Libra is a cryptocurrency developed by the Libra Association,
Facebook. This new coin is powered by the blockchain. The
blockchain is a data container which stores millions of
transactions.
The Libra coin will be a digital currency and Calibra will be
the digital wallet which is expected to be launched in 2020.
This wallet and coin will be introduced to 30% of the entire
world's population or 2.38 billion users. Facebook will target
at least 1.7 billion people with this new technology. There is
a lot of interest from the public for the Facebook coin because
people trust Facebook to deliver a reliable product.
The Libra digital coin is essentially a stable coin as it is
pegged to currencies such as USD, EUR, Pound, etc. (backed by a
reserve of assets so that the value stays stable). The social
media internet giant tries to create a more stable
cryptocurrency for online transactions. The cost will be very
low and fast, and no need for a bank. This technology will also
help people in areas where there are no banks or banking
facilities which are difficult to reach. By using blockchain
technology these transactions will be made much easier.
The Calibra Wallet is a digital wallet which will store your
coins. This wallet will be used on the Whatsapp and Facebook
Messenger platform. To make the deposits, users may top-up
their wallets, which means to convert local fiat money into
Libra coins. This standalone app (Wallet) may be installed on
most of the smartphones, which means you will not need a
Facebook account to use Calibra, www.cryptocompare.com reported.
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