News from Facebook Coin: Libra opens its doors for developers
To drive the launch of Stable Coins Libra, the Foundation is now taking a step towards the developers. For the time being, this is unlikely to change the headwind from the political side.
Recently, things had become strangely quiet around the crypto-currency of Facebook called Libra. Only one person was reported recently. As far as by Bitcoin Superstar technical progress was concerned, however, Facebook kept a discreet silence. This was broken, however, with a communication on 24 November. In it the block chain 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 block chain. According to the announcement, the network nodes (Nodes) should be highly resilient and offer significantly easier and, above all, more cost-effective handling than an in-house solution. Developers can use Bison Trails‘ Libra QT 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 far as the Libra release schedule is concerned, Facebook has suffered one or two regulatory dampers. As a result, the crew withdrew and tinkered with 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 scepticism. Well-known politicians like the Minister of Finance and SPD chancellor candidate Olaf Scholz make no secret of their rejection of private crypto-currencies.
Facebook with some mistakes in the past
But it is not only from him, but from all G7 countries that headwinds are coming. This is not so much 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 one would not 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.
In an interview on the portal Finance Magnates, crypto-critic David Gerard points out that Facebook has often „misbehaved“ and „abused trust“. There was the data scandal with Cambridge Analytics and in 2019 Facebook was fined by the Federal Trade Commission for breaking the 2012 settlement with the same organisation on user privacy. Gerard does not have a good rapport with Facebook boss Zuckerberg.