BREAKING: Facebook Reveals Libra Cryptocurrency Whitepaper and Wallet!

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Facebook just have released the whitepaper for their Libra project on libra.org, which is the official webpage for the social networks native cryptocurrency. Also, they presented Calibra, the digital wallet meant for the Libra currency. They are coming out with a bold statement to bank the unbanked. 

Libra whitepaper has just been published and the main idea for Facebook is that you don’t have to have a Facebook account to use the cryptocurrency Libra. While Libra is only the currency, Facebook comes out also with The Libra Reserve, where all the funds are going to be stored and who provided them. Then there also is The Libra Blockchain, which, they say, is a decentralized database that will have the power to become the medium of exchange for billions of people.

Moreover, they have the Libra Asociacion which includes 28 founding members like Visa, Mastercard, PayPal, Uber, Coinbase, Lyft, and others. Basically, they have brought all the best companies in every industry and put them together to work on this project. Now they have only 28 worldwide companies, but they plan to gather around 100 by the beginning of 2020 when they will launch the blockchain

“Once the Libra network launches, Facebook, and its affiliates, will have the same commitments, privileges, and financial obligations as any other Founding Member. As one member among many, Facebook’s role in the governance of the association will be equal to that of its peers.”

While Facebook’s Libra coin will offer multiple options on what to do with it, their initial goal is to solve the international remittance problem in the world.

The whitepaper explains that Libra is made up of three parts:

“1. It is built on a secure, scalable, and reliable blockchain;
2. It is backed by a reserve of assets designed to give it intrinsic value;
3.It is governed by the independent Libra Association tasked with evolving the ecosystem.”

We’re yet to find out whether the blockchain is reliable, whether people will give this coin an intrinsic value, and how good of a job will the Libra Association do in governing the project.

A New Mobile Wallet – Calibra

While many of us were speculating whether Facebook will include their wallets within the actual social network or develop a separate wallet – well now we have the answer. Calibra will first serve as the digital wallet where users can store their Libra’s and exchange with each other. I guess it’s not much of a surprise that this will be a custodial wallet. Libra Association will govern this app, and eventually Calibra is meant to develop financial services and products around the Libra Network. Also, Facebook Messenger and WhatsApp will serve as a functional wallet as well.

The Libra Blockchain is about to be launched sometime next year.

Their Main Goal is To Reach The Unbanked

Facebook highlights the problem that around 1,7 billion people in the world are unbanked.

“For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account, and those numbers are worse in developing countries and even worse for women,” Calibra writes adding: “The cost of that exclusion is high – for example, approximately 70 percent of small businesses in developing countries lack access to credit, and $25 billion is lost by migrants every year through remittance fees.”

They also have provided screenshots and videos of the app, and it looks… just like any other crypto wallet ap. It has a very smooth sense to it, but in my humble opinion – nothing special. Also, their main goal which they actualize – I believe they are being a little bit hypocritical, because stablecoins and such digital currencies have been around for quite a while and solving the same thing they want to solve – international remittances. For example Ripple. They are leaving out the fact that this Libra project is backed by the largest corporations in the world and is fully centralized, not decentralized as they would want.

Now the Calibra wallet is just in a Testnet phase where it serves only like a wallet, but eventually, their plan is to allow users to pay for all sorts of services like bills and public transit. Some say that Facebook is entering the WeChat or Alipay market.

Everlong Regulatory Issues

This is where the regulations come in. Of course, they want to be regulated in every corner of the world, and they will, which makes this coin even more centralized as I thought before. Also, they explain that social profiles and financial data won’t be linked to the wallet or profile, but I don’t really believe it. There will definitely be an option where you can share all that data which will eventually be more beneficial in terms of app use. A rather weird statement to read was how Facebook said they won’t share any data or information about its users “unless required by law or for limited technical reasons.” That means that it is no different than a bank or any third-party instance which promises to keep your money safe.

However, the whitepaper says that “The Libra protocol does not link accounts to a real-world identity. A user is free to create multiple accounts by generating multiple key-pairs.”

But ultimately, the Calibra wallet will use similar verification and anti-fraud procedures that banks and credit card providers currently use, as well as systems to monitor accounts for unusual behavior in order to prevent fraudulent activity.

“The libra currency and reserve will enable people around the world to trade in one single native currency,” says David Marcus, Facebook’s head of blockchain, and now the head of Facebook’s newly created cryptocurrency subsidiary, Calibra. “What we’re hoping is we will have the ability to foster a lot of innovation in the ecosystem across all dimensions.”

Source:

https://libra.org/en-US/white-paper/

Line Pay Corporation partners with VISA!

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The operator of Japan’s famous messaging app LINE, Line Pay has recently partnered with VISA to bring new blockchain solutions, contactless payments, and a pre-paid digital visa card. Line says that with this new partnership, they will be able to reach 187 million people around the world.

This recently announced partnership will open the gates of 54 million VISA merchants for Line Pay users! That way Line hopes to expand their services in the world. Currently, Line claims that they have 80 million users only in Japan. Additionally, this new feature will allow users to apply for a virtual VISA card, which they will be able use even if the merchant doesn’t use Line Pay.

