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Libra presented: Facebook's own cryptocurrency

Picture: Facebook
(Post picture: © 2019 Facebook)

In einem Articles on WhatsApp our editor-in-chief spoke of a cryptocurrency from Facebook. This week it became a reality, it is called Libra.

To begin with, I want to clarify something that initially confused me a little. in the News article from Facebook one reads two terms very often, namely “Libra” and “Calibra”. The first term stands for the currency, like the euro in Germany and Austria and the franc in Switzerland. The latter term stands for the digital wallet in which the currency is stored. Now that that's cleared up, I can tell you what Libra and Calibra are all about.

Libra: making digital payments easier and more accessible

Facebook wants that with Calibra and Libra Protackle the problem that, overall, very few people have access to financial services. With your own cryptocurrency, you want to make sending money as easy as sending a text message. You should initially have access to your Facebook money via WhatsApp, Facebook Messenger and your own app.

Then there is the security and privacy issue, which Facebook is not particularly famous for. Here they promise that they will rely on systems that banks and credit card companies also use. It remains to be seen how well and safely this really works.

future plans

If everything goes according to Facebook's plans, Libra will be launched next year. Even if this crypto currency is still quite young, you already have some future plans. These include features such as one-tap-to-pay or the storage of public transport tickets. Sounds very promising overall. Let's see how the currency performs in the wild.

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David Haydl

David lives in Graz and has been there for around half a decade TechnikNews, also editor-in-chief for some time. He regularly provides the site with news, test reports and the like TechnikNews Weekly, which was his idea to launch. He likes to spend his free time outdoors, listening to a lot of music (and clearly too loud) and some podcasts on all kinds of topics, and also likes to go running. He enjoys the time that remains with his charming girlfriend or in front of the TV.

David has already written 1115 articles and left 104 comments.

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