Facebook presented the details of the Libra cryptocurrency project.

Calibra – Application for working with Libra cryptocurrency from Facebook

Facebook provided open access to the website of its cryptocurrency project before the publication of the official announcement, which is expected to be released this Tuesday. The authenticity of the resource is confirmed by the analyst of The Block Larry chermak.

What is Calibra

"The application Calibra is designed to work with Libra – a new cryptocurrency. The Calibra application is based on an innovative blockchain technology that allows people to enjoy the benefits of additional freedom, security and accessibility in the implementation of daily translations. It will be available at the global level," the social network writes.

Facebook promises that Calibra will be released as a standalone app for iOS and Android, as well as integrated into the company's existing platforms, including WhatsApp and Messenger. "This means that 2.7 billion Facebook users will be able to access the functionality of Calibra through applications they are already customers of," the company adds.

According to the publication, Calibra is a division of Facebook and operates independently of the social network. The company is headquartered in California. Facebook reports that currently, the Calibra is still under development. Users are encouraged to apply for early access.

Who can use Calibra

It is known that the use of the application will require the identification of the user with an identity document.

Calibra will not share financial information with Facebook or any other third party without the prior consent of the customer. At the same time, project preparation is carried out in accordance with the recommendations of the Group of development of financial measures of struggle against money-laundering (FATF) and other standards in the context of combating money laundering and financing of terrorism.

The company promises to make efforts to make its solution available worldwide. However, the specific countries whose residents will be able to use Calibra, she does not call.

What problems does Calibra solve?

Facebook confirms that Libra is a cryptocurrency with a stable exchange rate: "Libra is a global cryptocurrency based on the blockchain (Libra Blockchain). Libra is fully backed by Libra Reserve, a set of currencies and other assets used as collateral for each Libra that is created, which serves as a basis for confidence in its own value."

Possible scenarios for using Calibra include daily transactions and payments, "such as buying coffee, groceries, or paying for public transport." In addition, Facebook offers to use Libra to save money and do business. Transactions using Libra will incur a small fee.

The company States that with the application users will be able to convert their national currencies to Libra and back. In this case, Calibra will display the current exchange rate.

Libra – Developed by Facebook cryptocurrency

UPD: Also the launch site for the Libra. Here you can find more information about the cryptocurrency, including a list of its partners and white paper.

Managing Libra

The task of managing Libra will be taken over by the non-profit organization Libra Association, registered in Geneva. Subsequently, it will be composed of 100 members located in different regions of the world. Below is a list of the initial participants of the organization:

Payments: Mastercard, PayPal, PayU, Stripe, Visa;
Technologies and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc;
Telecommunications: Iliad, Vodafone Group;
Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited;
Venture capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures;
Non-profit and academic organizations: Creative Destruction Lab, Kiva, Mercy Corps, Women's World Banking.
Libra is launched as a permitted blockchain, that is, initially only its members will have access to the network. Over time, Libra will become an open access network. "No participant will be able to change its rules unilaterally," the developers say.

Libra Investment Token

In addition to Libra, a security token called Libra Investment Token will be launched. It will be used to Finance incentive programs and cover transaction costs. Libra Investment Token will be available only to accredited investors and will allow its holders to earn a percentage of cryptocurrency reserves.

Companies that want to become owners of a validator node in the Libra system will have to invest at least $10 million in the Libra Association tokens Libra Investment Token. It is expected that the annual maintenance cost validatortag nodes would be about $280 000. Non-profit organizations and other social partners of the project will be exempt from the initial fee, but not from the costs of servicing the gcd.

Move programming language

Perhaps one of the most interesting technical features of the project is the Move programming language created specifically for it. The need to integrate a separate programming language developers explain the desire to provide flexibility when working with the blockchain and eliminate the shortcomings of existing solutions.

"There are many problems associated with existing blockchains in the context of safe code writing. Move is the language in which security is the guiding principle," said the project representative.

Test and core Libra network

The launch of the Libra test network will take place in the coming weeks. "The test network will allow us to get feedback from the community regarding the direction of the project development and further work on a scalable, reliable and safe launch," Libra Association reported.

In collaboration with the cybersecurity company HackerOne, the project will launch a bug-catching program to provide financial motivation to researchers and developers in finding hidden security and privacy issues.

The developers expect to launch their main network in the first half of 2020.