"What if Ethereum (ETH) joined Libra?" asks SpankChain CEO

25 Jun, 2019 | Updated: 25 Jun, 2019
by David Robb
Ethereum
What if Ethereum (ETH) joined Libra? asks SpankChain CEO

The CEO of blockchain-based adult entertainment platform SpankChain has shared an interesting idea about Facebook's new Libra project. Ameen Soleimani believes that Ethereum (ETH) could join Libra as a validator.

SpankChain itself is based on the ETH blockchain, and Soleimani is interested in improving the prospects for the second-largest crypto network.

Part of the governance system for Libra is the use of 'validators', founding members that will invest around $10 million in order to gain influence over the network. Visa, Mastercard and PayPal are just some of these 28 privileged nodes.

This system has, like many similar PoS networks, led to warnings of potential centralization, but Facebook insists that the diversity of validator interests in the Libra eco-system means that the blockchain should be governed in as fair a way as possible. The inclusion of Ethereum as a validator could go some way towards improving Libra's reputation amongst the cypherpunk community, as well as giving it access to ETH's open-source developer community.

Although it was described as a "shower thought" by the head of the leading decentralized porn project, Soleimani has worked out the proposal in some detail. He believes that a new Ethereum DAO could be created to function as a validator, instead of ConsenSys or the Ethereum Foundation, and an STO could be launched to raise the necessary funds. Benefits for Ethereum would be the ease of interoperability between blockchains, as well as the ability to participate in governance of what could prove to be one of the most influential payment networks.

Many agreed with the idea, claiming that they had considered a similar proposal, but others pointed out the conflict of interests between such a decentralization-focused project as Ethereum and Facebooks's notorious privacy violations and censorship.

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