The developers of Facebook’s digital currency Libra project made an interesting claim by publishing an article. Accordingly, Facebook’s payment system will be 7 times faster than Visa-based payment systems. If the claim in the project, which is still under development, is realized, this may give Libra a big increase in the future.
Social media giant Facebook is developing its own digital currency through the Libra Association. The giant company, which has also developed a digital wallet called Nova, plans to support its digital payment infrastructure with a new system called FastPay. It is stated that this system can handle 160 thousand transactions per second.
Libra and FastPay cooperation will change everything
More details about FastPay integration are included in the article. Accordingly, FastPay will eliminate the need for an intermediary bank for payments. Also, FastPay will also bring the chance to have joint account balances for different payment authorities.
It has been announced that a series of tests have been conducted in cooperation with Libra and FastPay to examine FastPay’s infrastructure. In this context, the Libra team chose Amazon internet services for payments to perform these tests. According to the data, FastPay performed 160 thousand transactions per second.
While these transactions took place on 48 channels, they put 1.5 million transaction load on FastPay. According to the available data, these figures are seven times higher than the results after transactions with Visa-based payment systems.
Information about Novi was also shared
Facebook recently announced a wallet application called Novi to allow payment transactions between various parties. Facebook has not yet published the application. However, the giant company, which announced the concept of the application beforehand, announced that people with Novi can send money to each other via messaging applications.
While the developer team gave details about Novi in the article, it announced that they have managed to manage more than 80,000 transactions in less than 100 milliseconds so far.