We at COSS are elated to share this with our community. The IEO platform of COSS is finally ready and will soon be hosting its first project with the launch of SWAPS.NETWORK’s SWAP token.
About COSS Liftoff
COSS Liftoff platform has a team of experienced professionals who ensure the legitimacy of both the project and the token. They conduct a diligent evaluation of the potential and authenticity of each Blockchain project that goes live on the platform.
Additionally, COSS facilitates the frictionless purchase of the digital assets offered by the IEOs using the cryptocurrencies being held by you in your exchange or private wallets. During token distribution, you will receive the tokens in the medium used to purchase them.
SWAPS.NETWORK is an OTC Global Liquidity Pool which connects crypto sellers and buyers from across the globe by accumulating all trading deals present in the market.
SWAP Token is the native cryptocurrency of SWAP.NETWORK which derives its utility as a mode of payment in the SWAP.NETWORK ecosystem.
The IEO will go live on our platform on 21st August 2019.
We encourage you to check out the project details and Tokenomics of SWAPS.NETWORK by visiting our website, coss.io. Your participation in the first IEO being hosted on our platform is highly appreciated. In case of any query or feedback, you can reach out to us at [email protected]
Stay Tuned with us for more updates on our social media channel.
Innovation and adaptation are the keys to growth and success. The presence of both is important to any organization’s success. At COSS, we are driven by the ambition of building not only an exchange but an entire ecosystem for everything related to modern-day digital assets.
As a step to support innovation, COSS is launching an IEO platform ‘Liftoff’ on 21st August and is ready to host its first IEO of SWAPS.NETWORK.
The COSS ‘Liftoff’ offering is focused on adding value to our users and the projects we showcase.
What is an IEO?
Initial Exchange Offering ‘IEO’ – is an evolution of the Initial Coin Offering ‘ICO’ way of fundraising which gained popularity in the past few years. In a world where ICOs face skepticism due to lack of verifiable information, IEOs are coming up as a more reliable option. Here, the tokens are offered on an exchange. The exchange conducts an evaluation of the project and presents it to users and potential buyers for the showcased projects on their platform.
How will COSS ‘Liftoff’ benefit our ecosystem?
We evaluate and present Blockchain projects adding value to the ecosystem
You can make a frictionless purchase of the showcased project using digital assets you hold in your exchange or app private wallets, and receive the project tokens back on the same
Your identity data is kept secure with us instead of entrusting it to each separate blockchain project
Why do Blockchain projects choose COSS?
COSS provides a versatile platform as a great benefit to Blockchain projects. Here’s what projects considering to conduct an IEO need to know –
Whitepaper and website readiness support are provided to Blockchain projects as an option, minimising their efforts to look out for third-party service providers
One of the most crucial elements of a successful IEO, namely, its marketing strategy is taken care of by the COSS marketing team comprising of a strong team
The brand value of the projects during and after the conclusion of the project is highlighted
Projects have a technical team available to support and resolve any issues that may arise during the integration of tokens
We also provide a tech dashboard and other platform support, which minimises the hassle of tracking the progress of their IEO
Unique to COSS ‘Liftoff’, Blockchain projects will have access to a wider audience on the COSS Wallet mobile app, allowing users to take part in an IEO, right from their private wallets
To participate in any IEO via the exchange, click on the IEO tab present in the sidebar of the COSS website dashboard. This is how it looks:
You can see all the IEOs that joined the COSS platform. Click on the ‘Participate’ button to buy tokens of your preferred project. A window will open in front of you with all the details of that project’s IEO.
Click on the ‘Buy Now’ button to proceed with your token purchase.
After checking the information presented to you, click on the ‘Confirm’ button to reserve your token order. You will receive the token at the end of the IEO. We will, however, confirm your order placement immediately.
You will be able to see all the completed, failed or pending orders in the IEO ‘History’ tab.
To participate in the IEOs using COSS Wallet, you are required to sign in into your wallet account and click on the IEO tab present in the sidebar. You will see all the running, upcoming or completed IEOs in this screen.
Click on the IEO project that you are interested in.
