Facebook already has its digital currency to pay online. Libra is the name of the new digital currency based on Blockchain that will be supported by more than 100 large financial companies, including MasterCard, Visa or Paypal. But Libra is the base, the digital currency on which the rest of the payment services will be based. Among them is Facebook, which will be called Calibra.
Calibra will be a digital wallet that will store and use the new digital currency Libra. That is a payment platform for Facebook, Messenger, and WhatsApp that will exist as a separate application on iOS and Android. A wallet connected to the whole world and multiplatform, a portfolio that will allow you to send money quickly and will be based on this new digital currency. Libra is not like any other crypto currency which gives coupon and discount codes on ICO and purchases.
This is how Calibra will work, the new Facebook payment platform based on Libra. A huge project that comes as a subsidiary company of Facebook and will operate independently. A company that will be the visible face of Facebook for the use of Libra, a currency designed to avoid falling into the same problems that the rest of the cryptocurrencies have had up to now.
What is Libra and who is behind it?
The Libra Association is an independent non-profit organization based in Switzerland. Among the 28 founding members are payment companies such as MasterCard, Visa or Paypal, technology companies such as eBay, Lyft, Uber, Spotify or Facebook Calibra itself and also companies specialized in Blockchains such as Anchorage or Coinbase.
Libra (≋) is an open source currency based on Blockchain, like other cryptocurrencies like Bitcoin. For its development has been a group of engineers, among which are some members of Facebook.
Although the association is responsible for the final decision making of Libra, Facebook is expected to maintain a leadership role during 2019 to boost its use. Although once it is established, Facebook promises that it will have a role equivalent to that of the other companies that participate in Libra.
To combat volatility, Libra will be fully supported by the Libra Reserve, a collection of coins and other assets used as collateral for each Pound created.
What are the differences between Libra and Calibra
Libra is the digital currency, Calibra will be the Facebook portfolio. That is, Libra is the cryptocurrency that different companies will use and Calibra is the name that the Facebook payment platform will receive. The payment system where we can store, send and through which we can pay with the Libra currency.
Calibra has in fact been formalized also as a subsidiary company of Facebook that will act independently. And it is that among the founding members of the Libra Association, Calibra Facebook is registered, not Facebook as such.
When and where will Calibra be available?
Calibra is currently in development, but its arrival is expected by 2020. At the moment, the company has already activated a link to register. The Calibra payment platform will be available as a stand-alone application on Google Play and the App Store and can be used directly on WhatsApp and Messenger applications. That is, Calibra will be responsible for allowing to send money through Facebook applications.
The first version of Calibra will allow payments between pairs and other transactions of this type, such as QR codes that small merchants can use to accept payments in Libra. Over time, others will be added, including in-store payments, point-of-sale system integrations and more.
What will be the cost of using Libra and Calibra?
Libra is a digital currency that will be available worldwide and like other cryptocurrencies, it can be used to make normal payments such as buying a coffee or paying for public transport. Through the Calibra digital wallet, we can also store Libras and therefore save money.
Every time you send or spend money through Calibra, what you will do is actually spend Libra. In spite of this, you can also convert local currencies into Libra and vice versa. By making these conversions, the Calibra application will show you the exchange rate so you know exactly how much money will be obtained.
The use of Calibra will not be free of commissions, although Facebook promises that they will be low and transparent. Especially when sending money abroad.
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