Ikenna Uwakwe has been a writer since he could hold a pen. Having a lot of literary works in his portfolio including Poems, Articles and Essays. He enjoys a natural likeness for anything related to technology. His Educational background includes computer science and programming. As a seasoned cryptocurrency enthusiast with a professional writing career path of over two years of blogging for blockchain related companies. Working with various Fintech startups in the past, has aided him to better understand what IT proponents as well as financial Investors look out for.
At the wake of restructuring the infrastructural settings of traditional financial institutions comes Facebook’s Calibra Crypto Wallet Ecosystem. Here’s what you should know about it.
Calibra is a blockchain-based financial ecosystem implanted into the core of Facebook’s messaging community – Messenger, WhatsApp, and Instagram.
Also referred to as Calibra Crypto Wallet Ecosystem, the new initiative is governed by a group known as the Libra Association Consortium, comprising of 28 top-notch Individual firms cutting across companies in blockchain, financial, entertainment, telecoms, e-commerce as well as top payment processing enterprises.
The Calibra infrastructure is an underlying technology for its Libra Network. In fact, it is a digital wallet with the capability to reach a wide range of users, keeping users engaged, and also introduce new revenue streams for these platforms.
One that permits users to perform several payment processing functions like never seen before. Users with such affiliate apps as WhatsApp, Instagram or Messenger can now tap into the uncharted territories of blockchain transactions. With a wide scope capacity to reach out to over 2.7 billion users from multiple geo-political zones, regions, and countries worldwide.
On the Calibra Network, Users can simply sign-in to their wallet dashboard from these Facebook apps, and consequently convert their fiat currencies to the in-house Libra cryptocurrency. Allowing Users with a low-cost budget to efficiently send money to anyone, anywhere in the world at any given time.
Through the Libra Reserve feature of the Calibra platform, Users can convert and save their money over time. Libra is not only a utility token but a stablecoin – more like traditional fiat money, hence they are less volatile.
Peter Lewis, an Associate with Mercy Corp, one of the joint-partner companies in the Libra Consortium and potential founding member of this Libra Project, expresses the need for a payment mechanism to be embedded into messaging apps, saying:
“We see a huge opportunity for financial inclusion. Of the 1.7 billion people who don’t have bank accounts, one billion have a phone which could probably support this system.”
Designed specifically as a standalone dApp, the new ecosystem could reside in third-party messaging platforms as a wallet dashboard.
Calibra, although a subsidiary of Facebook, functions as an autonomous entity that stringently adheres to regulatory policies. Once launched, the Calibra dApp would be available to users for download on Google playstore and iOS App Store.
Having the prospects to reach out to a wide range of clientele as well as granting users in developing economies an ample opportunity to utilize Facebook’s user-friendly, ‘one-click’ monetary system. The Facebook pioneered Libra Association would possess cross-border jurisdictions in places conventional political authorities couldn’t penetrate.
Despite the social networking community is often regarded as a communications platform, it would be essential if chatting apps could serve as a global financial transaction medium.
Although the Calibra Ecosystem can harbor as many third-party affiliate Apps as a result of the underlying tech. The Libra Blockchain powered platform is exclusively tied to the Facebook group messaging platforms: Instagram, Messenger & WhatsApp.