Click on the ‘Buy Now’ button to purchase the tokens of that Blockchain project.
In case you don’t have a wallet created, you will be prompted to create one. Click on the ‘Create Wallet’ button to proceed. If you are through with this or already have a wallet created, this is what you will see:
Fill in the necessary details, review and agree to the terms and conditions to make the purchase of tokens.
Check all the details and click ‘Confirm’ to continue with your purchase. You will be asked to fill in your Master Password and the total payable amount of your chosen tokens will be visible. This is where you can ‘Submit’ your order as well.
Your transaction will be confirmed and you can keep a track of all your transactions in the ‘Transaction History’ tab.
That’s it, you are all set!
Please note the following:
While COSS performs its own due diligence, every user must do their own research before they invest in a project. Again, please DYOR.
Participation in IEOs will be available only to customers who have completed their KYC with COSS. Restrictions for users from certain countries may apply.
All screens presented in this guide are only for reference purposes. Actual platform may differ.
The IEOs will be conducted on the COSS exchange website and the Wallet apps. We will never contact users directly to sell any tokens to them.
About Crypto One Stop Solution:
COSS is a Singapore based digital asset platform which serves as a one-stop solution for enabling the modern economy. The COSS platform consists of an exchange supported by a fiat gateway, a multi-asset wallet, crypto utility services, a platform for IEO launches and promotions, and a digital asset marketplace. COSS is a member of the Singapore Fintech Association and Ethereum Enterprise Alliance.
“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
– Patrick McHenry, U.S. House Financial Services Committee
Regulation is a dubious word in the crypto world, especially when you consider the visionary principles outlined in the Satoshi Nakamoto’s hallmark Bitcoin whitepaper. It aimed to create a financial system that relied on no third party, nor dictated by outside entities such as governments or banks. As a result, Bitcoin enthusiasts demanded a platform that was free from any interference – internal or external.
However, in the last couple of years industry has grown radically in multiple ways primarily in terms of a multi-billion dollar market capitalization, global awareness, and media interest. This naturally caught the attention of national and regional regulators across the globe.
We’re ready to take off with COSS Wallet main release!
It’s been over 6 months since our first commit. It’s now been downloaded more than 40 thousand times.
Thank you for using our app, giving us your support, and identifying bugs. All of your great feedback has helped to shape the full application experience. Today, we are thrilled to announce that COSS Wallet has officially left beta.
As we prepare for the full COSS wallet release, we want to give a quick rundown on some particular features of the wallet.
New and improved UI
Our team has made all possible efforts to make your crypto experience smooth and effortless and for that, we have made continuous changes with our app UI and interface.
New campaign launches, offers, and updates to the wallet itself are now pushed via push notifications on the phone itself.
We care for every Bug submitted by our community and took them into consideration so that we can make the app performance more smooth. If you still find any bug you can always report us to the below-given email address.
We have added Address book feature in our wallet that allows you to send crypto to your saved contacts. Saving contacts in your address book gives you greater peace of mind because there is less room for error. Now no more scary long addresses or QR code scanning. Just input the receivers COSS ID once, and you can send crypto by selecting them from your in-app address book.
COSS Star Rating
Complete your profile to get more COSS Stars. The Star rating of the COSS wallet determines your eligibility to access various wallet services. Completing each star rating gives you reward points, which can be used for mobile top-ups or exchanged for COS tokens.
Again, you’ve made all of this possible, and we are honored to continue working on building and improving the app for the best user experience possible. We look forward to seeing you in the new COSS wallet app.
Have a suggestion or found a bug?
If you have a suggestion for us or encountered any problem during your experience with COSS Wallet then please send us an email detailing your problem/suggestion along with screenshots (wherever applicable) at [email protected].
Click to download the latest build for Android and iOS
Disclaimer: These awards may be subjected to alterations based on the discretion of the company. The company holds all the rights to make any changes in the rewards allocation at any time it deems fit.
Hello, everyone. We are off to a great start this August, following an eventful and productive July.
