ZenGo (a keyless crypto wallet) has revealed that it has added the Threshold Signature Scheme (TSS) to eliminate the need for using a single atomic private key, as it divides the responsibility among different parties. ZenGo also will be the first wallet to support Facebook’s native cryptocurrency, Libra and made Libra testnet available on its network.
David Marcus, head of Libra (Facebook’s cryptocurrency project) has come out in response to claims by some nations that the project poses a threat to nations’ ‘monetary sovereignty’. He said, “Libra will be backed 1:1 by a basket of strong currencies. This means that for any unit of Libra to exist, there must be the equivalent value in its reserve. As such, Libra will not be creating new money. That function will “strictly remain the province of sovereign nations,”
The finance ministers of both France and Germany Bruno le Maire and Olaf Scholz has made public that they out rightly reject Facebook’s cryptocurrency project Libra as it could be a threat to the monetary sovereignty of the nations and the stability of EU economy. The joint statement from the two countries: “France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed.”
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) in its recently held London briefing has come down heavily on cryptocurrencies terming it as ‘useless’. The spokesperson said that cryptocurrencies are useless as they are too volatile, and even when they are stable, they are still just a collection of currencies and they consider Facebook‘s Libra the only crypto, and they have the least impact on the payment industry.
The open-source code had a major flaw which could have been exploited by black hatters to manipulate smart contracts, has been discovered by OpenZeppelin (a third party crypto audit startup). The audit firms CEO Demian Brener commented, “The good news is that it was found and patched before the platform was live. Issues once thought of as benign can become more severe in the blockchain setting because of audibility substitutes for trust.”
Though Amazon itself remains tight lipped abouts its cryptocurrency project, a survey taken by Cindicator (a data and analytics firm) revealed that 23% of analysts who took part in the survey has strong opinion that Amazon is the only a worthy opponent (for Facebook’s Libra) and also the most likely to announce its own cryptocurrency. An Amazon executive commented, “At Amazon, we deal in not really the speculative but in the now.”
The Libra Association has recently launched a Bug Bounty program which is open to security researchers and public around the world find even the most simple bug in the Libra blockchain. The official blog of the association has also revealed that offering up to $10,000 worth of rewards for those can find any critical bug in its blockchain as a part of its initiative in enhancing its platform.
The regulators and official from the USA have visited Switzerland to meet their counterparts and hold meeting regarding the cryptocurrency project, Libra. of Facebook. A representative who participated in the meeting, Maxine Waters commented, “While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.”
The social media giant, who is now working hard to bring its dream of developing a global digital currency called ‘Libra’, is facing yet another hurdle. Facebook, which become infamous after the Cambridge Analytica revelation & alleged meddling in US election, has now admitted to collecting audio from its Messenger app and was sending it to 3rd parties for transcription.
Patrick Njoroge, the governor of the Central Bank of Kenya (CBK) has categorically stated that the risks associated with Libra are phenomenal and must be understood better. He also further added that CBK does not plan to approve blockchain-based cryptocurrencies as legal tender anytime soon, even though some financial institutions in the region have been nursing plans to integrate blockchain technology into their operations.