Moreover, the two companies will work on a new blockchain-powered fintech solution for business-to-business and cross-border payments.

“With Visa’s global network and infrastructure, LINE Pay users will be able to enjoy the advantages of that innovative, worldwide network,” said Youngsu Ko, the CEO of LINE Pay

Line set out to Compete with Apple Pay and Google Pay

At the moment, Line Pay also has an option to add a VISA card, but in order to use this service, customers need to visit places where the merchant accepts Line Pay as well. As you can understand, this made it useless for Line customers to use this service outside of Japan.

However, with this new partnership, Line Pay hopes to expand to a much wider audience. And VISA can provide this audience. In addition to this, Line Pay enters quite a competitive market which is currently owned by Google Pay and Apple Pay. Nevertheless, Line is popular among Japanese people, and this new feature will allow all the Japanese people to make payments with Line Pay anywhere in the world where VISA is accepted.

Line Also has its own Cryptocurrency

Line issued its own cryptocurrency called LINK during the end of summer 2018, September. When it was released, it immediately got listed on its digital asset exchange BitBox which they also launched in the summer of 2018, June. An interesting aspect was that they chose not to conduct an ICO, but utilized an airdrop instead. This was done in order to give Line users LINK cryptocurrency as compensation for utilizing products within the Line ecosystem.

Since Line and Line Pay is so tied with cryptocurrencies and now their new partnership includes the development of new digital payments and blockchain solutions systems, we can only guess what will happen with the cryptocurrency aspect of Line Corporation, since one of their main goals is to include alternative currency cross-border transactions along with blockchain solutions. 

Source:

https://techcrunch.com/2019/06/06/line-visa-mobile-payment/
https://www.digitaltrends.com/mobile/line-pay-visa-payment-news/
https://www.coindesk.com/visa-and-app-provider-line-pay-to-use-blockchain-in-new-fintech-offerings

Photo by Flickr.com

Facebook to Launch “GlobalCoin” in 2020!

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Today, Friday, May 24, BBC posted a large article about Facebook’s plans on launching their cryptocurrency. Rumours say its name will be “GlobalCoin” despite earlier speculations of Facebook Coin and Libra coin. 

Released in a Dozen of Countries by Q1 2020

Facebook is planning to set up its digital payments system/platform by the beginning of 2020. Internal tests will start at the end of this year. Also, the report says that the company’s CEO Mark Zuckerberg has met with the governor of Bank of England to seek advice. More importantly, to discuss the risks that are involved with such a move. Moreover, there also have been talks with the U.S. Treasury and different payments companies. Facebook seeks funding from Visa, Mastercard, and Western Union for its fiat-backed cryptocurrency.

Facebook previously revealed that their cryptocurrency will be a stablecoin which will be backed by multiple fiat currencies, including the USD, EURO, and Japanese YEN.

Project Libra

Project Libra is the name of the whole initiative by Facebook to launch this payment system. Referring to this, earlier this month, Facebook launched a new entity in Geneva called “Libra Networks”. This entity will provide financial and technology services and develop related hardware and software. This was published on the Swiss registration.

This project is set out to help billions of Facebook users/people to transfer money without the necessity of a banking institution. However, there are very few details on this issue. Facebook said that they expect to reveal more in the upcoming months.

Can Facebook take over the whole cryptocurrency market? Facebook has a total of 2.4 billion monthly (!!!) users, while crypto has around 30 million. Of course, that is the traceable data. It could be a lot more, considering the amount of privacy coins and features within multiple cryptocurrencies, including Bitcoin. 

Source:

https://www.bbc.com/news/business-48383460?intlink_from_url=&link_location=live-reporting-story

Monaco rebranding

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From a recent tweet from Monaco, the pioneering payments and cryptocurrency platform announced a rebrand to CRYPTO.com in order to “accelerate the worlds transition to cryptocurrency.” 

Previously known as Monaco, this platform offers a wallet app, VISA payment cards and a portfolio of cryptocurrency products, now will be called MCO Crypto, thus aligning with the company’s token. They have updated their whitepaper as well, to recap their achievements thus far, highlighting their vision, strategy and new products to come.

“CRYPTO.com gives us a powerful new identity in line with our original vision to put cryptocurrency in every wallet. As the name we’re taking on is also representative of the entire space, it comes with a huge responsibility to carry the torch. We will strive to deliver impact worthy of the name and build infrastructure that enables growth of the ecosystem, delivering on the promise of a decentralized future” said the company’s CEO and Co-Founder Kris Marszalek. He also added that “Our rebrand to CRYPTO.com will not affect our MCO Visa Card rollout schedule”

Congratulations to Monaco or should I say MCO Crypto, for taking on such a big commitment on speeding up the cryptocurrency transition from fiat.

To read more about their rebranding, products and services, go to https://goo.gl/KS8RD2.

Source:

https://goo.gl/tXU1eL