In this update, we would like to discuss the following:
NEO GAS distribution
Support for NEP-5 tokens
USDT-Omni to USDT-ERC20 migration
BTC wallet enhancement
Fiat payment gateway
100% market order bug
The BCH node on COSS exchange has been fixed, and deposits and withdrawals were opened on 01st August for all users. This was a much awaited fix and it is now behind us.
Deposits require 3 confirmations. Withdrawal fees are set at 0.005 BCH.
We continue to monitor the status of the node and are confident about the work done by our blockchain developers.
The Horizen node has been fixed. We are completing a few tests to make sure everything is working as intended. This includes testing the node through deposits and withdrawals with test tokens sent over by the Horizen team.
We are aiming to open Horizen deposits and withdrawals in the next few days for all users. An announcement will be shared on our Telegram and other channels when we are ready.
Following the node fixes mentioned above, the next task we shall undertake is extending support for NEO GAS distribution for all NEO holders on COSS.
This upgrade will allow NEO holders on COSS to receive the GAS distributed by the blockchain platform. This has been a much requested feature by our community and we continue to place your feedback ahead of everything.
GAS itself being a NEP-5 token, following the above upgrade COSS will be able to provide support for other NEP-5 tokens that are issued on the NEO blockchain.
TRX node maintenance
We completed a short node maintenance for the Tron blockchain on 02nd August. This maintenance was to resolve the occasional deposit issues that were being reported by our users.
A new FSA schedule has been under testing for the last few weeks. Users might have noticed that we are distributing FSA all days of the week now.
During the implementation phase for this new schedule, the FSA run failed on a few days and we had to re-run it the following day. The issue was identified and rectified. The team continues to monitor this upgrade in case there are any more unforeseen issues.
USDT-Omni to USDT-ERC20 migration
COSS will be switching over to the ERC20 version of Tether (USDT) in the upcoming weeks. The switch will bring quicker and cheaper transfers for our users.
This is being done keeping in mind that the USDT ERC20 version has a greater adoption rate among most exchanges. We aim to allow seamless transfers from the most popular centralised and decentralised exchanges, and wallets.
More details will be shared with you as we finalise the complete migration process.
BTC wallet enhancement
We will be upgrading to a new Bitcoin wallet service in the next few days. This is to provide more reliable BTC deposits and withdrawals from the exchange. No changes affecting users will be made during the process.
This fix is largely a backend fix.
Simplified FSA and Dust in FSA wallets
Our tech team is beginning work on the implementation of a simplified FSA structure — FSA will be shared only in COS and ETH bringing better utility of balances that you accumulate over time. This will include a consideration of the current FSA wallet balances, for which they are mapping out the best possible solution.
This change will simplify operations on the exchange itself which will also lead to greater FSA distribution reliability.
Fiat Payment Services
As mentioned in previous updates, we have been in the process of choosing a versatile fiat provider. We have a decision.
COSS will be integrating 2 fiat services in the next few weeks –
E-wallet: We will be integrating a service that will allow you to load and use fiat currencies such as USD, EUR, GBP, HKD and JPY via Wire Transfer, EUR via SEPA, GBP via sort code among others on the exchange.
Debit & Credit Cards: A separate provider will be integrated to process transactions made with major debit and credits globally.
Our goal is to provide a wide range of options while ensuring low fees for all our users across the globe. More details regarding the usage of the services will be shared as we get closer to completing the integration. The target for integration is August, though integration and testing support from the service providers will need to be factored in.
100% market order bug
We have rolled out a fresh fix for the ever-persistent 100% market buy bug on the exchange. A fix rolled out on 31st July, which solved the issue for a majority of our users, had to be rolled back to test it further. It has been released again on 06th August. Our team continues to monitor the fix for any issues with the same.
As usual, we continue to make other improvements to the COSS platform to provide a great trading experience. These upgrades are not always visible to our users, but it is intended to continually improve your trading experience. The team maintains a constant watch to ensure that upgrades are permanent, and any issues arising during implementation are swiftly addressed.
Thank you for your continuous support and feedback as a community.
We look forward to sharing more updates with you as they happen. Until then… stay frosty.
