Facebook’s Cryptocurrency Is Planned For 2020 – Rajendra Choudhary
If you are into cryptocurrencies, chances are that your timeline and newsfeed has been flooded with news about Facebook’s Libra aka GlobalCoin.
The social network has partnered with 28 organisations — including Visa, Mastercard, PayU and Uber — that will accept the virtual currency, which will be available on WhatsApp and Facebook Messenger. It expects to have 100 members when it is launched.
The Libra blockchain is not really a blockchain in the traditional sense. The Facebook team decided to code their chain from scratch for it to fulfill the following requirements:
- Must have the ability to scale to billions of accounts. This requires high transaction throughput, low latency, and an efficient, high-capacity storage system.
- Must be highly secure, to ensure the safety of funds and financial data.
- Should be flexible, so that it can power the Libra ecosystem’s governance as well as future innovation in financial services.
A blockchain is a series of blocks which contains time-stamped data and each block is linked to the other cryptographically. The data inside the block is kept cryptographically secure. Miners inBitcoin and Ethereum bunch up transaction data and put them in the blocks and adds them to the blockchain via the proof-of-work consensus mechanism.
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Published at Sun, 21 Jul 2019 05:27:16 +0000
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