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.
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.
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, 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.
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.
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.
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.