We are expanding our list of supported assets by incorporating one more token this week.
Today, we have integrated Tether (USDT) in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet.
About Tether (USDT)
Tether, also known as USDT, is a stable coin which claims to be backed by actual assets or traditional fiat currencies stored in the Tether platform’s reserve account. Tether converts cash into digital currency to anchor the value to the prices of fiat currencies. One tether is equivalent to one unit of the currency backing it like USD.
Tether is different from other cryptocurrencies due to it being anchored or “tethered” to actual currencies that hold value. This prevents it from the volatility that other cryptocurrencies experience. The creation of this token facilitates organizations like exchanges, wallets, payment processors, financial services and ATMs, to utilize fiat-backed tokens on blockchains without any hassle.
Tether leverages the decentralized Blockchain Technology to facilitate the storage and peer to peer transaction of digital assets on a global scale. This transaction is instant, secure and costs a fraction of the amount that is charged by its alternatives. Tether is built in a manner that it is completely transparent at all times.
About COSS Wallet
COSS Wallet allows you to securely store, send/receive crypto via GPS using the Near-by feature. It gives you complete control over your crypto and enables access to all your crypto private keys with one master password. We now support 33 cryptocurrencies, across 9 blockchains.
COSS Wallet offers various in-app services:
COSS Star Rating — Earn COSS Plus reward points on every next star rating you achieve.
Address Book feature — Save your wallet addresses just as you save your contacts.
Mobile bill payments & Recharges — Make prepaid mobile recharges and pay postpaid mobile bills using supported cryptocurrency across 160+ countries
Instant cryptocurrency conversions — COSS Wallet allows you to convert your cryptocurrency instantly
Send and Receive crypto with an industry-first GPS-based “Near-By” feature — Now transfer cryptocurrencies instantly nearby without any hassle via GPS.
We are making every effort to bring the best services to our users and expand our partnerships.
With Litecoin halving today on August 5th, everyone wants to know ‘when moon’? Let’s go back 4 years to the last halving event to understand what could happen this week, and the months to follow.
Aug 26th, 2015, block height of 840,000, LTC Mining reward dropped from 50 LTC to 25 LTC. At the time Litecoin traded at $3 and the halving, despite many saying had ‘no effect’, had a significant effect on price.
Here’s what went down during the first halving.
First, a consolidation phase for a month, trading between $1.35 and $1.50
On May 21st, the price started to set in with LTC making double-digit gains every week
Within a month it reached an all-time high of $8.73, (a massive 590% gain)
It then traded at $2.40 a day before the halving and spent the following months staggering between $2.87 and $3.24
Another important point to consider is that Litecoin halving doesn’t mimic Bitcoin, which seems to organically increase before and after its halving.
Ok, so now that we know what happened last time, can we predict what happens this time?
Well, let us just say it is complicated.
For starters, there hasn’t been any explosion or consolidation before the halving this time. Instead, the silver to Bitcoin’s gold increased its price gradually this time, and despite the drop in price over the past few weeks, LTC is still trading in the $90 to $100 range.
Furthermore, traders have already priced Litecoin’s halving months before the actual event instead of the sudden pump and dump. While a drop in price is expected by many traders in the industry, it seems that the percentage will be less than last time, and recovery might happen gradually over the next few weeks without raising many eyebrows.
So if you’re a trader, make sure you’re ready for some volatility and if you’re an investor then the halving could be one of the best opportunities to scoop that cheap $LTC in your Litecoin Wallet.
Disclaimer: This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. It is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” — Theodore Roosevelt
July was a great month for COSS and we are already looking forward to delivering more features and products. As I write this, the node updates go live as well starting first with BCH as promised. Horizen will be next soon, hopefully within days and all of them thereafter one after another. More about that below.
Since we started our new journey for COSS, I realize that we have one of the most active and supportive communities around. And that is our strength. A lot of personal motivating messages over the last couple of months, feedback, criticism of some features, some bugs, some past endeavours, new suggestions, etc. Overall, it is evident that everyone wishes best for COSS and is trying to help in their own unique way. So. Thank You for keeping us motivated and on our toes. Every message and every feedback means a lot to me personally. Obviously, sometimes our hands are tied due to resources or other tasks at hand, but every concern and feedback is noted seriously and prioritised.
