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Several Top-notch Companies Like Visa, Mastercard, EBay Quit Facebook’s Libra Project

The US lawmakers have attacked Facebook on its Libra project, calling it "delusional" and "dangerous"

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Representations of virtual currency are displayed in front of the Libra logo in this illustration picture. VOA

In  a major jolt to Facebook, several top-notch companies like Visa, Mastercard and EBay have pulled out of the Libra cryptocurrency project ahead of their first meeting in Geneva on October 14.

PayPal was the first to announce its withdrawal from the Libra Association — the 28-member non-profit organisation formed by the social networking giant for the global roll out of its digital currency Libra next year.

“Over the course of a few hours, Visa, Mastercard, Stripe and Mercado Pago all bailed on the project. That meant every major US payment processor has exited the association,” reports The Verge.

David Marcus, Libra project head at Facebook, tweeted: “I would caution against reading the fate of Libra into this update. Of course, it’s not great news in the short term, but in a way it’s liberating. Stay tuned for more very soon. Change of this magnitude is hard. You know you’re on to something when so much pressure builds up”.

“Special thanks to @Visa and @Mastercard for sticking it out until the 11th hour. The pressure has been intense (understatement), and I respect their decision to wait until there’s regulatory clarity for @Libra_ to proceed, vs. the invoked threats (by many) on their biz,” he added.

The pull out is to avoid the US regulators who are scrutinizing Facebook and its subsidiaries.

facebook, servicefriend, startup, cryptocurrency, libra
Bitcoin, which has risen in value for eight consecutive days, received a boost after Facebook has said it would offer its own cryptocurrency, the Libra coin by end of June 2020. Pixabay

Facebook CEO Mark Zuckerberg is set to testify before the US House of Representatives on October 23 to discuss concerns over ‘Libra’ that has run into rough weather.

Zuckerberg will be grilled by lawmakers and regulators during the Q&A session at the US House Financial Services Committee.

In July, Congresswoman Maxine Waters (D-CA), Chairwoman of the committee sent a letter to Facebook requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency, Libra, and digital wallet, Calibra.

Also Read: Apple Planning to Integrate its Own 5G Modem in iPhones by the Year 2022

The US lawmakers have attacked Facebook on its Libra project, calling it “delusional” and “dangerous”.

According to a Visa spokesperson, the company “will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations”. (IANS)

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Venue: Facebook Launches New App for Interactive Live Events

The app aims to make live events more social

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Facebook Venue
Facebook has launched a new app called 'Venue' to make live events more interactive. Pixabay

Facebook is rolling out a new app for iOS and Android called ‘Venue’ which aims to provide an interactive second-screen experience for live events.

The digital companion app has been developed by Facebook’s New Product Experimentation (NPE) team and it is the third app the team has launched this week. The last two were focused on collaborative music video creations and voice-only group calling.

Facebook will first test Venue with NASCAR’s Food City presenting the Supermarket Heroes 500 race on May 31.

Future NASCAR races will also be hosted in Venue, with commentators including nascarcasm, FOX Sports NASCAR reporter Alan Cavanna and NASCAR driver Landon Cassill.

Venue
Venue happens to be the third app Facebook’s New Product Experimentation team has launched this week. Pixabay

Also Read: US Lawmaker Proposes Bill in Congress to Recognise Tibet and Hong-Kong as Independent Nations

“As NASCAR makes its return to action over the coming weeks, Venue will provide users with a unique and exciting way to connect with fellow race fans from around the globe — all from the safety and comfort of their own homes,” Tim Clark, NASCAR SVP and chief digital officer, said in a statement.

The service has been widely compared to Twitter’s live event streaming capabilities, offering fans a place to interactively gather and respond to events in real time. (IANS)

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Facebook to Now Verify People Whose Posts Go Viral Rapidly

Facebook will provide ID verification to profiles with large audiences

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Facebook
Facebook will now verify user whose posts go viral rapidly. Pixabay

Facebook said on Thursday that it will now verify the identity of people who have a pattern of inauthentic behaviour on its platform and whose posts start to go viral rapidly.

In 2018, Facebook had first started to verify the identity of people managing Pages with large audiences.

“Now we’re extending ID verification to some profiles with large audiences in the US,” the social networking giant said in a statement.

If someone chooses not to verify their identity or the ID provided does not match the linked Facebook account, the distribution of their viral posts will remain reduced so that fewer people see them.

“In addition, if the person posting is a Page admin, they’ll need to complete Page Publishing Authorisation and will not be able to post from their Page until their account is verified through our existing Page Publisher Authorisation process,” said Facebook.

Facebook
The company said that IDs will be stored securely. Pixabay

Also Read: Google Brings YouTube Kids App on Apple TV

The company said that IDs will be stored securely and won’t be shared on the person’s profile.

“We want people to feel confident that they understand who’s behind the content they’re seeing on Facebook,” the company added. (IANS)

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Facebook Takes on TikTok; Launches Experimental App Collab

Facebook takes on TikTok again, this time with music making app Collab

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Facebook
FAcebook launched a music making app named "Collab". VOA

Taking on Chinese short-video making platform TikTok, Facebooks experimental app division has introduced a new iOS app called Collab for making and mixing music with friends.

Facebook’s app-focused New Product Experimentation (NPE) team announced the invite-only beta version of Collab that brings together creators and fans to create, watch, and mix and match original videos, starting with music.

“Collabs are three independent videos that are playing in sync. With the app, you can create your own arrangement by adding in your own recording or by swiping and discovering an arrangement to complete your composition. No musical experience is required,” the Facebook NPE team said in a statement on Wednesday.

In a TikTok-like feature, Once a collab is created, you can publish it for others to watch and mix and match further.

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In a TikTok-like feature, Once a collab is created, you can publish it for others to watch and mix. Pixabay

You can also share the music creation to Instagram, Facebook Stories, or any other platform.

Also Read: 80% Maharashtra School Students Don’t Report Cybercrimes: Survey

To request access, the iOS users can sign up for waitlist at https://npe.fb.com/collab.

“We’ll be opening up invites in batches, starting with folks in the US and Canada, as we continue to improve the experience,” said Facebook.

The social networking giant has aimed to take on TikTok in the past, with Reels editing feature on Instagram and the standalone app Lasso. (IANS)