Here is all you need to know about Facebook’s cryptocurrency libra

everything you need to know about facebook's cryptocurrency libra.

Image: Shutterstock (collage)

Teodor Stig-Matz

teodor.matz@trijo.co

On Tuesday morning, Facebook released the news that they are creating a cryptocurrency and that it will be called libra. Here is everything revealed about it so far.

Facebooks kryptovaluta i Messenger.

Image: Libra

Libra will be compatible with Messenger and Whatsapp

One of the things Facebook highlights on the website calibra.com, which was released on Tuesday, is how easy it will be to use the currency. It will be possible to send in Messenger, Whatsapp, and other Facebook apps.

List: Here are all companies that back Facebook's new cryptocurrency.

Image: Shutterstock / Trijo News

It costs $10 million to invest in

In what one can assume is a way to give the currency credibility, Facebook has invited a number of large companies to back the currency. Trijo News wrote about this earlier today.

To back the currency, companies have to pay $10 million, and for this, they get their own node on the libra blockchain. Among the companies invited to do this are Visa, Mastercard, and Uber.

Calibra.

Image: Calibra

Calibra, libra, what’s really what?

Libra is the name of the cryptocurrency itself. Calibra is the wallet where you store and can send your coins. Calibra is also the name of the subsidiary that Facebook has started to handle the app, while the Libra Association is the Swiss-based nonprofit organization that manages queries related to the currency itself, and which is governed by the companies that have gone in and backed libra. Confusing, we know.

Libra.

Image: Libra

It’s being launched in 2020

However, exactly when during next year it will be launched has not yet been announced, according to The Verge.

Facebook reveals details of its new bitcoin killer: "A new global currency".

Image: Calibra.com / Shutterstock / Trijo News

Libra is open source

Other developers than Facebook and the companies that back the project will be able to build services that use libra’s blockchain, writes Coindesk.

Mark Zuckerberg.

Bild: Shutterstock

This is just the start, according to Facebook

At launch, users will only be able to transfer money to other people. But the plan is that one should also be able to pay for services and pay invoices in the new cryptocurrency, Coindesk writes.

Follow Trijo News on FacebookTwitter and Instagram.

Keep up with the latest news

Read more