Ethereum co-founder Joseph Lubin stated that Facebook’s Libra token is like “a centralized wolf in an exceedingly decentralized sheep’s clothing” in a piece of writing published on tech news outlet Quartz on June 21.

The social media large released the white paper for its cryptocurrency dubbed Libra earlier this month to mixed reviews from experts within the cryptocurrency and blockchain industries and concern from government regulators.

In his article, Lubin notes that Libra’s white paper describes feelings common among many in the cryptocurrency community.

It states that “sending money across the globe need to be as straightforward and low cost as causing a message on your phone,” and “financial infrastructure ought to be globally

inclusive and governed as a public good.”

While noting the white paper’s claim that “People can more and more trust decentralized types of governance,” Lubin noted the requirement for users to trust Libra’s order currency and bond backing, and merchants to trust that the network is responsibly run. what is more, Lubin conjointly noted its centralized infrastructure:

“Perhaps most importantly, it needs our trust that Libra can eventually transition to a lot of ‘permission less,’ decentralized system, whereby anyone will validate the network, instead of the restrictive member

evaluation criteria keeping control within the hands of the initial 28 corporations.”

Still, Lubin admits that he sees some good within the project. He says that in an exceedingly few years there may be 2 billion Libra users, and cryptocurrency user experience (UX) may be immensely improved within the process:

“In one fell swoop, talented UX designers might cut back the present friction of using cryptocurrency.

Managing non-public keys, understanding ‘gas payments,’ and putting in crypto browser plugins could also be as straightforward as pressing ‘send’ in WhatsApp, another Facebook-owned entity.”

Lubin conjointly claims that developers at Ethereum-centric development company ConsenSys already analyzed the code and noticed that the project borrows many ideas from Ethereum. Lastly, he notes that he expects Libra to be well-executed from a technical purpose of view.

As Top Market Group reported yesterday, the governor of the banking company of Australia, Philip Lowe, cautioned that Facebook’s declared Libra currency might not attain thought usage within the close to future.

Also, earlier in the week a G7 taskforce was created to examine however central banks will regulate cryptocurrencies.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now