The social media giant, Facebook, has broadened its horizons by stepping into the world of digital currency. Unveiling its own cryptocurrency named “Libra,” Facebook aims to revolutionize financial transactions, giving users access to the burgeoning world of digital money. Simultaneously, to manage this new venture, Facebook introduced a digital wallet service called Calibra, which will operate independently as a subsidiary. In line with its accessibility agenda, Libra can be used across numerous platforms, including Facebook’s own messaging apps such as WhatsApp and Messenger.
Understanding Libra and its Name
The name “Libra” stems from ancient Rome, where it was used as a unit of weight to mint coins. It also draws connotations from the French word “libre,” translating to “free.” The astrological symbol of Libra is the scales of justice, symbolizing balance, which aligns with Libra’s aim to standardize financial inclusion worldwide. Furthermore, the symbol of this new cryptocurrency is a wave, exemplifying the energy flow among individuals, the boundlessness of nature, and the fluidity of movement between people, places, and money.
Digital Wallet Service: Calibra
To facilitate the operations of Libra, Facebook has brought forth a digital wallet service named Calibra. It will be operated by a subsidiary and function independently from Facebook. Calibra will be available as a standalone app on the App Store and Play Store, enhancing its accessibility for users. Moreover, it integrates seamlessly into Facebook’s own messaging applications such as WhatsApp and Messenger, promoting ease of use.
Libra’s Accessibility
Key to its goal of financial inclusion, Libra is designed to be highly accessible. It will not only be available on the main social media platforms like Facebook, WhatsApp, and Messenger but will also be obtainable through the standalone Calibra app on App Store and Play Store. This broad accessibility will enable users across the globe to conveniently transact using Libra.
What is Cryptocurrency?
Before delving into the specifics of Libra, it’s essential to understand its roots – cryptocurrency. In simple terms, a cryptocurrency is a digital or virtual form of money that employs cryptography for security. It uses decentralized technology, allowing users to make secure payments and store value without disclosing their identity or liaising with a traditional bank. All transactions are recorded on a public ledger known as a blockchain, maintained by the currency holders themselves. Some of the most prevalent cryptocurrencies include Bitcoin, Ethereum, Ripple, and Litecoin.
| Cryptocurrency | Launch Year |
|---|---|
| Bitcoin | 2009 |
| Ethereum | 2015 |
| Ripple | 2012 |
| Litecoin | 2011 |
The Era of Facebook’s Libra
With the advent of Libra, Facebook endeavors to change the face of digital money, making it more secure, accessible, and user-friendly. As a cryptocurrency rooted in the values of freedom and justice, Libra invigorates the digital financial landscape, beckoning a new era of borderless transactions and monetary fluidity.
