By working together, technology companies and financial institutions have also come up with solutions to help boost the world’s economic empowerment. Despite this progress, the majority of the world’s population is still lagging behind – although there are one billion mobile phones and almost half a billion have internet access, 1.7 billion adults worldwide do not have bank accounts. These people live outside the financial system.
There Are Still Those In The World Who Don’t Do Finance
For a lot of people, parts of the financial system are like pre-internet telecommunications networks. Twenty years ago, the average price of text messaging in Europe was 16 cents. Some solution suggestions and briefings were made for Libra;
Now anyone with a smartphone can communicate for free worldwide with a basic data plan. At the time, telecommunications prices were high, but they were the same; Today, however, access to financial services is limited to those who are most affected by the cost, reliability and ability to send money seamlessly– for those who need it most.
What is Libra
All over the world, people with less money pay more for financial services. They can face costs such as hard earned income, wire transfer and wire transfer costs too high and ATM costs. A salary loan can have interest rates of 400% or higher annually. You may have to pay interest up to $30 to borrow v100 dollars.
When people are asked why they adhere to the current financial system, it shows that those who do not have a bankaccountdo not have sufficient funds, that they have high and unpredictable fees, that banks are too far away and that they do not have the necessary documents.
However, existing blockchain systems have not yet been accepted as mainstream. The mass market use of existing blockades and crypto currencies has so far been hampered by low value and lack of volatility and scalability that cannot reduce them to stock market environments.
Some projects also aimed to disrupt the existing system and bypass regulations and innovations instead of doing studies on anti-money laundering.
Valid All Over the World
We believe that cooperating and innovating with the financial sector, including regulators and experts in various industries, is the only way a sustainable, safe and reliable framework can form the basis of this new system. And this approach can provide a huge leap towards a more cost-effective, more accessible, more connected global financial system.
The world really needs a reliable digital currency and infrastructure that can deliver together with the promise of the “money internet.”
Securing your financial assets on your mobile device should be simple and important. It should be as easy and cost-effective as circulating money around the world, no matter where you live, no matter how much you earn, sending a text message or sharing a photo.
Libra Money – What is Libra
Now it’s time to create a new kind of digital currency that forms the basis of blockchain technology. The Libra mission is a simple global currency and financial infrastructure that powers billions of people. Libra consists of three parts that will work together to create a more inclusive financial system:
- Built on a secure, scalable and reliable blockchain;
- It is supported by a reserve of assets designed to give it self an intrinsic value;
- The Libra Association is responsible for developing the ecosystem by independently managed.
Libra is based on the “Libra Blockchain”. Because it needs to appeal to a global audience, the software that implements Libra Blockchain is open source – designed to be built on everyone. Libra Coin
Imagine an open and interoperably working financial services ecosystem that will help developers and organizations, people, and businesses store and transfer Libra for everyday use. Libra Coin
With the proliferation of smartphones and wireless data, more and more people will be able to access Libra with these new services. To ensure that the Libra ecosystem achieves this vision over time, blockchains are built from scratch to prioritize efficiency and future adaptability in scalability, security, storage and efficiency.
The currency is called “Libra”. people need to be confident that they can use Libra and that their values will remain relatively stable over time. Unlike most cryptocurrencies, Libra is fully supported by real asset reserves.
A bank deposit and short-term government securities will be held in the Libra Reserve for each Libra created, relying on its intrinsic value.
The members of the Libra Association are geographically distributed and will consist of various businesses, non-profit and multilateral organizations and academic institutions.
The first group of organizations to work together to become “Founding Members” upon the conclusion and completion of the Association’s charter is determined by industry and listed below;
- Payments: PayU
- Technology and markets: Facebook/Calibra, Farfetch, Lyft, Spotify AB, Uber Technologies, Inc.
- Telecommunications: iliad, Vodafone Group
- Blockchain: Anchorage, Bine Trails, Coinbase, Inc., Xapo Holdings Limited
- Venture Capital: Andreessen Horowitz, Groundbreaking Initiatives, Ribbit Capital, Development Capital, Union Square Initiatives
- Non-Profit and Multilateral Organizations and Academic Institutions: Creative Demolition Laboratory, Kiva, Mercy Corps, Women’s World Banking
We hope to have approximately 100 Libra Association members with the target launch in the first half of 2020.
The Facebook team worked with other Founding Members to play a key role in the creation of the Libra Association and the Libra Block Chain. Facebook is expected to take a leadership role in 2019, as final decision-making authority is expected to be based on the association.
Facebook has established Calibra, a subsidiary that is designed to differentiate between social and financial data and to build and operate services on its behalf.
When the Libra network begins, Facebook and its affiliates will have the same commitments, concessions and financial liabilities as the other Founding Member.
- As a member of many, Facebook’s role in the management of the association will be equal to that of colleagues.
Frequently asked questions about Libra?
Is Libra a Crypto Currency?
- Yes. Libra is a new cryptographic currency that is stable and reliable and is widely accepted worldwide.
- You can’t buy Libra right now. It hasn’t come out yet.
- Yes. Libra can be used like other currencies. Anyone with a libra can convert Libra to a local currency based on the exchange rate, such as cashing in the currency when traveling.
How is Libra different from other local currencies?
- You can use Libra as you use your current currency, but Libra is not affiliated with any country. Libra is a global currency that can be used along its borders. It is designed to be used by people and businesses around the world.
- Unlike most of the fluctuations that speculate according to Libra values, Libra is supported by an asset reserve.
- Libra is legal and can be used in all countries where crypto currencies are permitted.