Facebook’s Calibra Team Introduces A Novel Distributed Audit Protocol

In a recent presentation at the 3rd ZKProof Workshop, the Calibra research team presented Distributed Auditing Proofs of Liabilities, or DAPOL, protocol designed to make improvements to the existing distributed audit procedures. The team led by Konstantinos Chalkias, contends that their protocol builds upon and improves existing methods by introducing additional optimization and enhanced privacy. It allows entities to undergo a distributed audit of their liabilities and it works in any situation where an entity does not have a motivation to overstate its liabilities. The latter is the reason why…

Blockchain, Not Crypto, Is at Core of Facebook’s Libra, Vice Chair Says

Despite existing concerns that blockchain is not mature enough to bring the new era of payments, the technology is being increasingly explored by global central banks. Blockchain technology meanwhile remains at the core of Facebook’s digital currency Libra, according to a top project executive. Since Libra’s white paper release in June 2019, the not-yet-launched stablecoin has continued to rely on blockchain architecture, Libra Association’s vice chair Dante Disparte explained. Blockchain unlocks payment network interoperability In an April 28 interview with financial publication Central Banking, Disparte outlined a number of structural…

Facebook’s Calibra Team Outlines New Byzantine Fault Tolerance Testing Methods

Facebook’s Calibra team have published a research paper outlining a new method for Byzantine fault tolerance, or BFT, testing. Dubbed “Twins”, Claibra’s innovation comprises a lightweight method for testing a network’s BFT implementation. Calibra pioneers BFT testing strategy The paper asserts that while BFT systems “have seen extensive study for more than two decades,” the field “lack[s] a principled strategy for testing BFT implementations.” The testing method runs two instances of a node with the same identity to emulate Byzantine behavior — “including equivocation, double voting, and losing internal state.”…

Facebook’s Calibra Has 50 New Jobs in the Pipeline for Its Dublin-Based Team

Facebook’s Calibra is looking to create 50 new roles for its workforce in Ireland, as the firm seemingly bucks the trend of private-sector layoffs during the coronavirus crisis. An Irish Times report on April 20 revealed that Calibra’s small team in Dublin is set to be significantly expanded this year, with Facebook noting that its Irish operations are “critically important” for its roadmap. Calibra’s Irish expansion still depends on regulators’ cooperation Based in Ireland since 2009, Facebook employs 5,000 people in the country across its various partner firms, such as…

Facebook’s Libra Concedes to Regulators, No Longer Permissionless

The Libra Association has changed its proposed model to put global regulators at ease. But will the move help quell concerns? Libra Coin Out, Sovereign Stablecoins In Originally, Libra planned to create a stablecoin backed by a basket of currencies and U.S. Treasury securities. That structure has today been overturned in favor of the platform hosting several stablecoins representing sovereign fiat currencies.  The consortium’s overture is doubtless an attempt to appease governments concerned about its creation of a global stablecoin with an in-built active user base of 2.5 billion people. …

Prime Broker Tagomi Becomes 22nd Member of Facebook’s Libra Association

Crypto prime brokerage service Tagomi is joining the Libra Association, becoming the 22nd member and the second to join since the group was formally founded in October 2019. According to TechCrunch, Tagomi is set to formally announce its intention to join the association later this week. It joins ecommerce platform Shopify, which announced it would join the group last week, joining a host of other crypto platforms, tech startups, non-profits and venture funds. The joins come after a series of high-profile departures from the organization, most recently last month when…

Libre Not Libra – Thinking Critically About Facebook’s Blockchain Project

In “Libre Not Libra: Facebook’s Blockchain Project,” Andreas answers the burning question… Has he tried haggis? Just kidding… He shares his thoughts on the recently released Libra whitepaper, as part of a permissioned blockchain project spearheaded by Facebook. Years of jokes about “FaceCoin” and “ZuckBucks” have finally come to life – sort of. In a previous episode, he talked about how some venture capitalists are monkeying around by downplaying the killer applications of open blockchains  in favor of… bananas. Now he makes us wonder whether Libra will even survive to…

Facebook’s Libra Pushed World to Reconsider USD as Global Reserve Currency: WEF

Major global economists credit Facebook’s Libra with pushing the world to start reconsidering the United States dollar as anchor currency. At a Jan. 23 panel at the annual World Economic Forum (WEF) in Davos, officials and financial experts discussed one of the most important mechanisms in the global financing system — the U.S. dollar, which has become the world’s reserve currency. Libra evoked a future digital currency Called “Challenging the Dominance of the Dollar,” the panel focused on factors that make the U.S. dollar the world’s dominant payment system and…

Australian Financial Regulator Could Oversee Facebook’s Calibra Wallet

The Australian Prudential Regulation Authority (APRA) is seeking to oversee stablecoin projects like Facebook’s controversial stablecoin Libra. In an official proposal to the Senate published on Jan. 20, APRA submitted a possible regulatory framework dedicated to fintech and regulatory technology (regtech) covering topics ranging from digital wallets to data protection.  The proposed framework, “is intended not only to be fit for purpose for the current financial system but also be able to accommodate future developments and technological advances, such as proposals for global stablecoin eco-systems that have been the subject…

Facebook’s Libra Facing Fresh Wave of Doubt

Facebook’s Libra cryptocurrency is facing more speculation that the project may not get off the ground in 2020, according to media reports. What’s In a Memo? An alleged government memo seen by Bloomberg states that Libra may have to undergo revision if it’s to gain approval from Swiss financial regulators.  Like many other cryptocurrency and blockchain projects, the Libra Association opted to set up shop in Switzerland due to the country’s favorable reputation for supporting financial innovation. When Facebook announced its plans in June 2019, the authorities in Geneva extended…