Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year.
An eponymous nonprofit association based in Geneva will oversee the blockchain-based Libra, maintaining a real-world asset reserve to keep its value stable. “Sending money to your friend shouldn’t be harder than getting them an Uber ride home,” said Uber head of payments and risk Peter Hazlehurst. Real-world currency used to buy Libra will go into a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators.For the digital currency to operate on a global scale, Libra is relying on a platform of blockchain technology that uses about 100 trusted computer “nodes” to validate and register transactions.
The new Calibra digital wallet promises to eventually give Facebook opportunities to build financial services into its offerings, offer expand its own commerce and let more small businesses buy ads at the social network.Financial information at Calibra will be kept strictly separate from social data at Facebook and won’t be used to target ads, Calibra vice president of product Kevin Weil told AFP.
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