Libra’s Technical Vision Appears “Perfectly” Idealistic, Progressive, And Aggressive: How Will It Unfold?
Libra is, no doubt, one of the most talked about projects in the global crypto industry today. Facebook promotes it and somehow looks like an amalgamation of the best features of all coins. But even after the excitement that followed its whitepaper release has died down, critics are far from giving up throwing shade at it.
Facebook has in the past had a run in with the US Congress over how it had handled “data and privacy data” of its billions of users in the wake of the Cambridge Analytica saga. And in a bid to avoid another similar “fistfight” with the authorities, the social media giant is trying to portray Libra as a totally independent project.
According to Facebook, the real reason behind creating Libra is to have a coin that has the best features of all the other cryptocurrencies. And it even has some of the features copied from the popular coins. From Ethereum, Libra has a virtual machine whose role would be to execute smart contracts besides gas. It has lots of Bitcoin’s foundational features too, although they say it is independent of Facebook.
Yet, many of those in the crypto community see the two as ‘directly related,’ something which makes it harder for Facebook to succeed in its quest to portray Libra as an independent. They further question the motives of creating Libra given that Facebook and the entire consortium behind its creation haven’t been clear enough about it.
Many have spoken about it in different forums and platforms, giving their thoughts on the project. Andreas Antonopoulos, while hosting a talk in Edinburgh, Scotland, also spoke about this ongoing debate. According to him, Libra itself has a massive task of convincing the community that it is not part of its parent company.
Antonopoulos termed the project “incubated,” saying that the vision doesn’t just present it as “idealistic,” but also “aggressive” and “progressive.” He further noted that Libra is seen as being “decentralized,” “permission” and based on the proof of authority concept now although it could be “permissionless” and “proof of stake” in the future.
But the main bone of contention between Facebook and those criticizing the project doesn’t end with how the two seem entangled together. How the social media brand is seemingly using the data of its over two billion users has left many feeling eerie about it.
Once Libra goes live, regulators will undoubtedly have a more significant role to play if they are to truly protect the billions from Facebook’s questionable project. Much of these concerns are founded on the fact that Facebook has, in the past, failed to protect its users adequately.
Right now, though, almost every crypto enthusiast is now waiting to see whether other blue-chips, especially Google, Netflix, and Amazon would embark on creating similar projects.