LIBRA
Facebook’s new currency, Libra is going to take time.
The announcement of Libra has led to a large number of recent articles. Some suggest that Facebook’s push to dominate international finances is imminent. This may happen in the future but not anytime soon.
Libra is a type of crypto-currency that is managed and Calibra will be the service name under Facebook. Libra is a crypto-currency from the foundation libra.org who is responsible for its management. There are currently 27 members with 100 being the target. Members range from venture funds to nonprofits. It suggests that as the currency is rolled out, the impact will be across other multiple industries along with Facebook based services.
Libra’s White Paper is written with wide strokes and few details. This document will be the basis for discussion between the foundation and government/financial institutes. Regulators are currently reacting to Libra. The process of working the myriad of regulations will take considerable time.
Libra is built on its own blockchain programming language. Move provides a host of modern security and customization features. Elaine Ou’s recent opinion piece provides insight into the actual state of Move. Libra was found to have little — if any — functionality. The majority of features either were non-functional or not available. Move for whatever reason is near non-functional. It will take time to get the software up to standards.
Facebook’s Libra cryptocurrency will be a significant force in the financial system at some point in time. The White Paper’s minimal detailing suggests a work in progress. Current reactions by government/financial institutions means regulators will be deeply involved in working out details for some to come. Finally the software to drive the system is incomplete and will further customization to meet specific industry needs. A lot more time is needed before Move meets operational standards. Facebook’s imminent take over of international finances is not happening soon and may look very different from our initial impressions.
