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: The Libra digital currency is moving at full speed towards platform of social networking.
Today, Tuesday, Facebook revealed it project which is "early stage" in a publication 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 Libra as well as a storage system that will be able to integrate with Messenger and WhatsApp. According to the publication, standalone apps for iOS and Android will also be released.
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.