The wallet was originally named Calibra and now the Libra Associaton has rebranded the wallet and named it Novi.
The digital wallet will allow people to send money as easy as sending a message in a stand-alone app or in Facebook Messenger or WhatsApp.
Why is it named Novi I hear you ask? David Marcus who is heading up the project stated:
Novi was inspired by the Latin words 'novus' for "new and 'via' for 'way.' It's a new way to send money, and Novi's new visual identity and design represent the fluid movement of digital currencies,
He went on to comment:
All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app.
And, whenever you need it, you'll have 24/7 access to our chat-based support and customer care team.
Despite the name change, it is still unclear if this project will get the go-ahead. Mark Zuckerberg sat before a Senate Committee lead by Maxine Waters and got a grilling. He tried his best to appease the rowdy collective and stated that the cryptocurrency will not be issued unless it meets the stringent rules set out by all regulators in the US. Headquartered in Switzerland the Libra Foundation originally said the coin could be made available toward the end of this year. Things have moved on since then and we are not yet closer to getting any kind of official date for the release.
The Libra Association recently updated its white paper and made some very important changes to the cryptocurrency protocol. The Libra Association is no longer building a global stablecoin tied to a basket of fiat currencies and securities. This may bypass some of the stringent rules and regulations. Now when Libra commences, there will be several stablecoins. They will be backed by a single fiat currency, such as USD, EUR, GBP or SGD. A cunning move by the collective and maybe one that will bypass certain rules to get the project up and running.
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