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Facebook announced their cryptocurrency LIBRA. Don't forget Facebook-Cambridge Analytica data scandal? Do 'Facebook and Privacy' go along together? Personal data of 50 million Facebook profiles harvested in the 2016 Facebook-Cambridge Analytica data breach! Would people afford to risk of loosing their personal data and associated digital money? For KYC processing, LIBRA will use centralized government ID. Only a couple mentions of 'identity' in the white paper don't explain whether LIBRA transactions would be secured using decentralized digital identity or not. Although there are many members in the LIBRA business association, it is not disclosed how much stake Facebook and other members are sharing. So question remains in its organizational decentralization as well. https://lnkd.in/fKTk_7a My friend Jose M. rightly hinted these points in our earlier post on digital identity. More detailed discussion may be found in Sovrin Foundation Chairman Phil Windley's post https://lnkd.in/fiXSYxX ---------- Anyway, Jose M. and myself develop a Digital Identity System based on Biometrics and Distributed Ledger Technology. https://lnkd.in/fa-2SXy (June 20, 2019) #facebook #libra #cryptocurrency #digitalidentity #infosensys #dazlabsasia #debeshchoudhury #josemunozmata
Has anybody seen any official endorsement by the other mentioned members of #facebook?#libra business association that they are 'members' and hold equal stake?
Thank you for sharing Debesh Choudhury, Ph.D. I love the comments below even more than the article. In my case, I have never trusted fb. Even at its very beginning I had a gut feeling of being wary and time has proved it to me (and to many who took me for a paranoid as well as the crowd that said “you don’t have to make it public”/“you can set what you want to show”/“just make a profile and don’t put any pictures”/etc.). That being said, I would obviously not trust them as a financial company nor as a currency.
Thanks Debesh Choudhury, Ph.D.. I must disagree with you. Although Facebook started Libra, they brought in major payment processors (and others) who I doubt would allow their reputations to be sullied by being associated with some kind of operation led by FB. In section 2 of the doc, I found this: --- We hope to have approximately 100 members of the Libra Association by the target launch in the first half of 2020. Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members. While final decision-making authority rests with the association, Facebook is expected to maintain a leadership role through 2019. Facebook created Calibra, a regulated subsidiary, to ensure separation between social and financial data and to build and operate services on its behalf on top of the Libra network. Once the Libra network launches, Facebook, and its affiliates, will have the same commitments, privileges, and financial obligations as any other Founding Member. As one member among many, Facebook’s role in governance of the association will be equal to that of its peers.
For your views John Marrett?David B. Grinberg
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5 年I've been reading a lot about Libra the past several days and I'm now worried about its effect on the less developed countries that Libra intends to serve. This is one summary that gave me pause!