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Facebook Touts Crypto Project Libra: 51,000 Transactions and Counting

November 17, 2019

Facebook’s project Libra is building a global community of developers and technical infrastructure as the controversial digital currency is underway, despite efforts by regulators to slow it down and even halt its launch. Based on a permissioned blockchain, unlike Bitcoin and other cryptocurrencies that use public blockchains, the Libra testnet has logged over 51,000 transactions since it was reset in September.

After the Libra Association lost key member companies amid regulatory pressure and ominous letters from politicians that cautioned against any affiliation with the project, 21 remaining members, including Facebook, signed the association’s official charter in Geneva, Switzerland last month.

The organization is now praising its passionate community of developers who are moving the project forward. According to an official blog post,

“Our community of developers has responded enthusiastically, logging an amazing 34 projects in just seven weeks since launch of the testnet:

  • 10 wallets

  • 11 blockchain explorers

  • 2 IDEs

  • 1 API

  • 11 clients”

According to Libra’s development update last month,

“Following the Testnet, we hope to have a successful launch of the Libra Mainnet. One method we use for tracking the project’s success is how many of the deployed nodes are managed by different partners.

The end goal of Mainnet is for all partners to have nodes deployed on the network. Each node will run on a mixture of on-premises and cloud hosted infrastructure. Our belief is that wider diversity of infrastructure will provide more resiliency to the Libra network.”

You can check out Libra’s latest blog post here.

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