Zuckerberg announces the launch of a new currency called Libra
To be able to move between different places and money deposited in an application on his mobile phone makes people's lives simpler: they will not have to carry cash money that could be unsafe for them, as well as additional amounts paid for remittances from place to else.
This application will be particularly important for people who do not have bank accounts. Currently, there are nearly 1 billion people who do not have bank accounts at the time they own a mobile phone.
Facebook aspires to make it easier for everyone to deal with financial transactions, whether it is sent or received, just like the ease of using other applications used to share messages and pictures immediately. For this reason, Facebook will launch a subsidiary called Calibra to provide a digital portfolio that will allow you to save, convert or exchange Libra currency, which will be available on the application of Watsab or Messenger or as a standalone application.
The Calibra application will be organized like other payment services applications. The information you share on Calibra will be separate from the information you share on Facebook.
Initially, you will be able to apply Caliber to convert a Libra currency to anyone with a smartphone at or below a low cost. Over time, however, more services will be available for people and businesses, such as paying bills with the push of a button, buying coffee by passing the application to a code scanner, or riding local public transport without having to carry money or carry a metro card.
In addition to the services, many companies will provide their services but using Libra currency such as payment companies such as Mastercard, PayPal, PayU, Stripe, Visa and common service companies such as booking, eBay, Farfetch, Lyft, Spotify and Uber. Mercy Corps and Women's World Banking, as well as encryption companies such as Anchorage, Coinbase, Xapo and Bison Trails.
A number of leading venture companies are also joining in to help further innovations on the Libra network. More than 100 founding members of the LIBRA are expected to be announced next year.
As we mentioned it is built on blockchain technology. It is also decentralized ie it is managed by many companies rather than one company. It will be available to anyone on the Internet for a small financial cost. In terms of security they are encrypted.
This is an important part of Facebook's vision of a social networking platform that focuses on privacy and enables you to interact in any way you need to send messages to pay.
In terms of privacy and safety in Calibra, there will be an expert risk management team, and there will be protection against fraud. If you lose Libra coins, they will be returned to you.
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