Facebook’s Libra may threaten everything blockchain is about
Ethereum co-founders say blockchain’s structural independence could be reversed by Libra’s big corporate buy-in
Los Angeles — Facebook’s foray into digital currencies risks reversing gains in privacy and user sovereignty won by computer-networking pioneers, according to one of the co-founders of Ethereum, the blockchain platform of choice for most business and finance projects.
Facebook has received pushback from politicians and regulators since announcing its plans to develop libra, a digital asset backed by cash and short-term securities, that could be sent between the company’s more than 2-billion customers with the help of blockchain. David Marcus, the Facebook executive leading Libra, will appear next week before the US Senate banking panel and the House financial services committee.