Overview of the New Libra Currency and Calibra Wallet from Facebook
libra·@steeimran·
0.000 HBDOverview of the New Libra Currency and Calibra Wallet from Facebook
<div class=text-justify>  <center><sub>Wikimedia , is licensed under Public domain</sub></center> A few days ago, Facebook announced its Cryptocurrency, which came with the name [Libra](https://libra.org/en-US/), which may be derived from the French/spanish word Libre, which means "free" and the English description Liberal, which means "free". The main objective of the new Libra is to buy products and send money online easily and without deducting your expenses. Featured in the new Facebook currency is that it will allow you to buy products from regular stores through the use of a portfolio application dedicated to this currency, and Facebook itself will launch an application in this regard, the portfolio of "[Calibra Wallet](https://calibra.com/)" This portfolio will also be built into Messenger, WhatsApp applications as well as the separate application This and all this has been explained by Facebook on its [white paper](https://libra.org/en-US/white-paper/), which made available last Tuesday, which also dealt with the matters of Blockchain and other technical details. So, we have a coded electronic currency, which is in theory, owned by Facebook and will be integrated into Messenger applications and the most widely used messaging applications. The user will also be able to use them in regular stores ### What is the new Libra from Facebook? As mentioned above, the currency will allow you to buy products as well as send and receive money through the application Calibra App, which is the Libra currency portfolio and also integrated applications in WhatsApp and Messenger and because the currency coming from Facebook and integrated in the Facebook application you may think that Facebook has full control, But this - fortunately - is not true, Facebook is just a member of an organization called Libra Association that includes veteran members such as Visa, Uber and Andreessen Horowitz, both of whom invested 10 million$ Or more in running operations This currency. The Libra Association will manage the Libra Blockchain and will certainly be open-source and will develop a currency operating platform that will operate in a programming language called Move, a programming language of their own. As a means of payment in as many places and platforms as possible. ### So, will your bank information be on Facebook? Facebook as a company knows that it is not popular with regard to privacy matters, So for that Facebook has established a subsidiary called Calibra. This company will manage encryption and protect the privacy of users by not integrating your Libra information with the information that Facebook already owns about you, so you will not be targeted by Facebook. Through Facebook ads based on your purchases and your money, you will not show your financial information and operations to anyone. Economically, both Facebook and Calibra, as well as members of the Libra Association, will earn some of the benefits through your money, and - as they said - to keep Libra's currency value no more.  <center><sub>Source: https://calibra.com/</sub></center> ### Why did the Libra coin come from the foundation? Facebook has found in the world of Cryptocurrency both profit and loss, but this did not prevent them from entering this world from the widest of its doors, but it certainly has its causes and one of the main reasons for the emergence of Libra is the costs of service fees paid by credit cards at the payment and this factor In itself has posed a danger to Facebook ads, as well as thought Facebook has gone to a little further area, what if a competitor like Google built a digital currency similar to Libra? In this case there will be a marked advantage for this rival on Facebook as well as be able to take a closer look at what is being spent on Facebook ads. Also, a currency like Libra will help more than 1.7 billion people who have no bank account at all. Has interests related to Facebook ads.  <center><sub>Source: https://libra.org/en-US/</sub></center> Current encrypted currencies such as Bitcoin and Etherium are strong and widespread as we know, but they are not used on a wide range as will be the new Libra currency. Also, these encrypted currencies are very heavily affected by supply and demand, etc. You may remember the huge jump that the currency of Bitcoin jumped and then fell again, also these encrypted digital currencies lost a large part of their value - and probably their very existence - because of speculation because very few places would accept them instead of the US dollar. These factors are the same as those facing any encrypted currency, With Facebook and its currency Libra will not This is so, as Facebook has relationships with more than 7 million advertisers on its network of large companies and 90 million advertisers from smaller companies, and this number of dealers in this currency alone is sufficient and hard to back. ### What is the difference between Libra and PayPal permission? If you asked this question in your mind, then you are thinking as Facebook thought, that Facebook wants to make Libra a currency and a means of paying a revolutionary alternative to PayPal. Creating a new account and making it a payment currency is easier and more effective, and certainly as Libra cuts lower service costs and may not be deducted from the base in some circumstances. ### How does the Libra currency work? So far, from the previous lines, you should know the basics of working Libra for us as normal users. All you have to do is get your account on Libra and then spend your account just like you spend on your regular bank account but without paying too much. To show your name or know who you are - if this is a positive thing - but whether it be through Calibra or through Facebook, as mentioned above, Facebook will know a lot about you. This is something that you should agree to against you by using Facebook. Facebook will work on Blockchain technology. This is a complicated technical aspect that may not matter to you. But economically speaking, the currency will work through the Libra Association, which will have 28 members - and those who have not yet completed - and each member will pay at least 10 million$ The amount paid will contribute to the operating expenses of the currency in general and will contribute to making the blockchain in particular and the currency in general have real physical assets that guarantee the financial value. Libra members are classified according to their field of work:  <center><sub>©Libra</sub></center> In general, Facebook and the Libra Association are aiming to reach 100 active members in conjunction with the launch of the new currency, which will be in 2020. The Libra Association will be located - as you might expect - in Geneva, Switzerland. ---- ### Some References: * https://cryptonews.com/news/facebook-announced-its-libra-project-4064.htm * https://www.cnbc.com/2019/06/18/what-is-libra-facebooks-new-cryptocurrency.html?__source=facebook%7Cmain ---- <center>©</center> ---- <sub>*Best regards, ✍ M'ssieu Abdo*</sub> </div>
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