Finally, Facebook has unveiled the details of its own cryptocurrency, Libra. This cryptocurrency will be used by the commoners for day to day exchanges like at the grocery stores or the super market, etc. The best thing about this currency will be that you’ll not need any third party app for transactions as Facebook itself is going to provide a wallet for the currency named as Calibra. The wallet will be in built-in WhatsApp, Messenger and Facebook’s own app. Today on June 18, 2019, Facebook has published its white paper which is going to explain that how will Libra and Calibra work.
Here is the whitepaper released by Facebook:
As per Calibra is concerned, it is going to be a subsidiary of Facebook which will work to accomplish the goal of connecting people on the network of Libra which is basically the latest version of currency which will be powered by blockchain technology. The challenge for both Libra and Calibra is that how, through its services, the app and the currency will become familiar to a new currency in the world full of digitisation. Calibra will allow one to share, send and receive Libra to anyone or with anyone who has a smartphone. The process is going to be as easy as texting someone. As per a Facebook official, Calibra wallet will be providing different offers for business and people. Calobra is going to have very strong protection in order to save your money and Facebook is going to use the same verification process as it is used by the banks and credit cards and they will have an actively monitor the activity and inform you if any misuse of your account.
As per the norms, thr Calibra wallet is not going to share any of your personal and financial information to any third party apps or anything. Calibra is basically going to use the data for Facebook.