Calibra – Facebook’s Libra Cryptocurrency Application
Facebook has released its cryptocurrency project site openly prior to the official announcement, which is expected to be released this Tuesday. The authenticity of the resource is confirmed by The Block analyst Larry Chermak.
What is calibra
The Calibra app is designed to work with Libra, the new cryptocurrency. The Calibra app is based on innovative blockchain technology that allows people to take advantage of the added freedom, security and accessibility of their day-to-day transfers. It will be available globally, ”writes the social network.<
The Calibra app is designed to work with Libra, the new cryptocurrency. The Calibra app is based on innovative blockchain technology that allows people to take advantage of the added freedom, security and accessibility of their day-to-day transfers. It will be available globally, ”writes the social network.
Facebook promises that Calibra will be released as a standalone app for iOS and Android, as well as integrated into the company’s existing platforms, including WhatsApp and Messenger. “This means that 2.7 billion Facebook users will be able to access Calibra functionality through the apps they already have customers,” the company adds..
According to the publication, Calibra is a division of Facebook and operates independently of the social network. The company is headquartered in California. Facebook says Calibra is currently still under development. Users are encouraged to apply for early access.
Who can use Calibra
It is known that the use of the application will require the identification of the user with an identity document.
Calibra will not share financial information with Facebook or any other third parties without the prior consent of the client. At the same time, the project is being prepared in accordance with the recommendations of the Financial Action Task Force on Money Laundering (FATF) and other standards in the context of combating money laundering and terrorist financing..
The company promises to work hard to make its solution publicly available around the world. However, she does not name specific countries where residents will be able to use Calibra..
What tasks does Calibra solve
Facebook confirms that Libra is a stable cryptocurrency: “Libra is a global blockchain-based cryptocurrency (Libra Blockchain). Libra is fully backed by Libra Reserve – a set of currencies and other assets used as collateral for each Libra created, which serves as the basis for confidence in its own value “.
Day-to-day transactions and payments such as buying coffee, groceries or paying for public transportation are cited as possible scenarios for using Calibra. In addition, Facebook suggests using Libra to save money and run business. Libra transactions will require a small fee.
The company says the app will allow users to convert their national currencies to and from Libra. In this case, Calibra will display the current exchange rate.
Libra – Designed Facebook cryptocurrency
UPD: The website for Libra itself was also launched. Here you can find more detailed information about the cryptocurrency, including a list of its partners and a white paper.
Libra will be managed by the Geneva-based non-profit Libra Association. Subsequently, it will have 100 members located in various regions of the world. Below is a list of the initial members of the organization:
- Payments: Mastercard, PayPal, PayU, Stripe, Visa;
- Technologies and marketplaces: Booking Holdings, eBay, Facebook / Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc;
- Telecommunications: Iliad, Vodafone Group;
- Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited;
- Venture capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures;
- Non-profit and scientific organizations: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking.
Libra is launched as a permissioned blockchain, that is, initially only its members will have access to the network. Over time, Libra will become an open access network. “No participant will be able to change its rules unilaterally” – say the developers.
Libra Investment Token
In addition to Libra, a security token called Libra Investment Token will be launched. It will be used to fund incentive programs and cover transaction costs. Libra Investment Token will be available only to accredited investors and will allow its holders to earn a percentage of cryptocurrency reserves.
Companies wishing to become owners of a validator node in the Libra system will have to invest at least $ 10 million in Libra Investment Tokens issued by the Libra Association. It is expected that the annual cost of maintaining a validator node will be about $ 280,000. Non-profit organizations and other social partners of the project will be exempt from the initial fee, but not from the costs of maintaining the nodes..
Move programming language
Perhaps one of the most interesting technical features of the project is the Move programming language created especially for it. The developers explain the need to integrate a separate programming language by the desire to provide flexibility when working with the blockchain and eliminate the shortcomings of existing solutions.
“There are many challenges associated with existing blockchains in the context of secure coding. Move is the language in which safety is the guiding principle, “- said the project representative.
Libra Test and Main Network
The Libra testnet launch will take place in the coming weeks. “The testnet will allow us to receive community feedback on the direction of the project and further work towards a scalable, reliable and secure launch,” the Libra Association said..
In partnership with cybersecurity company HackerOne, the project will launch a bug-catching program to provide financial incentives for researchers and developers to find hidden security and privacy issues.
Developers expect to launch their main network in the first half of 2020.
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