This article on Mastercard’s withdrawal from the Libra project is interesting reading if you’ve been following the “open source” money ideas. Libra was launched with a bunch of fanfare and equal parts skepticism, but the backing of large companies like Mastercard implied a seriousness and stability that would be needed to get it off the ground.
One of the reasons it’s reported that MasterCard pulled out is because the Libra project couldn’t provide a clear, hard commitment to comply with “local” laws and regulations in every government zone, municipality, and state where it would operate. This is important when there are issues around data management, privacy, and accessibility.
But, I’d guess the real reason is more like this:
Analysts also fret that as digital wallets such as Apple Pay or India’s Paytm gain traction, and more transactions are conducted on big tech platforms such as those belonging to Google or Amazon, Mastercard’s place in the payments ecosystem will become less prominent.
You can’t make mega innovations like Libra work without breaking some rules and facing down your own existential crisis. (Unless you’re Jack Dorsey)
The more i’ve learned about blockchain-based apps, the more i’m curious how ID will be managed across apps, platforms, and technologies (e.g Etherium, Corda, etc. ). One of the key design decisions of blockchain approach is that ID doesn’t really matter. Anonymity was the design intent. But, as the concept gets applied beyond currency/assets, ID will have to get figured out. Worst case, we end up with a bunch of accounts across new centralized platforms (e.g. Coinbase et. al). But, i have to believe we’ll have a platform that will enable us to manage our various identities in one place , something like Civic but one that will enable me to manage my various online identities: a public, professional, private, friends, financial, creative, hobby, etc.
Here’s a list of some places to start:
I’m sure there a tons more, let me know which i should look at.
Factom, however, proposes a new architecture that exists outside of the bitcoin network, but relies on the digital currency’s globally distributed computing power to keep cryptographically secured information both transparent and globally accessible.
via Factom Outlines Record-Keeping Network That Utilises Bitcoin’s Blockchain.