Calibra Lead Explains Why Facebook Built New Language For Libra

According to Ben Maurer who is a Calibra lead, the social media company Facebook built a new language for Libra which they revealed earlier this month. Maurer gave a presentation and was featured in the Libra news during the Stanford Blockchain Conference on February 19, explaining things in detail.

As he noted, Move is the new language that has been built by the company – making it easier and more secure to program financial applications that run on Libra. He said:

“Move is a new smart contract language built into the core of Libra that is designed to bring a modern approach to today’s financial systems.”

Maurer also mentioned that Libra’s mission is to solve the lack of access to financial services. He noted that even 1.7 billion adults globally are unbanked, yet 1 billion of those individuals have mobile phones.

The Calibra lead also spoke about migrants and how they lose $25 billion a year due to remittance transaction fees. He explained that he recently spoke with someone who had to go to a physical store and pay a fee in order to send money to their family:

“As a technologist, we should be uneasy that someone has to go to a store and pay a fee to send money. Libra is trying to solve this problem by building a new global payment system powered by blockchain.”

According to Maurer who is a Calibra lead, Libra offers unique advantage to users and developers which is direct access to its platform, creating an inclusive financial system for all:

With Libra, users don’t have to rely on intermediaries to store funds. Libra offers direct access to the platform and creates a more inclusive system. Developers can also access the platform and build applications to help provide services for people not included in today’s financial system.”

Maurer also explained that the idea was to build a language which is designed to fit with the paradigms used when programming with money. He was featured in the altcoin news for describing Libra as a stablecoin that is focused on payments and financial use cases for consumers.

“When building Move, we focused on creating a safe, flexible language that allows us to express concepts that are easily tweakable and easy to analyze for financial use cases,” he concluded.