A blockchain Tale, The Permissionless Promise of Libra
Libra is a permissioned blockchain digital currency proposed by Facebook, with permissioned as the keyword here, that means only few “trusted” entities by The Libra Association will be allowed to keep track of the ledger and that make this association become a New Central Cryptocurrency Bank that have all the final calls and here is what makes it sound more like the traditional centralized digital currencies than a real cryptocurrency as we know and love it, but is my personal opinion, The white paper affirms that will be a new decentralized blockchain, but the true here is just a centralized currency controlled initially by 28 big corporations, and with the “promise” to become a permissionless decentralized system, in an eventually transition that is yet to see if will be true.
About Libra become a threat for the U.S. dollar or any other government fiat isn’t exactly accurate because the fact is that Facebook is too big to fail, too big to regulate and too big to be trusted, what government in the world will allow this company to rule the world with his own currency? The restrictions will be placed starting with U.S. and Europe and there will be a good use of Libra as a payment platform but as Sherrod Brown, a Democratic senator from Ohio says: “Look at Facebook’s record. We would be crazy to give them a chance to experiment with people’s bank accounts.” After calling the project “delusional” but isn’t actually a fairy tale is a soon to be true project backed with Big names that are looking to profit and aren’t looking to fight with any government.
Is a bold attempt of disrupt the financial transactional industry by cutting off from the table traditional payment platforms and services? Every coin will be created when a user purchases it with real money and these will be the reserve that is going to back the currency itself, but as stated in the white paper will start as a permissioned blockchain and after the Facebook-Cambridge Analytica data scandal everyone have trust issues with Mark and let him be the new World Central Bank for cryptocurrencies is not a very promising scenario, With governments like Austria that is funding their own Blockchain Center for Multidisciplinary Research or Iceland approving Monerium the first blockchain-powered electronic money to accepted in the country, is a clear message that the cryptocurrencies and Blockchain Technology is trusted and will be moving forward to change the world as we know it, there always will be attempts to control such innovation but the blockchain force is a digital wave that will keep evolving and changing the perception of reality that we are used to, and maybe we are too comfortable with such traditional finance systems that what is coming will be a shock for most of us, but the promised land for others, will this crypto era come any time soon or is a faraway dream? Is my personal opinion that this year will be the foundation of history for the cryptocurrencies based in blockchain technology after Libra’s announcement made these both topics in the mainstream media that where reserved for a privileged bunch of people before.
Disclaimer: The views expressed by the author above do not necessarily represent the views of the Ethereum Foundation.
