Facebook announces a new name and new look for Calibra, which will now be called Novi. While supporters of the project are still waiting for its launch, which is scheduled for 2020.
In 2019, Facebook announced the launch of the financial platform and cryptocurrency project called Calibra and Libra. Where the first, Calibra, would be intended to be a financial subsidiary and a digital wallet. Which will allow users to store and operate with the Libra cryptocurrency. However, yesterday, the project's co-creator, David Marcus published a release where he informed the community that The project has adopted a new name, and will now be known as Novi.
In his post, Marcus reveals the details of the change. First of all he highlights that the name of Novi has been chosen as a combination between the Latin words “Novus” and “Vía”. Which reflect that the project has adopted a new path to improve the user experience. With Novi, according to Marcus, people will be able to have a new way to send money to each other. No matter who you want or need to send money to, or where you need to receive it from. Furthermore, Marcus highlighted that:
“Novi's new visual identity and design represent the fluid movement of digital currencies. We have also included a nod to the Libra icon in the brand logo, to underline our commitment to the Libra network.”
Likewise, Marcus pointed out that despite the name change in the Calibra project, the commitment to people remains irrevocable on the part of the development team. Arguing that, thanks to the work of the team, each of the users will be able to have access to the affordable financial services that the company will guarantee.
However, it is important to note that this is just part of another statement reviewed by the company. Well, to date, none of Facebook's crypto projects have yet been consolidated. The Libra cryptocurrency has come under heavy criticism from the crypto community, lawmakers, and governments around the world. While Calibra, now Novi, has not gone into operation to date.
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What is the now called Facebook Novi project?
With this new change in Facebook's plans to create a platform, a wallet and a cryptocurrency, the company has been founded Novi Financial. Which will aim, first of all, to launch the new Novi cryptographic wallet on the market. Based on blockchain technology and designed especially to operate with Libra.
In reference to this new change, Marcus noted in the statement issued yesterday that:
"novifinancial was founded with the mission of making money work better for everyone. We believe that everyone around the world should have equal access to financial services… novifinancial is a subsidiary of Facebook that operates independently of Facebook and is headquartered in Menlo Park, California.”
According to Marcus, anyone will be able to connect and use the Novi application independently of the social network. Besides, He highlighted that they will also be able to send money to their contacts by connecting to Messenger and WhatsApp services.. Since the wallet will offer interoperability with these services, which also belong to the communication giant.
The changes to the old Calibra will also allow users to send or receive money instantly. And to ensure security in financial operations, Novi will integrate fraud protections and identification systems associated with governments. Something that, of course, will reduce the privacy of users of this system.
Likewise, the co-creator of Novi also noted that users will be able to enjoy customer service. In addition, the platform is expected to be active 24/7 and to have a chat support service, to facilitate communication with users.
For his part, referring to the launch date of the project and its new changes, Marcus did not indicate a clear date for it. He only argued that there were hopes of presenting the new version of Novi as soon as possible. But for this the Libra network had to be available. Likewise, he pointed out that the launch would begin in stages, starting with a group of countries that have the necessary conditions and characteristics for the network to function properly.
Libra setbacks delay platform launch
As we mentioned at the beginning, the Libra cryptocurrency project has been the subject of great criticism and accusations from the entire crypto community. In addition, legislators, regulators and governments who fear the consequences of a cryptocurrency linked to a social network. Even though those responsible for Libra have made an effort to highlight that both projects will remain separate from each other.
With all the problems and delays that Libra has suffered, its launch remains to be seen. Since its announcement in 2019, Libra has seen many important partners withdraw. Like Visa, Paypal, Ebay, MasterCard and Stripe, just to name a few.
Source: Xataka.com
Likewise, has been the subject of investigations by large nations, such as the United States and the European Union. Where legislators and regulators have done their thing with the project. That does not comply with current regulations to guarantee the security, privacy and integrity of users. Just as it can lend itself to illicit activities such as drug trafficking and money laundering.
All of these accusations and investigations have led Libra to change its structure and focus. So it will no longer be presented as a cryptocurrency or a stablecoin, but rather as is aimed at providing financial services similar to those of Paypal. So the project will not be launched until it is approved by regulators and governments. And while waiting for the launch of Libra, the Novi platform will have to continue waiting.
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Novi is the new Calibra, but nothing changes in Libra
Giving a new name to the arm that will run Libra won't really change the concerns the crypto community has about the project. When Libra was presented to the public, resistance to the project from the community was unanimous. The idea of Facebook controlling our financial and economic data is simply not to anyone's liking. And much less under the privacy and data control conditions that Facebook applies to its products. Remembering events like Cambridge Analytica makes the hair stand on end of anyone who wants to take minimal care of their privacy, not to mention those who live to protect it at any cost.
This is a reality that is still there in Novi and the “new Libra” that Facebook presented less than a month ago. The only thing that has changed compared to the presentation of Libra last year has been the political control that can be exercised over it. For the rest, Novi maintains the same capabilities as Calibra and Libra: “they can handle our data as they wish.”
Everything seems to indicate that Facebook's privacy practices will never change. And the company's attempt to control our lives on a financial level is still active. Novi sincerely lives up to the roots that give rise to its name, it is “a new way to control our lives and our money at a level of fear.”
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