According to the co-founder of Ethereum, Facebook’s cryptocurrency is centralized

Crypto News

Decentralization has always been one of the most acclaimed features of the Blockchain, which gives it a certain added value. Nevertheless, according to Ethereum co-founder Joseph Lubin , Facebook’s native cryptocurrency, Libra, is “centralized” because it is governed by a handful of technology companies.

A decentralized system

In an article published in the journal Quartz Joseph Lubin announced that the cryptocurrency Libra is like “a centralized wolf in sheep clothing decentralized.”

Indeed, the co-founder of Ethereum blames Facebook for having built his crypto-project on a private and non-public Blockchain (like that of Bitcoin).

This system, where Libra cryptocurrency operates, is administered by 28 companies, each of which has access to a  Blockchain infrastructure node .

While citing a passage in Libra’s white paper that “people will increasingly trust decentralized forms of governance,” Lubin urged Facebook to switch to a much more decentralized system as soon as possible to gain more the crypto community.

“Perhaps most importantly, we need to be confident that Libra will eventually migrate to a more” no-permission ” decentralized system  , in which anyone can validate the network, rather than the restrictive evaluation criteria of members who maintain control in the hands of the original 28 companies, “he said.

A certain admiration all the same

However, Joseph Lubin admits that he sees good in the Facebook project.

The social network with a large user base has the potential to attract more than two billion people to use Libra and become more interested in the world of cryptocurrencies.

Other cryptocurrency experts have expressed similar opinions, including Ripple’s CEO who said the Libra is an “incredibly positive signal” for the entire cryptocurrency industry.

In the meantime, the news of the Libra launch continues to spread like a bush fire and is fueling more and more the curiosity of crypto-skeptics.

What do you think of Joseph Lubin’s opinion on Libra? Give us your opinion in the comments section below.

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