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News from Facebook Coin: Libra opens its doors to developers

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Written by   1
1 year ago
Topics: Facts, Libra, Facebook

In order to advance the launch of the stable coin Libra, the Foundation is now taking a step towards the developers. This is unlikely to change much for the time being with the headwind from politics.

Recently it had become strangely quiet about Facebook's crypto currency called Libra. There was only one person to report last . As far as technical progress was concerned, however, Facebook remained in discreet silence. But this is with a notice dated November 24th Broken. In it, the blockchain provider Bison Trail announced the introduction of its Query and Transactions Cluster. Thanks to this QT protocol, developers can build on the upcoming Facebook Libra network.

Libra QT acts as a bridge between Libra's pre-mainnet and off-chain systems. This provides a dedicated off-chain infrastructure for reading and writing data to the blockchain. According to the announcement, the network nodes should be highly resilient and offer significantly easier and, above all, more cost-effective handling than an in-house solution. Developers can use the Libra QT from Bison Trails to build wallets, crypto exchanges and other virtual asset services on the Libra Pre-Mainnet. In addition, Libra QT also enables payment processing, transaction validation and special use cases such as smart contracts.

As for the Libra release schedule, Facebook has suffered one or two regulatory dampening. The crew then withdrew and began working on a new approach. Such a new approach was then presented to the public under the title “Libra 2.0”. But Facebook was unable to dispel the skepticism. Well-known politicians such as the finance minister and SPD chancellor candidate Olaf Scholz make no secret of their rejection of private crypto currencies. 

Facebook with some past mistakes

But headwinds are not only coming from him, but from all G7 countries . It is less about a rejection of crypto currencies in general. After all, many countries are meanwhile busy with their own projects on the subject of digital central bank currency (CBDC). But you definitely don't want to leave an unregulated field to a social media giant like Facebook with 1.7 billion users worldwide when it comes to the stablecoin Libra. 

The crypto critic David Gerard points out in an interview on the Finance Magnates portal points out that Facebook has often “misbehaved” and “abused trust”. There was the Cambridge Analytics data scandal, and in 2019 Facebook was fined by the Federal Trade Commission for breaking a 2012 settlement with the same organization on user privacy. Gerard has no good hair on Facebook boss Zuckerberg:

At every opportunity he [Mark Zuckerberg] has ever had, he breaks privacy and leaks information, then apologizes and does it again.

David Gerard

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Avatar for Zeal
Written by   1
1 year ago
Topics: Facts, Libra, Facebook
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