The Facebook-backed Libra research team has indicated that the current digital payment system will most likely be seven times faster than the Visa system.
Libra is a digital currency developed by Facebook and several other major businesses, operated by the Libra Association, based on a licensed blockchain payment system. The social media company has launched its Novi wallet to carry out transactions between various parties.
The Libra Association is experimenting with the ultimate aim of creating a modern form of payment that is as simple as sending someone a message via messaging apps. An important argument has recently been made by the researchers who work on implementing this entire system.
They also launched a digital payment system that could be seven times faster than the Visa system, called FastPay. On Amazon Web Services,
the payment system is developed. Up to 160,000 transactions per second for a load of 1.5 million transactions could help the device.
FastPay is a transaction settlement method that will be used to settle crypto payments, and it will also facilitate fiat currency retail payments.
It is currently being tested by researchers and scientists from the Novi Division, who have so far managed over 80,000 intracontinental transactions per second in less than 100 milliseconds. With about twenty separate payment authorities and services, they have also managed to do so.
Facebook-backed Libra has faced criticism for going forward with the project from regulators around the world. After the social media giant revealed the crypto project, the company has been criticized and criticized by lawmakers and financial regulators for potentially violating countries’ financial sovereignty.