Recently, Facebook came under heavy fire for a massive security breach of its network and personal data pilferage of millions of users. However, in a letter to US senators, the social media giant has assured that it will not be collecting and storing data of users of its “cryptocurrency” Libra. What percentage of the previous statement will be actuated remains to be seen.
Facebook Libra Blockchain And How It Works
Facebook has a pathetic demonstrated history of handling user privacy, security, and data so it makes perfect sense to assume a certain degree of skepticism over its move to enter the financial services vertical. All the more when it involves cryptocurrency and blockchain.
In a letter penned by Facebook blockchain lead David Marcus to the US Senate Banking Committee the background and workings of the project were explained. The interesting parts involve how personal information, which Facebook harvests in huge quantities, is intertwined with transaction data on the blockchain.
When the question on privacy and…