- Calibra wallet is the official wallet of Libra and the firm claims it’s designed to enable users to send money across borders just like an SMS
- Facebook says Libra is designed to foster financial inclusion and support legit actors
- With Libra, money can now be sent across the world just like a photo or a text message
After keeping the entire cryptospace in suspense for several months, the details of Facebook’s Project Libra are beginning to emerge gradually. Now, the social media giant has unveiled both the whitepaper and wallet called Calibra, for its Libra cryptocurrency, which it claims is aimed at empowering billions of people by providing them with an easy-to-use global currency according to reports released on June 18, 2019.
Project Libra Gets Clearer
According to the Libra whiteppaer released by the Facebook team today, the primary objective of the much anticipated blockchain-based cryptocurrency is to give back power to the masses by making it possible for people to easily take full charge of their financial lives.
While the world’s flagship cryptocurrency, bitcoin (BTC) is proof that it is possible to have a borderless and more cost-efficient financial system, scalability issues as well as high transaction fees during peak periods has paved the way for new generation cryptocurrencies to thrive.
Facebook also, is looking to further contribute its bit bit to the “internet of money” movement through Libra, which it says is a reliable digital currency that is built on a secure, scalable and robust blockchain network, backed by a reserve of assets designed to give it intrinsic value and governed by an independent consortium called Libra Association.
Specifically, the team has made it clear that the Libra Association is an independent not-for-profit organization based in Switzerland.
The association is made up of the firms that succeeded in paying the $10 million required to be a Libra node operator.
The primary objective of the Libra Association is to coordinate the Libra ecosystem and “provide a framework for governance for the network and reserve and lead social impact grant-making in support of financial inclusion.”
At current, Libra has already attracted over 30 node partners and the firm says these “Founding Member” will be responsible for finalizing the association’s charter upon the completion of the project.
The firms are Mastercard, PayPal, PayU, Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, lliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Xapo, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital and Union Square Ventures.
Unlike most new cryptocurrency projects, Libra is powered by own dedicated distributed ledger called Libra Blockchain.
According to the team, Libra Blockchain is a permissioned, open source network and it has been built from the ground up, prioritizing scalability, security, and efficiency. The team says as time goes on, the Libra network will become permissionless.
Libra Blockchain is written in the Move programming language and it supports the Byzantine Fault Tolerant (BFT) consensus approach, enabling it to scale massively while also maintaining a high transaction throughput.
Calibra wallet is not yet live but interested users can sign up on to be the first testers of the wallet when its launched.