- The developers of Facebook’s Libra have summarized the project’s achievements in 2019 and presented a 2.0 roadmap for 2020.
- Meanwhile the project continues at a political impasse. The uncertainty about the date of its launch still remains.
The failed launch of the Facebook Libra could be one of the great disappointments of crypto space in 2019. The stablecoin was severely opposed by world governments. Important organizations such as the European Union, prevented the launch of the project because of the risks it could have for the world’s economy.
Despite this, the project reached its testnet phase and managed to complete 51 thousand transactions, according to ablog post from mid-November. In addition, the Facebook team works continuously with the members of the Libra Association and the community to test the technology. For 2020, the development team has presented a roadmap.
Achievements and roadmap 2.0 for Facebook Libra
In the publication by the developers of Libra, they report on the successes of the project during this year. First, they highlight that they have successfully completed the design of features for the Libra mainnet and Libra Canonical Serialization (LCS). Furthermore, the core logic for consensus security together with the consensus of private keys has been successfully implemented.
Currently, the teams are in the execution and adaptation phase with the members and the test periods prior to the deployment of the mainnet. However, according to the developers, the most important achievement of the project is the support of the Libra community.
In the roadmap for 2020, the project plans to work on the protocol architecture for the Libra mainnet. In addition, the external APIs will be completed to draw the attention of the community to the project and to enable the integration of any public or private system with Libra Core.
Furthermore, the interoperability of the Libra protocol will be improved and more efforts will be made to improve the operation and configuration of the Libra nodes that are being tested. Other important goals of the Libra Project roadmap in 2020 are
- Build an independent process for full process separation of trusted and untrusted code.
- Discover bugs in mempool/state synchronization to measure transactions per second (TPS) and latency.
- Establish a trust path between Consensus Safety Logic and ensure storage trust.
- Improve consensus flow and support for smart contracts
- Receive feedback from BisonTrails on the rotation of online keys.
- Add more handwritten and prop tests.
- Optimize the storage scheme.
- Review the operation of the APIs to improve the experience using Libra.
- Simplify the Synchronization flow (consensus/state).
Facebook Libra approval remains stalled
Although the project has made significant progress, it remains without a confirmed launch date. This could remain so next year unless regulations and the position of governments such as the United States and the European Union change. Experts differ on this point.
While some are of the opinion that the project will not be approved. Others believe that the project will be approved during 2020. According to Blockchain Capital, in 2020 governments will see the need to approve the Facebook Libra to deal with the advantage that the digital Yuan will have in the race of digital coins.
The digital Yuan will begin its test phase in early 2020. Although the impact of the digital coin issued by China’s central bank (CBDC) is unknown, it is emerging as a strong competitor to the European Union’s ambitions to issue a digital Euro.