Is Libra Decentralised?
By Mark Lemon – Cryptocurrency Expert
Libra, the new ‘cryptographic money’ which utilises its own blockchain, has been designed with Byzantine Fault Tolerant (BFT) in mind, like many other blockchains are trying to overcome. BFT refers to the characteristics in which a system tolerates failures associated with byzantine problems. These kinds of faults are considered one of the hardest to deals with and can impact greatly. A system that is not resistant could find users buying crypto and potentially losing it due to behaviour from a bad node posing as an honest one.
Right now, the Libra Association is the body that will govern, however as indicated by the report, the expectation is later, it’ll evolve into a completely decentralised cryptocurrency. Every individual should therefore be able to approve new hubs and freely buy cryptocurrency on the network whilst able to cast their opinion on the direction of the blockchain.
The goal of the Libra Association is to gradually decentralise the network but will at first, the establishing individuals will hold the power. These individuals are from high profile companies that have an interest in the project and may buy and sell cryptocurrency on the network or integrate it in the future within their systems.
Libra, unlike when buying Bitcoin in which value is derived from demand and scarcity, will be backed by a reserve of real assets with an intrinsic value. This could encourage more to buy crypto that runs on Libra.
Can you Mine it like General Cryptocurrencies?
Essentially no. The Libra Blockchain will start with a Proof-of-Stake (PoS) framework in which the creator of the next block is chosen at random via a multitude of factors such as wealth to the age of the stake. Selection solely by account balance as many individuals have highlighted, can cause centralisation as any individual could buy crypto till they have the majority stake.
Another component has been made, the 'Libra Investment Tokens'. These are tokens provided to Libra Association members that are proportional to the number of dividends they can earn through interest on assets in the reserve, incentivising these organisations to invest in the project.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
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