Well, a lot of confusion revolves around Libra and Bitcoin has recently been addressed by Facebook Digital Currency Boss, David Marcus. He wrote an official note and emphasized that “Libra is Not as Open as, Say Bitcoin”.
Then What It Is?
Facebook is yet to launch Libra coin – but, yes it is two weeks since it launched the whitepaper of Libra coin. And every day, the word “Libra” is popping up on a new bulletin with striking questions, regulatory oversight, criticizing remarks and sometimes, with a positive & welcome move. In a note, published on July 3rd, 2019 on Facebook, David Marcus who is the CEO of Libra’s wallet Calibra addressed a number of questions and attempted to clear a few misunderstandings about the Libra project.
While answering to a key question “Is this (Libra) really a blockchain? It’s not open. It’s not decentralized!” the social media giant’s blockchain lead explains that ‘it is definitely not as open as, say Bitcoin’. As Bitcoin is a decentralized currency on top of open blockchain technology, according to Marcus, Libra is not as open as Bitcoin’ where anyone can participate in the consensus algorithm. In his words;
While the initial mechanism by which organizations can run a node and become a member of the Libra Association, is definitely not as open as, say Bitcoin, where anyone can participate in the consensus algorithm, the Libra Blockchain is absolutely designed to be open.
Libra Crypto User Won’t Have To Trust Facebook
Facebook understands the principle of open blockchain but at the same time, Libra is said to be on a perimissioned blockchain at its launch. In the meantime, Mr.Marcus confirmed that they’re gradually transitioning to a permissionless state in the future.