3/21/2023 0 Comments Universal type client libraThe most famous model of co-opetition is, of course, the open-source movement that was fully supported by IBM, one of the top-10 companies in the world in the 90s. After all, even the world’s largest companies like FedEx suggest that one company cannot control this entire DApps or blockchain movement, and that only “co-opetition” (i.e., cooperation and competition) and co-creation and regulations will help crack the problem. Today, the main question on everybody’s mind is whether Facebook is a villain and, through the announcement, is trying to enhance its current hold on customer data, or if Facebook is genuine and is trying to make a contribution as a global citizen to a problem bigger than Facebook itself. When the entire Libra ecosystem is broken down, could Libra be the largest DApps network to date? If it checks all the required criteria laid out in the 2014 DApps white paper mentioned previously, and if the roughly 2.4 billion active users throughout Facebook’s platforms is considered, it may just be. One way to answer the question is to look at how Facebook built Libra and how similar it is to that of the main and more prevalent Decentralized Applications (DApps) framework as it was originally presented in 2014 by David Johnston and a group of foundational experts - way before any public knowledge of Facebook’s cryptocurrency plans. It was clear that each of these products and technologies will play an integral role in the project’s overall mission of creating a simple global currency and financial infrastructure that empowers billions of people.Īdditionally, Facebook also announced the creation of Calibra, which is developing the initial business of Libra and its own product outside of the Libra ecosystem (i.e., an eponymous digital wallet app). Firstly, Libra was introduced: a new global reserve-backed cryptocurrency built on top of the new Libra Blockchain, with everything governed by a not-for-profit consortium dubbed the Libra Association. The official announcement and details around Project Libra were provided to the world on June 18, 2019.
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