Facebook’s crypto wallet Calibra slated for 2020 release
Facebook has announced “Calibra” – a wallet application and the first product built on top of Libra.
Earlier today saw Facebook release its white paper for its upcoming cryptocurrency project “Libra”, a digital asset created by the Libra Association, a non-profit entity. Long speculated by many in the cryptocurrency industry, Libra will operate as a stablecoin backed by assets in the Libra Reserve.
In addition to the release of the white paper, Facebook also announced “Calibra” a wallet application and the first product built on top of Libra. The wallet app, which will allow customers to send, receive and store the Libra token, is set to come to Facebook’s Messenger and Whatsapp by early 2020.
Calibra Wallet
As per the white paper, Facebook has made it clear that it aims to decentralize the Libra blockchain fully and in the near future, evolve it into a fully fledged cryptocurrency. The Association believes that the upcoming asset will attract mainstream adoption and secure billions of active users via its 2.7 million strong user base on Whatsapp and Messenger.
Facebook states:
“The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app — and we expect to launch in 2020,”
In order for Libra to be successful and to reach billions of users and reach the level of mainstream adoption which the crypto industry has struggled to achieve in the past several years, it would require a notably high level of decentralization and distribution geographically.
Facebook’s whitepaper emphasizes that the Libra Association has full intentions in making the process of using Libra as easy as sending a message and also intends on evolving into a proper, permissionless blockchain in the future.
Facebook states
“From the beginning, Calibra will let you 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, we hope to 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.”
Why Libra is a Stablecoin
As per the official white paper, the decision to make Libra, a stablecoin, backed by a reserve of assets was in an effort to develop a stable ecosystem for merchants and customers to send, receive, and use the cryptocurrency.
With founding members of Libra, such as Uber, Spotify, Lyft and more, these entities feel far more comfortable accepting a crypto asset which bares low volatility and is easy to process for the user’s sake.
Libra will target the remittance industry, merchant adoption and financial inclusion on a global scale. Furthermore, the Libra Association also emphasizes that the core focus around the development of the crypto is usability, scalability, and transferability.
The white paper states:
“Libra is indeed a cryptocurrency, though, and by virtue of that, it inherits several attractive properties of these new digital currencies: the ability to send money quickly, the security of cryptography, and the freedom to easily transmit funds across borders.
Just as people can use their phones to message friends anywhere in the world today, with Libra, the same can be done with money — instantly, securely, and at low cost.”
