The social media giant Facebook’s “Libra Project” of cryptocurrency has never been so close to being revealed to the world. The news is linked and even as the White Paper of GlobalCoin seems to be made public on June 18, we learned a few days ago that the governance of the project would be entrusted to a Foundation bringing together the owners of first 100 nodes (nodes) of the future network. The only condition to have the privilege of operating one of these knots? break the piggy bank and pay the modest sum of 10 million dollars! Does that seem expensive to you? well, it could be that despite this inaccessible price, the first ten nodes of GlobalCoin have already found takers…. and buyers are not just anyone!
GlobalCoin Nodes, decentralization according to Facebook
The Globalcoin, stablecoin backé on a basket of emblematic fiat coins (Yen, Euros, dollars ..) is not out yet, it already occupies all conversations.
Stay central, think Global
Indeed, blockchain aficionados, who wonder about this strange competitor in Bitcoin (BTC) out of nowhere, to more traditional financial institutions that smell good something is going on, without clearly discerning what, the emergence of this new cryptocurrency could be of a nature to represent a historic pivot, comparable in impact to the appearance of Bitcoin.
We can already hear the Bitcoin maximalists utter squeaks of dread when reading the previous sentence, but let’s be clear: this is not compare the incomparable, nor to place the debate on the ground of the values conveyed by the original idea of the blockchain, but simply to form an observation with as much pragmatism as possible:
On its own, Facebook has the means, the scale and the firepower sufficient to nibble at the notion of peer-to-peer financial transaction or even money in the form it is known to.
Oh yes, nothing more. Global we told you.
A bag of knots
However, even the all-powerful Facebook does not have the power to venture into the blockchain field without making a few concessions, in order to demonstrate its good faith.
This is how one of the most centralized companies ever, at the cost of obvious efforts, resulted in the following proposal: the blockchain of GlobalCoin will not be exclusive to Facebook but entrusted to the good care of a Foundation! A foundation sounds good! it makes NGO, we think of Wikipedia or – to stay in the crypto field – at Stellar Lumens for example.
And moreover, to clearly show that its blockchain will be perfectly in line with the concepts of decentralization and of distribution, Facebook also announced in the same spirit that the network would be operated via knots (“Nodes”).
For the record, the nodes of a blockchain are hotspots of the network which have variable functions and extensive rights to validate transactions. There are several types, varying from one blockchain to another. On the other hand, their proper functioning is always essential to maintain the architecture and their possession gives right to rewards in cryptocurrencies more substantial than the “simple” miners of the blockchain.
The nodes of the future GlobalCoin network, of which we still know nothing from a technical point of view, will in any case be accompanied by a non-negligible privilege: they will ensure a place within the Libra foundation for their owners ! So much for governance
For 10 million, you have nothing left
100 knots have been offered for sale for a few days by the blue thumb firm, for a price of 10 million dollars per unit. Yes, it’s a billion dollars. It’s usually when you remember the last time you put 2 ETH in ICO, with the impression of flaming …
10 million for the sole management of a blockchain node, it’s most likely completely new. To give you an idea, according to the sites specialized in the management of Masternodes and other Fullnodes, operate the most expensive network node at present (in this case the DASH), will cost you just over $ 150,000
First prestigious buyers!
If one could have imagined a timid start (10 million, that remains a sum, even in the flamboyant FinTech), nothing could have been more wrong. So according to the traditionally very knowledgeable Wall street journal, more than a dozen nodes have already found takers! And the least we can say, is that there is very, very heavy:
- VISA – We knew that VISA was one of the first players in the international payment ecosystem at the door of which Facebook had come knocking for its proposal to open capital as part of the Libra project. With its 3.3 billion cardholders of a plastic card and its more than 180 national currencies covered, imagine the broadcasting power that the VISA network could offer to GlobalCoin!
- PAYPAL – even if the historical operator of the dematerialization of payments on the Internet has still recently declared “That it was a bit early to try the blockchain adventure”, no doubt the presence of David Marcus at the head of Facebook’s GlobalCoin project and former president of the company was able to facilitate exchanges!
- Uber – for your next races, the payment could be imagined directly in GlobalCoin, without even going through the bank account box,
- Booking.com – the undisputed leader in the travel booking industry could single-handedly guarantee a global adoption of Facebook’s cryptocurrency (cool, but scary),
- Stripe – little known in Europe this company is a Paypal-like (and besides, like its famous elder, we find the unavoidable investor – and libertarian only when it doesn’t upset the business – Peter thiel among his first supporters).
- Mercado Libre – this online auction is a bit Ebay Argentine,
- And finally….“He has Global Coin, he understood everything”, Iliad, the parent company of FREE property of the billionaire and serial entrepreneur Xaviel Niel which we no longer present, is for the moment the only French entity to join the round.
Difficult to determine with certainty to what extent Facebook’s cryptocurrency will succeed, or prove to be an expensive and useless gadget (the company has already been repeatedly planted in the last 10 years in its attempts to enter the financial sector ). It must nevertheless be agreed that, both by the magnitude of the means and funding deployed, and by the context, the momentum is unique in history.
Just 6 months ago, news of the foray into the crypto and blockchain ecosystem from just one of the economic leaders mentioned in this article would have been enough to make the front page… However, the magnitude of what Facebook achieves is such that the arrival in the game of giants like VISA, FREE or Uber would almost pass for anecdotal …and only the first 10 nodes have found takers!
So whether we rejoice or fear it, we have to admit: Facebook and GlobalCoin are about to upset the economic balance in many sectors, and on a scale nothing less than global.
” Global “. You were warned.
Nice to meet you, it’s Hellmouth! Editor-in-chief of Bitcoin, the crypto media you are honoring to survey right now (well done, you have taste).
Crypto-enthusiast of the second hour, nothing is more important to me than supporting the global adoption and democratization of the treasures that the blockchain offers us.
I write articles between two cocktails in Tahiti, my adopted island, and do not hesitate, if the opportunity arises, to feast on a plump scam or a little too enterprising Ponzi pyramid.
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