Facebook’s Libra project made news when it came out.
Now that things have settled out, Facebook is up to new things.
Meet Novi — the new name to the Calibra wallet that is used to store Libra digital currencies. The wallet serves a purpose in the ecosystem by enabling people to store and send Libra digital currencies. They made the announcement through their blog post.
This step is a move to ensure Calibra still offers a way to support long-term commitments to the people.
The new name Novi is derived from the Latin words, “via” for “way” and “novus” for “new.”
In short, they mean to say that it is a new way to send money. With the change, they have also implemented their new visual identity which will enable the digital currencies fluid movement. Moreover, it also includes the Libra icon’s nod. This inclusion in the brand logo means that they are still committed to the Libra network.
What does Novi do?
Novi is created to ensure an easy way to send money, similar to how to send messages on a network. Also, it is a stand-alone app. This means that you do not need to install dependencies to make it work. It will work similarly to Facebook’s other popular communication applications including WhatsApp and Messenger.
Read more about Understanding Peer To Peer Network
To make all of this work, the Novi customers need to be verified first. The verification will be based on government-issued ID. This will ensure that no fraud can take place through the application. This move is somewhat debatable considering that cryptocurrency or digital money is also about anonymity. However, Facebook aims to solve digital currency problem and also want to ensure that no frauds can take place through the system.
They have also come up with their new website for Novi here: https://novi.com/
The ability to work in the Facebook ecosystem also means that that it will work across the different applications such as WhatsApp or messenger. Clearly, this will help a lot of people as both the applications are already popular and would require no further marketing or reach. The more people that use Facebook-based services, the better the Libra ecosystem will flourish.
Another fact that makes Novi amazing is that there are no hidden fees associated with it. You will be able to share money as you see it. They will not cut any fees so that everyone across the world can use it without the need to pay any fees whatsoever.
Novi is still at work. It will release when the Libra network is ready to use.
There are multiple features to Novi. Let’s discuss them below.
- Accessible → Novi is accessible to the core. You can use it to add money to your wallet. Moreover, you can also send the digital currency to your acquaintances all across the world. All you need to do is simply select the person you want to send the amount, then enter the amount, and then click on send! The app will take care of the exchange rate and do the transfer for you.
- Informational → The app provides as much information as possible for your reference. This means that you will be able to track every aspect of the transaction without the need to leave the app.
- Personal Notes → You can also send personal notes to your acquaintance when you send the money. This will help you keep a tab on why you sent the money or simply write a sweet and short message to the person receiving it. After all, few words can always add the necessary connection along with transfer!
- Instant → As Novi is using the Libra blockchain network, there will be no delay whatsoever to do the transactions. Simply tap and send the money. The receiver should receive it instantly and keep the money in its local currency.
- Secure → The whole process of storing and sending the money is secure. They ensure that everyone is verified using government-ID. Also, they have in-fraud protections that will enable users to report any malicious activity. If fraud takes place, the user will become eligible for a full refund.
- Private → Along with security, it also offers a private environment to store, send, or receive money. This means that no information is leaked and kept securely and confidentially by Novi. Lastly, you are the only person who can see the transaction history.
What the motivation behind Novi?
Novi Financial aims to provide everyone a better way to make money work the way it is meant to be. With it, people will have equal access to financial services. It is one of their first product that will work seamlessly with the Libra ecosystem — a new payment system that is using blockchain technology.
Will Businesses Be Able To Use Novi?
Novi is an ideal solution for business due to its integration with the Facebook communication app. Also, it will separate app that will give full flexibility to the user. The wallet is free to utilize which means that businesses or financial services can use the wallet to offer their e-commerce services. This means any business that wants to take advantage of the Novi wallet can do so by creating digital wallets and integrating it as a payment system into their business.
As there is no cost associated with Novi, businesses can save time and cost when processing funds. They can also grow by using Novi as more and more customers will start using it once it releases. It can connect anyone including online retailers, small shops, or a global platform.
Also, it will support local currencies by converting them to Libra and then doing the transactions. The user needs to make the purchase and do the transactions. A similar process needs to be taken when taking out the money, i.e., converting Libra to local currency.
The Libra project is still work in progress. However, the challenges are still there. With SEC trying to regulate the cryptocurrency market, it will be interesting on how Novi or Libra fairs in the upcoming days.
So, what do you think about NOVI? Do you think that renaming Calibra to Novi was a smart move? Comment below and let us know.