All the hype around Libra is a red herring. Facebook’s main game is Calibra
Facebook’s Libra is getting a lot of attention. But it’s a distraction from the more interesting, bigger play, argues blockchain researcher Priya Dev in this crossposting from The Conversation.
Amid the hype around Facebook’s plan to launch its own cryptocurrency, Libra, there’s one big question. How is the company going to profit from it?
The project relies on developing blockchain technology. But blockchain’s whole raison d’être is to challenge the way corporate capitalism and businesses like Facebook make money.
Calibra has little to do with the ideals behind blockchain. The digital wallet is more like a traditional bank account.
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Bitcoin. Say the word!
A truly terrifying outcome. Hopefully the legislators around the world will block this. Given there past inaction I won’t hold my breath but one can hope.