What Is Libra Credit (LBA)?
Libra Credit is an open access, decentralized credit ecosystem that functions on the Ethereumblockchain. This ecosystem has been developed by the Libra Foundation with the aim to create a simple, real-time, and hassle-free solution that would facilitate credit access to people worldwide. According to the whitepaper of the asset, in order to support this ecosystem, Libra Foundation features certain constructive utilities, which include:
Partnership networks that would support both financial markets and crypto markets.
An in-house artificial intelligence-based credit assessment framework that would empower digital credit service while evaluating borrower’s credit score and viability of collateral.
An all-inclusive credit framework that facilitates credit between crypto to crypto, crypto to traditional currencies, etc.
These utilities not only simplify and speed up the process of credit access and approval for people on the Libra platform but also resolve the challenges that exist in the credit industry. Further, to facilitate a smooth operating structure, transactions, and credit processes on the platform, Libra Credit launched its cryptocurrency, the LBA token.
The LBA is an all-purpose token of the Libra Credit ecosystem hosted on the Ethereum blockchain. According to the whitepaper of the asset, the token fulfills many utilities on the platform, which include:
Membership: The token is used as a medium of payment by users to access the platform and apply for credit facilities.
Transactions: The token is used for performing all types of transactions on the platform, including payment of fees against different transactions.
Incentives: The token is used for incentivizing participants on the platform, which includes
Governance: The token allows the token holders to participate in the governance of the platform by voicing opinions and relaying feedback about the development and other aspects of the platform.
Besides these utilities, the token is also for further developing, improving, promoting, and marketing of the platform. These overall utilities of the token ensure a healthy operational structure within the Libra Credit ecosystem.
History Of Libra Credit – (LBA)
The idea of Libra Credit was first developed by Lu Hua, co-founder and CEO, and Dan Shatt, co-founder and president of the platform, in the fourth quarter of 2017. The whitepaper of the asset was released in May 2018. Further, the platform launched its token in the second quarter of 2018, with the total supply of the token as 1,000,000,000 LBA.
