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

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Ministry of Foreign Affairs of Denmark may use Blockchain to tackle corruption

We have already moved to the stage in our lives where technology plays an important role in...

What Lessons Can The World Learn From Venezuela’s Newfound Love For Crypto?

It is often the case that great changes are forced out of necessity, rather than a willingness...

How Bitcoin Capitalization Affected In 2020 on the Quarantine Background

Although the weeks of quarantining are gradually easing off, the impact of dealing with the deadly coronavirus...
- Advertisement -

Seamless Crypto Exchange HolyTransaction Allows Gridcoin Staking

In today’s world, the time value of money is very important and everyone likes to earn a...

How to Use Big Data Analytics Against Rising Cyber Security Attacks?

Big data and big data analytics have many implications across verticals. The use cases range from optimizing...

Must read

- Advertisement -

Read Next
Recommended to you