Facebook announced new digital wallet Calibra for the new digital currency Libra and expected to be launched in 2020. Facebook announced as this wallet will be available in Messenger, WhatsApp and as a standalone app.
Use of Calibra:
Calibra will be used to send Libra (digital currency) to anyone with a smartphone, as easily and instantly and at low to no cost. In future, it may offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass.
Will Facebook use Calibra users data?
Facebook confirmed that Calibra account information with not be shared with Facbook or any third party without customer consent. This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products.
Blockchain is an advanced technology and did breakthrough in IT industry recently with its unique features. The significant power of blockchain technology is once record added into blockchain, cannot be altered or deleted, since it stored in decentralized network.
Libra is a new digital currency powered by libra blockchain technology, which enable the stable, secure and strong global financial system. Primary goal for the new digital currency Libra is to produce a digital currency that use for billions of people everyday spending and ease convenient transfer money around the world with safe and secure.
“The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people.”
Unlike the majority of cryptocurrencies, Libra is fully backed by a reserve of real assets. A basket of currencies and assets will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value.
How it works:
The Libra Blockchain is operated by a network of validator nodes. The Founding Members of the Libra Association will be responsible for running a validator node. As the network grows and becomes more self-sustaining, the Libra Association will work to gradually transition to a permission-less mode of operation. In that sense, Libra will start as a permissioned blockchain.
How it connected with Facebook
Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members
- Designing and using the new programming language called ‘Move’.
- Using a Byzantine Fault Tolerant (BFT) consensus approach.
- Adopting and iterating on widely adopted blockchain data structures (Merkle Tree)
The target launch in the first half of 2020.