Facebook unveils new global digital currency
Facebook announced its new digital currency Libra, along with the global association of organizations it will govern, as well as the announcement of Calibra, a new subsidiary that will create a digital portfolio for Watasab and Messenger, with an independent application on Android and iOS .
The move has been expected for some time, and represents a strong endorsement of the status of coded currencies and the technology behind the Qin Block technique, which provides a reliable accounting system to enable encrypted currency transactions.
Facebook hopes to use the Qin Block technology to enable billions of people to simply use its global currency, which is supposed to be a substitute for cash, credit cards and bank transfers when it is launched in 2020.
The social network insisted that it would not use any financial data for advertising purposes, that the currency would be independent of the company, and Calibra would be separate from Facebook. The company said it would only share data in certain cases, such as the police request.
The Libra, based in Geneva, Switzerland, which is made up of 28 organizations, oversees Facebook's digital currency. The union – which includes Facebook as a founding member – must ensure that the digital currency is legitimate.
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The members invested $ 10 million each in the Libra currency, which is used to purchase foreign exchange reserves in support of the currency value.
There are simple fees for sending money, since fees are necessary in encrypted currencies; to prevent cyber attacks flooding the network with unwanted traffic, but they will be much cheaper than the cost of retailers to accept a credit card transaction; or foreign exchange fees.
Confidence is vital for this currency, because users must trust Facebook to keep social and digital data safe. Facebook must stay away from hacking because if someone hacks a user account they can steal the encrypted currency.
In addition to creating Libra, Facebook has established a new subsidiary called Calibra, which is supposed to build financial services for Libra, including a digital portfolio that will be available through Wattasab and Messenger, .
"Libra will be built according to Qin's secure, scalable and reliable block technology, backed by a reserve of assets designed to give it real value, and governed by the independent Libra consortium to manage and develop this new ecosystem," said Facebook.
David Marcus, president of Calibra, said in a statement: "Libra has the ability to provide billions of people around the world with access to a more comprehensive and more open financial ecosystem.
"We look forward to participating in Libra as a founding member, as well as providing our community with access to Libra through Calibra. We know that the journey is just beginning, but we can together achieve the Libra mission to create a simple global currency, , And a financial infrastructure supporting billions of people. "
The technology has enabled billions of people worldwide to access knowledge; information, high-speed communications and a wide range of less expensive and more convenient services through a $ 40 smartphone from almost anywhere in the world.
Despite this development, large numbers of the world's population are still lagging behind, and according to Facebook, 1.7 billion adults worldwide still remain outside the financial system, without access to a traditional bank.
The Qin Block and Digital Currency technology has a number of unique features, which are decentralized, universally accessible, low cost and secure.
"Libra Blockchain is a new, fully built Qin Block that gives priority to expansion, security and reliability as well as the flexibility to evolve over time, while Libra Reserve is the real asset reserve supporting the currency, , While providing universal acceptance, and scalability.
For Calibra, its first product will be the Libra digital wallet, scheduled for launch in 2020, making it easy to save, send, and spend money.
The digital wallet will be part of Facebook's ecosystem and ecosystem. The social networking giant said 70 percent of small businesses in developing countries lack access to credit, and migrants lose $ 25 billion annually due to remittance fees.
According to Facebook, Calibra allows you to send a currency (Libra) to almost anyone with a smart phone easily, and speed is comparable to speed and ease Send a text message, at a very low cost.
Facebook has designed a white paper to describe the new currency, and the company hopes in time to provide additional services to people and companies, such as paying bills with the click of a button; buy a cup of coffee by scanning code; or ride local public transport without the need to carry money or metro card.
The Libra consortium consists of a group of geographically dispersed and diversified companies, as well as non-profit and multilateral organizations; academic institutions, including PayPal; MasterCard; Vodafone; Ober; Sputivay; Visa; eBay;
The currency is designed for quick payments, and specifically targets people in emerging markets who do not have a bank account, as well as people who send money abroad. Unlike PeteCueen, they are designed to be stable by supporting currency reserves such as the dollar.
The social networking giant said it would ensure the privacy of the encrypted currency network. The company will share performance data with other third-party companies after hiding the data. Calibra will also comply with the law while securing customer accounts, mitigating risk and preventing criminal activity.
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