Facebook’s Crypto Libra Coin Doesn’t Require KYC

The much-talked-about cryptocurrency of Facebook titled Libra is in the news again thanks to the release of its whitepaper yesterday on 18th June 2019. Not only the release has created a buzz among the crypto community, but it has also sparked off many discussions on the internet, especially on Twitter.

Changpeng Zhao, the Founder, and CEO of Binance, also took to the micro-blogging site to share his opinions on the decentralized digital currency of Facebook. According to CZ, Facebook’s crypto coin will not need any regular KYC, short for Know Your Customer, details such as name, phone number, address, or id. That’s because the company already has a lot more information than that about its user base of 2 billion people. The company knows your friends, family, interests, likes, as well as your historical and real-time location data. CZ playfully said that Facebook knows you more than you know about yourself.

CZ Binance


Facebook Libra coin don’t need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML!

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And now as the firm is launching their crypto next year, along with the wallet, they will know about your wallet as well, quipped Binance CEO. CZ’s tweet garnered a lot of attention with 10 thousand likes, more than 3 thousand retweets and over 800 comments.

While fans were reacting to his tweet, CZ surprised them with a special Ethereum and Bitcoin giveaway in which he said was a way to promote safer and more traditional methods. The beginning of CZ’s tweet was a clear declaration for all the crypto enthusiasts that they really do not need Libra as they already have everything.

Other than CZ, many others expressed their opinions on the Libra crypto, for example, Peter Todd, who is an applied crypto consultant.

Peter Todd@peterktodd

tl;dr: FB’s Libra is a unscalable centralized database, implemented with an internal chain that users must trust and aren’t going to validate.

But the politics! They’re proposing a private currency backed by assets. Hell of a challenge to central banks.

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Peter Todd@peterktodd

I think it’s safe to say Facebook’s Libra is massive tech companies giving the finger to government authority and power, claiming it for themselves and themselves only.

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Peter Todd@peterktodd

It’s remarkable how dishonest the Facebook Libra technical documents are. They repeatedly describe Libra as decentralized, when it obviously isn’t.

Reminds me of how often academics have lied to my clients, claiming their trusted consensus solutions are trustless/decentralized. https://twitter.com/GDanezis/status/1140914877315334145 

George Danezis@GDanezis

Facebook Calibra is today going public with (technical) papers on:

* Libra Blockchainhttps://developers.libra.org/docs/assets/papers/the-libra-blockchain.pdf 
* LibraBFT Consensushttps://developers.libra.org/docs/assets/papers/libra-consensus-state-machine-replication-in-the-libra-blockchain.pdf 
* Move Language & VMhttps://developers.libra.org/docs/assets/papers/libra-move-a-language-with-programmable-resources.pdf 

And a plan to go more permissionless! https://libra.org/en-US/permissionless-blockchain/#overview #libra #crypto

Peter Todd@peterktodd

First sentence of the abstract: “The Libra Blockchain is a decentralized, programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world.”

That’s a lie.

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It must be noted that Facebook published its whitepaper on Libra and clarified that there is no compulsion of having a Facebook account to utilize the Libra coin. Apart from that, the social network giant also announced the launch of the Libra blockchain and Calibra, a digital currency wallet built on the Libra blockchain that will let users send, save and receive Libra coins. The wallet will be available in WhatsApp, Messenger, and as a standalone app too.

As Calibra will be a Facebook subsidiary firm, it will be the social networking giant that will handle the Calibra wallet development. The Libra project, on the other hand, is not just Facebook’s but has a backing by the Libra Association based in Switzerland’s Geneva. This Association already has 28 elite founding members including Mastercard, PayPal, Visa, Uber, and Coinbase, to name a few – all of whom will be playing the role of decision-makers for Libra. In fact, this list is only going to increase with a goal to achieve 100 names on it by the 1st quarter of 2020, the time it plans to launch the Libra blockchain.

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