Libra is a blockchain ecosystem that provides a multitude of services, including a cross-border payment system powered by Libra Coin, to businesses in the e-commerce space and beyond.
As a cross-border P2P digital payment currency, the Libra Coin intends to help solve a range of challenges of the traditional e-commerce industry, which include lack of reliable financial services, increasing competition, the need for middlemen in financial transactions, consumer data security, complex supply chain process, fraudulent actors, and the inability to pay in cryptocurrency.
What is Libra Coin?
Libra Coin is a digital payment currency that was created as the native currency of the Libra Ecosystem – a blockchain ecosystem for e-commerce businesses. Libra Coin can be used for facilitating easy, fast & secure e-commerce transactions within and outside the Libra Ecosystem.
Libra aims to help boost the efficiency and performance of traditional e-commerce systems and reduce operational cost through its highly innovative and advanced range of solutions. These include Libra Smart Contract, the Libra Coin, Libra payment gateway, etc.
At present, most of the traditional e-commerce systems, websites and platforms are centralized. They are not only managed by central entities that have full control of the user data, transactions and card details but also these platforms use third-party payment gateways that are both centralized and charge a high commission per transaction. For instance, your credit card company charges a commission in the range of 2-5% from the merchant, which is usually borne by the end consumer through an increase in the product cost. The use of Libra Coin for e-commerce payment will minimize this commission and ensure you have a large number of payment options, including the ability to pay with ETH.
How is Libra Coin Different or Unique?
Blockchain can effectively disrupt the way e-commerce transactions are made. It will not only make the processes more efficient, faster and secure but also reduce the cost of transactions.
The Libra Coin utilizes the Ethereum blockchain to facilitate a truly peer-to-peer mode of payments for e-commerce users and merchants in its ecosystem. Through its one-of-its-kind e-commerce blockchain, Libra will enhance operational efficiency, bring trust & transparency in online payments, reduce the cost, increase data security and provide more global payment modes to the users.
Through the Libra Coin’s secure payment gateway, users will be able to make payments using ETH at a minimal fee per transaction.
Libra is also in the process of developing and will soon launch many next-gen payment solutions, including Libra iOS & Android mobile apps, Libra Debit Card, Libra PoS Machine, Libra Online Shop, Libra to Fiat Exchange, Libra Finance Solutions App, Libra Credit Card, Libra Loan, and Libra ATM Machine.
You can visit the website or read the project whitepaper to get details of the Libra project status, future plans and crowdsourcing. Also, you can subscribe to our email newsletters and follow us on social media to stay updated with the project’s progress. Happy investing!