In line with a recent report published by ‘Quartz’, the co-founder of Ethereum [ETH] named ‘Joseph Lubin’ aforesaid that Facebook’s upcoming ‘Libra’ token is like “a centralized wolf within a very decentralized sheep’s clothing.”
Facebook ‘revealed‘ technical white-paper for a cryptocurrency referred ‘Libra’ earlier this month to mixed reviews from experts within the crypto-currency & blockchain industries and concern from government regulators.
Within his article, Lubin outlines that Libra’s white paper describes feelings common among several others within the cryptocurrency community. It states that “sending cash across the globe should be easy and inexpensive as transferring message on your phone,” and “financial infrastructure ought to be globally inclusive & ruled as a public good.”
While the white paper further claim that “People will progressively trust decentralized forms of governance,” Lubin outlined that the requirement for users to trust Libra’s standard fiat currency and Govt. backing, and merchants to trust that the network be responsibly run. Moreover, Lubin additionally noted its centralized infrastructure:
“Perhaps most significantly, it needs our trust that Libra can eventually transition to a a lot more ‘permissionless,’ decentralised, permissionless system, whereby anyone can validate the network, instead of the restrictive member analysis criteria keeping control within the hands of the initial 28 firms.”
Still, Lubin admits that he sees some sensible in the project. He added that in a very few years there might be 2 Bln Libra users, and cryptocurrency user experience [UX] could be immensely improved within the process:
“In one fell swoop, talented UX designers might cut back the present friction of using cryptocurrency. Managing private keys, understanding ‘gas payments,’ and installing cryptocurrency browser plugins could be as simple as pressing ‘send’ in WhatsApp, another Facebook-owned entity.”
Lubin additionally claims that developers at Ethereum-centric development firm ‘ConsenSys’ already ‘analyzed‘ the code and noticed that the project borrows heaps of concepts from Ethereum [ETH]. Lastly, he adds that he expects Libra to be well-executed from a technical view.