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Libra

Facebook’s Libra Has Failed All the Tests, Says Andreas Antonopoulos

Since the launch of Facebook’s Libra cryptocurrency in Jun 2019, it has been facing several serious concerns. The regulatory issues surrounding the Libra project have made it difficult for the Libra Association to launch this project and it remains undecided that when this stablecoin would be released.

About the launch of Facebook’s digital currency, some people have positive views believing that it would soon see its launch. However, some people have differing views regarding the release of Libra and believe that it does not have the features that make its launch possible.

Talking on the Libra Cryptocurrency, the member of the Swiss Federal Council Ueli Maurer called Libra “a failure in its current form” and stated that though it’s a failure, therefore, to make its approval possible, the whole project will need to be revised. The CEO of Ripple Brad Garlinghouse also shared his views on the Libra project and according to him the launch of Libra is not possible before the year 2023.

Another prominent figure Andreas Antonopoulos who is known as the author of Mastering Bitcoin also agrees with the views of both Ueli Maurer and Brad Garlinghouse. Sharing his view on the Libra digital currency in an interview, he regards it something different as it highlights the arrival of the first commercial cryptocurrency. According to him, Facebook’s Libra does not have those features and characteristics that make Bitcoin or any other digital coin look attractive and prominent in the industry.

What criteria Antonopoulos sets to evaluate the Libra Project

Moreover, he suggests some criteria for evaluating any cryptocurrency project such as the Libra project. According to him, every crypto project should pass the characteristics mentioned in the criteria otherwise it would be regarded as a failure. These features are:

“Is the system open? Is it open to access, to participate? Is it borderless? Is it neutral to source-destination purposes and amounts? Is it censorship resistance? Is it immutable? Is it publicly verifiable?”

Antonopoulos said that Libra could not pass all of these mentioned characteristics. From these points of view, it seems that the launch of Libra is not going to happen soon.

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