Social media giant Facebook together with 27 organizations have finally revealed their plans for Libra, “a global, reserve-backed digital currency that people will use for their daily needs on the Libra network, a brand new more inclusive financial ecosystem”, powered by blockchain technology. The network is expected to launch in the first half of 2020.

Two websites – Libra.org and Calibra.com – have been unveiled today and explain the project in more detail.

“Libra’s objective is to permit a simple global currency and financial infrastructure that facilitates billions of people,” the whitepaper of the Libra project states.

While Calibra .com has been presented as “a connected wallet for a connected world” and is being currently built.

“Facebook is joining the Libra Association through a newly established subsidiary, Calibra, which will be building financial services for Libra. Calibra’s first product will be a digital wallet for Libra, which will be available in Messenger, WhatsApp and as a standalone app,” as per the announcement.

“Calibra will be handled like other payment service providers. Any data you share with Calibra will be kept separate from information you share on Facebook,” Mark Zuckerberg, CEO of Facebook, asserted.

According to him, “from the beginning, Calibra enables you to send Libra to almost anyone with a smartphone at low to no cost .”

“Over time, we hope to provide more services for people and businesses — like paying bills with the push of a button, buying coffee with the scan of a code, or riding local public transit without needing to carry cash or a metro pass,” he added.

The CEO assured that the project will offer fraud protection, “so if you lose your Libra coins, we’ll offer refunds .”

Features of Libra:

It is built on a blockchain.

It is endorsed by a reserve of assets designed to give it intrinsic value.

It is governed by the “independent Libra Association” tasked with evolving the ecosystem.

The initial group of firms that will work together on finalizing the association’s charter and become “Founding Members” upon its completion is, by industry :

Payments: Mastercard, PayPal, PayU, Stripe, Visa

Technology 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