The Libra coin news are all over our site lately because of the expected launch of Facebook’s cryptocurrency in 2020. However, aside from making the news, Libra is also a major target for critics who are talking different things about the coin. One of them is a Ripple exec, who thinks that Libra’s decentralization looks like a “walled garden” and it will fail to sport the tenets of a fully decentralized network.
The Ripple news about Libra bring the executive named Marcus Treacher who is the senior vice president of customer success at Ripple Labs. According to Treacher, Libra has a lot of issues and the main one is the fact that it is a guarded system.
In other words, the Ripple exec is saying that he believes that Facebook’s cryptocurrency project is a closed system which disallows easy entry or exit by users or nodes. Even though much of the Internet is comprised of similar “walled gardens” nowadays, the rise of blockchain seeks to disintermediate and get rid of controlling central authorities.
Treacher also added that he believes that Ripple has “no walled garden” and that it is a network with “no perimeter” which “connects with all of the players that want to use the technology.” The Ripple exec seemed confident about Ripple and its system – even though his comment regarding the public nature of the Ripple Ledger may definitely be up for debate.
However, analysts say that his comments on Libra are not wrong. At launch, the Libra network will be run by a network of nodes run by corporations. These corporations will include the names of Visa, PayPal, Uber, Spotify, Coinbase, Mastercard, Booking Holdings and other corporate giants as well as investment groups and pro-crypto oriented firms.
The Libra Association has one main goal now – to decentralize the network with time, mainly by converting the consensus model to something like the one of Bitcoin or Ethereum, allowing public interaction due to low barriers to entry.
Regardless on what the Ripple exec and other people say about the Facebook cryptocurrency, the Libra latest news show that the demand for this cryptocurrency will be huge.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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