Libra is a global digital currency developed for those who don’t have access to banking service and also to the people who have access to banking services but irritated with slow phase of the transactions and high charges imposed by the banks.
Most of the cryptocurrencies in the market don’t have any stable assets to back them. Listening to the speculations and investments as a primary use case, people bought these coins hoping their value might increase when want to resale.
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.
The Libra Blockchain is a decentralized, programmable database delineated to back a more stable cryptocurrency that will have the potential to serve as a well-organized channel of exchange for billions of people all around the world.
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.
Blockchain helps in preventing these type of attacks using LibraBFT, an adaptation of HotStuff Byzantine Fault Tolerant agreement protocol. Decades of research went into building LibraBFT, the research was mainly on the behaviour of the computer when they work together despite few computers have faults in their functioning.