Facebook continues with the reforms to its future cryptocurrency project as Libra’s wallet provider Calibra has been rebranded to Novi. Despite the name change, though, the subsidiary of Facebook will not revise any of its long-term commitments and goals.
Calibra Becomes Novi
Facebook introduced today the new name Novi, inspired by the Latin words “novus” for “new” and “via” for “way.” David Marcus, co-creator and board member of Libra, said the name change was necessary because “there was more confusion than we wanted” with the previous version.
Facebook notes that once Novi is launched, users will be able to send money as easily as they send messages. Novi clients will be able to employ the digital wallet as a stand-alone app, as well as in Facebook Messenger and WhatsApp.
“There will be no hidden charges to add, send, receive, or withdraw money, and your transfers will arrive instantly. All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app.” – reads the announcement.
An early version of the digital wallet is expected to arrive with the launch of the Libra network. Initially, Novi will be available only in certain countries, “with features that will make cross-border money transfers instant and secure.”
The statement also says that Novi comes with a “nod to the Libra icon in the brand logo to underscore our commitment to the Libra network.”
The Changes In Facebook’s Libra
Since its announcement in 2019, the future cryptocurrency project of the tech giant became a hot topic within the community and for world watchdogs. Regulators from different countries clamped down the initial idea to serve as a “single global digital currency.”
Although Facebook has revamped several core features of the project, the tech giant has remained persistent in launching it. The company unveiled the updated designs recently, and many referred to the new version as “Libra 2.0.”
Instead of introducing one single new currency as previously planned, Libra considers developing a series of various digital coins, each backed by a different government currency.
Another significant change suggested removing the “permissionless” idea whereby anybody could help run the network without a central authority. The plan for Libra now is to be a closed system in which only partners with the approval of the association can operate.
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Source: Crypto Potato