Facebook unveils digital currency of a new world

Announced Facebook on its new digital named (Libra) Libra, along with the Global Association of organizations that will be governed by, in addition to advertising (Calibra), a subsidiary of new you will create a digital wallet for my WhatsApp user, with a standalone app on Android and iOS iOS.

It was expected the occurrence of this step since period of time, which represent considerable support for the work of encrypted technology, the underlying technology of the block your chi, which provides a reliable system of accounting; to enable currency transactions are encrypted.

Hopes Facebook in the use of technology to block Chi; to enable billions of people to use its currency to the world is simply, which is supposed to be a substitute for cash and credit cards and bank transfers, when launched in 2020.

Insisted the social network they will not use any financial statements for publicity purposes, and that the work will be independent of the company, as will be Accounts (Calibra) separate from Facebook, the company said: she will not see your data except in certain cases, such as: police request it.

The Union (Libra) non-profit – based in Geneva, Switzerland, and by 28 organizations – to work Facebook the digital, and to this union – which includes Facebook as a founding member – ensure that the digital currency’s legitimacy.

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The investment of the members of the union $ 10 million for each of them in the process (Libra), so that the use of these funds in the purchase of foreign exchange reserves supporting the value of currency.

The Union: if there is a small fee to send money, where the fees are necessary within the work are encrypted; and to prevent cyber attacks that flood the network traffic is not desirable, but it will be much cheaper than the cost of the retailers to accept credit card transaction; or foreign exchange fee.

And trust is vital for this to work, because users trust Facebook to maintain data security social and digital, and on Facebook to stay away from the hack, because if someone hacked the user account, he can steal crypto-currency.

In addition to finding (Libra), he founded Facebook a new subsidiary dubbed (Calibra), which is supposed to embrace the financial services in order to (Libra), including the digital wallet will be available via the application WhatsApp user, together with the application independent of the portfolio.

Said Facebook: the (Libra) will remain in accordance with the technology block your chi safe, and scalable, reliable and, with its support of the reserve of bank assets; and to prevent its real value, and their union (Libra), the independent operator to manage the development of this new ecosystem.

Said David Marcus David Marcus, president (Calibra), in a statement: possess (Libra) the ability to provide billions of people around the world access to the ecosystem is a more inclusive financial and more open.

He added, “We look forward to participating in the network (Libra) as a founding member, as well as by providing our community access to (Libra) through (Calibra), we know that the journey has just begun, but we can with the achievement of the task (Libra); to create a global currency simple, and financial infrastructure that enables billions of people”.

Explained Facebook that the technology has enabled billions of people globally from access to knowledge; and Information, Communication and high speed; and a wide range of services to the least expensive, most convenient, through a smart phone worth $ 40 from almost anywhere in the world.

Despite this development, there are large numbers of the world’s population are lagging behind, according to Facebook, there are 1.7 million adults on the level of the world remain outside the financial system, without access to a traditional bank.

And possess the technology to block Chi and Digital a number of unique characteristics, as they enjoy not to the central, and can be accessed globally, as it is low cost and safe.

The company said: if (Libra Blockchain) is a block Qi new, built fully to give priority to security and reliability, as well as the necessary flexibility to deal with the passage of time, while representing (Libra Reserve) reserve real assets supporting the lens, which reduces price fluctuations, while providing a global acceptance of the broad, and the questionnaire.

As for (Calibra), it’s first product is a digital wallet for a (Libra), which was supposed to launch in 2020, which makes it easy to save money and send it spending.

Will the digital wallet is part of the ecosystem of Facebook, the ecosystem for its partners, said the giant social media: 70 percent of small businesses in developing countries lack access to credit, creates migrants $ 25 million a year because of transfer fee.

According to Facebook, the (Calibra) allows the user to send currency (Libra) to almost anyone with a smart phone easily, and speed comparable to the speed and ease of sending a text message, so at a very low cost.

Designed Facebook a white paper to describe a new currency, the company hopes in time to offer additional services to people and businesses, such as payment of invoices with the push of a button; or buy a cup of coffee through the scan code; or riding the local public transport without having to carry cash or a metro card.

Consists of the Union (Libra) of a group of companies distributed and diverse geography, coupled with non-profit organizations; and multilateral and academic institutions, including PayPal; a Mastercard; a Vodafone; the and AWeber; and Spotify; and; and eBay; and Booking; and Coinbase.

Designed to work to defend fast, targeting particularly people in emerging markets, who do not possess a bank account, along with the people who send money abroad, unlike Bitcoin, they are designed to be stable through the support of its reserve currency like the dollar.

Said the giant social networking: it will ensure the privacy of network crypto-currency, the company will share performance data with other third-party company, after hiding the data, and will comply (Calibra) the law, with the insurance of customer accounts, and reduce risks, and prevent criminal activity.


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