Facebook is getting ready to release a brand new crypto-currency of its own in 2020 called “Libra”. Zuckerberg stated that they are coming together with 27 different organizations globally to start Libra Union, a non-profit organization, and create a brand new crypto-currency.
Social networking site Facebook announced the release of their new crypto-currency in 2020. The name of the new crypto-currency will be “Libra” and it is reported that it will be supported by payment systems such as Visa and Mastercard. The aim of this new service is to help people save and transfer money and make payments.
Mark Zuckerberg made the announcement on his own personal account, that Facebook will be starting the non-profit organization Libra Union and will start the release of their crypto-currency Libra, and is coming together with 27 organizations to achieve aforementioned feats. Libra’s mission is to create a global financial infrastructure in order to support billions of people. Libra’s infrastructure will be strengthened with Blockchain and it is to start service in 2020.
Using cards or crypto-currencies instead of cash has improved people’s lives drastically, according to Zuckerberg. “This way, you don’t have to carry cash and don’t have to pay extra for transfers. It is especially important for people who do not have easy access to traditional banks or financial services. There are one billion people in the world who do not have bank accounts but do have cell phones right now.” he added.
It’s going to make it easier for everyone to send and receive money
In his announcement, Zuckerberg also said that Facebook will be creating a digital wallet called “Calibra”, which will make transferring money amongst users as easy as sending a text. “Our aim is to make it as easy and as fast as sending pictures and texts.” stated Zuckerberg. The crypto-currency and the digital wallet will be available through software, just like Facebook Messenger and WhatsApp, it will have its own app.
An independent company will be found for digital wallet Calibra, which will enable people to send and receive Libra. Calibra will be calibrated to function just like the other payment systems. Information used on Calibra will be held separate from information on Facebook.
Digital wallet Calibra will make sending Libra free for anyone who’s able to use a smart phone according to Zuckerberg. They are also planning to add features to make paying bills, buying coffee or using local means of transportation as easy as “a single touch on the screen”. In addition to our efforts, many companies such as Mastercard, PayPal, PayU, Stripe, Visa, Booking, eBay, Lyft, Farfetch, Spotify and Uber will also be creating their own services using Libra. We are hoping to have more than 100 founding members for Libra Union at the network’s launch next year.
Privacy Oriented Social Platform
Crypto-currencies that are built on Blockchain technology are non-centralized (run by a number of different organizations instead of one), and therefore more fair and just, according to Zuckerberg. The system’s connection to the internet allows everyone to use it with low cost and low expenses.
The system is secured with cryptography to keep money safe. “It is going to be a safe platform to send messages or make payments. It’s a privacy oriented social platform and an important part of Facebook’s vision.
Safety will be the number one priority in Calibri. There will be an expert crew handling the risk management, focused on stopping fraudulent conduct. Protection against fraud and refund availability in cases of lost Libra coins are some of the services that will be available. Libra network will also allow third persons to use more wallets.
It is the start of a very exciting journey according to Zuckerberg, adding “ There is much to do and learn before make Libra launch ready. We know this is a big promise and responsibility, but we devote ourselves to what we do and we are going to do it right. We are working with policy makers and experts in fields such as financial inclusion, economy, security, privacy and blockchain. We would like to thank all organizations who have become a part of Libra Union for their partnership.”