Ethereum Co-founder Joseph Lubin recently made remarks about Libra on a Fintech Beat’s podcast. Lubin said that projects like Libra already exist, and variations of it should live. Libra’s greatest asset currently is it’s greatest liability, and that is Facebook, he added.
Lubin further said that Facebook’s past is not helping Libra as the social media giant infamously used its users’ personal information without their permission and monetization of people’s attention and addicting people to their systems. However, Ethereum Co-founder acknowledged that stablecoins would enable easier cross-border commerce and better access to price stability.
Ethereum Co-founder also discussed the details of the Ethereum 2.0 launch. He mentioned that the network would change from proof of work (POW) to proof of stake(POS) for transaction confirmations. Earlier, Joseph Lubin and Vitalik Buterin face a lot of criticism after they openly admitted that Ethereum was never designed to scale, even though the official ICO documents mentioned that the blockchain allows building scalable Dapps.