Facebook Announced Its Libra Project!18th June 2019
It’s finally happened, Facebook have announced the details of the launch of their new digital currency, Libra. It is expected to be released in the first half of 2020 as products are still being built. People will be able to make payment with the new currency via Facebook’s own apps as well as on WhatsApp. Facebook said Libra is aimed at the 1.7bn adults around the world who don’t have a bank account. Although the US has given the currency the green light to launch in America, it is unclear what will happen in other areas of the world such as India.
Who will accept Libra?
Libra would be managed independently by a group of companies such as Facebook. This group is called the Libra Association. Libra payments are likely to be accepted by all of the group’s members which currently include:
- Telecoms firms such as Vodafone.
- Payment firms such as Mastercard and Visa.
- Transport network giants Uber and Lyft.
- Digital business including eBay and Spotify.
- Blockchain-related businesses such as Coinbase and Anchorage.
- Non-profits like Women’s world Banking.
Some Key Areas Of The Whitepaper
- Facebook claims that existing blockchains have been hindered by their volatility and lack of scalability. The company wishes to ensure there is a sustainable, secure and trusted framework.
- The project believes a global, open, instant, and low cost way of moving money will create economic opportunities.
- Libra’s permissioned blockchain has been built from the group up. This is to prioritise “scalability, security, efficiency, and future adaptability. It could become permissionless in the next 5 years.
- The blockchain is open to everyone! Consumers, developers, businesses, everybody can use the network.
- It is pseudonymous and a user can hold multiple addresses not linked to their identity in the real world.
Read more about these points in the whitepaper.
What is Calibra?
The Calibra wallet is available so that users can use the Libra currency. Users will need a government-issued ID to sign up for an account which will help prevent fraud. Although it is not yet said where the wallet will be available, the team behind it will attempt to send it to as many countries as possible.
Calibra will be available as a standalone app. It says Calibra will “cut fees to help people keep more of their money”. The wallet will support P2P payments and small merchants will be able to use QR codes to accept payment. There are plans to expand into in-store payments in the future. Sending money should be as easy as sending a text!
If you want to read more into the Libra project and launch of the Calibra wallet, read this full article on Cryptonews. Additionally, don’t forget to visit the Libra website as well as the Calibra one too!
Read our previous post about Facebook softening their crypto policy right here.