Facebook's crypto project Libra will be more similar to email tech than payment services such as PayPal, vice president of product at Calibra said.
Speaking at the Web Summit in Lisbon on Nov. 5, Kevin Weil, vice president of product at Facebook's Calibra digital wallet unit, emphasized that interoperability - the basic principle of email - will the key concept of Libra.
"You and me don't have to collaborate on which email provider we are going to use before we send each other an email. We don't have to choose which browser we are going to use tailored to which individual website you're going to go to. These things are protocols, and as long as you build to the protocol everything's interoperable. Libra is the same way."
Considering the approximate timing for the Libra's launch, Weil said that "This will be a journey of years and decades." As reported by CNBC, Weil expressed confidence that the social media giant's cryptocurrency will not go viral like a social network.
Weil also stressed that users' financial data on Calibra will stay separate from their social data on Facebook.
Weil's statement follows a recent claim of Calibra CEO David Marcus that companies outside the formal Libra Association are able to offer services on the platform.
In an interview in mid-October, Marcus said that former association members such as Visa and Mastercard will still be able to issue cards for Libra.
At the same event, Weil also suggested that the best time to launch Libra was three years ago, before the major crypto bull run of 2017.
The Calibra exec reportedly added that now is the second-best time to do so.
Weil also reportedly revealed that he was not an early believer of the major cryptocurrency Bitcoin but became a fan in 2015 and 2016.
Facebook's Calibra Exec: Libra Is More Like Email Than PayPal
gepubliceerd op Nov 5, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.