Only minutes after Facebook (NASDAQ:FB) released the whitepaper for its cryptocurrency, the internet exploded with speculation about its future and what unique features it brings which set it apart from other coins.
Although it looks like this coin holds great promise with its ability to satisfy scalability needs for the foreseeable future without sacrificing much in the way of security, there is one particular concern that Cryptovest picked up on after reading the cryptocurrency’s whitepaper and supplementary documentation in detail.
One of the key aspects that make Bitcoin such a popular and widespread coin—its decentralization—seems to be lacking in Libra, at least according to the following words within the whitepaper describing how it will work:
“It is governed by the independent Libra Association tasked with evolving the ecosystem.”
Of course, one could easily take these words without any context and interpret them in a myriad of ways, but this is already elaborated earlier in the paper:
“Blockchains are described as either permissioned or permissionless in relation to the ability to participate as a validator node. In a ‘permissioned blockchain,’ access is granted to run a validator node. In a ‘permissionless blockchain,’ anyone who meets the technical requirements can run a validator n...