Facebook’s Libra release second Roadmap, highlight preparing for mainnet launch

By Selena 12/21/19 5:46 AM

Facebook has been in constant trouble since the announcement of the launch of its Libra global stablecoin project. And leaving the law behind, Facebook’s Libra developers continue to expand their power. They released the second Roadmap, focusing on the mainnet launch.

Facebook’s Libra is still alive and well despite the “storm” of raging regulations

Currently, Facebook has not set a release date for Libra. However, the team is still working hard to build its community. According to the developer blog post, the Libra project is still active and has tested its technology with Libra Association members.

In the second Roadmap, Libra is expected to launch the mainnet, set criteria for launch, as well as educate the community to contribute to the project.

The development team emphasized:

“We have finished relevant design work and have gone through a thorough, bottom-up timeline plan for all features. We are now working on a full set of Libra protocol architecture documents and finalizing our external APIs with input from the community. Moving forward, we are starting to identify the work needed to enable the community that the Libra project hopes to attract.”

The new strategy for pre-mainnet for non-technical Association members | Source: Developers.libra.org

Testnet Libra has run eight testnet authentication nodes, while tests are being conducted on its consensus and potential vulnerabilities. The developer team is also working on setting up validation nodes for non-tech members who can hire an external organization to support their nodes.

While that process continues, many members may be invited to join Libra Association members. The collection of potential validators will have to contribute significantly to become a block producer. The exact list of validators will not be known, although the Libra Association has so far lost most of its members who are also payment service providers, including PayPal and MasterCard.

The long-term vision for Libra is the ability to join new members and extend validator nodes to 100. Running a validator button is a skill that can be taught and needs to attract many people. The project will aim to gather a validation community in the future.

However, the delay is still persistent

On the non-technical side, the launch of Facebook’s cryptocurrency is still dependent on wallet compliance and processing reserves for stablecoin backups. Regulatory barriers may be the main obstacle before Libra’s launch. Therefore, it is unlikely that Facebook will release Libra in early 2020.

However, despite the developers’ work, Facebook’s Libra can take better advantage of 2020 to get closer to launch. The criteria for the roadmap are still in a stream and must be completed by June 2020, when Libra will once again face regulatory agencies.

Patrick Ellis, a board member of Libra, declared:

“At this stage, there is no strategy set in stone for the markets or the product, or how it will get rolled out.”

However, Ellis believes the project could launch later this year, just as David Marcus, the co-founder.