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Admin Jun 28, 2019 6:41:04 AM 4 min read

How Libra Coin Will Change the Crypto Currency World

Libra Coin is Facebook’s new crypto currency, featuring its own digital wallet and based on blockchain, with the support of more than 100 companies.

The Facebook platform already features a digital currency to pay online. Libra is the name of a new digital currency, based on Blockchain, supported by more than 100 large financial companies, including MasterCard, Visa, and Paypal. Serving as the base, Libra is the digital currency on which the rest of Facebook’s payment services will be based. And this, combined with Calibra, its new wallet, makes it an even more robust system.

Calibra will be a digital wallet that will store and use the new crypto currency, Libra. A payment platform for Facebook, Messenger, and WhatsApp, the plan for this is to create something that exists as a separate application on iOS and Android. Wallets will connect to the multiplatform, a Libra Coin portfolio that will allow you to send money quickly.

To discuss with others about Libra visit: Facebook Libra Coin Forum

Libra Coin

The new Facebook payment platform based on Libra, Calibra is a huge project from subsidiary company Facebook. What’s got most people talking, however, is the surprising revelation that it will operate largely independently of the social network’s influence.

Libra is an open-source currency, developed by a group of engineers. Although the association is responsible for the final decision making of Libra, Facebook will maintain a leadership role during 2019 to boost its use. Facebook’s position is that it will play a role equivalent to that of the other companies in Libra’s management.

To combat volatility, Libra will be fully supported by the Libra Reserve, a collection of coins and other assets used as collateral for each Pound created.

The Differences Between Libra and Calibra

Libra is the digital currency, and Calibra will be the Facebook portfolio. That is, Libra is the crypto currency that different companies will use and Calibra is the name the Facebook payment platform will receive. The payment system where we can store, send and through which we can pay with the Libra currency.

Calibra has, in fact, been formalized also as a subsidiary company of Facebook that will act independently.

When and Where Will Calibra Be Available?

Calibra is currently in development but is expected to arrive by the first quarter, 2020. At the moment, the company has already activated a link to register. The Calibra payment platform will be available as a stand-alone application on Google Play and the App Store and can be used directly on WhatsApp and Messenger applications as well.

The first version of Calibra will allow payments between pairs and other transactions of this type, such as QR codes that small merchants can use to accept payments in Libra. Over time, others will be added, including in-store payments, point-of-sale system integrations and more.

What Will The Cost of Using Libra and Calibra Be?

Libra is a brand new digital currency set to take the world by storm. Like other cryptocurrencies, buyers can use it to make normal payments such as buying a coffee or paying for public transport. Through the Calibra digital wallet, we can also store Libras and therefore save money.

Every time you send or spend crypto currency through Calibra, you’ll be spending Libra. You can actually convert local currencies into Libra and vice versa. By making these conversions, the Calibra application will show you the exchange rate so you know exactly how much money will be obtained.

The use of Calibra will not be free of commissions, although Facebook promises that they will be low and transparent, especially when sending money abroad.

Calibra’s Focus on the Privacy of Users

When Calibra is available, you will need to present an official identification document to register for the account. This is because, being a legal crypto currency, you’ll want to avoid fraud and verify the real identity of people.

Facebook explains that “the activity of each transaction in Calibra will be private and will never be made public”. The privacy focus of consumer data is one of the aspects that has been more detailed:

Except in limited cases, Calibra will not share account information or financial data with Facebook or any third party without the client’s consent. For example, Facebook will not use information and financial data to improve its ads. There will be some exceptions, however: fraud and crime prevention, compliance with the law, service providers and processing of payments and global data.

Availability

Initially, Calibra will be available in selected countries, although availability will be expanded from its launch in 2020. Although other companies are in the Libra Association, Calibra is the first digital wallet compatible with it.

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