Libra Testnet Surpasses 50,000 Transactions Since September Launch

Libra

The Libra testnet has logged over 51,000 transactions since it was reset in September, with 34 projects having been developed on the network according to an update released by The Libra Association last week.

In a blog post titled “Five months and growing strong: the Libra project,” the project’s lead developer, Michael Engle, said, “It’s been just five months since we announced the Libra project on June 18, 2019, and nearly a month since the Association charter was signed by its members in Geneva. We’ve been working diligently to build the global community of developers and the technical infrastructure needed to support it.”

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Of the 34 projects developed in the seven weeks since launch, 10 of those are wallets and a further 11 are blockchain explorers. Libra has emphasized the importance of involving the extended community, which supports the planned digital currency and recently held a Core Summit with Association technical team members. Topics covered at that summit included an overview of Libra core and its roadmap as well as how to run a node and build a wallet. From November 26, the project will launch a new streamlined process for submitting code and documentation.

The technical milestone is welcome news for proponents of the project, which has received substantial scrutiny and regulatory pushback from governments and regulators around the world, casting doubt as to whether the digital coin will ever actually come to fruition. The Libra Association, the nonprofit body overseeing the project, was launched last month after 21 members signed the association’s charter.

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The launch came despite several high profile defections from the project, with Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA) all jumping ship just a week before Facebook (NASDAQ:FB) CEO Mark Zuckerberg was due to defend his plans for Libra before a congressional committee hearing. Zuckerberg said that Libra will not hit the market without US approval, with the launch of the stablecoin delayed until mid-2020 at the earliest.

Featured Image: DepositPhotos © BiancoBlue

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