Ripple News Today – September 30, 2019 - Cryptonic News

Ripple News Today – September 30, 2019

  • Ripple Chief Uncertain about Libra’s Decentralization Claims
  • Analysts Believe Libra will Improve Crypto Adoption

Since social media giant Facebook, announced plans about its cryptographic project, the digital asset space hasn’t been the same. The initiative, tagged Libra, came to public ears earlier in the year after Facebook released its white paper. Crypto enthusiasts and firms have heavily scrutinized the project. Federal regulators and lawmakers have grilled the social media giant since the announcement.

There are concerns that the project doesn’t have the characteristics of a decentralized network (as a Blockchain should). According to Ripple executive Marcus Treacher, these fears are correct.

Analysts Believe Libra will Improve Crypto Adoption

Treacher who is the senior vice president of customer success at Ripple made the remarks last week. The Ripple chief believes that the main problem with Libra is that it is built in a “walled garden” model. He believes the Facebook crypto project is a closed system, which disallows easy entry or exit to users or nodes.

Although the bulk of the Internet contains walled gardens, the rise of Blockchain technology seeks to remove controlling central authorities.

Treacher also said that believes that the Ripple Blockchain has “no walled garden. According to the Ripple executive, it is a network with no perimeter. It is a network that “connects with the players who want to use Blockchain technology”.

Treacher Isn’t Wrong about Facebook’s Cryptographic Project

While Treacher’s comments regarding Ripple’s Ledger public nature, maybe a debatable assertion, he is not wrong about Facebook’s Libra been a walled garden.

If Libra is launched by Facebook, the network will be operated by a link of nodes that are run by corporations. The corporations in the queue include payments processors PayPal, MasterCard, and Visa. Other corporations that make up the list include Uber, Spotify, Coinbase, and Booking Holdings, to name few.

The primary objective of the Libra Association is to decentralize the network. This will be attained by slowly altering the consensus model to that of Bitcoin or Ethereum. The model allows public interaction with the Blockchain.

Analysts Believe Libra will Improve Crypto Adoption

No matter the form Libra takes, analysts are of the view that it will help to improve crypto adoption, especially Bitcoin adoption. Raoul Pal, Goldman Sachs’s former chief of hedge fund sales, said the implementation of a fresh monetary model will likely be a good thing for BTC and gold.

Whatever the case is, one thing that is certain about the launch of Facebook’s Libra is that it will have an impact on the crypto space. However, whether this will be a positive or negative impact remains to be seen.

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Ripple News Today – September 30, 2019 Ripple News Today – September 30, 2019 Reviewed by Staff Reporter on October 01, 2019 Rating: 5

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