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.