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In the 21st century every big or small activity is a matter of hours or minutes. Surely, no one wants to stand in ques in banks or carry too much cash. Who likes to fill up wallets with multiple bank-cards that look almost the same? None of us. And of course no one likes losing money in bank-oriented transfers.
Thus, Facebook, together with 27 organizations around the world, starts a non-profit Libra Association. It aims to facilitate people’s life concerning payments not burdening with too many duties. It’s all about avoiding administrative (supermarket check-signing, bank papers, transfer checks, etc.) and physical kind (carrying cash or cards, getting tired and bored while standing in bank lines) of duties.
So Facebook’s Libra is the new currency aiming at creation of an innovative platform. It aims to provide a financial infrastructure which is both global and simple in use.
Mark Zuckerberg came up with a solid argument on why we need Libra, saying, “Right now there are around a billion people who don’t have a bank account, but do have a mobile phone”.
Libra user won’t need any bank account or a deck of bank-cards for sending and receiving money. Also will need nothing for various payments. Very soon a cup of coffee or a bill will be paid for by a quick push of a button or an instant scan of a code.
An independent subsidiary payment service provider named Calibra will let the user spend and save Libra.The users can also send Libra to anyone who has a smartphone with low or no cost. Calibra will start as a digital wallet available in WhatsApp and Messenger. It will operate as a standalone app next year.
The system is built on blockchain technology, which means that many organizations will run it, instead of being run by a single one. Due to special cryptography your money will be secure. Calibra’s risk management team and fairer will track and prevent any fraudulent activities. Currently Facebook cooperates with 27 major companies to provide Libra, including eBay, PayU, Spotify, Vodafone, Uber, PayPal, Kiva, MasterCard, Visa, Rabbit Capital, etc.
Though, Mark Zuckerberg noted that certain parts are still subject to completion, Facebook plans to lunch Libra in 2020.
As always Facebook makes it fast and easy providing quality of unprecedented level.
For more info follow https://libra.org
http://bit.ly/2x2pHa4 for “Introducing Libra”.