Remember : 2019, a bomb explodes on the crypto sphere : Facebook announces the creation of its own cryptocurrency.

How has the project evolved since ?

First, Facebook has always been very unclear about what the Libra will really be. While I was rather excited the first few weeks after the announcement, my thoughts have matured. Finally, that might not be not so well for this beautiful environment.

Of course, there are huge advantages, such as the fact that almost the whole population will have a first experience with crypto due to Facebook. But I am afraid that Facebook uses a coin to be more and more powerful and to make users locked up in their ecosystem (like Amazon is willing to do).

LIBRA, which was expected to be delivered early 2020, has been delayed and delayed again. Then the project has changed its name to DIEM.

What is DIEM ? It seems like it will be a stablecoin. But it is much more complicated than it. Indeed, there should be diemUSD, diemEUR, diemGBP and diemSGD. Pretty unclear, once again. The whitepaper is saying "We hope to work with regulators, central banks and financial institutions around the world to expand the number of stablecoins on the Libra network." Regulators ? Banks ? Bitcoin enthusiasts will appreciate ;) (nope).

The application Calibra

As you can imagine now, Facebook wants to launch its own "Paypal" or "Lydia" or anything like that. They want to do it using the blockchain technology in order to have very low fees. If you want my opinion on this, I think that Facebook is already powerful enough and that it could be dangerous for us if they create their own currency. Marc Zuckerberg has already had bad rumors in his past, about collecting and selling user private datas. I don't want Facebook to control me more than currently.

I'd prefer to use EGLD with its application MAIAR if I want to transfer funds fast and with low fees. I already wrote about it on Publish0x, just check my previous articles.

Calibra already launched its testnet

The project is already tested by many developers with more than 50 million transactions. They can give feedbacks to Facebook that will make adjustments to give the best product possible.

And you, what do you think about this project ? More advantages or more drawbacks ?

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