Yesterday, Facebook unveiled its native cryptocurrency branded as Libra. The digital asset, by all observations have reasons to grow beyond expectation considering the bigwig companies who rallying round the innovation.

The launch of Facebook’s Coin whitepaper happened yesterday, the same thing with that of Calibra, the wallet designated for Libra coin.

Although Libra follows some of the nitty-gritty of cryptocurrency as enshrined by Satoshi Nakamoto, the absconded creator of Bitcoin.

However, it is lacking in trust and falls short of the democratic principles envisioned by the faceless Bitcoin creator which makes cryptographic projects tow a different root from conventional currencies like US Dollars, Euro, and other fiats under government monitor and regulations.

The Issue with Libra is Trust

As pointed out in the first publication about the Bitcoin system, Nakamoto said the major issue with fiat currency is trust. Exactly why we have cryptocurrency pundits refusing to get subdued by central financial authorities who overseas fiat currencies.

When Facebook announced the launch of its Libra coin, the company made known that the digital currency is to be overseen by a conglomerate of finance and tech firms across the globe, who at one point or another are affiliated or even part of the conventional banks Bitcoin was designed to obliterate.

Facebook/Calibra are going to be part of the companies overseeing its digital currencies, which is to also work on its platforms –WhatsApp and Facebook Messenger.

There is no doubt that with the way Libra is structured, if follows some of the ethos of Bitcoin as stated in the Bitcoin whitepaper, however, it falls short of the permissionless protocol of Bitcoin.

That is, the blockchain is to be controlled by Facebook and those who are in the Libra Association –Visa –PayPal –Spotify, and some others. These companies are responsible for mining Libra, and no one else can do aside them.

The Libra developers believe this step will help solve stability and power consumption issues which are among the shortcomings of Bitcoin. No matter how beautiful this coloration may appear, the idea presents the Libra Association as a modern central bank rapped in a cryptocurrency garb.

A Hard Fork of Libra Coin Surfaces

There is a new fork of the Facebook’s newly launched cryptocurrency, Libra. The project branded as Libra Classic questioned the trust issues faced by Libra, a digital currency said to require no KYC since Facebook already has necessary information of its customers.

There are many questions posed to Facebook on Libra, one is the undemocratic issues faced by the digital asset since the reason Nakamoto invented cryptocurrency is to remove government’s hands from currency.

The fork of Libra was announced few hours after Facebook’s GlobalCoin unveiled its website, whitepaper and Testnet yesterday. Libra Classic, now has its commit page on Github.

The forked cryptocurrency is referenced as a privacy oriented, democratic version, of the Libra blockchain.

The Libra Classic was announced yesterday by Mikko Ohtamaa, CTO at TokenMarket, Europe leading investment platform.

Mikko said: