The Libra project's digital wallet will be called Novi. The now ex-Calibra announced it with a tweet.
What’s in a name? We changed ours to Novi, but our mission remains: creating a #WorldWideWallet that will make money work better for everyone around the world. Check out what we’re up to https://t.co/cijCPqVXPs pic.twitter.com/J80nXvjQtN
– Novi (@novi) May 26, 2020
"What's in a name? We traded ours for Novi, but our mission remains: to create a WorldWideWallet that makes money work better for everyone around the world."
Novi also has a dedicated website where it is possible to see the interface that the wallet will have.
It looks very easy to use. No public keys or QR codes, to send money it will be enough to access the address book of the contacts in the two main applications related to Facebook, WhatsApp and Messenger.
Novi will be an application Downloadable directly from Google Play and Apple Store, but it will also be integrated into WhatsApp and Messenger.
As Mark Zuckerberg said a year ago, Libra's purpose was to make transferring money as easy as sending a photo today. Novi echoes that statement precisely.
How will the Libra digital wallet work?
The Novi wallet will allow add money that will be converted to Pound to send it to family and friends around the world. Just select the amount of money to be sent, check the rates and start the transfer. Also, every time money is sent, a message can be attached to it. Funds are transferred instantly.
The money can either remain in the wallet or be converted to the local currency. Additionally, Novi can be used for daily transactions whereby Pound will be accepted as a payment method.
During the launch phase, Libra and Novi will only support the exchange with dollars (USD), pounds sterling (GBP) and euros (EURO).
Novi does not specify how much the commissions could cost, but from the interface, it is clear that the rates will be clarified, and in fact the website explains that:
"There are no surprises. What you send is what you get. You can add, send, receive and withdraw money from your wallet without worrying about hidden charges. ”
Security was Libra's biggest hurdle, considering Facebook's history with the use of user data resulting from the Cambridge Analytica scandal. Novi promises that its clients will verified through official documents (It will probably be a process KYC full, although it was not specified), will have anti-fraud mechanisms and, in any case, undertakes to ccompensate its users in case of "incidents".
Finally, Novi guarantees that the transaction data will be safe and visible only to the user.
Also, to use Novi, no need to be registered on Facebook. In fact, Novi only requires an official identity document.
In addition to all this, there is 24-hour customer service.
The website gives fans the opportunity to sign up to update and be the first to use the wallet. But, as specified, Novi is still under development.
This is a sign that the Libra project is not heading for failure at all, despite changes in plans that result from the need to comply with industry regulations.