By Hidayat Sultanli
On Sep 12, 2020
Ever since Facebook announced its Libra project in June 2019, it has been knocking the doors of regulators for approval. Over the last few months, the social media giant had a tough time dealing with global regulatory authorities. But this has not deterred Facebook from furthering its development for its native cryptocurrency Project Libra. Last week, the Libra Association released a developer update. The update announcement mentioned that the Libra Project is running for five months and “growing strong”.
In the blog post, Libra Association developer Michael Engle said that more than 51,000 transactions have already been registered since they reset the testnet in September. So far, developers have executed 34 projects on the testnet which includes 11 blockchain explorers and 10 wallets. Furthermore, the Libra Association has also launched a “pre-mainnet” for testing purposes. The pre-mainnet is nothing but a replica of the actual mainnet. Currently, the pre-mainnet has 7 nodes in operation and other 14 nodes are in process. In the blog post, Engle wrote:
“Until we launch mainnet, the best and fastest way we have to demonstrate Libra network functionality and provide early access to developers around the world is through our pre-mainnet. Pre-mainnet makes it easier and faster to test, troubleshoot, diagnose, and resolve software edge cases. One measure of our success in this phase is the number of nodes that are live on the pre-mainnet”.
Last month in October, the Libra Association disclosed its roadmap. It said that currently, its main focus is to bring more members and partners to its upcoming mainnet. With several regulators setbacks, even the previous members have pulled out of the Libra Association in the last few months. This includes some prominent names like PayPal, Visa, and MasterCard.
Facebook has been showing all willingness and putting all efforts to make its Libra Project a success. However, facing so much hostility from the regulators, the most pertinent question is whether or not Libra will take off the ground? Over the last few years, several cryptocurrencies came into the market and later failed to continue. However, Facebook with its deep pockets can certainly fund the Libra project for some time. The major thing is Facebook’s reputation has taken a hit in the eyes of the regulators ever since its alleged involvement in the Cambridge Analytica scandal.
Regulators are seeking further clarity that there won’t be any lapses in the execution of a massive project like Libra. Speaking to the Forbes, Jacob Eliosoff, a cryptocurrency fund manager said:
“Between crypto coins, corporate coins and state coins, we’re probably not going to end up with 100+ widely used digital currencies. Network effects will matter and there will probably be only a few winners.”