A Powerful Facebook Consortium will be set up by Books

A Powerful Facebook Consortium will be set up by Books

The new digital currency block will be ready by 2020. The Libra Association’s idea is to create easy and free money-making services worldwide.

Facebook has presented an ambitious plan for creating a new digital currency and financial system, transforming the way money is moving around the globe, not just in its own applications, CNBC said. In the first half of the year, the consortium will release the digital currency of the open code called Libra.

The idea is that developers create money-sending services all over the world simply and freely – with the same convenience as sending a picture or message. Currency Scale (Scales) will not be managed by Facebook, but a non-governmental organization supported by several companies.

However, Facebook intends to take advantage of the new Caliber affiliate, which is building a digital portfolio of the same name for storage and exchange of currencies. Financial information from a digital portfolio will not be used to target ads on Facebook platforms as these two divisions will be completely separate, quoted in the company.

“We’ve seen the internet changing the game for everything that can be digitized, except for money,” said David Marcus, Caliber’s head of Facebook. “The numbers really speak for themselves.” There are 1.7 billion people in the world who do not bank, “said Marcus, who before taking over Facebook Blocker led the Messenger Division and previously the PayPal president.

“Now everyone with inexpensive smartphones has access to all the information they want, free of charge, with the basic data plan, why not the money do the same?” He asked rhetorically. the question is whether people will have confidence in the social platform with their financial information, so Marcus emphasizes the fact that Facebook will not be able to control the currency.

The new digital currency will be in use in the first half of 2020. It will be run by a non-profit Libra Association based in Geneva, Switzerland Unlike battleships and other often unstable and speculative bogs, the scale will be backed up by relatively stable money like the dollar.

The scale will act as a traditional currency rather than as one of the digital assets This is the way paper money is created. The fact that Libra is an open code block is a mean and anyone can build a service or application that uses that currency.

Wallets will be interoperable so that users can send money from the Calibra wallet to any other Scales system. Users will not communicate via the Libra Association, but only through a digital wallet or operator. For people who can not buy a balance by credit card or digital account, Marcus expects emerging market companies to create places where users can exchange Cash Balances.

Facebook is joined by 27 companies and organizations founded by the Libra Foundation. The goal is to include at least 100 companies and start-up organizations next year. Each member of the association will manage one of the “nodes” or the locations where the Weighing Transactions are conducted.

Among the founders are payment companies: Visa, Stripe and PayPal, which will help merchants adopt the Weigh. Some technology companies are also in the game, eBay, Lyft, Uber, Spotify, and the Latino platform platform Mercado Pago.

Two European telecommunications companies – Iliad and Vodafone – are also involved. The list includes more investment companies and digital payment experience such as Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital and Union Square Ventures. Non-governmental and academic organizations will help people who do not have access to banking services – here are Creative Creative Destruction Labs, Kiva, Mercy Corps and Women’s World Banking.

There are four blocking companies – Anchorage, Bison Trails, Coinbase and Xapo Holdings. The founding members will invest at least $ 10 million in financing the nonprofit’s operating costs and launch a stimulus program to launch the Libra base block and promote currency adoption.

A Powerful Facebook Consortium will be set up by Books