Kevin Weil, the Vice President of product at Facebook’s Calibra digital wallet unit, said that Libra, the crypto project of Facebook, will be more similar to email tech than payment services such as PayPal.
On November 5, Weil, at the Web Summit in Lisbon, spoke about the interoperability — the basic principle of email will be the key concept of Libra.
Noting that any global developer or entrepreneur can build wallets for Libra, Weil encouraged the global community to collaborate on the interoperable protocols.
He said:
“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.” Kevin Weil
Considering the approximate timing for the Libra’s launch, Weil said that “this will be a journey of years and decades.”
As it has been reported by CNBC, he expressed confidence that the social media giant’s cryptocurrency will not go viral like a social network. He also stressed that users’ financial data on Calibra will stay separate from their social data on Facebook.
<img src="https://i0.wp.com/www.cryptonewspoint.com/wp-content/uploads/2019/11/facebook-libra-explained.jpg?fit=1024%2C683&ssl=1" alt="" class="wp-image-4684 lazyload" width="478" height="318" />
Likewise, Weil’s statement follows a recent claim of David Marcus, the CEO of Calibra, that companies outside the formal Libra Association are able to offer services on the platform.
However, 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.
Thus, he reportedly added that now is the second-best time to do so. He also revealed that he was not an early believer of the major cryptocurrency Bitcoin (BTC) but became a fan in 2015 and 2016.
Source: cnbc.com | cryptoglobe.com | cointelegraph.com