In light of recent events, Zuckerberg plans to tell the US Congress that he supports a delay to the launch of its planned Libra cryptocurrency, admitting now that "people have concerns about Libra". He plans to tell the US Congress that Facebook is not the "ideal messenger" for its Libra cryptocurrency project, given the companies turbulent image.
"I understand we're not the ideal messenger right now," his testimony states. "I'm sure people wish it was anyone but Facebook putting this idea forward." However, the truth is that no one in the blockchain community want's to see a coin appear that is not truly decentralised. Decentralization is a movement: it is a conscious effort by some people across the globe to reduce the control that certain organizations, such as banks and technology companies, exert over our lives.
Truly decentralized blockchains, like Bitcoin’s, are controlled by no single person or entity. Users are in control of what they spend, with whom, and on what. The miners that work to keep the network running smoothly do receive a transaction fee for doing so. It is minuscule in comparison to that imposed by Visa, MasterCard, and PayPal. Legacy payment processors have joined forces with Facebook to co-opt the cryptocurrency movement and keep control in the hands of the global conglomerates that have been selling your data and taking your money for years.
Libra will be a centralized cryptocurrency, despite efforts to involve stakeholders such as other payment companies – which is likely a ploy to avoid the regulatory issues that have plagued the cryptocurrency industry to date. Zuckerberg. Plans to tell legislators he supports delaying Libra's launch, currently set for mid-2020.
Facebook’s project Libra seems oddly similar to Element Zero, however, unlink Facebook and all other corporation partners, Element Zero foundation is a not-for-profit organization with a stablecoin that completes removes volatility. The Element Zero protocol is live and did not take Visa and Uber (two main blockchain value violators) to give $10M to complete. Payment Processors Join Forces With Facebook To Control, Tax, And Monitor Your Spending sources have compared Facebook’s GlobalCoin to Alipay, which provides digital payments across social platforms however has been linked to the Chinese government surveillance, and cited political lobbying as a foundation of Facebook’s broader effort.
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