Facebook announced Libra, a new digital currency that will release 2020 and be integrated with the company's applications and services.
The interest of the larger social network for encryption technology and blockchain technologies has been known for months, and recently there have been rumors because Facebook was ready to announce its own virtual currency.
According to reports, the new digital currency is supported by major financial institutions, such as Visa, Mastercard, PayPal, as well as large 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 have a digital wallet for the Libra as well as a storage system that can be integrated with Messenger and WhatsApp. The release will release both standalone iOS and Android apps.
The new service is expected to be released to the public in 2020. The company states that the service will work with "almost anyone with a smartphone" and will allow payment of bills, purchase of products or even ticket purchases.
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.