Recently Facebook introduced a new digital wallet named Novi where people can send and hold Diem (previously Libra) digital currency. Facebook's digital currency project, Libra/Diem, is projected to be released in 2021 and its value will be backed by the US dollar. Diem can be represented as ≋.
Novi now, currently works as a stand-alone digital app for smartphones but it will also be entwined into Facebook’s owned communication services such as Messenger and WhatsApp.
What is Novi?
Novi is like a digital wallet where people can hold or send Diem. Novi (a newly formed Facebook subsidiary) was inspired by the Latin words “novus” for “new” and “via” for “way”. “From the start, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost.” said Facebook on a post about Calibra (now Novi).
Novi had a different name when it first started, it was not called novi all the way along. According to an announcement on Tuesday 26th May, Facebook announced that it was going to rebrand the digital wallet from Calibra to Novi. By rebranding its name from Calibra to Novi, Facebook is trying to make it clear to everyone that Libra is not only Facebook's project but it also has a lot of other working members. Facebook can only be called a member of the Libra Association that works with a lot of other members. These other members are Uber, Xapo, Lyft, Spotify, Andreessen Horowitz, Coinbase etc. All these companies gave a minimum contribution of $10 million each. This means that the reserve pool is well on its way towards generating a beginning super great target of approximately $1 billion.
Novi is mainly designed for the Diem payment system. You can use Novi to send money all around the world but you’ll need to use an issued ID from the government to sign up for this service. Other than that, there would be no hidden fees or any other kind. You can also keep Diem digital currency in your wallet and use it to pay for everyday transactions only if it is accepted in the particular shop or area.
Logo changes and problems
Logo change
One major change is in the terms of making a different logo. Facebook’s wallet Novi had to create a new logo as it had ditched Calibra’s logo. Calibra’s logo had a circle at the start in which the symbol ~ was inside. Assuming the two brackets together made a circle, the logo approximately looked like this (~) Calibra.
It’s logo now hasn’t changed a lot from Calibra’s logo. They nearly look the same with only different words. Novi’s logo contains the word Novi and the symbol ≋. The symbol ≋ would be inside the letter o. Assuming the two brackets together make the letter o, the logo would approximately look like this N(≋)VI.
Problems
One problem that Facebook faced was that it was accused of borrowing Current’s logo (an online banking company) for the network’s fresh cryptocurrency. The Calibra logo bears a resemblance to Current’s logo, the company Current tweeted on Thursday, as reported by CNBC.
Security
When this wallet launches, it will mostly have strong protections in order to keep your money and all your information safe. It’s main goal is to enable cross-border money transfers that are instant, secure, quick and have no hidden fees.
Novi wont not share info or any kind of data with Facebook or any other third party without asking its customer*. This means that their customers account information and financial data will not be used. For instance to improve ads etc on the Facebook products.
*Data might only be shared in order to reflect their need to keep people safe and also to comply with the law and provide basic functionality to the people who use Novi.
Pros and Cons of Novi
Pros
- Allows you to send and receive Libra (Diem) easily.
- Will be entwined into Facebook owned services like Messenger and WhatsApp.
- Easily accessible and simple to use
- Secure
- Quick Payments
- No hidden fees
- Great features
Cons
- Only supports one cryptocurrency (libra)
- International Controversy
Conclusion
Novi and Diem might get very popular in the future. Regardless of the destiny of Libra (now Diem), Novi nevertheless might discover a comfy place in the world of cryptos. At this present moment, the whole crypto circle looks forward to seeing how Facebook plans to transform Diem (previously Libra).
So, what do you think about this wallet after you have read all this. Do you think that it will succeed? Do you think that renaming Calibra to Novi was a nice action? Comment right below and let us know what you think.
Click here to download Novi
|| Novi ||
