When Fb unveiled Libra, its cryptocurrency challenge, there have been two distinct entities — the Libra Association, a not-for-profit that oversees all issues Libra, and Calibra, a Fb subsidiary that’s constructing a Libra-based pockets with integrations in WhatsApp and Messenger. At the moment, Fb announced that Calibra has a brand new title, Novi.
By rebranding Calibra to Novi, Fb is making an attempt to make it tremendous clear that the Libra challenge isn’t a Fb challenge per se. Fb is only a member of the Libra Affiliation with dozens of different members, corresponding to Andreessen Horowitz, Coinbase, Iliad, Lyft, Shopify, Spotify, Uber, and so forth.
The Libra blockchain is meant to function independently from Fb, whereas Novi is a pure Fb challenge headed by David Marcus. In accordance with the corporate, Novi comes from the Latin phrases “novus” (new) and “through” (approach).
Novi’s first product can be a cryptocurrency pockets. You’ll have the ability to obtain a standalone Novi app in your telephone. When you don’t want a Fb or WhatsApp account to create a Novi account, it should even be accessible immediately in Messenger and WhatsApp — you’ll have the ability to faucet on a button to launch a Novi menu to ship and obtain cash by means of the Novi pockets.
The Fb subsidiary needs to be reassuring in the case of cash laundering and know-your-customer regulation. Once you signal as much as Novi, you’ll must take a photograph of a government-issued ID. Novi isn’t a technique to ship cash anonymously.
As a substitute, Novi guarantees on the spot transactions and “no hidden charges” for cross-border cash transfers and native funds. It’s unclear whether or not Novi means there gained’t be any charges or there can be charges however the firm can be clear about them.
The Libra Affiliation not too long ago updated its white paper to make essential adjustments to the cryptocurrency protocol. The affiliation is not constructing a world stablecoin tied to a basket of fiat currencies and securities.
When Libra launches, there can be a number of stablecoins — every of them can be backed by a single fiat forex, corresponding to USD, EUR, GBP or SGD. Novi customers in addition to folks utilizing different Libra-enabled wallets will have the ability to ship and obtain LibraUSD, LibraEUR, LibraGBP or LibraSGD. Novi may also act as a ramp to transform fiat cash to crypto property and money out your cryptocurrencies to conventional fiat currencies.
Novi plans to launch its pockets when the Libra community goes dwell. Solely a restricted set of nations will have the ability to entry the service at first.