Calibra cryptocurrency wallet CEO David Marcus spoke at the New York Times Dealbook Conference in New York City where he discussed the worldwide regulatory scrutiny the stablecoin project continues to face, among other topics.
On Nov. 6, the co-creator of Facebook’s Libra coin had a sit-down interview with Andrew Ross Sorkin of the New York Times and CNBC. In response to an audience member’s question about personal data privacy and protection, Marcus said that Facebook and its Calibra wallet would not intermingle personal data from the social platform and financial data from the cryptocurrency wallet. He said:
“We have built very strong firewalls between Calibra and Facebook in such a way that if you’re on the Facebook side, no one can have access to that data.”
Marcus added that Calibra was investigating whether the separations between itself and Facebook could be audited “so that we can actually ensure that there’s third parties monitoring that.” Regulators worldwide have expressed concern over how safe customer data would be when using Facebook’s proposed Libra stablecoin, for which Calibra would serve as a wallet. Data protection watchdogs in the United Kingdom and Switzerland, as well as United States representatives, have all sought information from Facebook in this regard.
Marcus initiated the talk by saying that he expected the global regulatory scrutiny “almost as it actually happened.” Marcus explained that he knew there would be a strong pushback by regulators, as understanding Libra’s design is “not trivial.” He said that it requires a significant investment of time to understand the separation of the Libra Association, the Calibra wallet and Facebook. Marcus stated that Libra is designed to operate as a payment system to enable people to access modern financial services and digital money across the globe, “not as a thing to take over the world and to control all.”
Marcus also stated during the interview that Bitcoin (BTC) is like digital gold and that he does not think of BTC as a currency. He said:
“I don’t think of Bitcoin as it’s actually not a great medium of exchange because of its volatility.” […] I see it as digital gold.”
Marcus added that people can hold on to BTC as an investment just as with actual gold, but that Bitcoin’s volatility makes it impossible to be used as a means of payment by those who cannot afford a 10 or 20 percent drop in a day. The main reason that Bitcoin has not been regulated out of existence, according to Marcus, is because regulators do not perceive Bitcoin to be a medium of exchange, and therefore a threat to their monopoly on monetary policy.
3 Big Blockchain Firms Working Together On A DeFi Product That Pays Passive Income
In a special announcement made at the Unitize conference on July 6, Cosmos, Polkadot, and Terra revealed a new DeFi savings product called Anchor that aims to offer dependable interest rates on stablecoins deposits. The companies involved in the creation of Anchor plan to launch it across their respective blockchains at the end of Q3 this year and scale across to other PoS blockchains in the future. Do Kwon, founder and CEO of Terra, explained in a prepared statement:
“While DeFi staples such as Maker and Compound have been revolutionary in creating fully decentralized crypto money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralized savings account that offers dependable APR.”
Anchor’s smart contracts receive stablecoin deposits and use a portion of them to acquire staking positions on compatible Proof of Stake blockchains. Users will receive their passive income from these staking rewards. The initial governance for this platform will come from the Interchain Asset Association (IAA), a newly formed organization that sees Zaki Manian of Cosmos, Jack Platts of the Web3 Foundation, and Do Kwon of Terraform Labs collectively steering the ship.
Telegram Is Set To Shut Down The TON Testnet By August 2020
Although Telegram has terminated its blockchain project, Telegram Open Network (TON), in May 2020, the TON test net has been apparently running for almost one year. In a July 6 update, the official TON development group on Telegram announced that it would be discontinuing its support of the test network for TON. Remaining TON validators will be turned off by August 1. In the post, the TON official recommended network participants save all their relevant data and stop their testing processes. Despite the testnet being set to shut down less than a month from now, network participants will still be able to continue their experimentation after the testnet is terminated. In order to do that, users can install their own testnet validators, described in greater detail in three different how-to documents containing guidelines for the Full Node, the Validator, and Test Grams.
Telegram launched the TON testnet for explorer and node software on Sept. 6, 2019. In anticipation of its scheduled Oct. 31 launch last year, the company released an alpha version of an iOS wallet to work with its native token, the Gram. But Telegram’s TON plans were never fully realized, as the United States Securities and Exchange Commission suddenly deemed Telegram’s $1.7 billion ICO illegal in mid-October. After a long-running legal battle with U.S. regulators, Telegram agreed to shut down its TON project, as well as return $1.2 billion to investors in line with a court-approved final settlement. As officially announced by Telegram CEO Pavel Durov, the firm had already reimbursed more than $1.2 billion by June 25.
Brock Pierce Enters The 2020 US Presidential Race
Brock Pierce, entrepreneur, crypto venture capitalist, and child star, has announced his USA Presidential run on Twitter July 5. His tweet stated: “
“I, Brock Pierce, am running for President of the United States of America.”
Pierce’s campaign site states that he is a pioneer digital currency and has raised more than $5 billion for the companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin (first ICO). His website, sparse on details, does not say if he is seeking a nomination in a political party or if he is running as an Independent.