Hi Crypto Network,
Facebook is poised to launch a digital currency that offers a “faster, cheaper and more secure” alternative to traditional ways of central banking and making payments on the internet.
Banking deposits, Banking accounts and Fiat currencies, will no doubt be affected due to the massive amounts of personal and financial data facebook with have in years to come with over a billion people accessing its platform each month.
Mark Zuckerberg’s Libra access code hit GitHub about two weeks ago. Within two weeks, it has created a stir the digital currency market with critics and would-be trollers taking a keen focus on the project and its blockchain technology.
Facebook Libra – Watershed Moment
Libra and Major Developers
Libra is taking a hit from some of the major developers on the platform. The project is drawing significant attention with more than 10,000 open source participants showing interest. On the other hand, technologists and developers have created over 1,000 clones of the codebase with the intent to experiment with Libra’s code.
Some developers seem to add some features like open network access for block validators. However, different developers are using a varying approach to analyze the project. However, the chief product officer at Cryptocurrency startup Radix DLT, Albert Castellana, pointed out that developers are yet to submit real code flaws. They have only submitted build issues or typos while some critics pointed out that the project is not a decentralized solution.
Criticism of Libra
Facebook Libra founding members will initially take responsibility for validating transactions as well as attaching new blocks before it is completely centralized in the near future. This concern diverts its functionality as a cryptocurrency making it slightly different from the original bitcoin network.
Cryptocurrency community members are criticizing the structure of the Libra blockchain both on social media and on GitHub. Part of the community is attempting faultfinding techniques by analyzing the details of the network codebase.
A user on GitHub who has “read permissions” to a specific code repository has the power to pull requests as well as identify issues. Issues on a code tag possible problems that need enhancing before the code adequately serves its purpose.
Pull requests on a code, on the other hand, provide suggestions to changes that may be made on the code repository to reviewers with “write” or “admin” permissions. These reviewers can approve or deny the suggested changes.
Libra’s Code Raises 160 Issues
An estimate of 160 issues has been raised over the Libra codebase. Out of 160, 100 of the issues were closed by authenticated users of the codebase. Several others were also marked “off-topic” significantly bringing down the number of problems that need addressing.
Git Hub Users – Current Sentiment
On the other hand, pull requests were not half as many as the issues. A GitHub user called Gaz Hayes opened a pull request stating,
“I’ve discovered an alarming vulnerability, but fortunately, there’s a really simple fix…. This problem can easily be solved by using a permission less system where the hard power is decentralized across a very large number of participants.”
A day after the above pull request, it was closed and termed “off-topic” by the official Libra GitHub administrator. This response raised other reactions and complaints from other individuals who considered Gaz Hayes’ post/concern legitimate.
A response from a decentralized app developer, Marcus Newton, indicated that by closing the pull request, it only proves that the maintainers are not open to other people’s viewpoints or experiences.
Ben Maurer, who is the tech lead for a Facebook subsidiary Calibra, addressed the controversy after the closure of Gaz Haye’s post saying
“We’re really cognizant of the fact that this is a transformative effort and that we need to build a community around it. But having disclosure doesn’t mean the lack of moderation. Off-topic conversations distract from fruitful ones. The thread on #83 was not productive and would have tied up moderation resources.”
Criticism But Quiet Optimism In The Market
Despite the concerns raised by critics, the focus on Libra Cryptocurrency seems to also draw optimism. Some respondents claim that it is still early and that the project will surpass the expectations of many.
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