Earlier today, Facebook shared it’s plans for it’s introduction into cryptocurrency and blockchain technology. Calibra, is a newly formed Facebook subsidiary with the goal of providing financial services through a digital wallet and a global currency called Libra. Facebook’s development of Calbira is still in the early stages. Set to launch in 2020, Facebook promises to work with experts to insure safety, privacy, and ease-of-use are a priority.
Facebook released more than 100 pages of documentation on the digital currency Libra, and Calibra, it’s relevant functions and how it will all work. As a digital currency, the user will access the currency through apps and will be able to make transactions, buy things and send money to friends and family. Facebook already allows users to send money via Messenger, however through the new Libra Network, people will now be able to send Libra currency through the Messenger, WhatsApp, and as a standalone app. A blockchain technology is built on the backend to handle transactions, including who transfers money to whom. The Libra blockchain technology will be managed by the Libra Association.
Facebook created The Libra Association, a not-for-profit organization based in Switzerland to offer several layers of governance to the blockchain technology controlling Libra. Currently, the association has 28 members including Spotify, Stripe, Visa, and Uber.
The Libra Association promises to collaborate with the community and policymakers to help strengthen the Libra mission.