Weaknesses Associated With Libra Whitepaper

Mary Brendah by Mary Brendah - 12:05 PM Jul 09, 2019
weaknesses-associated-with-libra-whitepaper

There is a lot to ask  about the recently released  Facebook libra whitepaper.One of the most deliberate questions is an inquiry into the key weaknesses of the Facebook Whitepaper. In this article you are going to find a critical analysis of limitations of the Facebook Libra and what could hold it down. 

 

Facebook’s entry into the Blockchain bears a lot of significance given the social media giant’s presence all over the world. Let’s dig deep into our analysis.

 

Weaknesses Associated With Libra Whitepaper


Privacy Issues


Despite that the libra coin will help send and receive money from abroad, Money faces a lot of risks. A Lot of criticism surrounds Facebook's ability to handle user privacy as well as the separation entities between  personal finance and social media activity.   

A times the developers are tempted to hack the money back apart from the hackers bumping to the chance. In response to such crises, that’s why Facebook open-sourced the Libra Blockchain and is offering a prototype in a pre-launch testnet.  In partnership with Hacker one, Facebook made the proposal for testing before the project goes live. This will reduce the tension of risk taken when using facebook libra whitepaper.

Existence Of Scammers


 Like any other transaction programs, in facebook libra whitepaper there are several scammers. They tend to steal your money and pretend in the system to have sent or received your cryptocurrency. If not aware of the scammers, you can easily be cheated. 

 

However, A libra transaction is reversible; but  if not aware one, can easily be fooled by scammers.

Facebook’s Anonymity 


In many cases, it is difficult to identify the real age and place of facebook users. Most facebook users  hide their real identity. In such a state there is a high risk of fraud practicing. Getting the actual age if the person is over 18 years is difficult to identify. This makes difficult to avoid theft and spying. According to technologist, this state can be only be controlled by users. 

 

With the same idea to take control and avoid fraud practices, CEO Mark Zuckerberg said he was investigating blockchain’s potential to allow internet users to log in to various services via one set of credentials without relying on third parties.

Limited Access


In the 1.7 billion facebook users only one million have mobile phone and 500 million people have access to the internet. Also in most of the countries like China, India and Bangladesh are banned from using cryptocurrency. Some of the countries like Indonesia, Pakistan, China have been banned from using Facebook for years.

Conclusion


Use of bitcoins as a medium of exchange has been of great benefit to most prominent users. It is reliable and convenient. But beside the fact is convenient, is good to be careful and watchful especially when using facebook libra whitepaper. The reason being, you will be able to avoid scammers and crooked ; developers who are ready to hunt your cryptocurrency if not 

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

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