Breaking! Facebook Unveils Its Libra Cryptocurrency
Facebook just have released the whitepaper for their Libra project on libra.org, which is the official webpage for the social networks native cryptocurrency. They are coming out with a bold statement to bank the unbanked.
Libra whitepaper has just been published and the main idea for Facebook is that you don’t have to have a Facebook account to use the cryptocurrency Libra. While Libra is only the currency, Facebook comes out also with The Libra Reserve, where all the funds are going to be stored and who provided them.
Then there also is The Libra Blockchain, which, they say, is a decentralized database that will have the power to become the medium of exchange for billions of people. Moreover, they have the Libra Asociacion which includes 28 founding members like Visa, Mastercard, PayPal, Uber, Coinbase, Lyft and others.
While the Facebook’s Libra coin will offer multiple options on what to do with it, their initial goal is to solve the international remittance problem in the world.
A New Mobile Wallet – Calibra
While many of us were speculating whether Facebook will include their wallets within the actual social network or develop a separate wallet – well now we have the answer.
Calibra will first serve as the digital wallet where users can store their Libra’s and exchange with each other. Libra Association will govern this app, and eventually Calibra is meant to develop financial services and products around the Libra Network. Also, Facebook Messenger and WhatsApp will serve as a functional wallet as well.
The Libra Blockchain is about to be launched sometime next year.
The article will be updated later.