Secondly, there is another set of people who I did not get time to Thank in all this hustle over the last two months: The COSS Team. Our tech (Old Coss and Old LALA/ARAX = New COSS) teams, marketing, operations, HR, Finance, everyone. Rome was not built in a day, but this progress and delivery has been amazing. My thanks go to all of you for your hard work, your perseverance, your creativity, and dedication. Your desire to make something truly great even if it means long hours and many iterations before perfection is achieved. I am grateful I can be on the team with you.
July was an excellent month for COSS; we delivered beyond what we promised and achieved a whole lot more behind the scenes. The best part is that now that processes are set, and teams are in place, our new hires are settling in well, clarity of goals and tasks is there. Like any new merger, it was a confusing situation in the beginning, but things are all settled now and the pace of delivery should be much quicker from hereon.
When we started this journey, there were many unknowns. No one had attempted to bring together tokens like this before between two very different projects, but yet very complementary. We had a strong vision, a great community in you but coming together was never going to be easy. Now that we have successfully come together, it’s time to start realizing our vision in smaller steps. The best part is that we might be part of the 5% of the best exchanges out there, but at the same time, there is so much more room for improvement, product, and token wise. And we are very excited about the future prospects.
Not everything went great though over the last 18 months. I have made mistakes. I have mis-hired, asked my team to build features that we’d scrap or redo later, changed focus a little more than I’d like to, mis-read the crypto mass adoption cycle and market timing. But we have never given up. This made us stronger and more determined to deliver. In this new journey, all I request of the community is a little more patience as we continue to deliver daily. We will not leave any stone unturned. Unlike several other 2017 ICOs, we stand by you with the best of intentions. I hope you stand by us in our collective desire to make COSS the absolute number one exchange of choice.
August & Rest of 2019
August is on track as well for deliverables that we set for ourselves. Some highlights that we are working on are detailed below. The remainder of 2019 is going to be a defining period for all of us. We are well aware that we need to continue to make amazing progress with the best user experience. We need to continue investing in scalability, flexibility, security, and our ability to learn incredibly fast.
We will still be a startup but a slightly more mature one. We will need to grow the team, learn how to get more organised while staying focused, dedicated, hungry, and nimble. It will require great leadership, brilliant execution, and a can-do attitude. It will be hard, but we know how to do it, and I am hopeful we will do great.
Now, as we move forward and start planning for the months ahead, here are some critical points that will help us with our mission:
Keep things simple
Clarity of short term and long term objectives, which we shall share with you in time. For now, our short term objective is to make a secure and smooth running exchange in the next few months, increase volumes, bring in more users and increase the FSA for everyone
Community first, COS HODLers first. Every product, every design, every new and old feature has to be thought through in a way which focuses on Users and their journey within the ecosystem
Safety & Security is paramount and has to be as secure as humanly possible
Customer data will never be sold or compromised
We are on track for August to complete more of what we have planned in July. Some of what we do aren’t visible. For example, backend fixes and stability measures aren’t really ‘sexy’, newsworthy things to shout about, but they are critical initiatives that have to be done. Priorities are already set for what has to be done. Let me give you an outline on what to expect in August:
Simplified FSA and fee structures. Making the decision to alter one of our unique features was not an easy one. But this was based upon feedback from the community, as well as our desire to simplify and give you a more value-added experience in being part of our ecosystem. When you receive a greater quantity of a reduced number of cryptocurrencies, you can make better decisions on how to make use of your FSA.
The fee structure naturally has to go hand in hand with the changes to the FSA. Such a change will streamline the number of quote pairs, helping to declutter the system. One more piece of the complete picture in becoming a better COSS ecosystem for all. This includes less quote pairs, simple fees, less overall pairs, FSA in ETH and COS, etc. we shall announce all details closer to launch.
