51,000 transactions on Facebook Libra testnet – rising trend

  • Libra Testnet has recorded 51,000 logged transactions since its launch in September.
  • Furthermore 10 Wallets 11 Blockchain Explorer and many other milestones could be reached.

Facebook’s own cryptocurrency Libra has attracted a lot of attention in recent weeks and months and continues to meet with great resistance, especially in Europe but also in the United States. Since the start of the project, Libra has lost many important partners such as PayPal and Mastercard, as there are many challenges that are incompatible with the goals of these companies.

Despite difficult hearings before the congress by Marc Zuckerberg, Libra has pushed the development of its own test network as well as other technical features.

Libra Testnet records 51,000 transactions

In a recent blog post from the Libra Foundation, the company announces that more than 51,000 transactions have been logged since the launch of the test network on 17 September 2019, and that the number is rising. Less than a month earlier, the statutes of all Libra members were signed in Geneva (Switzerland). Since then Libra has built the technical infrastructure and is currently working on an incentive model for developers.

In addition, the developer community was able to complete or advance the following 34 projects in seven weeks:

  • 10 Wallets
  • 11 Blockchain-Explorer
  • 2 IDEs
  • 1 API
  • 11 Customers

All developers who want to have a look at the functionalities of the Libra network can apply for access to the Pre-Mainet. The Pre-Mainet allows software edge cases to be tested and errors to be identified and corrected. The Pre-Mainet currently has the following resources:

  • Deployed nodes: 7
  • In-process nodes: 6
  • In-process nodes without technical teams: 8

Libra is working on a strategy to integrate companies that do not have their own technical team but still want to use Libra. The full functionality of Libra Core should be available by 2020. The foundation elaborates further (freely translated):

The Libra Association intends to deploy 100 nodes on the mainnet, representing a mix of on-premises and cloud-hosted infrastructure. All the work we are doing now on pre-mainnet supports this goal of greater resiliency on the network through a wider diversity of infrastructure.

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Libra wants to provide an extensive documentation, which should be filled with contents for Blockchain, Smart Contract and Wallet-/Client manuals. All further development steps and processes should be transparently documented and publicly accessible for all parties. In this way, Facebook wants to create trust among all involved actors.

Will Libra start 2020 despite all resistance?

Libra has been criticized by American senators, prominent investors such as Mike Novogratz and many other institutions. The main focus here is on the confidence problem, as Facebook has been in the headlines in the past due to several data scandals.

The European Union continues to view Libra with great scepticism and is even considering launching its own counterpart, the Eurocoin. This is to be covered by the European Central Bank and make the work of other banks as intermediaries superfluous. However, this idea is still under discussion and there is no final agreement.

Facebook continues to drive development, but it remains to be seen if and when Libra will actually be available to more than 2 billion Facebook users.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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