Today, Facebook Uncovers a new digital currency called Libra. Although Facebook is going to launch Libra in the Year 2020, however, today, they reveal the structure of How Libra is going to work.
Facebook explains right now the world hasn’t any conventional digital currency where people could rely on. Therefore, we made a digital currency and its structure cost-effective, trustworthy, and stable. One can make transactions via this currency as easy as sending a text message.
Facebook Digital Currency Libra Structure
Libra is made up of three parts and you can find brief information about these parts below.
- Reliable Blockchain: Libra is made upon Libra Blockchain, which is an open source so that anyone can build on it.
- Backed by a Reserve: Reserves like bank deposits, short term government securities back up this new digital currency. Moreover, you could even change this digital currency with your local currency based on the exchange rate.
- Governed by Independent Libra Association: This new Digital currency is governed by Independent Libra Association which is a non-profit membership organization headquartered in Geneva, Switzerland.
Facebook plays a vital role in building Libra and Calibra. However, besides Facebook, Libra has some of the leading brands as its founding member.
I have named these brands below.
- Uber Technologies, Inc.
- Vodafone Group and others.
What is Calibra?
Along with Libra, Facebook also created a wallet that stores Libra called Calibra.
Calibra is a Facebook Subsidiary that acts as a bridge between Libra and different social networks available.
Therefore, you can now assure that Facebook is going to introduce Libra on Facebook, WhatsApp, and Instagram via Calibra. Moreover, Even, a blog post, Facebook reveal they are going to introduce Calibra in Messenger, WhatsApp, and as a standalone app in the Year 2020.
With Calibra, you can easily send Libra globally to anyone at no cost. Calibra experience looks like as I have posted in the screenshot below.
Facebook explains they protect Calibra with the same security methods and processes that the banks and other financial services use right now. Also giving live support in case anyone loses their phone or password. Even if some fraudulently access your account, Facebook says they refund you the money.
Right now, Facebook working on to build Calibra better. Moreover, if you want to gain first the access to Calibra when it become available, you can sign up by go to this link.