News Libra developers continue to iterate in face of regulatory...

Libra developers continue to iterate in face of regulatory backlash 


- Advertisment -

Despite widespread backlash from lawmakers and regulators, development of Facebook’s Libra appears to be chugging along breezily. 

In a developer update published today, the Libra Association, led by Facebook, announced that it was “thrilled” to see the amount of development being done on the currency. Among other things, it announced that a “pre-mainnet” had been established, allowing the Libra partners—the institutional businesses committed to overseeing the vast project—to connect their nodes with each other. 

“A handful of partners have already deployed their nodes and have them communicating with each other,” the update said. “We expect to have more partners coming online shortly.”

The organization also said it was working on a way to ensure interoperability between Libra-enabled wallets, which it described as “key” to the success of the network. And it turns out a fair few third-party developers are building on Libra: the association praised a bevy of new block explorers, Libra-ready wallets and projects integrating Libra programming language “Move” into their own projects. 

At the same time, the Financial Times reported today that one of Facebook’s most high profile would-be Libra partners, Uber, was “on the verge” of abandoning the project, and didn’t attend a key meeting in Washington. Sources reportedly told the FT that Facebook had done too little to address regulatory concerns over the project. 

Do these immediate problems concern the developers working on Libra? “Naturally, we care,” said Tal Be’ery, whose company, ZenGo, is working on a Libra-integrated wallet. “We are a law-abiding company and comply with regulations.” But at the same time, he expressed fears that a failure to make good on Libra would let other countries get there first—countries that we “cannot regulate,” he said. 

But in terms of the back-end, Be’ery makes the Libra blockchain sound like a developer’s dream. “It’s a top-notch crypto project,” he said. “They took care of everything that’s important to developers. They have a working testnet, a ‘faucet’ to give free test money, a working open-source wallet and a vivid community and channels to communicate.” 

“The only difficulty,” he added, “is the fact that everything is ‘under construction’ and protocols may change rapidly, as expected from a project at this stage.”

Indeed, the urgency to develop a world-class digital currency is real. To boot, Be’ery’s comments square with those made earlier this week by Congressman French Hill and Bill Foster, who wrote, in a letter to Federal Reserve Chairman Jerome Powell, that a failure to develop a U.S. digital currency would put the ball in other countries’ courts. 

Or, indeed, Facebook’s court. 



Please enter your comment!
Please enter your name here

Latest news

Using Blockchain to Fight Climate Change, MOSS is changing the Narrative

The effects of global climate change are not undeniable. From glaciers shrinking to flooding, temperature rise, and...

DeFi Tokens Still Bullish with Triple-Digit Prospects Amidst the Bitcoin Rally

The Decentralized Finance (DeFi) market seems to have reclaimed its bullish status in the ongoing crypto market...

Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

It is a recent but not new happening that a hot wallet from a crypto agency has...

Facebook’s long-awaited Libra is Coming in January 2021

In a more limited form, the Libra Association's projects are being implemented. It will only launch a...
- Advertisement -

Polkadex Enhances the Cryptocurrency Trading Experience

The global economy has not entered the modern era as of yet. Luckily, there are tools to...

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Must read

- Advertisement -

Read Next
Recommended to you