Facebook’s Libra project has failed to reach the originally allowed blockchain, but could be in the next five to 10 years. That’s according to First Group CEO Ran Goldi, who gave some insight into Libra’s plans at Consensus 2020 on May 12.
Goldi, who contributed to Libra, said the regulatory pressure forced the project to deviate from the concept of a purely permissionless blockchain.
When asked if the long-term goal of creating Libra without permission has now been thrown out the window, Goldi replied, “At least for now. But if you asked them a year ago, they would say that in 5 years we will be open and without permission. And the reason for this was the supervisors … We keep waiting for the supervisors to wake up and see that DeFi (decentralized financing) can actually regulate itself. ”
Goldi argued that nothing will change in the near future – at least not until authorities begin to understand the potential of blockchain technology.
“In the near future, until regulators understand that the power of blockchain can also be harnessed for regulation and compliance, and to ensure that everything is used correctly – for the time being,” said Goldi, adding, “There is no network without rights. “
But Goldi hopes things will change for Libra. However, the wait can take a long time. He said, “In 5 years, in 10 years, regulators will change their position, and then Libra could make that change.”
When asked what kind of applications could be built on Libra, Goldi speculated that the first wave of apps would be based on money transfers. A focus of Libra, Goldi says, is to create a product that allows people to be their own bank.
Goldi said, “If we look at Libra for the first two years, it will be money transfers. They want to launch an app that allows you to be your own bank. I think we’ll see a lot of transfer-oriented apps.”
Libra’s intention to bank the non-bankers is shared by many competitors in the cryptocurrency space. But Libra’s ten-year wait to convince regulators of its legitimacy could give those competitors a serious head start.