Welcome to bulliscoming (Novi wallet reviews: everything you need to know) article
According to David Marcus (one among the Facebook development team), the systems we have today are costly, slow, and not interconnected.
There are still about 1.7 billion people who are unbanked around the world, and even more who are underserved.
Among them are 62 million Americans who are unbanked or underbanked — people left behind by the current system and stuck in the cash economy.
Globally the state of play for cross-border payments is dramatically bad with an average cost to consumers, who can afford it the least, of 6.5% (more than double the Sustainable Development Goal of 3%) and end-to-end settlement times of three days on average.
The COVID-19 pandemic supercharged the expansion of the digital economy around the world.
It undoubtedly sparked changes in how people buy, where they buy, and how they discover and interact with businesses.
It prompted greater reliance by many families on money sent from overseas as a critical economic lifeline.
And this trend is set to continue — the percentage of global digital transactions is expected to rise from 57% before COVID-19 to 67% by 2025.
This all makes it more critical than ever for businesses and policymakers to move faster to help ensure people aren’t left behind.
Owing to this critical issue on the payment system, Facebook has come up with an idea to create a digital wallet (Novi wallet), alongside its stable coin (Diem)
In this article, you will get to know almost everything about Novi wallet and Diem, kindly relax and read every piece of the information herein
What Is The Novi Wallet
Novi wallet is an interoperable digital wallet designed mainly for Diem (a new payment system which is built on innovative blockchain technology) that allow users to move Diem easily within each other at almost cost-free
Novi Financial is a subsidiary of Facebook and is headquartered in Menlo Park, California.
All people around the world should have equal access to financial services hence, Novi Financial was founded with the mission of making money work better for everyone.
According to the team, they hope to introduce an early version of Novi when the Diem network is available.
They will roll it out in an initial set of countries, with features that will make cross-border money transfers instant, secure, and with no hidden fees.
It is a digital wallet that will help people send and hold diem digital currencies.
Whether you’re sending money home to support the family members who supported you, or you’re receiving money from your friends no matter where they are, the Novi wallet will make money work better for everyone.
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.
With Novi’s wallet, sending money will be as easy as sending a message. You will be able to use Novi as a stand-alone app, as well as in Messenger and WhatsApp.
There will be no hidden charges to add, send, receive or withdraw money and your transfers will arrive instantly.
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 Novi chat-based support and customer care team.
Novi Wallet App
Novi wallet app is currently in the development stage by the Facebook team thus, it’s not available in any stores yet
However, if you would want to be notified and informed when the app will be readily available in your county, you’d got to sign up for updates on the Novi website
What Is Diem
Diem is an upcoming global payments network that is expected to launch in 2021.
Diem seeks to create an open, distributed, global payments network to bring forward a more inclusive, innovative payments system that can be easily accessed from mobile devices.
It intends to launch a series of stablecoins that form the backbone of “the internet of money,” including tokens pegged to the U.S. dollar, the euro, the British pound, and the Singapore dollar.
The project also plans to issue a multicurrency token, XDM, that is a composite of its single-currency coins.
The Diem Network will operate using the Diem Blockchain, a new blockchain that is designed to be highly scalable, secure, and flexible.
According to its whitepaper, the mission of the project is to develop a financial infrastructure that empowers billions of people.
Diem, previously known as libra was first announced in June 2019 as a single global currency backed by a reserve of assets.
However, after much international regulatory scrutiny, Diem was revised to include a basket of single-currency fiat-pegged stablecoins in addition to its multicurrency coin, XDM.
In December 2020, the project rebranded from Libra to Diem, representing a “new day” for the project.
The Diem Association receives funding in the form of contributions from its members, with each founding member required to pay a $10 million membership fee.
As such, much of its business plan is centered around bringing new members on board and ensuring that existing members renew their involvement.
The Diem Association hopes to encourage an open application process in which potential members compete among each other for a limited number of membership slots.
Diem Currency Key Metrics
The Diem Association is a member-based association dedicated to building a blockchain-based payment system that supports financial innovation, inclusion, and integrity.
Below are the key metrics of Diem currency
- Open Source
Fostering an open-source community to spur the development of a robust network of financial participants and services that help people access and use the Diem Payment Network.
The Diem Payment Network (DPN) will scale through responsible innovation by adding approved participants and services over time and follow a phased approach to offer payment functions on the DPN to a greater number of people.
The DPN (Diem payment network) is built on blockchain technology to ensure that transactions and other services on the network are secure, protecting consumer end-users and fighting financial crime.
Everybody understands the global payment system is inefficient in cross-border transactions, and there’s no bigger market than money, hence, Diem and Novi wallet will be of great utility to our current economy
It is currently backed by Facebook and more than two dozen Founding Member companies, including eBay, Uber, Lyft, Spotify, Visa, Mastercard, PayPal, Coinbase, and venture capital firm Andreessen Horowitz.
Unlike other cryptocurrencies, Diem will be backed by “real” government-backed assets from central banks to give it stability.
Diem will be made available to Messenger and WhatsApp users, who can cash in their local currency to buy Diem.
The currency will be held in a digital wallet called Novi wallet and can be spent on products and services at participating merchants, just like any other currency.
To withdraw funds, users will be able to convert their digital currency into legal tender based on an exchange rate and It won’t be so dissimilar like for example to when you exchange U.S. dollars for euros during a European vacation