Libra Network Logged Over 30 Projects in Past Two Months of Testing

Published at: Nov. 20, 2019

The Libra Association, the entity behind Facebook’s forthcoming eponymous stablecoin, has logged over 30 projects and 51,000 transactions on the Libra network during the past two months.

Despite global regulators’ controversial stance towards Libra and the loss of a one-fourth of its founding partners, the Libra Association continues to develop the stablecoin’s network and has plans to introduce a range of new features in the upcoming months, which it set forth in a press release published on Nov. 15.

Ten wallets, 11 blockchain explorers, one integrated development environment, one application programming interface and 11 clients have taken part in the network’s development. 

The association also managed to log more than 51,000 transactions on the Libra network since it reset the testnet on September 17. As previously reported, non-custodial keyless cryptocurrency wallet solution ZenGo began supporting the Libra testnet in mid-August allowing users to send and receive the stablecoin like any other cryptocurrency, but in a test mode.

Plans for the upcoming months

At the end of November, the association is planning to launch a new process for completing Contributor License Agreements (CLAs), which is aimed at the improvement of the way CLAs are submitted, reviewed and verified for both individuals and businesses. The organization also plans to deploy 100 nodes on the mainnet, which will represent a mix of on-premises and cloud-hosted infrastructure.

Among other near-term objectives, the Libra Association announced the establishment of a Technical Steering Committee, which is set to supervise and manage the technical design and development of the Libra network on behalf of association members.

Facebook Pay vs. the Libra stablecoin

In the meantime, Facebook launched a new fiat payment system called Facebook Pay. The system is designed to facilitate payments across Facebook, Messenger, Instagram and WhatsApp. The firm, however, made it clear that the payment service will be kept separate from Facebook’s new Calibra wallet and the Libra network.

Earlier in November, Kevin Weil, vice president of product at Facebook's Calibra digital wallet unit, said that Libra will be more similar to email tech than payment services such as PayPal. Considering the approximate timing for the Libra’s launch, Weil said that “this will be a journey of years and decades.”

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