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CloudCoin Weekly Bulletin 85

Is Facebook's Libra a big step in the wrong direction?
Facebook received more than few headlines this week with the launch of its so-called cryptocurrency Libra , but is it really a good idea?
Libra is a stablecoin that operates on a new type of blockchain and its own programming language (dubbed Move) , but still suffers the same limitations of any blockchain application:

  • lack of scalability
  • poor efficiency
  • slow speed
  • issues with trust/consensus
  • environmental harm
  • insufficient protection of user privacy

Despite billions of dollars behind it, Libra is still clinging to blockchain's decade old technology. Think about the cellphone you used in 2008!
Like blockchain, the technology for a 2008 RAZR is over a decade old.
Libra uses the Calibra wallet, built by a Facebook subsidiary and integrated exclusively with Facebook Messenger and WhatsApp. While marketed as a solution for the "unbanked" masses, Calibra won't be available at all to about 35% of the world's population, who live in places where Facebook has no presence or can't operate unchecked (this largely means China and India). The population that will have access to Libra, then, is disproportionately Western and Caucasian. So much for the masses.

A wallet developed by Facebook and integrated with Facebook apps is the definition of centralization, and users can have no expectation of privacy. Facebook wants to know both how you spend your money and how much you spend!

The projected initial transaction speeds are 1,000 transactions per second (tps), which is faster than bitcoin but still a fraction of what post-blockchain technology offers. Libra will initially take at least 10 seconds to confirm transactions.

Libra's blockchain will consume less electricity and be less environmentally harmful than that of bitcoin and other proof-of-work protocols, but it will still require massive data centers , the kind that consume as much as 2 percent of the world's energy and huge amounts of clean water .

Libra is centralized and currently permissioned --meaning it's closed-doors and only those people Facebook or their partners allow inside can be part of the process. Ethereum, bitcoin and most blockchain currencies are decentralized and permissionless , there is no authority deciding who can or cannot be part of the network. Libra's "validators" will only be from among the 28 partners, which include Visa, Mastercard, PayPal, Ebay and others.

Permissionless is their ultimate goal, but according to Libra's own Whitepaperthat will take at least five years and even at that point they won't have solved blockchain's fundamental problems:

 We do not believe that there is a proven solution that can deliver the scale, stability, and security needed to support billions of people and transactions across the globe through a permissionless network ," the 50-plus engineers and scienists who wrote the Whitepaper conclude.
That gaggle of experts apparently hasn't heard of RAIDA . RAIDA solves every single one of blockchain's problems. Its faster, more efficient, more environmentally responsible, and eminently scalable: rather than becoming slower and bogged-down, RAIDA grows more efficient with higher volumes of use. More importantly, RAIDA is 43,000 times more safe and secure than Libra--but then Facebook has never shown much concern for user privacy.

There's further questions about whether Libra is even ready for release, with one blockchain engineer writing for Bloomberg that it " isn’t even complete. Not just in need of updates. Libra is incomplete in the sense that its creators are still figuring out what to build ," where " most of the features were unavailable or unimplemented ," and summarizing " It’s odd that a company like Facebook would release software in such a state ."

One economist studied Facebook's plans and concluded it amounts to nothing more than passing a stacked deck to a new dealer; the consumer is still likely to be cheated.

The Libra experiment also still faces regulatory issues in Facebook's backyard. Rep. Maxine Waters (D-Calif.), chair of the US House Financial Services Committee, has already demanded Facebook put a stop to its plans. Waters accused Facebook of " unchecked expansion and extending its reach into the lives of its users " and said the company " has repeatedly shown a disregard " for user's privacy.

And even Libras (the astrological kind) seem concerned . Libras are said to be fair, balanced and just. The constellation Libra is said to picture balanced scales, and some wonder whether Facebook has that goal in mind.
There is a better way.

"Any currency controlled by a corporation is, by proxy, controllable by a government because corporations do not exist without government sanction ," RAIDA inventor Sean Worthington said, " Any currency with a central owner can be brought down because it lacks data supremacy, one of the requirements for a sound digital currency. Libra will fail or worse, it will be manipulated. Consumers should avoid the trap and look for better options, like CloudCoin. "

Facebook and its partners would be better off looking at next-generation technologies like RAIDA to provide a genuinely useful token for Facebook users that would be faster, safer and more sustainable while protecting the privacy and best interests of the users.
So who is behind Libra?
  • Facebook
  • Visa
  • Mastercard
  • PayPal
  • Stripe
  • eBay
  • Uber
  • Lyft

  • Spotify
  • Coinbase
  • Calibra
  • Xapo
  • Andreessen Horowitz
  • Union Square Ventures
  • and 14 other companies and organizations

"Beyond Bitcoin" will be panel topic at FreedomFest
Beyond Bitcoin author Sean Worthington will speak at FreedomFest2019along with notable digital currency experts Naomi Brockwell and Jeff Berwick and others in Las Vegas July 17-20. The panel is entitled: Blockchain Beyond Bitcoin: How New Technology Benefits Our Freedom. 
Sean Worthington's keynote at 2018 FreedomFest
Final fixes being applied to Alpha software
Developers continue to make improvements to the Alpha version the 'advanced client' software to incorporate improvements, fixes and expanded functionality with the 18th Alpha version (now called 2.0.7) being released last night.

