The researchers’ team behind Facebook’ s-backed Libra has proposed that the new digital payment system would most likely be seven times faster than the Visa system. Libra is a digital currency developed by Facebook and many other major companies, based on a permissioned blockchain payment system, managed through the Libra Association. To carry on the transactions between different parties, the social media company has introduced its Novi wallet.
Libra’s payment system could be seven times faster than the Visa system.
Libra Association is experimenting with the final goal of introducing a new payment method that is as easy as sending a message to someone through messaging apps. The researchers who are working on the development of this whole system have recently made an interesting claim. They have presented a digital payment system, called FastPay, that could be seven times faster than the Visa system. The payment system is built on Amazon Web Services. The system could support up to 160,000 transactions per second for a load of 1.5 million transactions.
Libra continues to face regulatory criticism.
FastPay is a transaction settlement system that will be used to settle crypto payments, and it will also support retail payments in fiat currencies. The researchers and scientists from the Novi division are currently experimenting on it and so far, they have achieved to manage more than 80,000 intracontinental transactions per second in less than 100 milliseconds. They have also managed to do so with around twenty different payment authorities and facilities. Facebook-backed Libra has been facing criticism from regulators around the world for going forward with the project. Since the social media giant announced the crypto project, lawmakers and financial regulators have criticized and questioned the company for potentially threatening countries’ financial sovereignty.