Blockchain upgrades are almost done. We have re-established our BCH node just as I finish writing this. Horizen will be up next. Other nodes, including new blockchains are also in the pipeline. Upgraded nodes and new blockchains mean new tokens for you to trade with. New traders will come, and that will be a boost for our liquidity and volume.
Liquidity Programs: Speaking of liquidity, I’d like to just put in a quick word about this topic. We are carefully planning some new programmes to build up liquidity on our exchange. We shall announce this and implement this in August starting with campaigns but the actual programme will start in September. This is something I’m personally very excited about, and we will get the details out to you as soon as we can finalise arrangements.
Fiat to Crypto: We are in the final stages of agreements with two solutions. Technical and legal documentation has been studied and we finalised. Technical integrations between both teams will start in August. While this is a priority task for us, we are also dependent on the other side to provide technical and other help. We intend to complete this in August but could spill over to September if there are any delays from the vendors’ side.
Other smaller tasks that we are working on include:
Complete IEO platform integration and testing before rollout
Fingerprint authentication for COSS Wallet
Improve marketing analytics to fuel decisions
NEO GAS implementation after ZEN node upgrade
Fixing 100% market order once and forever
USDT node update to ERC20
Simplified fee structure
We are working tirelessly with defined goals. Our task lists have been set, and make no mistake, it’s a long task list. In the coming months, 2 or 3 months, give or take, we will be rolling out improvements continuously. Some of those, like I’ve mentioned, won’t be visible, but some features/improvements will be, and we hope you’ll like them.
We are not like other exchanges. I don’t think there is an exchange that gives out such frequent communications to its community and listens so much to you. I might be biased, but I do not think there is another exchange out there that gives away so much of what we make. We believe in growing together, prospering together, bringing you along with us. You, the COSS community have the most to gain if we succeed together, so please spread the word (and love) and bring on the positivity to build a stronger community.
From all of us at COSS, stay tuned for more updates and a better COSS!
We are expanding our list of supported assets by incorporating one more token this week. Today, we have integrated WETH Wrapped Ethereum in the COSS Wallet app allowing users to store, send, receive, spend and exchange the cryptocurrency from one single wallet. About WETH Ethereum is famously known for being the proto-token of all the Ethereum Alt tokens. However, it also implies that ETH came into existence before the formation of ERC-20 standards.
WETH tokens which stands for wrapped Ethereum tokens, were created to facilitate the trade of ETH for other ERC-20 tokens on decentralized platforms like Radar Relay. It is because Ethereum based decentralized platforms employ smart contracts to facilitate smooth trading between users. These smart contracts require the same standardized format for every token that is used by users to trade. It is so to ensure avoiding losing of tokens during translation.
About COSS Wallet COSS Wallet allows you to securely store, send/receive crypto via GPS using Near-by feature. It gives you complete control over your crypto and enables access to all your crypto private keys with one master password. We now support 33 cryptocurrencies, across 9 blockchains. COSS Wallet offers various in-app services:
COSS Star Rating – Earn COSS Plus reward points on every next star rating you achieve.
Address Book feature – Save your wallet addresses just as you save your contacts.
Mobile bill payments & Recharges – Make prepaid mobile recharges and pay postpaid mobile bills using supported cryptocurrency across 160+ countries
Instant cryptocurrency conversions – COSS Wallet allows you to convert your cryptocurrency instantly
Send and Recieve crypto with an industry-first GPS-based “Near-By” feature – Now transfer cryptocurrencies instantly nearby without any hassle via GPS.
We are making every effort to bring the best services to our users and expand our partnerships.
Facebook, the biggest social network worldwide with 2.38 Billion monthly active users in just the first quarter of 2019, has finally entered into the crypto space with the announcement of its ambitious new cryptocurrency, called “Libra”.
With 28 founding members including Visa, Mastercard, PayPal, Uber, Lyft, Coinbase and others, Libra’s goal is to bank the 1.7 Billion global unbanked citizens.
Is Libra Really a Cryptocurrency?
Facebook released Libra’s whitepaper on June 18, 2019, detailing the future plans for the Libra project. Libra is intended as a stable coin, backed by a basket of fiat currencies or digital reserve currencies. Unlike Bitcoin, Libra doesn’t feature mining; meaning there’ll be no mining for Libra.
