Facebook announced Libra, a new digital currency that will release 2020 and be integrated with the company's applications and services.
The largest social network's interest in its technology encryptionand blockchain technologies has been known for months, while recently there were rumors because Facebook was ready to announce its own virtual currency.
According to reports the new digital currency is backed by major financial institutions such as Visa, Mastercard, PayPal, as well as major Companies such as Uber, Lyft and eBay.
Some of these companies are believed to have joined a consortium that supports Facebook's intrusion into the encryption space. At the moment one thing is for sure: Libra digital currency is heading full speed towards the social networking platform.
Today Tuesday, Facebook revealed the project that is in the "early phase" in a post on his blog. One of Facebook's subsidiaries, Calibra, will manage the Libra network, which will also have the blockchain infrastructure needed to facilitate the exchange of Libra cryptocurrencies.
Calibra will feature a digital wallet for Libra as well as a storage system that can be integrated with Messenger and WhatsApp. According to the publication, stand-alone apps for iOS and Android will also be released Android.
New service expected to go public in 2020. The company says the service will work with “almost anyone with a smartphone” and allow payment accounts, buying products or even buying tickets.
Of course, these high goals also require relationships of trust, something that Facebook is not known to have gained from its users. The "early phase" of the new digital currency probably exists for a first glance at the confidence of Facebook members, but also companies.
Do not be amused by the companies mentioned above that support the project (Visa, Mastercard, PayPal, Uber, Lyft and eBay) would support anything at a similar cost.