Facebook finally announced its long-anticipated cryptocurrency project- Libra to its community. Facebook, in association with twenty other companies who are ‘Big’ in their fields, Libra is envisioned to be groundbreaking in secure, fast, and transparent remittance without border restriction. Libra will work on the Libra Byzantine Fault Tolerance –LBFT consensus protocol. It will be a STABLECOIN: it will be resistant to cryptocurrency market price fluctuations as it will be backed a reserve. It will be first a permissioned (private) blockchain which will soon transition into a permissionless (public) Blockchain. Since Libra will be a Permissioned blockchain at first, the validator nodes will be the member of the association –currently twenty-seven.
CryptoTwitter on Libra
Since then, the cryptocurrency ecosystem has been of divided opinions about the latest development. Many believed the development to be a good one for the ecosystem while others think there are many questions unanswered.
In view of this, FinancialReport24 took to CryptoTwitter to get a tiny sample of what the cryptocurrency world thinks about the latest development about Facebook’s Libra.
Justin Sun the CEO of Tron Blockchain opined that Libra is “Great for Blockchain Benefit for All”
Sydney Ifergan, the Crypto Guru and CEO of the top Google Approved news platform- The Currency Analytics, also viewed this development as a good competition against USDT:
Its a good thing , and wishing libra to become the new usdt, if sec not doing problems …— Sydney Ifergan (@SydneyIfergan) June 19, 2019
Senator Sherrod Brown form Ohio opined:
Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. https://t.co/IjZOFNai3r— Sherrod Brown (@SenSherrodBrown) June 18, 2019
Andreas M. Antonopoulos a cryptocurrency writer also stated:
CoinmarketCap on Libra
CoinmarketCap- CMC a leading cryptocurrency market analytics platform known for its high standards in adding cryptocurrency to its platform, recently added Libra. This went against its long-standing standards that a coin should be at least listed on a top cryptocurrency exchange before it is added to its platform. Libra is still in its Vision stage, yet to announce its tokenomics and a full launch in 2020. While many cryptocurrency community members appraised CMC for its action to move the adoption of cryptocurrency forward, others gave a thumbs down for the platform going against its ‘standards’. CryptoTraveler commented on this:
Can you imagine CMC? https://t.co/SY3h5M2R8e You’ll finally lose credibility. @KennethBosak @APompliano @Qubitica @anthemhayek @officialmcafee @BitcoinErrorLog @rogerkver @SydneyIfergan @Prash_XDAT @SmartTrekken @Cryptomuginves1 @aantonop @FuturesBen_TDAN @DeVaultCrypto— Frisco d’Anconia (@CryptoTraveler1) June 19, 2019
Up till the gathering of this news, CMC has not made any release concerning this listing.
US Lawmakers on Libra
The United States has been of a contra opinion as the lawmakers call Facebook to pause its plans on Libra to come to testify on issues raised against it. There have been several allegations raised against Facebook on its inability to secure the privacy of its user data. If it is planning on creating a coin which will not have any relationship with users’ Facebook accounts as it promises, then it is with a question.
Conclusively, is no doubt that millions of users online will adopt cryptocurrency with the launch of Libra. But, Facebook still has its reputation to repair in the areas of protecting the private data of its users. This should be its priority for now.