With this new crypto token, Facebook aims to position Libra as a new global currency standard, and is slated for launch in the second half of 2020.
According to the whitepaper, Libra will be developed on its own blockchain called Libra blockchain and the coin will be stored in its own wallet called Calibra. There will also be a Libra Association, an independent non-profit organization which will be governed by multiple private players.
This non-profit organization will decide on the final design of the Libra and they’ll look out for banks that agree to hold the money used to back up the currency. The company that desires to accept Libra must have its digital wallet setup and has to be approved by the Libra association.
Users who want to hold or pay with Libra can do so by using the messaging app — Whatsapp, Messenger, and Facebook’s own stand-alone app. This works with Facebook’s digital wallet “Calibra” which will be integrated with Whatsapp and Messenger to govern the transaction and financial history of the users. Any Facebook user can set up a Libra wallet by verifying their identity using government documents– very similar to Paytm or Paypal. A user’s bank account will be directly linked to Calibra and whenever users want to spend Libra, they simply use the QR code or send a message adding the respective amount, thereby completing the transaction. Merchants will then receive the user’s payments in their Calibra wallet.
Facebook also intends to expand Libra’s use-case in the payments domain, for example, for payment of services like advertisements by any of their 60 Million active business partners, or as a near-free, instant remittance solution by anyone across the world.
Additionally, Facebook aims to expand the use-case of Libra for payment of services like advertisements on Facebook in the near future. The currency is intended to be remitted to anyone, anywhere across the world instantly with almost no fees.
Isn’t it a Decentralized Currency? Who Governs Libra?
The social media giant is launching this cryptocurrency with private market players from diverse industries — including payment, technology, online marketplaces, venture capital, and nonprofits as its founding members.
Facebook has on-boarded 28 partners for Libra, including VISA, Uber, Mastercard, Andreessen Horowitz, PayPal, eBay, Spotify, Vodafone, Xapo, Coinbase, Women’s World Banking and more. Moreover, Facebook is aiming to have up to 100 founding members/partners by the upcoming year.
David Marcus, Libra’s Project Lead and CEO of Libra’s Calibra Wallet has clarified that Libra is not as open as Bitcoin. Bitcoin is decentralized and built on open/permissionless blockchain technology whereas Libra will be built on its own permissioned blockchain, and users would need permission to enter into the blockchain network. However, Marcus clarified that Libra will eventually transition to a permissionless blockchain in the near future.
Are Global Regulators Approving Libra?
When it comes to cryptocurrency, criticisms, and debate abound. Since the launch announcement of Libra, Facebook has faced considerable opposition from global regulators and financial leaders.
The US Congressional Committee, a major regulator who has expressed skepticism about Libra has recently sent a letter to Facebook CEO, Calibra CEO and Facebook COO to halt the development of Libra until further hearings. Facebook’s officials are positively responding to the regulator’s queries on the use cases of Libra. In fact, they are seeking to collaborate with global financial institutions and policymakers.
The co-founder of EthHub, Anthony Sassano points out in his tweet that a government-issued ID needs to be mandatory to sign up for Calibra in order to ensure that the cryptocurrency “comply with laws and prevent fraud”.
Binance founder and CEO, Changpeng Zhao is of the view that after the launch of Libra, Facebook’s access won’t be limited to its user names, Identifications, addresses, phone numbers, family members, friends, and real-time and historic locations. It will also extend to their financial data through Calibra.
Even Donald Trump, President of the United States, expressed his concerns on Facebook’s ambition of becoming a global bank.
Ahead of Libra launch, the social media giant is actively responding to negative remarks and stating that it is looking forward to discussions on any point that has ruffled the feathers of regulators/fintech players.
Libra, Calibra and Libra Association has become quite a hot topic in the current crypto scene. Although the launch is not scheduled for anytime soon, Facebook is all set to rule the global financial system with its Libra currency.
We are still in anticipation to see how the world would react when Facebook actually makes Libra available to people almost anywhere in the world.