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What's the point of public/private keys if the whole thing can be reversed, recovered and changed by FB with no transparency for the outside world? The private
by thefounder 7y ago
What's the point of public/private keys if the whole thing can be reversed, recovered and changed by FB with no transparency for the outside world?
The private key becomes just a better password, like a SSH key based authentication. Actually I'm pretty sure the wallet will not even require any key. You will be able to sign in with facebook.
I see no P2P payments here as everything is really validated by FB and all the data is kept under fb control. The client sees just an old good REST/RPC API with no public access to the backend. The client wallets will be no better/powerful than a paypal client app/wallet. There will be no blockchain to download...as matter of fact you won't even be able to tell if FB really uses blockchain behind the curtains.
Not to mention that you need to "signup" for an account and verify it with facebook before you can receive any "coin". In reality there is no coin. Is no different than paypal really.
- knocte 7y ago> What's the point of public/private keys if the whole thing can be reversed, recovered and changed by FB? Less possibility for fraud via identity-stealing. Merchants will not need to see/store your private keys anymore to receive payments.
- thefounder 7y agoWhere are the keys stored? How are the accounts recovered when they loose the keys? And you really believe facebook will ask users to manage private keys instead to authenticate with their facebook account?
- knocte 7y ago> you really believe facebook will ask users to manage private keys instead to authenticate with their facebook account? Yeah, I know that your private key will probably be your Facebook username&password tuple, but this is still better than credit cards because the merchant will not need to know this tuple to be paid.
- thefounder 7y agoHow is this whole thing different than paypal then? We all know how "better" paypal is. Frozen accounts anyone?
- knocte 7y agoPaypal is linked to your credit card.
- thefounder 7y agoIt's not really mandatory. You can use the paypal balance to buy stuff. In case you wonder you will need to source your facebook wallet with a credit card or bank account too so it's really no different than Paypal.
- knocte 7y agoWtf really? Is that in the whitepaper?
- sweeneyrod 7y ago> The client sees just an old good REST/RPC API with no public access to the backend. The client wallets will be no better/powerful than a paypal client app/wallet. There will be no blockchain to download...as matter of fact you won't even be able to tell if FB really uses blockchain behind the curtains. What is your basis for this? It implies that the fairly detailed whitepapers describing the blockchain are an elaborate hoax, which seems unlikely.
- cmoscoso 7y agoWell, zucchain is one of the world’s most inefficient and expensive database ever created, of course it deserve a nice white paper. </sarc>
- thefounder 7y agoYou need permission to access this blockchain so unless you are one of the facebook/libra association members you don't know what database is used. In practical terms it doesn't really matter because you can't access it anyway. It's an implementation detail.
- sweeneyrod 7y agoI don't think this is true. It will have permissioned validator nodes (at least initially), but that doesn't mean it will be opaque to clients.