Changes in the past week include improvement to wallet handling and naming processes, stronger validation of domain names and more improvements to the fonts and text alignment. Seemingly very few bugs are left to be found.

Nearly 30 Consortium members are actively involved internally in testing, with plans to bring in external beta testers (thanks to all the readers who volunteered!) soon.

Artistic refinements are also still in the works on colors, fonts and proportions of the user interface. How-to-videos and guidebooks for the new software are under development.
Other features and new functionality

  • Enhanced UI/UX with similar look and user-experience across platforms (Windows, Android, Mac, etc.).
  • Optimized efficiency that reduces measured CPU usage to 0%
  • A vault to eliminate any possibility of theft
  • Ability to automatically recover coins by email
  • Allowing users to send CloudCoins to each other quickly and safely through Trusted Transfer
  • Easily make change/split notes
  • Support for collectibles, a decentralized exchange and ATM functionality
  • Support for merchant services and game portals
  • Multi-fix functionality that can fix thousands of fracked coins within seconds
  • Multi-language support/localization
Referral Program

A referral program will be part of the launch of the final software version. Plans include incentives for referring friends, for downloading the software and for correctly answering quiz questions about its functions and features. Tens of thousands of CloudCoins will potentially be given away, so stay tuned for more information about how you can join in to spread the word.

Naming Contest

The working title for the software has been "advanced client," but it still doesn't have an official name. Past versions have included Founders Edition & Consumers Edition.

Do you have a suggestion? If your submission is used, we'll award 100 CloudCoins. Send your ideas here .
Earn CloudCoins & $$$ by as a RAIDA Detection Agent
There are only a few slots remaining for people interested in operating RAIDA Detection Agent units.

These units help make the RAIDA network stronger, faster and more secure. Operators earn a portion of network traffic revenues, plus the next 10 to signup receive a special "Founders" bonus paid in CloudCoins.

There is also a referral program where you can become a Detection Agent with zero licensing fee simply by referring potential operators.

Email for more information about becoming a Detection Agent operator or joining the referral program.
Happy Birthday, Edward Snowden
Today, June 21 is the 36th birthday of NSA whistleblower Edward Snowden , his sixth such birthday spent in exile away from his home and family in the United States, where he was indicted under espionage laws in 2013.
Snowden's crime? He shared evidence that the American government was illegally engaged in monitoring private communications on a massive scale. This included intercepting emails, texts, contacts, GPS positions and even tracking sexual interests of both Americans and foreign nationals, and doing so in cooperation with other nations' intelligence forces. This information was harvested widely and indiscriminately, without any kind of judicial subpoenas or verified information that the targets were involved in crime, terrorism or any activities that threatened the security of any nation.

Snowden also exposed the earliest evidence that the NSA could exploit the blockchains of currencies like bitcoin and access supposedly anonymous user information. He also revealed that intelligence agencies were conducting industrial espionage unrelated to national security.

Snowden provided thousands of documents to journalists as proof and, in some case, his leaks directly contradicted testimony given under oath by military officers and intelligence leaders before the US Congress.
His whistleblowing led to changes in both the oversight of intelligence agencies and how private companies protect their data, but Snowden himself remains a wanted fugitive. Because of the espionage charges, he would not be allowed to claim whistleblower protection if he submitted to trial. Charges against other American whistleblowers, like Daniel Ellsberg, Thomas Drake and Chelsea/Bradley Manning, were all dropped, reduced or commuted. Snowden has been called a hero by Amnesty International, while US Secretary of State (then Congressman) Mike Pompeo has called for his execution . The truth may lie in-between , but he at least deserves to have his day in court.
Running out of things to binge on Netfilx?
Want to work for the Consortium? We're hiring!
The CloudCoin Consortium is on the lookout for proven, experienced and qualified individuals with a passion for digital currency. There are both full-time and part-time openings at California HQ and remote.

  • Attorneys/Paralegals
  • Grant Writers
  • Software developers/programmers
  • Software testers for all operating systems
  • Minecraft developers/modders
  • Electron programmers
  • HR/personnel professionals
  • Accounting/bookkeeping professionals
  • Marketers, social media pros and PR experts
  • Software solutions salespeople
  • Filmmakers and video specialists
  • Writers and bloggers

Click 'reply' with a resume or CV to inquire or visit our Careers page.


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