Social media giant Facebook has finally launched a website containing a lot of information about its intended cryptocurrency called Libra. The company will also be introducing a dedicated cryptocurrency wallet.
The Wait is Over
There has been a lot of rumors surrounding Facebook’s cryptocurrency initiative. However, the company has finally launched a website containing much of the needed details about the project.
First things first, besides its cryptocurrency, Facebook is also working on a cryptocurrency wallet. According to the official website, it’s a downloadable application which will allow people to execute peer-to-peer transfers using its most popular communication apps – WhatsApp and Messenger. The app will also show exchange rates to make the conversion from fiat to cryptocurrency and vice-versa easier.
As claimed on the website, the transactions carried out using Libra will be private and secure. However, it’s worth noting that all accounts created on Calibra need to be entirely verified, requiring a government-issued ID. So much about anonymity.
One thing that grabs the attention, however, is that Calibra is established as a separate entity which will be working independently from Facebook.
Libra – Backed By a “Reserve of Assets”
As previously speculated, Facebook was expected to release a stable coin. However, most people expected it to be pegged to the US dollar. There’s a plot twist in this regard.
According to the official website, Libra will be backed by a “reserve of assets.”
Libra is fully backed by the Libra Reserve, a collection of currencies and other assets used as collateral for every Libra that is created, building trust in its intrinsic value. – Reads the FAQ section.
If anything, at the time of this writing, there is no additional information about the nature of these reserves and what would they include.
Nevertheless, users will be able to transact throughout the entire world. The new cryptocurrency will be based on its own blockchain, enabling it to reduce transaction time and fees.
While the official website has been launched, both the wallet and the cryptocurrency are still in the making.
At press time, the website went down. Here’s the archive link to it.