Libra has no future, facebook should support third-party projects, so a report from the eToro blockchain research unit

Libra has no future, facebook should support third-party projects, so a report from the eToro blockchain research unit

By Roberto D. | CryptoFarm | 29 Nov 2019


The report published today by Finextra, the research unit of eToro, puts forward a series of substantial criticisms of books, the cryptocurrency made in facebook, strongly desired by Zuckerberg, who has so suddenly ignited the controversy of media and politicians all over the world how quickly it seems to have been forgotten; according to the report, in fact, facebook should radically change its strategy if it wants to conclude something, abandoning the libra project and dedicating itself to supporting third-party projects. According to the researchers of eToroX Lab, who are not the only ones to think so, the obligations to issue a proprietary cryptocurrency are so onerous for facebook as to make it substantially impossible to work successfully on a project like libra, however the social may decide to outsource the issue of cryptocurrency to companies that already have the licenses necessary to operate legally, thus bypassing the main difficulties that the project is encountering.

In practice, Facebook should focus on integrating the calibrate wallet on its platforms, making it compatible with independent stablecoins created by third parties, in this way it could play a leading role in the dissemination of these tools among the almost 3 billion registered users spread all over the world; in affirming this, however, eToro proves to take as good as stated by the company at the time of the launch, namely that the ultimate aim of libra is to favor banking inclusion, something on which however it is legitimate to harbor numerous doubts. If Zuckerberg's goal was really to allow access to banking instruments to the wide audience of non-bankable subjects scattered around the world, the best way to proceed would have been precisely to move in the direction traced by the report published by Finextra, but which does not it was not even taken into consideration; the real goal of facebook, on the other hand, clearly appears to get your hands on big data related to users' financial transactions and you have to be very naive to think that this is not the case.


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015


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