Here's What We Know About Facebook New Cryptocurrency Libra Calibra,

Facebook Inc revealed its long-awaited cryptocurrency plans Tuesday, announcing “Libra,” a new digital money designed for the billions of people using its apps and social network. If the plan is successful, users will soon be able to shop with and send the currency—known as Libra—on Messenger and Instagram, as well as use it with a wide variety of other merchants like Uber, Spotify, and MasterCard.

Facebook announced today a new digital currency called Libra, a currency that will allow billions of users to transfer money worldwide, as it is the launch of Facebook, estimated at $ 97 billion in 2018. It is expected That the new currency is causing Massive sensation.

A lot of rumors have been circulating over the past period about Facebook's intention to launch a new digital currency that competes with famous digital currencies such as Bitcoin and others by exploiting the huge base of users of Facebook monthly, who last month reached 2.4 billion users.

According to studies, the new digital Libra coin is expected to be the cow that generates money for Mark Zuckerberg, where analysts expect it to be expected to grow slowly at first.

A New Digital Wallet

Calibra will use Facebook data to comply with the law, secure customers’ accounts,

Facebook also announced a new digital wallet called Calibra, which will be operated by Facebook as a separate subsidiary and provide users with a way to store and spend Libra. The digital wallet, which won’t be available to the public for months, will display the value of users’ Libra in their local currency and provide a design similar to popular digital wallets for transferring money.

what the experience of using Calibra will be like?

Facebook’s Calibra digital wallet app. Photo courtesy of Facebook

According to Facebook، Calibra will let Users send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, and offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass.

Calibra will not share account information or financial data with Facebook or any third party without customer consent. This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products.

Calibra will use Facebook data to comply with the law, secure customers’ accounts, mitigate risk and prevent criminal activity.

You can read more about privacy and  protection from here.

The launch of this new Facebook currency at this time may be strange because of Facebook's $ 5 million fine by the Federal Trade Commission of the United States, which was applied to Facebook as a response to the Facebook-Cambridge Analytica scandal.

And for decisions to be made regarding the maintenance and improvement of the Libra platform Which includes the same currency and separate application will be taken by the Libra Association, a consortium established by dozens of financial institutions that Facebook has participated in the new project to pay at least ten million dollars to become a member of this union.

This consortium includes major companies such as Visa, Uber, PayPal, ebay, Spotify and many other non-profit companies that wish to provide payment service through the new Facebook currency through which.

Recall that The Libra coin is based on the completely new Block Shin system and is a modified version of HotStuff Which was recently announced by VMWare and is more complex than the usual Blockchain used in the Ethereum and Bitcoin currencies making it safer and faster in terms of effectiveness than them Where you can do thousands Of financial transfers Per second

Calibra will be available as a stand-alone app in the App Store and Google Play. You will be able to use Calibra, the leading application developer of WhatsApp and Messenger, so far to send and receive money as easily as you send to friends, family and businesses.