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Libra significance and comprehensive study

The significance of Libra in Cryptocurrency

By CryptoPk | Blockchaintech | 22 Apr 2020

Well, Libra is fundamentally a different thing, its emergence of the first corporate currency and it lacks all of the characteristics that make bitcoin and other open-source blockchains interesting. So, I would advise a set of criteria that people should use to evaluate these kinds of projects and asked a series of questions.

  • Is this system open?
  • Is it open to access?
  • Is it open to Participate?
  • Is it vetting to require authorization?
  • Is it borderless? 
  • Is it neutral?
  • Is it censorship resistance?
  • Is it immutable?
  • Is it publicly verifiable?

And all of those above-mentioned question's characteristics Libra literally FAILS. It cannot be open, it cannot be borderless, it cannot be censorship resistance, it cannot be for neutral, it cannot be immutable because in order to be all of those things it cannot be controlled by anyone. Once it's controlled by someone they have to abide by the regulations which means they're going to be chopped into 195 different regulatory domains and then they will have to make a patchwork of permissions. and as a result, it fails to do the one it says it's going to do. You cannot bank the unbanked within the existing system of regulations because it is precisely the system of regulations that do not result in underbanked and therefore you cannot simply play to that. 

The interesting thing about open public blockchains is that they are instantly borderless and open to everyone and therefore they can reach the people we need to reach 

libra coin will fail

Does the Project Destined to Fail?

Well, the libra project is destined to fail if the definition of the success is to bank the unbanked and reach everyone then absolutely it is that's them to fail because you cannot do that without architecture. It will perhaps be a monumental success for Facebook and its shareholders and also very threatening development in our world because it gives a kind of the pioneers of surveillance capitalism. The tools to extend Surveillance capitalism to everyday financial lives of the billions of people around the globe. They may be able to get enough of their users to do that, but it will not be able to launch in the form that it's being described in the white paper.

libra fails by facebook epicfail

it will be launched in every country and it will be banned because it has to ask for permission and as a result, it will achieve goals that are very very different. Can it be successful? Yes, but can it be successful in opening the doors to financial inclusion to billions of people? a big No. 

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