Libraby abdullah Apr 30, 2021 | 0 Votes | 44 Used | 0 Reviews - rate Libra is an ambitious cryptocurrency based on the block chain platform that’s been designed with the idea of making the process of transferring money from one place to another as seamless as it can possibly be. Apply Now Similar Sites Used
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Libra is an ambitious cryptocurrency based on the block chain platform that’s been designed with the idea of making the process of transferring money from one place to another as seamless as it can possibly be. Several cryptocurrencies with the same goals have come and gone over the years due to various reasons whether it’s the volatility of their price or simply because they don’t have the technology to back up their claims but Libra, on the other hand, has several traits that set it apart from traditional cryptocurrencies and make it a platform that might just streamline the entire process of global money transfer.
Perhaps the most standout feature of Libra is that it’s been built to be accessible to absolutely anyone which usually isn’t the case with a lot of global payment networks. As long as you have any functional smartphone and access to internet connectivity, you’ll be able to utilize Libra to globally transfer money incredibly quickly without being subject to any unnecessarily high charges or fees.
The blockchain that Libra is based on, unlike a lot of traditional cryptocurrencies, doesn’t simply rehash the relatively outdated blockchain formats and designs that have been around for a while and, instead, has been built from the ground-up to address several concerns that are certain to arise when building up a payment network on a global scale.
Large scale adoption is something that’s always been an issue with cryptocurrencies that attempt to establish global payment networks and Libra addresses this issue with custom transaction logic and smart contracts that have been made possible by utilizing the Move programming language. Due to the versatility of this language, writing up custom smart contracts based on individual user needs becomes a significantly easier process and this, in turn, helps improve adoption rates.
The other issue that Libra tackles quite efficiently, as mentioned earlier, is the volatility aspect that’s become commonplace in cryptocurrencies. Most cryptocurrencies aren’t backed by much other than the technology that they’re based on but this isn’t the case with Libra as it’s fully backed by a reserve of actual assets. Being backed by actual assets reduces volatility by a significant amount and ensures that users of this cryptocurrency will be able to easily transfer money globally and convert it into fiat at any time while getting the rates that they expect all along.
Since Libra is not fully in the mainstream yet and is still going through development, we can’t say much as far as its trustworthiness is concerned but since Libra is backed up by Facebook which, of course, is a major player, trustworthiness shouldn’t be an issue.
When it comes to data collection, Libra collects quite a lot of information from its users like their IP address, their ISP, operating system, time of visit and other server log information but this isn’t that big of a concern as the purpose of collecting this information is primarily to provide users with the best service possible and to help keep their website in optimal condition which, in turn leads to a better user experience.
As for data retention, Libra retains their user’s information for as long as the purpose is being served and the website provides users with their own rights which allows the user to withdraw their information at any time should they feel uncomfortable sharing it.
While the service is still yet to be released and used by the general public, the idea and service that Libra is promising to deliver to the world seems quite disrupting and innovative and has the potential to change the entire landscape of global money transfer services.